Discover the world with our lifehacks

What is the meaning of knowledge based economy?

What is the meaning of knowledge based economy?

Definition: “The knowledge based economy” is an expression coined to describe trends in advanced economies towards greater dependence on knowledge, information and high skill levels, and the increasing need for ready access to all of these by the business and public sectors.

What is knowledge based economy and why it is important?

Definition of knowledge economy The sector of the economy which is increasingly based on knowledge-intensive activities, creating a greater reliance on intellectual capital rather than physical inputs.

Which of the following is the best description of a knowledge economy?

Definition of Knowledge Economy A knowledge economy is an economy in which the production of goods and services is based primarily upon knowledge-intensive activities.

What is knowledge based economy in education?

Knowledge based economy is an economy system relying upon high level intellectual skills for production (human capital) process.

Which of the following is best description of knowledge economy?

Which of the following is the elements of knowledge-based economy?

Based upon a review of the literature, five structural components of knowledge-based economies are identified and described. The five components consist of a foundation of information and communications technology, open innovation, education, knowledge management and creativity.

What is the effect of the knowledge economy?

A knowledge-based economy has three essential elements that include skilled labor, incentive, and innovation. Katz et al. (1999) demonstrated that the number of jobs and the wage rates of the better educated have grown more rapidly compared with those of unskilled labor.

What are knowledge based systems explain with an example?

A knowledge-based system (KBS) is a form of artificial intelligence (AI) that aims to capture the knowledge of human experts to support decision-making. Examples of knowledge-based systems include expert systems, which are so called because of their reliance on human expertise.

What are knowledge-based systems explain with an example?