Topic Three, Part 8 - Technological Factors

Question 1

What are the advantages of machine labour?

Answer 1

• Increase employment through increased demand
• New demand for innovative products
• better working conditions

Question 2

What are the perceived disadvantages of machine labour?

Answer 2

• replacing people with robots

- requiring re-training

Question 3

Why would a business have to think about investing sooner or later in terms of technological change?

Answer 3

Invest sooner for an advantage, but the technology is more expensive

Question 4

Why would a business have to think about investing all at once or piece by piece in terms of technological change?

Answer 4

All at once is expensive, but piece by piece is less effective

Question 5

Why would a business have to think about investing In-house or out-sourced in terms of technological change?

Answer 5

Lease equipment rather than investing in expensive equipment

Question 6

What are the main advantages of using computer software and hardware over manual systems?

Answer 6

• data analysis
• home or remote working
• global opportunities

Question 7

What are the main disadvantages of using computer software and hardware over manual systems?

Answer 7

• costly installation

- new risks (eg. system failure, hacking)

Question 8

What factors affect the degree to which differing businesses are impacted by technological change?

Answer 8

• business, market and customer type

- budget