Intro to Business Unit 2 Business Trends - Edubirdie

University:
University of California, Berkeley
Course:
UGBA 10X | Foundations of Business
Academic year:

2022
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247

Pages:

1
Author:

Oerallerxhcq

Unit 2: Business Trends Business trends evolve--sometimes for the good, sometimes for the bad--and if they are not kept up with, you may find yourself quite lost or left behind. These trends can offer new opportunities, alongside risks. We explore a few of these trends in this unit. Globalization ● Globalization: the process of integrating the country and other political units into one global system. ● This affects the economy and businesses of a country. ○ Globalization allows for goods, services, capital, and labor to transfer freely on an international level. ● Negatively affects domestic businesses due to cheaper products coming in from other countries. ○ What are the everyday products that we use are made in foreign countries? ■ China, Vietnam...etc. ● There will need to be a change in strategy for domestic companies to flourish under continuous globalization. Technology ● This already plays a very huge role in businesses currently. ● There is a continuous increase in automation. ○ The usage of computers and robots. ● This removes the need for unskilled workers in businesses. ● Increases the need for skilled workers. ○ These are software engineers, scientists...etc. ● Jobs in fields like bio/nano-technology will grow. ○ Increases the need for a well-educated workforce.

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