Dawn Kitz-Wekerle 1

New Words for a New World

“The World is Flat”

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GLOBALIZATION

• The worldwide phenomenon of technological, economic, political, and cultural exchanges brought about by modern communication

• Describes how people and places are becoming more intertwined with each other around the world

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HOMESOURCING

• Moving jobs from the office to the home

• This lowers costs and increases efficiency

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THE NEW “STEROIDS”

• Digital, mobile, and virtual innovations

• Laptops• Cell phones• VOIP {Voice over Internet Protocol

(VoIP), is a technology that allows you to make telephone calls using a broadband Internet connection instead of a regular (or analog) phone line}

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IN-FORMING

• Creation of information sources, such as Google, Yahoo, and MSN, which has allowed people from all over to access information

• Has formed global communities never imagined before

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OUTSOURCING

• Taking internal company functions and paying an outside firm to handle them

• Leads to better service, lower cost, and speedier work

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UNTOUCHABLE

• Someone whose job cannot be outsourced

• Being specialized enough that your position cannot be easily substituted

• Requires constantly upgrading one’s skills

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SUPPLY CHAINS

• The flow of goods, services, information and finances as they move from raw materials to parts supplier to manufacturer to wholesaler to retailer to consumer

• Forces the adoption of common standards

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OPEN SOURCING

• The act of releasing previously proprietary (owned) software under an open source/free software license

• Has made many tools available to people around the world that would not have received them otherwise

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ASSIGNMENT

• Choose one of the vocabulary words presented.

• Find an article in “Business Week” that makes reference to the word.

• Explain its significance.• Report your findings to

the class.