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MI4007 Week 1 Lecture 1

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Questions and Answers

What is the primary significance of Moore's Law in the context of technology development?

It suggests that network connections are less valuable as more devices are added.

It states that the processing power of computers will remain constant over time.

It implies that the cost of computer hardware will increase exponentially.

It predicts that the number of transistors on a chip will double every one and a half to two years. (correct)

How does Metcalfe's Law describe the value of a network?

The value of a network is determined solely by its hardware capabilities.

The value of a network is directly proportional to the amount of data processed.

The value of a network declines as the number of members increases.

The value of a network grows exponentially as a function of the number of network members. (correct)

Which of the following is NOT a characteristic of digital products?

They are expensive to produce but cheap to replicate.

They are immaterial.

They function as a public good.

They are easily destroyed in physical form. (correct)

What does the term 'Creative Destruction' refer to in the context of technological advancement?

<p>The replacement of outdated technologies with new innovations.</p> Signup and view all the answers

Which statement best describes the role of ICT in socioeconomic progress?

<p>ICT enhances productivity and economic growth, contributing to poverty reduction.</p> Signup and view all the answers

Study Notes

Digital Revolution

Shift from mechanical/analog to digital electronics
Marks the beginning of the Information Age

Moore's Law

Number of transistors on a computer chip doubles every 1.5-2 years
Processing power, speed, and storage increase exponentially as device costs decrease

Metcalfe's Law

Network value/power increases exponentially with the number of members
Processors get smaller and cheaper
Networks become more valuable

Digitization

Widespread adoption of connected digital services (consumers, businesses, government)
Key driver for economic growth and job creation

Characteristics of Digital Products

Immaterial
Borderless
Physically indestructible
A public good (use by one doesn't limit others)
Inexpensive to replicate, but expensive to initially produce

Creative Destruction

One industry replaces another
Examples: cassette tapes replaced by MP3s, CDs replaced by Spotify

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