Emerging economical trends

Questions: 1. 5 Most Emerging economic trends shaping up the global business today? 2. Identify 5 technologies in India which have direct influence with political decision-making? Answers: 1. Emerging economical trends shaping Global business Globalization has reduced restriction and allowed transfer of technology and knowedge reducing the World to a mere global village. This has changed the way business carry out their operations. The following are emerging economic trends that are shaping global businesses today; Technology: Technology is disrupting business models that have been in existence and generating new business models. Technology is making it easy for customers and businesses to connect. Technology has also changed traditional means of payments. For example, the Uber taxi service technology has disrupted and continues to disrupt the traditional taxi business model. Converging tastes and preferences: As a result of globalization, consumer tastes and preferences are converging requiring global business to produce the same products for larger world market. Customers from different parts of the world are requiring the same products. Increasing middle class: The world middle class has been broadening. This is increasing the purchasing power of the world market as a result of increase in disposable income. This is necessitating global business to increase their production to meet the increasing demand. Decreasing production cost: Global businesses are attaining low production cost as a result of automation of the process and use of robots in production department. This factor is making the products in the global market to be cheaper. E commerce: Global businesses are trading through the internet. They sell their products and outsource labour through the internet (Sharma and Loh, 2009). Global business are outsourcing labour through the internet. Instead of hiring employees on permanent basis, companies are outsources services from the global labour market. This has reduced the cost of operations of the global businesses. 2. Technology creates interfaces that connect people allowing the share, contribute and get information while in different locations (McGregor and Mourao, 2016). When people connect, they discuss issues that affect them including politics. India being a democratic country, it political decisions are influenced by information trending on technologies. The following are technologies that have direct influence on political decision; Social media: The social media include Twitter, Facebook, Linkedin, Instagram and WhatApp. The social media enable citizen to post issues and then the information can be shared, commented or liked (Ortuoste, 2015). This makes the information to trend on the social media. The government is influenced by the opinion of citizen on matters that are discussed on social media. YouTube: This technology enable posting of videos. These videos contain information shared for certain objectives. These videos are watched by all individual on YouTube and they give their feedback on the comment section. Blogs: These are internet pages owned by individual or group that write on different topic. These blogs express the opinion and occurrences on the country. These information influence political decisions made because political leader want to make decisions that directly relate to citizen in order to gain popularity. Online mass media: These include online TVs stations, electronic journals and online news papers. This technology informs citizens on the current events and allows them to make their opinion. News is quickly spread to citizens through these mass media. Websites: These are pages that are owned by specific organizations or individual. Owners update information that is visible by anybody accessing the website. This influence decisions made as it providing information to political leaders. References McGregor, S. and Mourao, R. (2016). Talking Politics on Twitter: Gender, Elections, and Social Networks. Social Media + Society, 2(3). Ortuoste, M. (2015). Social Media, Public Discourse, and Governance. Asian Politics Policy, 7(3), pp.497-502. Sharma, A. and Loh, P. (2009). Emerging trends in sourcing of business services. Business Process Management Journal, 15(2), pp.149-165.