Technology and Economics
What have instant communication and sales made possible? Check all that apply. Instantaneous purchases from companies around the world can increase sales. Improved technology has not yet allowed for a global workforce. Physical goods can arrive instantly at distant locations. Improved technology has allowed companies to operate 24 hours a day. Worldwide communication between producers and consumers has become instant.
1 4 5
What are the benefits of instant communication and sales for consumers? Check all that apply. Companies can ship goods to customers in an instant. Businesses can be available for customers 24 hours a day. Customers can purchase goods and services online. Customers can give feedback to producers instantly. Employers can hire workers from all over the world.
2 3 4
In January of 2011, the unemployment rate in this nation was about ________. Based on the trend that began around June of 2011, economists may predict that the unemployment rate will continue to ___________ in the future.
4 percent increase
The government of country A has determined there is a coal shortage based on mining reports. As a result of these data, the government decreases coal exports to other nations. Access to information helped country A allocate resources. limit consumption. purchase goods. increase sales.
A
What is the best definition of automation? the use of robotic equipment in a manufacturing process the application of scientific knowledge to find answers and fix problems the use of resources to manufacture goods more efficiently the hiring of workers from all over the world to manufacture goods
A
What is the best definition of economic data? Economic data is information used for calculation, analysis, or planning. Economic data is the fastest time it takes to use the fewest resources. Economic data is knowledge that can be applied to create solutions. Economic data is a determination based on patterns and evidence.
A
Technology can help governments handle economic emergencies, such as the reliance on automation. crop and resource shortages. the fall of the unemployment rate. instant sales and communication.
B
Match each effect with the correct category. Technology replaces human labor Consumers pay less for goods Unemployment rates may rise Goods cost less to produce
Benefits: 1) Goods cost less to produce 2) Consumers pay less for goods Consequences: 1) Technology replaces human labor 2) Unemployment rates may rise
How can the use of new technology in industry benefit the US government? The government can purchase materials from anywhere. The government can rely on automation to reduce costs. The government can react to economic changes quickly. The government can transport goods around the world.
C
How can the use of new technology in industry benefit workers? Workers can react to economic change quickly. Workers can identify economic emergencies. Workers can gain new knowledge and skills. Workers can make economic forecasts.
C
How can the use of new technology in industry benefit producers? Producers can purchase services online. Producers can buy goods 24 hours a day. Producers can contact companies instantly. Producers can transport goods around the world.
D
What is one way that technology can improve the distribution of goods? Workers can take Internet classes to gain new skills. Automation can create goods more cheaply and easily. Businesses can hire factory workers across the world. Container ships can transport a number of goods at once.
D
____________ help economists make forecasts, which are also called predictions.
Economic patterns
Country F has just learned that farmers are starting to report shortages of wheat this year due to failed crops. Government leaders have decided that the wheat produced will not be sold to anyone outside of the country to ensure that there will be enough to fulfill the needs of citizens. Instant access to information has helped Country F ____________ Country F is using data from its farmers to _________
allocate resources make economic decisions