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Internet has Brought Forth a New More Egalitarian Economic System

Essay 2018 8 Pages

Economics - Industrial Economics

Excerpt

Table of Contents

Introduction

Impact of Computer Technology to the Economic System

Online Trading and General Business Interaction

Business Communication

Marketing and Advertising

Revolution in Business Management Strategies

Enhancing Social Diversity

E-medicine

Conclusion

References

Introduction

Over the past few decades, internet has become the center of interest in virtually all aspects of mankind. Discovery of internet computer technology has currently emerged as the key factor of influence. It has brought a great change to human social nature, health and economics. In fact, internet technology has been adopted in all fields of economics due to its reliability and efficiency. As such, internet has gained a wide spread popularity at the moment. Some of the areas where internet has been applied effectively include: production of manufactured products, global trade and marketing through the so called e-commerce, Information Technology Management of many international corporations as well as local production companies, and social networking (Guerrieri, 2011). In addition, internet has also been applied in other sectors which contribute significantly to the economy of any particular country. Healthcare is one of those sectors in which adoption of internet has led to great advancement with regard to quality service provision and efficient access to medical information by both patients as well as the concerned health professionals.

Impact of Computer Technology to the Economic System

Owing to the strong wave of business flow and economic systems, global economy has established a stable foundation characterized by efficiency and reliability. Indeed, the world’s ideal expectations of economic globalization are evidently appearing to be true since the discovery of internet and its immediate adoption economic systems. Unlike in the past when ordinary computer software was used in economic systems, trade and commerce has taken a new direction with much ease and consistency due to incorporation of internet. Rapid improvements have been noticed since the discovery of the World Wide Web (WWW). Efficient interaction of world’s business community has impacted great sense of egalitarianism especially in global trade and commerce.

Online Trading and General Business Interaction

Online trading and general business interaction between individuals in various geographical locations of the world has brought especial sophistication in economic systems. In fact, economic systems have recorded great improvement as a result of effective adoption of a perfect economic tool: the internet technology. Some of the main areas where internet has been appropriately utilized are; business communication, marketing and advertising, and banking (Welfens, 2002). In addition, e-commerce has also created an efficient channel through which merchants and consumers carry out their day-to-day business transactions.

Business Communication

Business communication has been made efficient through internet emailing. Communication between the supplier of a manufactured consumer product and the respective retailer is currently easier and fast. Just a single email via internet completes the communication. This is quite very different from the old inefficient method of business communication which used letter mailing. It could take a long time for a business letter from the supplier to reach the respective retailer/consumer. The same could happen when the latter send a letter to the former, especially when the two parties lived across borders. At times, a business letter could get lost on its way to the recipient, thus the intended communication never took place. These days, communication has become more effective and efficient since the message is delivered to the recipient within a few seconds. An immediate reply to the delivered message also occur making business transactions fast and efficient than before.

Marketing and Advertising

Marketing and advertising are other areas which have been advanced considerably by the use of computer technology, specifically the use of internet. For example, researchers in various fields of marketing can exchange market information freely even if they are located in different geographical locations, that is, in different countries. As a result, more reliable market information is generated through sharing between marketing researchers. Timeliness and accuracy are also guaranteed through internet linking of marketing researchers. Adequate access to reliable market information leads to establishment of efficient economic systems. Moreover, advertising has for various consumer products has been advanced to a higher extended through internet. Most manufacturers as well as service providers have adopted internet advertisement due to its effectiveness. A single advertisement post on the company’s web site can reach billions of retailers and consumers within a very short span of time. It has currently become a common trend to post product adverts online (Welfens, 2002). Most are the times when someone sign in into his/her email and see numerous advertisement posts on the web page. The same happens on other web pages and again on respective company or business owners’ web sites. Some ads are very enticing hence they lured consumers to purchase the advertised products. As such, advertisement has been given a great boost by adoption of internet in economic systems.

Lastly, banking industry has played a key role in e-commerce through internet. Financial transactions are easy to make through electronic money transfer. Consumers can now make purchases of goods and services from a foreign country through online shopping. On the other hand, merchants can receive payments for the ordered goods or services through online means. Moreover, e-banking is currently becoming the most preferred and secure means of transferring money from a particular bank account to another within a very short duration of time.

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Details

Pages
8
Year
2018
ISBN (eBook)
9783668755079
File size
475 KB
Language
English
Catalog Number
v433543
Grade
1
Tags
internet brought forth more egalitarian economic system

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Title: Internet has Brought Forth a New More Egalitarian Economic System