MGMT 1000 Study Guide - Midterm Guide: Premium Pricing, Lasso, Opata Language
Document Summary
Week 1 lecture: the importance of a knowledge economy. Humans have lived in a knowledge economy since the earliest times. There is no such thing as a non-knowledge economy. Previously the knowledge curve had low trajectory, now it"s shooting upward at an astonishing pace. This is changing the nature of society and all aspects of life. Many people believe that we are now living in a completely new world: a knowledge world that is generating new modes of perception, communication and relationship. The importance of traditional factors of production(land, labor, capital) is being overshadowed by the importance of knowledge. The only sure source of lasting competitive advantage is knowledge. Successful companies are those that consistently create new knowledge, spread it throughout the organization and embody it in new technology and products. Learning organizations where new and expansive thinking patterns are nurtured, people learn together. No longer belongs to those with the most natural resources.
