Ch 1 - Industry and Enterprise Flashcards
(23 cards)
Globalisation
The process by which economies and cultures become inter connected through global trade.
Advantages of globalisation
It makes trade easier. International platforms can easily be reached through the internet
Advantages of communication
Faster. Reliable. You can reach anywhere in the world
Advantages of productivity
More organised. Easier access
Advantages of accuracy
Almost 100%. Programmed not to make mistakes
Advantages of processing speed
Works faster than humans
What is a co-operative
A company commonly owned and run by the members
Advantages of co-operatives
Cost effective - bills/expenses shaded etc.
They are set up to protect the rights of their members and ensure fair terms and conditions for all.
Allow greater protection and a stronger democratic voice
What is a patent
A legal process which proves that you are the first to register an idea or invention
Start-up company
Where a company has an idea and the potential go grow into a profit-making business
Automation
The increased use of mechanics and industrial machines to manufacture products
Effect on jobs due to automation
Jobs have been lost, because intelligent robots/machines can do the work instead of people. They are also more accurate.
The latest automated production lines only require a few high skilled jobs (e.g. engineers).
Hierarchy of jobs is misbalanced - only high skilled workers are employed.
What is CAD
Computer Aided Design is a digital way to creat accurate design and drawings/models of items/products.
Advantage of CAD
Designs can be quickly and accurately analysed and manipulated which saves valuable time and money
What is CAT
Computer Aided Testing - Softwares can carry out complex tasks e.g virtual stress tests and assessing the manufacturability of a product.
What is a prototype
A smaller scaled, test version of a final product. Used to assess the manufacturability and to identify any changes before the manufacture of the final product begins
What is CAM
Computer Aided Manufacture - usually used for prototype making, includes:
- Computer Numerical Control (CNC) machines such as laser cutters
- Rapid Prototyping (RTP) machines such as 3D printers
Why is the order of a production line important?
Designing, manufacturing, and delivering products has to be very efficient. This will reduce unproductive time, unnecessary movement, and waste materials.
What is enterprise
When an idea is turned into a business proposal which has commercial viability as a potential product.
What is crowd funding
Is usually an Internet based way to gain small contributions from many investors who believe the product/idea has a future
The is virtual marketing and virtual retail
includes the use of websites, social media, email and digital marketing to reach a wider audience and potential client base in order to promote a service, product or idea. Paid-for advertisements also come under this
What is search engine optimisation
A type of virtual marketing where companies try to boost their website higher up in the internet the search results than their competition.
What does fair-trade do?
Ensures better prices, appropriate working conditions, and fair terms of trade for farmers and workers within the less economically developed countries.
