Why do improvements in communication technology allow people to make better economic decisions?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

Better communication makes it easier to get the information needed to come to a well-informed decision. Consumers can do price-comparison shopping, access other buyers' reviews, and use online payment methods. Access to news, rebates, recalls, and other information about financial matters and purchasing gives people a wide range of up-to-date perspectives that can impact personal finances.
11 people found this useful

Role of managerial economics in decision making?

The role of managerial economics in decision making is to help inthe analysis of economic trends which will be used in makingcritical decision. This will focus on past, present and futureeconomic patterns.

How is technology improving people lives?

In a medical sense, technology is improving people's lives becauseof better diagnostic equipment. Because of earlier and moreeffective diagnoses, disease and other conditions are moreefficiently treated.

How does technology improves communication?

Well you can't seem to use good grammar so I'd say technology offers newer, quicker, creative ways to communicate but if a person can't spell it won't make a difference. So go back to English class and learn something then come back and try your question again. Except make it detailed. EH

Role of information communication technology in Nigeria economic growth?

Nigeria's economic growth rests on quality of expenditure. In order to achieve its planned economic growth target, the Federal Government will need to be mindful of the quality of its expenditure, renowned professor of economics, Paul Collier, has advised. Collier, a former director of research group at the World Bank, observed that the country had in the past suffered because of the poor quality of its expenditure. "Improvement in the quality of expenditure made by government is important to support future economic growth. "In Nigeria though, government expenditure is on the increase; waste, mismanagement, and misplaced priorities mean the economy is not getting the required improvements because of the poor quality of expenditure," he said. Nigeria currently has an ambitious 13 percent growth rate target over the next 12 years. This year alone, the country hopes to achieve 9.2 percent growth rate from the current 6.65 percent recorded in the second quarter. Collier, who currently heads the Centre for Study of African Economics at Oxford University, England, spoke at Business Day's breakfast meeting held in Lagos yesterday, noting that Nigerians should celebrate the intelligent decision on public expenditure in the past four years which ushered in the buoyant financial conditions currently being enjoyed in the country, especially in the face of the current global financial crisis. He was also of the view that there is the need to strike a balance between consumption and expenditure because as a growing economy, Nigeria needs to save for the future not just for consumption. "The need to strike a balance between consumption and spending is because the foundation of future growth is laid today," he said. Collier remarked that even with the ongoing global financial crisis, there is no cause for panic. "Crisis happens very often. There is no cause for panic. For Nigeria, though the demand for oil is still down, but even at $87 per barrel, it is not still bad, looking at the budget benchmark and when oil was sold at as low as $27 per barrel." With the ravaging global financial crisis, it is envisaged that the Nigerian economy will slow down a bit because as an oil producing economy, it is still selling to Europe and America that are worst hit by the global panic. "The crisis would have hit harder on the country if there is not a good macroeconomic management in terms of macro economic stability and government savings." Collier was also of the view that a lot of public spending should not go into investments. This, in his estimation is because in the last four years, the unit costs of construction have soared. "In investment spending, Nigeria must bring down the cost of construction. That is micro-spending decision which will enable the country save for the future." For a robust economy, a sound financial system is required and this is why Nigeria's financial system has to be strong. This is a challenge to the Central Bank of Nigeria's (CBN) post-consolidation, he noted. Collier observed further that in the last 20 years, Nigeria's manufacturing industry has been dormant. "This is one of the consequences of an oil dependent economy. The way forward is good macro-management in public spending which brings down the cost of manufacturing. Lagos as a mega city can be turned into a low cost manufacturing city integrating into a global economy. In relation to fuel subsidy, Collier noted: "Your [Nigeria] legacy is that Nigerian citizens lack confidence in the quality of government spending. Government should not deny these suspicions by citizens. There should be a very high degree of confidence from the grassroots. For instance, in Malaysia, the government was able to convince the citizens of government's ability to spend public money in a meaningful manner," Collier stated. He also spoke of the need to engage with the private sector. "For Nigeria, the reason you need the private sector is for management. The secret of good management is competition. There should be private sector management in public service delivery. The financial sector, network industry (power, rail) and public assets are the three key sectors that need government regulation to keep the economy running," he added. Remi Babalola, minister of state for Finance, who was special guest at the breakfast meeting, disclosed that Nigeria is in a precarious position in terms of what is happening today (global financial crisis). "We are having challenges in terms of the volume of production. Since the current administration came in, most Nigerians have not really seen the impact. What we are trying to do is to diversify the economy by focusing on power, agriculture and other areas important to drive our growth target. That (rewuired)a quantum of money." Indeed, he noted that, the greatest challenge Nigeria has is how to transform poverty to prosperity in the country. "Over 80 percent of Nigerians are living below acceptable standard. Government is trying as much as possible to get to the second level of reforms. That is why we are begging people from the private sector to come, so that we grow the economy together. We are trying to analyse and put things together to get a proper development plan." Speaking further, Babalola noted that before the global financial crisis, there had always been collaboration among the ministry of finance, Central Bank of Nigeria (CBN) and other important agencies to make sure there is a stable financial sector. "We are trying to make sure that we have stable financial landscape which people will appreciate," he said. He also indicated government's commitment to the structural and institutional reforms of the public sector. "This is because we cannot have a vibrant private sector without a vibrant public sector. We are getting to a stage where public sector activities are getting worse of because we are concentrating on the private sector to drive the economy. We believe that our economy will still grow. Let's be realistic, the interesting thing about Nigeria is that people are actually looking at the possibilities of achieving the double digit growth target." The minister indicated that double-digit growth for Nigeria is not immediate but attainable with successive achievements. "Success brings success. If we grow the economy each year over the next five years, there is every possibility of achieving double-digit growth. For instance this year, in the agricultural sector, we are going to achieve substantial growth. We will not compromise some basic macro economic indicators as a way of achieving macro economic stability. We have one of the lowest Gross Domestic Product (GDP) ratios in the whole world," noted. . By Saberedowo Abayomi O.. (Dept. of Economics - Joseph Ayo Babalola University)

Who makes the decisions under communism?

Under Communism, there is no state, and thus no central government. As such, there are no leaders, however there may be local committees and councils made up of the local population that make the decisions of their commune. Its worth noting that communism is different to socialism. Communism has never been achieved (even by so called 'communist' countries), only socialism. under socialism, most decisions are meant to be made by the working class.

How did people communicate before technology?

Letter carriers and people who had jobs delivering messages, verbally. That's where the USPS came from, horses traveling to and from delivering messages/packages. Before these methods, people walked if they wanted to say anything to anyone, that's why the world was so disconnected before.

What is economic decision making?

a decision that depends on the economy that is currently in place. the decision must depend on the economy of the time that the decision is made.

How To Make better Decisions?

It is possible to make better decisions and minimize future regret by leveraging a decision-making technique called surrogation. Surrogation basically means you rely on the experiences of people just like you who have made the exact decision you are facing as a proxy for which decision will make you happier in the long run. This approach has been shown to reduce affective forecasting error (read: REGRET) by up to 63% Now there are a number of difficulties associates with surrogation including, but not limited to: How can I find people who are just like me? What does that even mean? How can I find people with the relevant experience I need? How can I find enough of these people to get a powerfully predictive sample set? Luckily, there is an online service called sentiosearch.com which makes surrogation easy. Input your decision and the system will immediately find the optimal set of surrogates for your specific decision. Turn the hindsight of people just like you into foresight for yourself.

How democracy improves the quality of decision making?

Democracy is purely based on consultation and discussion. A democratic decision always involves many persons, discussions and meetings. When a number of people put their head together they are able to point out possible mistakes in any decision. This takes time. But there is a great advantage in taking time over important decision. This reduces the chances of rash or responsible decision.

How does technology help people communicate?

Technology helps people organize and share ideas quickly and with little overhead cost of time or money. Little effort is needed to communicate using new technologies whereas there is more effort and more time required in other methods like printing and distributing news.

How does technology help people communicate better?

Technology lets people communicate instantly no matter how far apart they are. Telephones and the internet are huge examples of this. Technology helps translate languages so people can understand what others are saying even if they don't speak the same language. Language learning software, automatic translation of websites are examples. Technology lets people who would normally have no or very little means of communication communicate. Hearing aids are an example. But in every case, technology is the bridge that joins people or groups together so that they can converse, share ideas, and grow.

Four principles of economic decision making?

There are actually ten principles of economic decision making. Thefirst four are, people face trade offs, the cost of something iswhat you give up to get it, rational people think at the margin,and people respond to incentives.

Business decision making is a economic process?

business decision making is not economic process . ye ignou wale saale bewkoof banate hai aur hame bhi samajh te hai. oldman saale. gaandu hai saale. answer given by indira college hostel pune.

How does managerial economics helps in decision making?

Following are the steps helps to managers while taking decisions.. 1.Establish objectives. 2.Define the problem. 3.identify factors that affect the problem. 4.specify alternative solutions. 5.collect data and other informations. 6.Evaluate and screen alternatives. 7.Implement best alternative and monitor result. I think these are the main process in managerial economics.. By -Nsk

Who makes the economic decisions of India?

The economic decisions of India are made by the Ministry ofFinance. The Ministry of Finance makes crucial decisions regardingtaxation, import quotas and the formation of economic policies.

Who makes economic decisions in Russia?

Anton Soluanov is the minister of finance and Alexey Ulyukaev isthe minister at the Ministry of Economic Development. They andofficials in their departments and others would make decisionsabout the economy in Russia.

How did the improvement in railway technology help spur economic growth?

The improvement in railway technology helped to spur economicgrowth by enabling products to be sent farther away, and for theseproducts to get to where they were going quickly. This letcompanies expand their sales market. It also allowed consumers toobtain products that they may have been unable to before.

What are examples of economic decision making?

Whenever someone shops they are making economic decisions.Determining how much you can comfortably afford for a house or acar is an example of economic decision making. Waiting to buysomething until it goes on sale is also an example of this type ofdecision making.

How does the internet help people make better economic decisions?

Internet usually helps people to have more information about the economy as a whole. By this mean, they can, for example: -Compare the price of good in different regions -Better informed at change (exchange rate for instance) -Large volume of information about International economics from a range of sources. And so, they can be "smarter" at making economic decisions since they have more knowledge about ecnomics. The information that is accessible allows consumers to consider every available option. Information is crucial for making good decisions.

Why are values important when making decisions about technology?

All technology is a tool, it amplifies what humans can do. Simply, put it is important to have values when we use technology, because it is always important to have values when making decisions. The damage that can be wrought by people using technology exceeds what we could do on our own, and as such we should be hypersensitive to what we decide

Who makes the economic decisions in south Africa?

Both the government and private owners makes economic decisions because the government has control over certain important industries, such as Eskom, while private owners control other important industries.

Who makes economic decisions for Vietnam?

In Vietnam, the economy is still very much state orientated meaning, the government controls many key features in an economy (Interest rate; exchange rate; oil prices...) However, in recent times, privatizing is occurring more frequently than before.

How does the improvement in technology affect the economics of metal extraction in future?

Depends a lot on the source. Also on the technology. But not much I think. Reasons: Metal extraction is more-less efficient nowadays already. The pricing of metal is more effected by demand than by the technology. We are running out of high-quality sources of metal already. We are already using the sources that have less density of metal than we would be able to extract 30 years ago. Also, the development is more focused on new materials, than on the extraction efficiency. But we'll see. There are few other options left also, but they're not technological. (massive drop of demand, alternative conductors, etc.) That's what i'd say.

Can technology make communication easier?

Of course think before eletricity was invented people would walk for miles delivering letters. Now you can send a text which will get to the other person in seconds and emails work the same way. Who knows in the future echnology may become even more advanced.

Why are gangs allowed in peoples communitys?

U can't kick someone out of a community just because they're associated with a gang, their money is just as good as a non-gang members money is, therefore if they're paying to live there they have that right.

How can typing resources allow ICS managers to make better decisions?

"Typing" a resource gives us a way to easily describe its size and capability. A resource's type is described by a single number. The lower the number, the greater the resource's capabilities will be. For instance, a type 1 helicopter is much larger and versatile than a type 3 helicopter. Typing resources allows ICS managers to not only order the best resource for the job, they are also able to easily track expenses. In addition, reducing the description of a resource to a single number helps to eliminate errors in the resources ordering process.

How has technology improved your communication?

Technology has made communication simple and fast, also allowing us to communicate with different cultures and in turn different people. The words is at our finger tips and so is the ability to communicate.

Which technologies have improved communication over the past decade?

The biggest improvements in communication over the past decade have been made possible by improvements in networks allowing clearer and quicker transmission especially via satelite. Handsets have also improved with lighter and smaller components meaning an improved phone but smaller and easier to handle.

How can you improve communication skills using technology?

You can watch videos of influential orators online. . You can gain confidence by talking to strangers on the internet. . You can get to know how people of different countries speak a language through online chat sites like Omegle.

What is decision making and communicating?

Decision making is the process by which a decision is made. Communicating, when it comes to decision making, is the way the information about that decision is distributed to ensure everyone is aware.