m07impactsofinformationtotheeconomyandsociety.docVIP

M07: Impacts of Information to the Economy and Society In this module, you will learn: Impacts of information on the economy: The factors that make information so important to the economy and businesses. The technological resources and capabilities to facilitate the collection, analysis, dissemination, and transmission of information effectively and efficiently. The major developments in electronic commerce and the supporting technology applications, particularly in payment methods and data communications. Impacts of information on the society: The major impact of information and computing on society and health. T he objective of this chapter is to give students an overview of the important role of information towards economy and society, the availability of various resources and capabilities to achieve and consolidate that role, and the potential impacts on both economy and society, so that students can understand and appreciate the contribution of information systems, and therefore, be better prepared and involved in these information processes. A. Impacts on the Economy 1. Factors Contributing to the Important Role of Information Information is one of the most valuable resources available to business as well as individual in a society. The increasing complexity of the business environment in an international economy has made the role of information even more important. Obtaining the right information at the right time and at the right place has been an essential requirement for a business to be successful in an increasingly vibrant world economy. However, the followings are the factors that have made such task complex and difficult, and increase the complexity of business. International Economy Firms are subject to economic influences that can originate anywhere in the world. The economical systems in the world are no longer isolated, but closely related in terms of imports and exports. For example, a strong US economy will have a positive impact on eco