Ecconomic Values and Systems
- 1. Economic Values and Systems What is it?
- 2. Points to be Covered Importance of technology in businesses. Different forms of economic systems and where they’re used. Importance and advantages of high-tech economic systems. How we can apply high-tech systems in our country. UAE’s investments and spending. Difference between risk-taking and ventures.
- 3. Introduction Based on many factors, it is vital that countries develop their economy. In the presentation, we will learn about: • Different economic principles. • How UAE is effectively diversifying and preparing it’s economy for future. • How technology is important for small businesses and governments to be successful in the future.
- 4. Importance of Technology in Small and Medium Enterprises The role of technology in businesses is expanding as: • it comes with many benefits • can be used in several ways • some of which you will see in the next slide • could help get desired results • achieve goals regardless of the size of the enterprise.
- 5. How do small enterprises use technology? For guidance • To guide them in the startup and onwards. To operate • Communication with their clients and employees. • Adaptable work locations To sell and advertise • Online selling websites • Video advertisements • Email newsletters, etc. Conflict • Online communication tools level the field when competing against other large companies. To maintain security: • Installing cameras • Online website security Companies are nothing without it
- 6. Economic Systems and Industries
- 7. Different forms of EconomiesDifferent global economies: Traditional economy: When its government’s decisions are governed by long- standing customs and traditions. Usually, you can find tribes that implement this in the Amazon forest. Changes are very hard to apply and roles are decided by family. Command economy: Government takes full control on the businesses, events, et cetera of the country. Some countries that have implemented this economy are Iran, Belarus, North Korea, China, Cuba, Libya, and Russia. Market economy: When the public and market have complete, utter control of the economy. Some mostly market economical countries include Singapore, USA, Australia, Hong Kong. Mixed economy: When a country combines both command and market economy, carrying its advantages and disadvantages. France, Iceland, and UK are some of the countries that have a mixed economy.
- 8. Primary Industry Income comes from jobs such as farming, fishing, mining, etc. For poorer countries Nepal is an example: *Information collected from http://igeogers.weebly.com/economic-activity-and-energy.html Distribution of Industries In Nepal Tertiary Secondary Primary Distribution of Industries in Cambodia Tertiary Secondary Primary Distribution of Industries in Iraq Tertiary Secondary Primary Distribution of Industries in Afghanistan Tertiary Secondary Primary
- 9. Secondary Industry A form of industry that receives its main income from manufacturing (and making) the raw materials collected from primary industry. Countries whose industry is high in manufacturing are: Distribution of Industries in China Tertiary Secondary Primary Distribution of Industries in Malaysia Tertiary Secondary Primary
- 10. Tertiary Industries A form of industry that gains money through providing services. These may include doctors, nurses, bankers, etc. Some countries and cities include: Distribution of Industries in USA Tertiary Secondary Primary Distribution of Industries in Russia Tertiary Secondary Primary Distribution of Industries in Moscow* Tertiary Secondary Primary Distribution of Industries in Australia Teritiary Secondary Primary
- 12. UAE Government Spending Spends as much as 161696.03 million AED per year. Increased dramatically since 2008. *Data collected in 5/2016 from https://tradingeconomics.com/united- arab-emirates/government-spending
- 13. Where the Money goes Information collected in 2000 from https://www.ielts- mentor.com/writing- sample/academic-writing-task-1/992- academic-ielts-writing-task-1-sample- 58-the-pie-chart-gives-information- on-uae-government-spending-in-2000 34% 3% 18% 6% 13% 4% 8% 9% 5% Money spent in UAE in the year 2000 Social security Transport Healthcare Law and order Education Industry, agriculture, employment Defence Debt Interest Housing heritage and Environment Other
- 14. How UAE invests today In food $400 billion (Dh1.47 trillion) from importing. Impact: Helps feed the UAE’s population. In desalination plants $3.22 billion (Dh12 billion) for running desalination plants to provide drinking water. Impact: This investment provides clean drinking water to people which helps in promoting the well-being of the residents and improvement in rankings of developed countries. Infrastructure development $12.88 billion (Dh47.3 billion) spent on infrastructure development in 2017 in Dubai only. UAE plans to invest $300 billion by 2030. Impact: Investment in infrastructure development by government brings in private real estate investment and helps in overall growth of the country.
- 15. Prominence of developing high-tech Economic systems Technology helps governments overcome challenges in innumerable ways.
- 16. Advantages of high-tech Economic Systems • Creates hundreds of thousands of jobs. • Without people in ICT, society would change their lives entirely. • More than 65% percent of all adults own digital devices, not to mention children and teenagers who consider devices a major part of their life. Immediate job creation • The GDP would also grow as employment rates rise. • Internet accounts for 3.4% of GDP in some economies. • ICT helped in the 1.4% increase in GDP growth. • In China, it can reach 2.5%. GDP growth • Numerous companies have changed to working online. • Facebook apps alone are responsible for roughly 182,000 jobs. Rise of different amenities and trades. • Most companies have some form of IT to keep their business running. • Without ICT, thousands of companies would have never existed. • This allowed businesses to create new ways to serve their customers. Business Innovation information collected from https://www.weforum.org/agen da/2013/04/five-ways- technology-can-help-the- economy/
- 17. Its Importance in Businesses Once companies cut down on technology They believe that they are doing this for the good of their company It is, in fact the opposite Profits sink GDP also decreases The chain continues and may affect the entire community https://www.cio.com/article/31525 68/leadership-management/the- growing-importance-of-the- technology-economy.html This may mean the fall of labor productivity and the decline of the community. This shows that companies are dependent on technology.
- 18. ICT-related jobs Non-ICT jobs in the ICT sector 10% ICT jobs in the ICT sector 54% ICT jobs in other sectors of the Economy 36% CANADA'S ECONOMY 0 1 2 3 4 5 6 7 8 9 UAE Saudi Arabia Oman Bahrain Qatar Kuwait EU Singapore UK Finland Estonia 2.9 1.5 1.4 1.4 1.1 0.8 5.4 6.9 7.6 8.4 8.5 Digital jobs as a percentage of the total work force percentage 0 1 2 3 4 5 6 7 8 9 GCC countries combined Singapore Estonia Percentage of total Percentage of total
- 19. Its Importance in other Countries Estonia citizen’s e- Identity System: Used for performing hundreds of municipal and state services. Taxes Medical records and prescriptions Registering businesses Its confidentiality Citizens see who is accessing their private governmental information. Not easily accessible for all Elderly people without devices. Technology is expensive Fun Fact: Skype was created in Estonia and many other start-ups Information collected from http://www.bbc.co.uk/guides/zqkj p39
- 20. Applying high-tech economic systems to our country Faster and better service • Extreme security Digital permits and Information Apps Digital approvals Accessed by all devices Situation: Becoming a truly digital government will help meet ALL these expectations. It’s time to turn digital government visions into reality. • Estonia’s government has practically already converted. • Canada’s government is already making the move. • What about the UAE’s?
- 21. Developing Tech Economic Systems in the UAE High-tech economic systems are vital to develop the UAE due to following reasons: Diversification To not to depend on real estate and oil. Open towards new ways to get income. Preparing for future To make sure the country doesn’t stay behind in technology and security. Fun Fact: UAE is investing $1 billion dollars in Cyber Security.
- 22. Risk-Taking vs Ventures What’s the difference?
- 23. Risk-Taking and Ventures Risk-taking: Taking actions that involve danger in order to achieve a goal even-though the outcome might be unpleasant. Examples: • Relying on one person (for example a CEO) to lead the business in the right direction. • Investing the company’s cash in financial markets for additional returns. Venture: Taking a risk, hoping for a positive outcome and future profit. In other words, having a positive attitude towards a risk. Examples: • Creating a new product for additional sales. • Starting a ecommerce website of an offline retail store.
- 24. Conclusion There are 4 economic systems: command, traditional, market, and mixed. There are 3 economic industries: primary, secondary, tertiary. Technology is important for enterprises of all sizes and age. High-tech economic systems are the future of UAE. Things like risk-taking, ventures and technology help a business in becoming successful.