Impact of Information Technology on Economy and Society

What is a potential consequence of advanced information tools on traditional jobs?

• Increased job opportunities

• More manual labor jobs

• Job loss due to automation

• Higher wages for all workers

Why is the current valuation of Facebook considered normal?

• Because it has no competitors

• Due to its focus on physical products

• Because it is a new company

• Due to its integration into society

How did Walmart use digital networking in the 80s and 90s?

• To reduce the number of stores

• To precisely manage supply chains

• To increase product prices

• To focus on online sales only

What was an unintended consequence of Walmart's growth?

• Higher product prices

• Increased job opportunities

• Improved customer wealth

• Impoverishment of its customer base

How is Facebook similar to Walmart according to the speaker?

• Both focus on physical retail

• Both offer free services

• Both have a shrinking customer base

• Both impact job prospects negatively

What is a major issue with Facebook's current approach?

• It has too many competitors

• It monetizes less and less

• It focuses too much on physical products

• It charges too much for services

What does the speaker suggest Facebook should become?

• A physical retail store

• A news outlet

• A commerce platform

• A social media platform

What is the proposed benefit of turning Facebook into a commerce platform?

• Reduction in online transactions

• Expansion of the economy

• Increased economic contraction

• Decreased user engagement

What could be a potential outcome for Facebook's investors if it becomes a commerce platform?

• No change in returns

• Better returns in both short and long term

• Lower returns in the long term

• Immediate loss of investment

What is a key factor in preserving capitalism according to the speaker?

• Decreasing market size

• Focusing on free services

• Reducing the number of businesses

• Monetizing more of the world