Economic Systems

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5 Terms

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Command Economies

An economic system where production, prices, and resource allocation are primarily controlled by a central government, rather than individual businesses or consumers.

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Market Economies

An economic system where decisions regarding investment, production, and distribution are guided by supply and demand, with prices and goods determined by free market forces.

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What are six features and capabilities of AI that have disruptive potential across industries?

  1. Automation - Robotic

  2. Automation - Algorithmic

  3. Data Collection

  4. Data Mining

  5. Data Processing

  6. Generative AI

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Define Data Monetization and distinguish it from other data-related activities.

The process of converting raw data into economic value or revenue. This is distinct because it's about generating profit from data, not just collecting, mining, or processing it for internal insights or operational improvements.

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What are key impacts of Generative AI on the economy, healthcare, and adult entertainment industries?

  • Economy: Job displacement/creation, new business models, increased productivity.

  • Healthcare: Drug discovery, diagnostics, personalized medicine, but also ethical concerns.

  • Adult Entertainment: Creation of synthetic content, deepfakes, ethical issues regarding consent and exploitation.