Exploring the New Economy: A Digital World of Opportunities Computer Studies JSS 3 First Term Lesson Notes Week 4

WEEK 4: FEATURES OF NEW ECONOMY

• Topics:
  1. Characteristics of the New Economy:
     • Digital, knowledge-based, no restrictions of time or space.
  2. Benefits of the New Economy:
     • Low capital investment.
     • Opportunities for business creation and job generation.

Subject: Computer Studies

Class: JSS 3
Term: First Term
Week: 4
Age: 13 – 15 years
Topic: Features of the New Economy

Sub-topic: Characteristics and Benefits of the New Economy

Duration: 40 minutes

Behavioral Objectives:

By the end of the lesson, students should be able to:

1. Explain the concept of the new economy.
2. List the characteristics of the new economy.
3. Identify the benefits of the new economy.
4. Understand how the new economy creates business and job opportunities.

Keywords:

• New Economy
• Digital
• Knowledge-based
• Business creation
• Job generation

Set Induction:

Ask students if they have used online platforms to learn or buy products. Lead a discussion on how technology is reshaping the way we study, work, and do business, linking it to the concept of the new economy.

Entry Behavior:

Students know about online resources, digital transactions, and how technology is making life easier.

Learning Resources and Materials:

• Posters comparing the old and new economies
• A video showing digital innovations
• Infographics on business creation and job opportunities

Building Background/Connection to Prior Knowledge:

Students have learned about the limitations of the old economy and the role of technology in overcoming these challenges. This lesson builds on that understanding by exploring the features of the new economy.

Embedded Core Skills:

• Critical thinking
• Problem-solving
• Digital literacy

Reference Books:

• Lagos State Approved Computer Studies Textbook
• Online resources on the digital economy

CONTENT

Characteristics of the New Economy:

1. Digital: Relies heavily on information and communication technology.
2. Knowledge-based: Emphasizes skills, creativity, and information rather than physical labor.
3. No time restrictions: Tasks can be performed anytime, regardless of working hours.
4. No space constraints: Work can be done from any location using the internet.

Benefits of the New Economy:

1. Low capital investment: Starting a business requires fewer resources due to digital tools.
2. Business creation opportunities: Technology enables small businesses to thrive.
3. Job generation: New jobs emerge in fields like software development, e-commerce, and online education.

Features of the Old Economy

The old economy is the economy system mainly based on subsistence farming, large scale economy based on commodity money. In the ancient times, for most people, the exchange of goods occurred through social relationship.

The following are the features of the old economy;

• Poor economic earnings
• Mechanical ways of production
• Poor technology which resulted in time wastage
• Intense labour based production
• Time constraint
• Scarcity of labour and low manpower development.

EVALUATION:

1. State five features of the new economy

Fill-in-the-Blank Questions with Options:

1. The new economy relies heavily on __________ technology.
   a) mechanical
   b) digital
   c) agricultural
   Answer: b) digital
2. A __________ economy focuses on knowledge and skills.
   a) manual
   b) knowledge-based
   c) agricultural
   Answer: b) knowledge-based
3. The new economy allows people to work without __________ restrictions.
   a) skill
   b) time
   c) distance
   Answer: b) time
4. In the new economy, work can be done from __________ locations.
   a) fixed
   b) multiple
   c) any
   Answer: c) any
5. The new economy promotes __________ capital investment.
   a) high
   b) low
   c) no
   Answer: b) low
6. The use of __________ helps businesses thrive with fewer resources.
   a) manual labor
   b) digital tools
   c) heavy machines
   Answer: b) digital tools
7. The new economy encourages __________ businesses to start.
   a) large
   b) small
   c) inactive
   Answer: b) small
8. __________ is a key benefit of the new economy.
   a) Time consumption
   b) Job generation
   c) Manual work
   Answer: b) Job generation
9. __________ is less important in the new economy than creativity and skills.
   a) Labor
   b) Knowledge
   c) Information
   Answer: a) Labor
10. In the new economy, digital platforms enable __________.
    a) slow communication
    b) business creation
    c) manual tasks
    Answer: b) business creation
11. __________ workers can benefit from the flexibility of the new economy.
    a) Only office
    b) Remote
    c) Factory
    Answer: b) Remote
12. The new economy has fewer __________ barriers than the old economy.
    a) digital
    b) physical
    c) skill-based
    Answer: b) physical
13. __________ plays a significant role in creating new jobs.
    a) Agriculture
    b) Technology
    c) Manual labor
    Answer: b) Technology
14. Tasks in the new economy can be completed __________.
    a) after long hours
    b) any time
    c) in person only
    Answer: b) any time
15. Businesses in the new economy can reach customers __________.
    a) only locally
    b) globally
    c) only physically
    Answer: b) globally

Features of the new economy

New Economy: The new economy is also known as the Digital Economy. It is a term used to describe the result of the transition from an industrial/manufacture-based economy (old economy) to high-growth industries that are on the cutting edge of technology and are the driving force of economic growth. The new economy was an evolution of developed countries from an industrialized /manufacturing-based wealth creation economy to the service sector-based economy.

Features of the new economy

• Knowledge-driven: Intellectual capital as a strategic factor; a set of understanding used by the people to make decisions or take actions that are important to the economy.
• Change-driven: continuous, rapid and complex; generates uncertainty and reduces predictability.
• Technology-driven: The use of technology in different spheres of life. This has led to globalization in Research and Development, production, trade, finance, communication and information, which has resulted in the opening of economies, global hyper-competition and interdependency of business.
• Time, space and distance is irrelevant to activities due to the advertisement of Information and Communication Technologies (ICTs)
• Digitalization of Technologies.

EVALUATION:

1. Define new economy
2. State five features of the new economy
3. What are the defining characteristics of the new economy?
4. How has the rise of the new economy affected traditional businesses and industries?
5.  What challenges and opportunities does the new economy present for businesses and individuals?

Sub-Topic 3 Comparison between the Old and New economy

EVALUATION:

1. Differentiating between the old and new economy
2. Explain the following;

• • Knowledge-driven
  • Technology-driven
  • Change-driven

WEKEND ASSIGNMENT:

Students are to Research on the ‘benefits of the new economy’

Students are to Research on the ‘benefits of the new economy’ and present their findings in an essay of no more than 1500 words.

The benefits of the new economy are vast and varied. Perhaps one of the most significant advantages is the increased access to information and opportunities that it provides. With the internet at our fingertips, we can connect with practically anyone in the world and learn about almost anything we want.

The increased popularity of online learning is another fantastic benefit of the new economy. No longer do we have to quit our jobs or uproot our lives to attend university; now, we can study in our pyjamas from the comfort of our own homes! This has made higher education more accessible than ever before.

Of course, the new economy has also had a huge impact on the way we do business. With the rise of e-commerce, businesses can now reach a global market with ease. This has resulted in increased competition and, ultimately, lower prices for consumers.

Finally, the new economy has made it easier than ever to start your own business. Thanks to platforms like Kickstarter and Indiegogo, entrepreneurs can now get the funding they need to turn their big ideas into reality.

There’s no doubt about it: the new economy has transformed the way we live, work, and play. And there’s no turning back!

EVALUATION:

1. What are the defining characteristics of the new economy?

2. How has the rise of the new economy affected traditional businesses and industries?

3. What challenges and opportunities does the new economy present for businesses and individuals?

EVALUATION

1. What are some practical ways to use search engines?

2. How can keyword research help you find the right keywords?

3. What are advanced search operators and how can they be used?

4. Why is it important to use keywords in the title of your content?

5. How can you avoid keyword stuffing?

15 FAQs with Answers:

1. What is the new economy?
   The new economy is a digital, knowledge-based system that emphasizes technology and skills.
2. How does the new economy differ from the old economy?
   It relies on technology and allows flexibility in time and location.
3. What makes the new economy knowledge-based?
   It values creativity, skills, and information over manual labor.
4. Can work be done remotely in the new economy?
   Yes, tasks can be performed from anywhere with internet access.
5. What are the benefits of the new economy?
   Low capital investment, business creation, and job generation.
6. How does the new economy reduce business costs?
   Through the use of digital tools and online platforms.
7. What is digital technology’s role in job creation?
   It creates new industries, such as software development and e-commerce.
8. What does ‘no time restrictions’ mean in the new economy?
   Tasks can be done at any time, not limited by working hours.
9. How does the new economy support small businesses?
   It provides online platforms and digital resources.
10. What are examples of jobs created by the new economy?
    Software development, online education, and digital marketing.
11. Does the new economy require high capital investment?
    No, it typically requires low capital investment.
12. What is the role of technology in business creation?
    It allows businesses to reach customers globally at low cost.
13. Can anyone participate in the new economy?
    Yes, with access to technology and the necessary skills.
14. How does the new economy improve communication?
    Through instant messaging, emails, and video conferencing.
15. What are the challenges of the new economy?
    Limited access to technology for some individuals and communities.

10 Evaluation Questions:

1. Define the new economy.
2. List three characteristics of the new economy.
3. How does the new economy differ from the old economy?
4. Mention two benefits of the new economy.
5. Explain the concept of ‘no time restrictions.’
6. Why does the new economy encourage business creation?
7. Give an example of a job created by the new economy.
8. How does technology reduce business costs?
9. What role does knowledge play in the new economy?
10. How can small businesses benefit from the new economy?

Conclusion:

The new economy emphasizes digital technology and knowledge, breaking barriers of time and space. It offers benefits like low capital investment and opportunities for business and job creation, transforming how we work and live.