Impact of Technology on Industry and Enterprise

What are the benefits of using new and emerging technology in manufacturing processes?

• Improved quality and speed of production

• Increased customer satisfaction

• Lower retail prices for consumers

• All of the above

What is the main advantage of automation in manufacturing?

• Reduced waste and lower running costs

• Higher production time

• Lower initial setup costs

• Improved accuracy and scale

What is the difference between robotics and automation?

• Robotics use artificial intelligence to improve performance

• Automation uses machinery to complete tasks

• Robotics handle harmful materials that humans can't

• All of the above

What is one potential negative impact of automation and robotics?

• Unemployment for low-skilled workers

• Increased efficiency and productivity

• Creation of new jobs

• Improved safety in the workplace

What is the term used to describe the movement of workers to find employment?

• Demographics movement

• Labour shortages

• Redundancy

• Unemployment

Why is it important for employers to ensure their employees are trained and have up-to-date skills?

• To fill labour shortages

• To improve workforce skill set

• To adapt to changes in technology

• All of the above

What are science and technology parks designed to support?

• Businesses and research centres

• Collaboration and technology development

• Faster product delivery to market

• All of the above

What is one way to support the development of new products?

• Privately-owned business

• Crowdfunding

• Government funding

• Not-for-profit organization

What is the main advantage of crowdfunding compared to traditional borrowing from a bank?

• Lower interest payments

• Higher funding for larger projects

• Guaranteed profits for backers

• Quick adaptation to market changes

What is the term used for an organization that reinvests its profit into the business?

• Privately-owned business

• Not-for-profit organization

• Government-funded business

• Crowdfunding organization