ICT AND GLOBALECONOMY 1

-

IMPACTS OF ICT ON GLOBAL ECONOMY

 INTRODUCTION

 This is a broad based technology that supports the creation, storage, manipulation and communication of information.

A significant milestone in the dovelopmont of the ICT industry in the country is the formulation of a National Information Technology Policy (NITP) which was approved in March, 2001 by the Federal Executive Council. With the enactment of this policy came the establishment of an implementing agency —the National Information Technology development Agency (NITDA) in April 2001. This agency is charged with the responsibility of implementing Nigeria's IT policy "as well as promotes the healthy growth and development of the IT industry in Nigeria. Information Technology means the technical knowhow and the infrastructure to run the information system. It deals with computer data and application system and where resources are deployed. Rapid changes in information technologies have brought about changes in all areas of human life.

CURRENT TRENDS IN INFORMATION TECHNOLOGY 

1. Improvement in development ot computer hardware: The traditional hartware system has been replaced by network of powerful desktop, laptop and palm top computers. These devices ate very powerful and have exceptional capabilities. 

2. Development of new software: There is a rapid development of software in term of design and sophistication. Object oriented programming tools and languages have been introduced.

3. Improvement in computer network: Networking has undergone tremendous changes. It aims at improving and enhancirg the flow of information. We have networks like extranet and intranet.

4. Development of database: There is grot.vth of distributed data base, data warehousing and business intelligence.

5. WWW: This is an internet based resources. It is a graphical, easy to use way to organize and present information, texts, images, movies, sound, etc. It is highly interactive media. Individuals or organizations can visit websites to look for products, information and other things. So many organizations have website. Some browsers used to access sites on the WWW are firefox, Internet explorer, Navigator, etc. WWW can be accessed and downloaded to personal computers.

6. The Internet: This is a global network of computers that communicate with each other. It shares information among individuals and organizations worldwide. It started in the 1960s when the American Defence Department created a network of computers.

7. E-mail: This is a message sent from one person to another through a computer network. It helps exchange of Information between clients, customers, friends and businesses. It is good because it reduces the cost of sending information. Simply put, it is theorbcess of sending and receiving information through electronic devices.

USES OF INFORMATION TECHNOLOGY

1. Manufacturing industry

a. Processing of orders

b. Scheduling of production

c. Using computer to design and manufacture

d. Marketing analysis

2. Financial industry

a. Electronic transfer of funds

b. Provision of home banking services

c. Usage of Automatic teller machine

3. Education industry

a. Computer assisted 'instructions

b. Record Keeping 

c. For instructional materials

d. Access to learning software

4. Transport industry

a. Airline reservations

b. Satellite monitoring

c. Fleet maintenance system

5. Publishing industry

a. Graphics design

b. Typosetting

c. Word processing

d. Formatting of pages

6. Government

a. For tax returns

b. Military purpose

c. For census

d. Utility billing

e. License procuroment

BASIC CONCEPTS

1. E-commerce: This is the process of buying, selling and marketing of products over the internet. it is the application of various communication technologies to provide the automated exchange of information with customers, suppliers and financial institution. For example, e-retailing.

2. E-banking: This is the use of computers and electronic technologies as substitutes for cheques and other paper transactions. It ensures twenty four hours access to cash through the ATM.

3. E-government: This is a way for government to use the new information technology to provide its citizens with access to government activities: This will improve the standard of living of the people and the ability to be part of governance.

4.E- learning:This is defined as instructional learning experience delivered by electronic technique it involves the use of computer for distance learning.

IMPACTS OF ICT ON THE ECONOMY

✓Globalization:It has mint the word into a global village meaning that we can now share information quickly and efficiently.

✓Bridging cultural gap: it allows people to exchange ideas views and bridging cultural gap.

✓Health care delivery:It has also helped to reduce cost and improve efficiency in health care delivery, telemedicine health has been brought to the door step of both rural and urban people e.g telesurgery cardiac monitoring.

✓Enployment generation: just generated a lot of employment opportunities to both skilled and unskilled labourers many people are gainfully employed in the ICT sector for instance programmer vendors salesman it is it has attracted big companies like Microsoft and Dell.

✓Improvement in the quality of education:

✓increase in organisations profitability

✓which facilitate international trade transaction as it reduces the effect of distance among Nations and also ensure quick payment for goods and services

✓increases the level of investment in the economy of the Nation since the advent of ICT many companies have been set up e.g telecommunication and some other organisation that use ICT to deliver their services



Comments

Post a Comment

Popular posts from this blog

ABNORMAL SUPPLY

-
Image
  EXCEPTION TO THE LAW OF SUPPLY Exceptional or Abnormal Supply: is the supply pattern which does not abide by the law of supply, and therefore, gives rise to the reverse of the basic law of supply which states that the higher the price, the higher the quantity of commodity that will be supplied by the producer, and vice-versa. An abnormal supply also called a Regressive or Backward Sloping Supply Curve. Shows that at higher price, less quantity will be supplied. That is a negative situation in which a fall in the price of a commodity leads to an expansion of its supply. Causes of abnormal supply are as itemized below: 👉Existence of some fixed assets whose prices increase without a  corresponding increase in its size, eg Land 👉Rising wages of labour where a worker tends increase his leisure time and reduce his productive working hours at high wage rate 👉A producer with a particular target income may go on supplying the market with his commodities even when prices fall. 👉Monopolisti
Read more

ELASTICITY OF DEMAND

-
ELASTICITY OF DEMAND Elasticity is a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants. Economists usually refer to the coefficient of elasticity as the price elasticity of demand, a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in the quantity demanded divided by the percentage change in price. Other coefficients of elasticity may relate to 'income elasticity of demand', 'cross-elasticity of demand', What Is Price Elasticity of Demand? Price elasticity of demand is an economic measure of the change in the quantity demanded or purchased of a product in relation to its price change. Expressed mathematically, it is: Price Elasticity of Demand = % Change in Quantity Demanded / % Change in  price. There are different types of price elasticity of demand i.e. 1) perfectly elastic demand, 2) perfectly inelastic demand, 3) relatively elastic d
Read more

CONCEPT OF GLOBALIZATION

-
Image
  WHAT IS GLOBALIZATION?  This is the technological effect in reducing the physical distance among nations through information technology to bring about socio-economic integration. It is the increased integration of world economies through trade and capital flow facilitated  by the growth in information technology. Through globalization, there is cross national flows of goods and services and shon tem and long tern capital flow. Globalization is the process of international integration arising from the interchange of world views, product, ideas and other aspect of cultute. Through globalization, the whole world has become a single market.  It implies that and goods and services, capital and labour are traded on worldwide basis. Globalization ensures freedom of exchange, flow of capital, goods and services and capacities across national boundaries.  FACTORS RESPONSIBLE FOR GLOBALIZATION  Change in technology : Computerization and technological breakthrough have positive impact on globa
Read more