Digital Divide (Features of the old and new economy)
TOPIC:
First Period: (b) Features of old economy i.e. (i) Time consuming (ii) Labour based (iii) Mechanical (iv) Constrained by space, time and distance
Second Period: (c) Features of new economy i.e. (i) Digital gadgets (ii) Time, space and distance is irrelevant (iii) New economy is technology driven (iv) knowledge based (v) Technology innovation is the key corner stone to limitation of the old economy
Class :
JSS 3 / BASIC 9
Term:
FIRST TERM
Week:
Week 5
Reference Materials:
- ONLINE MATERIALS
- SCHEME OF WORK
- TEXTBOOKS
Instructional Materials
- Pictures
- Wall charts
- Computer
Previous Knowledge:
The pupils have previous knowledge of
The concept of digital divide
Behavioural Objectives: At the end of the lesson, the pupils should be able to
- Define the concept of digital divide
- Mention the features and importance of Digital Divide
- Explain the features of the old and new economy)
- List out the Features of the new economy
- make a comparison between the old and new economy
CONTENT:
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:
- State five features of the new economy
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:
- Define new economy
- State five features of the new economy
- What are the defining characteristics of the new economy?
- How has the rise of the new economy affected traditional businesses and industries?
- What challenges and opportunities does the new economy present for businesses and individuals?
Sub-Topic 3 Comparison between the Old and New economy
| S/No | ISSUES | OLD ECONOMY | NEW ECONOMY |
| 1 | Economic Development | Steady and linear, quite predictable | Volatile-extremely fast change and chaotic, not easily predictable |
| 2 | Market changes the name of the game | Slow and linear | Fast and unpredictable |
| 3 | Pace of business | Slow | Appreciably faster with ever rising customer expectations |
| 4 | Organization of production | Mass production | Flexible and lean production |
| 5 | Key drivers to growth | Capital | People, Knowledge, Capabilities |
| 6 | Key technology drivers | Automation and mechanization | Information and Communication Technology, e-business, computer design and manufacturing |
| 7 | Main sources of Competitive advantage | Access to raw materials, cheap labour, and capital for conversion; cost reduction through economies of scales | Distinctive capabilities: institutional excellence, moving with speed; human resources, customer partnership; differentiation strategies; competitive strategies |
EVALUATION:
- Differentiating between the old and new economy
- 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?
PRESENTATION
The topic is presented step by step
Step 1:
The class teacher revises the previous topics
Step 2.
He introduces the new topic
Step 3:
The class teacher allows the pupils to give their own examples and he corrects them when the needs arise
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?
Conclusion:
