Globalization and Technology Quiz

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Questions and Answers

What is the primary purpose of the document?

To outline a research project on the impact of technology on global trade. (correct)

To discuss the importance of international cooperation in addressing global challenges.

To present a detailed case study of a specific business or industry.

To provide a comprehensive analysis of the current state of global markets.

What is the most likely intended audience for this document?

Executives and managers of multinational corporations.

Academics and researchers studying international relations and economics. (correct)

General public interested in global economic issues.

Policymakers and government officials working in international trade.

Based on the document’s content, what is a significant challenge related to globalization?

The increasing cost of international transportation and logistics.

The lack of access to reliable and affordable internet connectivity in some regions.

The decline in the global demand for manufactured goods.

The growing inequality between countries and within countries due to uneven distribution of benefits. (correct)

What is a key aspect of technology’s impact on global trade?

The rise of online platforms facilitating cross-border transactions. (B) Signup and view all the answers

What is a potential benefit of technological advancements on global trade?

Improved access to information and market opportunities for small and medium-sized enterprises (SMEs). (A) Signup and view all the answers

What is the primary function of an 'electronic data interchange' (EDI) system in the context of international trade?

To automate the exchange of standardized business documents between trading partners. (B) Signup and view all the answers

Which of the following is NOT a key factor contributing to the growth of global trade?

Increased government regulation of international trade. (A) Signup and view all the answers

How do 'free trade agreements' influence globalization?

They encourage collaboration and cooperation among participating nations. (A) Signup and view all the answers

Which of the following is an example of how globalization impacts cultural exchange?

The spread of global brands and consumer products across different cultures. (D) Signup and view all the answers

What is a potential drawback of globalization for developing countries?

Potential exploitation of cheap labor and environmental degradation. (C) Signup and view all the answers

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Flashcards

Empty Content

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Skipping Content

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Educational Value

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Information Retrieval

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Study Notes

Chapter 1: Entrepreneurship

Concept/Meaning of Entrepreneurship: The ability and willingness to develop, organize, manage, and run a business enterprise, taking on any risks to make a profit.
Need of Entrepreneurship: Improves living standards, creates wealth for entrepreneurs and related businesses, facilitates innovation, new markets, and helps the economy by contributing to the GDP through startups producing and supplying goods and services.
Characteristics of Entrepreneurship: Ability to take risks, networking skills, money management skills, and flexibility.
Qualities of an Entrepreneur: Self-motivated, understands what is being offered, takes calculated risks, knows how to network, and possesses basic money management skills and knowledge.
Types of Entrepreneur: Self-motivated, confident.
Functions of an Entrepreneur: Risk-bearing functions, administration and decision making, supervision and control of business activities, and distributive functions.
Barriers in Entrepreneurship: Finance, fear of failure, a lack of proper planning and strategy, human resource issues, stringent rules & regulations of the market, fewer opportunities, and lack of risk-taking capacity.
Entrepreneurs vs Manager: Entrepreneurs own and take financial risk for the company, while managers manage the company.

Chapter 2: Market Survey and Opportunity Identification

Business Planning: A formal document outlining business goals, methods of achieving them, and timelines. Includes business description, projections, policies, and a roadmap for financing.
Small Scale Industries (SSI): Industries that involve low-scale manufacturing, providing services, or production; includes businesses like napkin/tissue production, chocolate/snack production, and more, with limited investment in plant and equipment.
Tiny Units: Small industrial or business enterprises with investments under 25 lakhs.
Ancillary Unit: Industrial unit, usually not a main production unit, that manufactures parts or supplies to other industries
Time Schedule Plan: A plan detailing tasks and desired results in a project.

Chapter 3: Project Report Preparation

Project Report: A document detailing the overall picture of a future business, including its prospects.
Preliminary Project Report (PPR): A detailed document outlining specific activities, actions, and milestones up to a certain point in time, used to explain progress.
Detailed Project Report (DPR): A very detailed plan of a project, including tasks, roles, responsibilities, and possible risks. Serves as a blueprint for project execution.
Techno Economic Feasibility: Determining the technical possibility and financial capability of a project, including evaluation of risks and providing cost estimations for raw materials, plant, location and infrastructure, project technical concept, logistics, environment, and implementation planning.

Chapter 4: Management Principles

Definition of Management: The administration of any organization, including businesses, not-for-profit organizations, and government bodies.
Principle of Management: Essential for efficient and focused organization operation through proper and efficient planning, organizing, leading, and controlling.
Division of Work: Specializing workers on specific tasks for improved efficiency.
Authority: A manager's right to command or direct workers.
Discipline: Adherence to rules, values, and organizational structure.
Unity of Command: Employees should have clear reporting structures.
Unity of Direction: Employees should work towards shared aims and goals to ensure the company remains functional, productive, oriented towards clear direction.
Subordination of Individual Interest: Organizational interests take precedence over individual interests.
Remuneration: Employees should receive fair compensation for their work.

Chapter 5: Functional Areas of Management

Production Management Components: Product selection, design, identification of production processes, appropriate production capacity, production planning (routing & scheduling ), production control, quality control (evaluating and correcting deviations in production), Inventory control (managing inventory to avoid over/understocking), and maintenance and replacement of machines (ensuring proper upkeep).
Inventory Control: Monitoring, managing inventory levels to avoid overstocking or understocking and to ensure timely delivery of goods.
Maintenance and Replacement of Machines: Regular maintenance to prevent breakdowns and ensure continuity of operation.

Chapter 6: Leadership and Motivation

Leadership: The ability of a person to influence others to work together to achieve organizational goals.
Need/Importance of Leadership: Enhances employee productivity to meet organizational aims.
Leadership Style (Autocratic): Leaders control the decisions and maintain the clear distinction between their roles and others.
Leadership Style (Democratic): Leader shares decision-making power.
Leadership Style (Participative): Input from all members of the organization considered when undertaking the decision-making process.
Motivating Employees: Employees should be fairly compensated, their needs should be addressed (physiological, safety, belonging, esteem, self-actualization), and there should be appropriate training and development.

Chapter 7: Work Culture, TQM & Safety

Human Relationships: Crucial for organizational success, fostering cooperation, understanding, productivity, and the achievement of organizational objectives, leading to high employee performance.
Employee Performance: Depends on quality relations with management and colleagues.
TQM/Total Quality Management: Philosophy of continual improvement, focus on customer needs and continuous improvement, creating a business culture of optimal utilization of resources.
Quality Policy: Aligns company action with customer needs, aims to eliminate defects and reduce wastage across all company processes including engineering and accounting departments.
Quality Management System (QMS): Formal system documenting organizational processes and ensuring adherence to standards.
Accident Safety: Unforeseen accidents should be avoided through preventive measures like personnel selection (identifying factors influencing accidents), safety training (teaching safe work practices), employee involvement (forming safety committees), and providing personal protective equipment.

Chapter 8: Legislation

Intellectual Property Rights (IPR): The rights given to the creator of an idea/creation (patents, trademarks, copyrights).
Features of Factories Act 1948 and Amendment: Covers safety, health, and well-being of factory workers, covering administrative procedures, staff, and other critical aspects like health, safety provisions, working hours, welfare, and procedures
Features of Payment of Wages Act 1936: Regulates timely wage payment, provides a fair process and appropriate payment of wages to employees.

Chapter 9: Smart Technology

Concept of IOT (Internet of Things): Network of physical objects with embedded sensors, software, which exchange data over the internet.
How IOT works: Information is collected, processed, and presented to end users through a variety of mediums.
Component of IOT: Sensors, connectivity (e.g., cellular networks, wifi, Bluetooth), data processing, and user interface (e.g., apps, dashboards).
Application of IOT: Smart cities (encompasses solutions for healthier environment, traffic management, and public safety, e.g., street lighting, public safety), smart transportation (safety and punctuality, e.g., traffic navigation, CCTV cameras, e-ticketing), smart agriculture (increased productivity, climate change response), smart healthcare (monitoring, diagnosis, and treatment), smart energy grids (predictive information to utilities, customers), and smart industry (changes in factory functions and work places resulting in safer solutions, e.g., digital systems like digital signature, or face recognition to enhance efficiency).

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Description

Test your knowledge on the relationship between globalization and technology with this quiz. Explore the challenges, impacts, and benefits of technological advancements in global trade. Perfect for students or anyone interested in international economics.