please read the content notes for your references and answer the last page of every topic (exercises 1 and 2 of each topic)

TECHNOLOGICAL INNOVATION

TECHNOLOGICAL INNOVATION Technological Innovation is the process where an organization (or a group of people working outside a structured organization) embarks on a journey where the importance of technology as a source of Innovation has been identified as a critical success factor for increased market competitiveness. Technological innovations comprise new products and processes and significant technological changes of products and processes. Innovation has been implemented if it has been introduced on the market (product innovation). Technology is applying scientific knowledge for practical purposes or the branch of knowledge concerned with applied sciences. Innovation is evolutionary and is a response to an unsolved problem and unexploited opportunity. It is the effort to create purposeful, focused change in an enterprise's economic or social potential. Creativity and Innovation 1. Creativity involves the use of imagination or original ideas to create something. It is the idea phase. In other words, creativity is the idea phase, and Innovation is the action phase. 2. Innovation is the act of introducing something new. The word "new" relates to creativity, and the term "act of introducing' refers to Innovation. Invention and Innovation 1. Invention is the creation of a new product or service or process; Innovation introduces new product or service or process into the marketplace. 2. Invention may have economic or non-economic motives. Innovation always has economic reasons Invention precedes Innovation follows invention.Risks of Globalization Globalization has offered the world significant advantages for economic gains and comfortable living. But in the long run, it has the other side of the balance. The bad side of Globalization is all about the new risks and uncertainties brought about by the high degree of integration of domestic and local markets, intensification of competition, high degree of imitation, price and profit swings, and business and product destruction, the most prevalent risks are: equity distribution, national sovereignty and interdependence. The risks of Globalization are more significant and more varied than the risks of domestic commerce. Managing them is the key. The Advantages of Globalization Some positive aspects of Globalization include: 1. Building up the economic and social structures of struggling countries and economies through free trade 2. Creation of a world-power and less and less compartmentalized power sectors 3. Learning about and sharing new and exciting cultures with one anotherthat's equality. Interdependence. Globalization leads to interdependence between nations, which could cause regional or global instabilities if local economic fluctuations impact many countries relying on them. How does Globalization lead to interdependence among nations? The need for countries to rely on each other for these resources creates a global interdependence. Hence, the drive of Globalization creates a robust interconnection of world networks through borderless operations of countries, making it easier to interact, trade, and build a cooperative world. Interdependence of Human Societies Interdependence describes when two or more actors impact and rely on each other. Consider the flour industry, for example. One person specializes in growing crops, another on milling, packing, distributing, and finally selling it. They need each other to deliver the final product, and if one day the mill stops, everyone is affected; they are all interdependent. Think of those individuals as a country and the flour as the products and services we consume. This gives you an idea of the interdependence of human societies. We fulfill our needs by relying on a massive network of other people. Nowadays, most countries are also interdependent because they rely on other countries to supply local demand and sell local products. This interdependence is strong, and one nation's actions often have consequences on others. For example, China's labor costs impact employment in other countries, Russia's policies on gas affect transport costs in Europe, and air pollution generated in the United States has global effects. Most countries are interdependent: Globalization is often defined as the interaction and integration of people in different world areas. This broad term groups together economic, social, and political interactions. Since antiquity, human societies have developed forms of Globalization. Galleon Trade connects Europe and Asia in the 16th century. The Silk Road once connected China, Central Asia, Persia, and Europe, and facilitated commercial and cultural exchange. However, the Globalization we are experiencing nowadays is the biggest and fastest in human history. Technological advances in communications and falling costs of transportation have facilitated international exchanges. Multinational companies operating in several countries, outsourcing of services and operations, global free trade agreements, internet access, and international migrations are examples of Globalization. Transportation facilitates Globalization.Directions: Based on your readings, give your definitions of the following terms below. Emergence of Economic Systems * * * Market Economy Characteristics, Traditional Economy and Mixed and Command Advantages and Economy Economy Disadvantages LIIICOR 1: Effects of Human Interdependence and Globalization 2 : Human interdependence and Globalization have had both positive and negative effects on economics, W I societies, and politics. Let's examine some of these effects. Economics Competition is a positive effect. Domestic companies compete with foreign firms, often raising their standards. Foreign businesses often bring innovations and new approaches, trying to capture the consumer. This dynamic usually increases the quality of products and services and makes them more affordable. For example, American oil companies operate in many developing nations and have formed alliances with local capitals, bringing Technology, employment, and huge investments. Most nations have opened to international trade, creating a global market and directing investments into developing countries. Companies from industrialized nations look for new needs and possibilities and sometimes open operations in new countries, bringing investments and employment. Globalization also affects employment. Jobs are generated in new areas but are sometimes lost elsewhere, Imagine you own a company with 100 workers and decide to relocate to Thailand, where labor costs are lower. There you hire 150 workers, which means 150 new positions for Thailand, but 100 people just became unemployed back home. The world has 50 more people earning wages, but there were also losers in this process. The lower cost of Chinese labor is attractive to many multinational firms. Globalization has helped some areas progress towards industrialization, including India, the Philippines, Mexico, and Brazil. On the other hand, some areas of North America and Europe have lost jobs and businesses. More Negative Effects on employment 1. Adverse effects occur due to large-scale technological developments that accompany this phenomenon, which will reduce the demand for unskilled labor. Even direct foreign investment does not care for cheap workers but only for highly skilled workers. 2. The traditional nature of "work" might disappear due to the rapid advances in technology while at the same time creating new and innovative occupations in favor of the highly specialized professions. 3. An increase in hidden unemployment, lack of new job openings, and the deterioration of real wage rates are the consequences of Globalization. In most developing economies, which were unable to adopt the latest technologies, if the labor clause is enforced through the WTO, this willMarket forces control the economy. 1. Consumers are deciding whether to buy a good at a specific price, wait before buying it, or never buy a market force. They want lower prices of commodities. 2. Businesses pricing products to create maximum profit, taking into account consumer demand, is another market force. They produce more if consumers buy more. Advantages of a Market Economy 1. Competition leads to efficiency because businesses that have fewer costs are more competitive and make more money. 2. Innovation is encouraged because it provides a competitive edge and increases the chance for wealth. Disadvantages of a Free Market Economy 1. Factors of Production is not employed if it is not profitable. 2. The market system may not produce certain goods and services. 3. The free market may encourage harmful goods. 4. Production may lead to negative externalities. 5. A free market economy may increase the gap between the rich and the poor. 6. Unemployment and Inequality. The Mixed Economic System Traditional economic systems are incapable of dealing with the advanced requirements of a developed society, but there are arguments for and against both the market and command economies. This is why the mixed economic system emerged, a mix between the command economy and the market economy . Mixed economy A mixed economy is an economic system combining private and public enterprises. A mixed economic system is a system that combines aspects of both market and command. A mixed economic system protects personal property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities to achieve social aims Characteristics of mixed economy: 1. Co-existence of the Private and Public Sectors- minor industries for the people and major industries belong to the state such as Expressways, LRT/MRT and Dams, National Power Corporation, etc. 2. Existence of Joint Sectors like Public and private, both private companieswill help you deepen you Directions: Based on your readings, give your definitions of the following terms below. Risks of Globalization * * Equity National * Interdependence Distribution Sovereignty III Exercise # 2: How would you feel when you experience inequality in life? Some are richer others are poorer? What will you do? Explain in your own words.enhance their lessons. Likewise, students can use the vast resources of the Internet to enrich their learning experience. Technology positively affects student engagement, enabling students to retain and learn more information. Many students are more stimulated and eager to know when interacting with the hands-on learning tools that educational technology provides. 4. Job Creations - Technology also created a host of new positions that never before existed. Think about it: computing specialists, social media managers, digital marketers, energy engineers, software and app developers, drone operators, YouTube content creators. 5. Health care - The Most Significant Medical Innovations of the Past 20 Years. Vaccines and Immunization to prevent outbreaks. Electronic Health Records (EHRs) It is hard to believe in such a modern era, but fewer than 18 percent of medical providers used electronic health records a mere decade ago. HIV Combined Drug Therapy. Minimally Invasive Surgery. Needle-Free Injection Technology. 6. Relationships - Technology is often introduced into a social system with the stated intention of making life easier for people. As it becomes more pervasive in everyday life, the assessment of technology's presence in relationships and its impact on how humans interact with one another, especially long-distance relationships, is becoming very popular, giving way to intermarriages between races. Sometimes, people's use of technology can create problems between romantic partners, potentially stirring conflict and dissatisfaction in the relationship. They also found that younger users were more likely to report both increased tension and enhanced closeness in their relationships due to technology. 7. Crime Detection - As technology is used to commit more sophisticated crimes, law enforcement officers and those in the legal system increasingly use tech tools to combat corruption. The criminal justice industry must use cutting-edge software, tracking systems, and more to keep the public safe and protect human life. Modern marvels such as DNA analysis or image enhancement technologies have made forensic science easier in one respect. Forensic scientists solve for murders and other violent crimes and for chemical attacks, cybercrimes, and any other acts of violence that come with the modern territory. TYPES OF INNOVATION 1. Incremental Innovation: These are small but important improvements in a product, process or service. Such innovations are associated with enhanced customer satisfaction. Example: Intel Pentium III to Pentium IV LAN to WAN Modular Innovation. These Innovation do not alter the overall product structure, but change can occur in the component technology. Example: Change in car engine technology will not change any other features.The opportunity and desire for prosperous nations to help countries struggling with severe 4 . issues like unemployment, disease, and natural disasters A more significant opportunity for travel and it increases free trade between nations. KE The Disadvantages of Globalization Re Though it comes with perks, there are several cons to Globalization that analysts and critics have noted Ex for years. They include: EX 1. The oppression of weaker and poorer economies by more robust ones; 'the rich get richer, the poor get poorer.' 2. The danger of job loss, with specific industries and sectors sending jobs to countries where workers are willing to do the same amount of work or more for smaller wages 3 . Multinational corporations often get away with poor, unsafe, unethical, or exploitative working conditions due to variations in laws and regulations from one country to another 4 . Multinational corporations can exploit tax haven nations, sending large portions of revenue offshore to avoid taxation. Equity Distribution. The benefits of globalization can be unfairly skewed towards rich nations or individuals. This creates greater inequalities and leads to potential national and international conflicts. As a result, " the rich get richer, the poor get poorer because the rich countries have more resources and capital to do business. Their industries produced more chemicals damaging the environment, yet the worst damage was experienced by the least contributors like the developing countries. One way globalization can increase inequality is through the effects of increasing specialization and trade. Although trade based on comparative advantage can stimulate economic growth and lift per capita incomes, it can also lead to a rise in relative poverty. Cross-country studies document that Globalization has been accompanied by increasing inequality within developing countries, suggesting an offset of some of the poverty reduction. Finally, the evidence suggests that relying on trade or foreign investment alone is not enough to alleviate poverty. How equity differs from equality? Equality generally refers to equal opportunity and the same levels of support for all segments of societ Equity goes a step further and refers to offering varying levels of support depending upon the need achieve greater fairness of outcomes. Example: 3 Children are watching games over the fence. The shortest one could not see, so he w given a stool so they all could see the games over the wall. That is equity. If all of them were given a seActivity 2: Check for Understanding (5 mins) (18 mins + 2 mins checking) hope that activities on this part will help you achieve your learning targets. The next set of exercises will help you deepen your understanding of the lesson. Exercise 1: Fill out the blank boxes with your definition of Technological Innovation based on your notes. In the second box, give the facts/ characteristics. In the 3" box, you can list down some examples of and in the 4" box, you can list down the non-examples. TECHNOLOGICAL INNOVATION FACTS/CHARACTERISTICS DEFINITION EXAMPLES NON-EXAMPLESX negatively impact economic growth and employment in many developing countries, where child R labor exists, and working conditions are miserable. E ) Ex 4. Most trade liberalization benefits will be received by the manufacturing-producing countries, EX while the smallest share will be going to the agricultural-producing countries (developing countries). . In addition, policies of structural adjustment such as privatization imply an increase in unemployment since privatization is usually accompanied by a reduction in the demand for labor. 1 6. Finally, the theoretical predictions about the employment consequences of trade liberalization are based on assumptions of full employment of resources and flexible labor markets. These assumptions might not hold in developing countries where labor markets are inflexible due to structural factors. National Sovereignty The supreme, absolute, and uncontrollable power by which an independent state is governed and from which all specific political powers are derived; the intentional independence of a state, combined with the right and authority of regulating its internal affairs without foreign interference. Some see the rise of nation-states, multinational or global firms, and other international organizations as a threat to sovereignty. Ultimately, this could cause some leaders to become nationalistic or xenophobic. The sovereign States increasingly measure their vulnerability, not to one another but forces beyond their control. Globalization is frequently discussed as a counterpoint to national sovereignty. It is commonly asserted that Globalization has eroded national freedom or that it has rendered borders obsolete. Globalization has had a dual effect on the nation-state's sovereignty. Yet, simultaneously, economic integration has limited the range of policy options available to states. This has diminished their capacity to meet these obligations. Sovereignty is the absolute authority over a specific territory. Does Globalization weaken national sovereignty? Globalization, thus, has powerful economic, political, cultural, and social implications for sovereignty Globalization has led to a decline in the power of national governments to direct and influence the economies (especially about macroeconomic management) and determine their political structures.Economic systems can be very government-driven and highly regulated or more dependent off operators and lightly regulated. Many agencies, government entities and institutions, and various regulations are involved in an economic system. Overall, financial systems are complex and need continuous intervention to ensure smooth functioning. What are the four main types of economic systems? There are four primary types of economic systems: traditional, command, market, and mixed. Each economy has its strengths and weaknesses, its sub-economies and tendencies, and, of course, a troubled history. The Traditional Economic System The most basic of all the economic types and in practice since ancient times, the traditional financial system involves very little division of labor (in other words, individuals specializing in producing specific goods) and very little in the way of economic governance. Characteristics of a Traditional Economy 1. Traditional economies are often based on one or a few of agriculture, hunting, fishing, and gathering 2. Barter and trade are often used in place of money. 3. There is rarely a surplus produced. 4. Often, people in a traditional economy live in families or tribes.3. Regulation of Private Sector such as price control and declared illegal products. 4. Planned Economy - the businessmen decide what to produce, how much 5. Private Property - individuals can have own properties as long as he can have the means to buy 6. Provision of Social Security - benefits and insurances returns upon retirement 7. The motive of Business Concerns - profit maximization, market share, survival in the market 8. Reduction of Inequalities of Income and Wealth - all are given the chance to participate in wealth accumulation. Advantage: A mixed economy permits private participation in production, which in return allows healthy competition that can result in profit. It also contributes to public ownership in manufacturing, which can address social welfare needs. The disadvantage of mixed economies: is that they tend to lean more toward government control and less toward individual freedoms. Sometimes, government regulation requirements may cost a company so much that it puts it out of business. In addition, unsuccessful regulations may paralyze features of production. Which is the best economic system? The way an economic system function has a massive effect on the daily lives of the citizens of a country. For these citizens to live in an environment that supports personal sustenance and personal growth is essential, and there are many arguments for and against all economic systems. Perhaps the best argument is for an economic system that provides enough incentive for innovation and growth and considers the needs and desires of all economic factors rather than just those responsible for growth and innovation. Inevitably it is a balancing act, with no absolute implementation of an economic system serving the needs of society well. Exactly where this balance lies, however, is up to citizens. This is why there is a modest variation in economic systems around the world and perhaps why the world's economy effectively operates a mixed economic system.3. An invention is based on a new idea that is turned into some conceptual model that demonstrates the feasibility. Innovation is concerned with developing and implementing new systems, products, or services and is typically based on an invention. Why is technology innovation important? Technology innovation can be a crucial component of any effort to address needs and better serve individuals and families. This, in turn, encourages experimentation with various IT providers at low cost and low risk, leading to innovative ways of using technology to deliver healthcare and human services. Technological Innovation Examples The innovations include technological inventions such as wind turbines, photovoltaic cells, concentrated solar power, geothermal energy, ocean wave power, and many other emerging innovations. 20 Examples of Innovative Technology Designs SA950 3D MONITOR BY SAMSUNG Wireless Charging Technology From Ecoupled. TROMM Styler Clothes Steamer. U-Socket AC and USB Power Outlet. Touch Mouse by Microsoft. Lady Gaga's Polaroid Camera Glasses. Nomad iPad Paint Brush Stylus. Robot Scooba 230 Floor Washer. CHANGES DUE TO TECHNOLOGICAL INNOVATION 1. Transportation. Transportation has become faster, like individuals can move rapidly starting with one place and then the next. In the past, people cannot travel as rapidly as today because of not having enough modern transportation. This technology allows vehicles to communicate, via wireless radio signals, driving information such as speed, lane departure, and environment information to other cars on the highway. The potential safety benefits of these types of advancements are impossible to ignore. 2. Communication. Technology has changed the way people communicate in the modern workplace. Communication among the employees, management to subordinates, or management to management has become fast, instantaneous, more deliberate, collaborative, and unified. Speed and Costs. The most significant impact of technology on communication is the spread of the Internet and the possibility of sending emails and chatting. The Internet has thus increased the speed of communications manifold and reduced the costs drastically. Communication has changed so much over the years. From speech to the postal services, there are now telephones, cellphones, computers, and email, which makes the way we humans communicate extremely easy and fast. Life has been made pretty much easy because of these inventions. Education. Technological changes in the educational industry have created new ways to teach and to earn. Technological changes allow teachers to access information on a global scale via the Internet toWhat is an economic system? An economic system, or economic order, is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area. It includes the combination of the various institutions, agencies, entities, decision-making processes, and consumption patterns that comprise a given community's economic structure. An economic system organizes the distribution and exchange of a country's goods, resources, and services. From an economics perspective, a financial system regulates various economic issues, including production, the supply of capital and labor, and all other physical resources. Basic economic questions As such, an economic system is a type of social system. The mode of production is a related concept. All economic systems have basic questions: what to produce, how to create and in what quantities, and who receives the production output. Four basic questions that a society needs to answer.Exercise 2: Give your ideas/opinion on the questions below. Have you ever protested through the Social Media? If yes, what were you protesting for?Advantages of a Traditional Economy Traditional economies produce no industrial pollution and keep their living environment clean. 2. Traditional economies only produce and take what they need, 3. So there is no waste or inefficiencies involved in creating the goods required to survive as a community. Disadvantages of Traditional Economy 1. It isolates the people within that economy. 2. Large outside economies can overwhelm a traditional economy. ... 3. It offers very few choices, and they can only have whatever they produce in the area. 4. There may be a lower overall quality of life. 5. It creates specific health risks, like malnutrition, diseases. 6. Unpredictability creates survival uncertainties. The Command Economic System A more advanced economic system compared to the traditional financial system, the command economic system involves planning from a centralized point, either a local government or indeed the national government, as under communist rule. Nonetheless, some people would argue that the command economy has advantages in that the government can better control supply and demand than the market can. The idea is that a command economy can lead to lower prices for the public while also ensuring an ongoing, plentiful supply of jobs for the population. Command Economy Characteristics 1. Government is in control of the pricing of goods and services by central economic planning. 2. The government owns all the factors and means of production. 3. The government makes all decisions for finances in the country, may even assign people jobs. 4. Social equality is the essential feature of a command economy. No one is rich or poor. Advantages: Low levels of inequality and unemployment, and the common good replacing profit as the primary incentive of production. Disadvantages: include lack of competition and lack of efficiency. The Market Economic System A market economy is a system where the laws of supply and demand direct goods and services. (1). Supply includes natural resources, capital, and labor. (2) Demand includes purchases by consumers, businesses, and the government. Businesses sell their wares at the highest price consumers will pay2. Architectural Innovation: These innovations take existing technologies and link new technologies in novel ways; they are built not on new technological breakthroughs but on integrating competencies, ie., product structure change with no important effect on component subsystems, Example: Change of shape of a car with no change in engine. Honda's smaller motorcycles. 3. Radical Innovation: These innovations are revolutionary. Railroads, electricity, computers, the Internet can be termed as breakthrough innovations. Railroads changed the way in which goods and people were transported Electricity changed the way people lived and used equipment. Computer changed how organizations worked. The Internet transformed how people communicate, acquire knowledge and do business. Radical innovations are also known as breakthrough innovations and discontinuous innovations. Example: Digital imaging(polaroid) Quartz movements(watches) Radial tires. Protests in the Digital Era The following are images of different widespread mass protests worldwide-from the Arab Spring: Black Lives Matter, #MeToo Movement, Youth Climate Strike to our very own 1986 People Power Revolution. Why do people protest? What significant issues do you know that people are protesting about? Have you ever joined a protest? BELIEVE Does sharing posts online count as a protest? Is protesting easier PROTECT today than in the past? Why are protests an essential part of democracies, and how has it changed-for better or worse-in the Digital Era? Read Article III of the Bill of Rights, Section 4 of the 1987 Constitution of the Philippines: "No law shall be passed abridging the freedom of speech, of expression, or of the press, or the right of the people peaceably to assemble and petition the government for a redress of grievances." The constitutional guarantee serves as the foundation for the many freedoms or civil liberties that we enjoy as citizens of a democracy. Another way to look at it is these civil liberties are what we ought to claim, preserve and fight for so that democracy remains vigorous and vibrant. This is why people protest- because it is both their right (as part of their freedom of expression) and their responsibility (to shape the public discourse and the society)