Economics 101: Principles of Microeconomics Ch 9. Business Technology, Research & Development

Business Technology

applications of science, data, engineering and information for business purposes, such as the achievement of economic and organizational goals

Future Shock

when technology change happens so fast that it causes individuals to be unable to tolerate changes or handle the consequences

Nomadic-Agrarian

consisted of the harvesting of food with stone tools

Agrarian

agriculture tasks focused on mechanization, such as the plow and the tractor, that helped with planting and harvesting

Industrial Age

technology centered on building material goods with machine tools and steam engines

Service

concentrated on intellectual pursuits such as with the introduction and growth of computers

Information

based around intellectual development of tools for thinking and design

Sematic

focuses on intellectual pursuits and networking with the addition of smart phones, explosion of the Internet, and social media

Venture Capitalists

investors that give capital to start-up businesses with hopes of large investments returns

Business Technology

applications of science, data, engineering and information for business purposes, such as the achievement of economic and organizational goals

Future Shock

when technology change happen so fast that it causes individuals to be unable to tolerate changes or handle the consequences

The main element of technology that affects business and technology is _____

1. Change

2. Innovation

3. Information

4. Service

Change

What are the three specific areas that provide the foundation for technology growth?

1. Legal, private and business investment

2. Private investment, moral and legal investment

3. Government, private investment and business investment

4. Government, society and legal investment

Government, private investment and business investment

How do venture capitalists impact business technology developments?

1. They conduct resource research for capital businesses.

2. They give capital to start-up businesses with hopes of large investment returns.

3. They give financial advice to inventors for profit.

4. They provide consultations to small start-ups at no charge.

They give capital to start-up businesses with hopes of large investment returns.

What result of technological change happens so fast that individuals are unable to tolerate the changes or handle the consequences?

1. Future commitment

2. Future choice

3. Future connection

4. Future shock

Future shock

If we traveled in a time machine to 1913, which technology would we find?

1. Technology concerned with harvesting food with stone tools

2. Technology centered on building material goods

3. Technology dedicated to intellectual pursuits

4. Technology focused on mechanization

Technology centered on building material goods

Business Technology

applications of science, data, engineering and information for business purposes, such as the achievement of economic and organizational goals

Winner-Take-Most Market

where the best businesses acquire the most customers, share and profits

Search Engine Optimization

specific techniques to increase the number of visitors to GGG’s online robot websites by having their website appear high in the ranking of search results

Search engine optimization plays a key role in boosting online retailers' sales by:

1. Optimizing a company's website to look more attractive to potential customers

2. Increasing the visibility of a company's website during an online search process to attract potential customers

3. Implementing various marketing techniques appropriate to different localities of potential customers

4. Focusing solely on mobile applications to increase the number of visitors to a company's website

Increasing the visibility of a company's website during an online search process to attract potential customers

_____ is the key factor in determining whether a company is able to keep competitors out of the market.

1. Technology

2. Marketing

3. Productivity

4. Customer service

Technology

Top businesses capture the most customers, shares and profits in _____.

1. winner-take-sales markets

2. winner-take-most markets

3. winner-loses-biggest markets

4. winner-take-profit markets

winner-take-most markets

Which of the following is an example of how a product manufacturer would use technology to improve productivity?

1. Establishing a social media marketing department

2. Developing proprietary software that allows retailers to quickly place orders

3. Communicating with customers by telephone for better understanding

4. Relying on search engine optimization to reach new retail customers

Developing proprietary software that allows retailers to quickly place orders

Which of the following would NOT be used by a business focused on greatly improving communication with both employees and customers?

1. Social media

2. Text messaging

3. Automated phone systems

4. Email

Automated phone systems

Research and Development

business, governmental, and academic activities designed to gather new knowledge

Pure Research

understanding what something is or how it works

Applied Research

uses existing information, methods, knowledge, and techniques to solve practical problems

Developmental Activities

improving existing products and processes

Which of the following statements is TRUE of pure research?

1. It is directed at understanding what something is or how it works.

2. It is directed at creating a short-term profit.

3. It uses existing knowledge to solve practical problems.

4. It is directed at improving existing products and processes.

It is directed at understanding what something is or how it works.

The three components of research and development are _____.

1. pure research, intrinsic research and development activities

2. intrinsic research, applied research and improvement activities

3. pure research, extrinsic research and development activities

4. pure research, applied research and development activities

pure research, applied research and development activities

Which of the following statements about research and development is FALSE?

1. The new knowledge generated from research and development always leads to new products and/or processes.

2. Research and development refers to the activities aimed at gathering new knowledge.

3. Research and development activities may be performed by business, governmental, and academic institutions.

4. The main purpose of research and development is to expand the frontiers of human understanding and improve society as a whole.

The new knowledge generated from research and development always leads to new products and/or processes.

What is the function of development activities?

1. They do not involve the expectation of a short-term reward or benefit.

2. They are directed at improving existing products and processes.

3. They are directed at understanding what something is or how it works.

4. They use existing information and knowledge to solve practical problems.

They are directed at improving existing products and processes.

Restone, Inc. is conducting a research study to determine the best strategies to persuade customers to buy their newly released water filters. This is an example of what type of research?

1. Pure research

2. Applied research

3. Intrinsic research

4. Development research

Applied research

Productivity

is the amount of output that gets produced per unit of input

Technology

is a nation’s understanding of how the world works

Research and Development

is the use of resources to discover new knowledge for the purpose of developing new products or better processes

Which of the following is FALSE regarding the productivity of a nation?

1. It helps workers produce more goods and services per unit of input.

2. It is considered the long-run growth engine of a nation.

3. It cannot be increased because of rising prices.

4. It leads to higher economic output.

It cannot be increased because of rising prices.

One way to create new technologies is by investing into _____.

1. natural resources

2. consumer retail stores

3. new assembly line equipment

4. research & development

research & development

Which of the following BEST defines technology?

1. A company's logo and trademark

2. The amount of output that gets produced per unit of input

3. How many machines a business owns

4. A nation's understanding of how the world works

A nation's understanding of how the world works

Why is productivity significant to economic growth?

1. Because nations with a higher productivity have lesser standards of living, thus disrupting economic growth.

2. Because while productivity doesn't directly impact economic growth, it increases investments.

3. Because nations with a higher productivity grow at a faster rate.

4. Because higher productivity slows down economic growth.

Because nations with a higher productivity grow at a faster rate.

Why is research and development significant?

1. To find new ways of decreasing the competitivity of the field.

2. To decrease the number of errors that occur within a production cycle to less than 6 errors for each 1,000,000 products.

3. To ensure that the supply matches the demand of the market.

4. To discover new knowledge for the purpose of developing new products or processes.

To discover new knowledge for the purpose of developing new products or processes.

IT system

information technology (IT) combined with an activity that supports an output

business intelligence (BI)

term that incorporates the areas of reporting, analytics, and operational performance

Business intelligence has been greatly influenced by IT systems in all of the following areas EXCEPT:

1. Decision-making

2. Timeliness

3. Metrics

4. Leadership

Leadership

How has process automation through IT systems affected businesses?

1. It's helped to create more jobs by adding positions in automated factories.

2. It's produced efficiency and productivity gains in quality, production, and cost savings.

3. It's produced efficiency and productivity gains in quality and production, despite being slightly more expensive.

4. It's helped to create more jobs by adding positions within the IT department.

It's produced efficiency and productivity gains in quality, production, and cost savings.

IT systems have improved communications in all of the following areas EXCEPT:

1. Metrics

2. Timeliness

3. Relationships

4. Capacity

Metrics

The primary areas where IT systems impact business productivity and efficiency include all of the following EXCEPT:

1. Process automation

2. Communications

3. Business intelligence

4. Sales

Sales

An IT system results from the combination of which of the following pairs?

1. Technology & output activity

2. Hardware & software

3. LANs & WANs

4. People & processes

Technology & output activity