WEEK 8-9 Flashcards
(26 cards)
are the total means available to a company for increasing production or profit, including land, labor, capital, and raw materials.
Resources
usually start from acquisition and are then assembled to be available for use when needed. Very often, the assembly process entails converting an essentially raw material into a refined form, such as wood, cement, and steel for building construction.
Physical resources
are nontangible and are considered valuable for what they represent rather than their physical make- up. Money is considered a conceptual resource as each paper bill represents a specific monetary value as opposed to the paper where it is printed
Conceptual resources
Information can be expanded without compromising its integrity. In fact, by having additional information, much more can be understood from it.
Expandable
Although expanded information
can give a more detailed explanation, it may not always be needed. An example of this is in news sites. Instead of a barrage of details, news sites would often give one-liner headlines that provide enough information about the news. Another example is research abstracts. An abstract is normally a half- or a one-page
summary of the entire research.
Compressible
- Information, especially digital
information, is easily _____________. With the
use of the internet and various technologies,
information can be sent though any of the
following:
1. send via email
2. share via Facebook
3. copy onto a flash drive
4. upload on YouTube
Transportable
Gossip or rumors tend to spread
easily. Unfortunately, the same applies to any
kind of information-be it true or not.
Diffusive
__________ information is error-free. In
some cases, inaccurate information is generated because inaccurate data was processed. Analysts call this as “garbage-in-garbage- out.” By typing “parts of a computer” in the search bar, Google gives you a list of several websites which contain the information you are looking for.
Accurate
Since information can be easily spread, it is considered sharable as well. Information can be kept calling it a secret. However, once a person decides to tell it to someone, then he or she will no longer have control over it. In some cases, certain parts of the secret can be kept. One such example is the secret recipe of KFC. It is known that there are 11 secret herbs and spices, but as to what these herbs and spices are, people can only guess.
Sharable
_____________ information contains all
the important facts. This is especially important in the field of medicine. Missing information could spell disaster, or worse, lead to death. If the information regarding allergies has been left out, doctors might inadvertently give wrong medication that could cause severe allergic reactions to the patient.
Complete
______________ information can be depended on. In many cases, the reliability of information depends on the validity of the data collection method. In other cases, reliability depends on the source of information, which brings us back to valuable information being economical.
Reliable
__________________ information can be used for different purposes. Depending on the situation, personal information can be used for a variety of ways. A school ID can be used to enter the school premises. The same ID can be used to transact business with the registrar’s office during enrolment. It can be used to open a bank account or to apply for a student driver’s permit.
Flexible
________________ information is important to
the decision-maker. For example, your
assignment calls for searching “parts of a
computer” online. You do not visit sites that
tackle “parts of the human body” because they
are irrelevant to your research topic.
Relevant
Information should also be simple, not
overly complex. Sophisticated and detailed
information may not be needed. Complex
information may sometimes lead to confusion
which could result in inaccuracy of details.
Simple
_____________ information is delivered when it
is needed. This is true in the case of weather
predictions, stock market forecasts, and traffic
management.
Timely
This means that information can be checked for correctness and authenticity. Most
authors include references, bibliography, or
citations in their works to enable readers to
verify the content.
Verifiable
Information should be easily
accessible by authorized users to be obtained in the right format at the right time to meet their needs. In Korea, the U.S., the U.K., and China, a mobile phone can be used to pay for day-to-day transactions. A mobile pay app can be downloaded on the smartphone in which the user’s credit card or debit card is enrolled.
Accessible
Information should be secure from
access by unauthorized users. Mobile pay
systems such as Samsung Pay and Apple Pay use biometric authentication, typically a fingerprint scan, before a transaction is made. This ensures that only the owner of the phone can use the app for payments.
Secure
is considered valuable mainly for business purposes as businesses depend on it to produce quality products and services. This helps organizations become globally competitive and be up to date with the latest
trends and technology.
Information
Information, as a resource, has four
characteristics, namely it
(1) has zero marginal cost;
(2) is non-rivalrous;
(3) is non-exclusive;
(4) does not exhibit high degrees of
transparency
The cost of producing the first copy of an
information good may be substantial, but the cost of
producing (or reproducing) additional copies is
negligible. Avengers: Age of Ultron released in 2015 is
one of the most expensive Hollywood movies ever
made with an estimated budget of US$250,000,000.
However, buying a DVD copy of the said movie today
would cost about $20 in Amazon.com.
Zero-marginal cost
Simultaneous consumption of information by
consumers is possible. Movies nowadays are sold not
only as DVD copies. There are also digital formats which
anyone can watch online or download on their mobile
devices, either as a rental or paid subscription.
Non-rivalrous
Exclusion is not a natural property of information goods,
though it is possible to construct exclusion artificially.
However, the nature of information is that if it is known,
it is difficult to exclude others from its use. Through
emails and SMS, one can identify only intended
recipients of the message through a specific email
address or a phone number.
Non-exclusive
To evaluate the information, the information
must be known, so one has to invest in learning how to
evaluate it. A programmer undergoing boot camp
training to learn a new programming language needs to
invest time, money, and effort. The more complicated
the training, the more expensive the cost and the longer
the time needed to learn it.
No transparency
