Analysis of Contemporary Themes: Business and Global Impact

This report delves into several contemporary themes impacting the business world. It begins by examining globalization, discussing its effects on technology, trade, and cultural exchange, along with its advantages for international producers and national economies. The report then explores artificial intelligence (AI), defining its role in computer science and its applications in gaming, natural language processing, and other fields. The purpose of business is also analyzed, focusing on profit maximization, ethical practices, and social responsibility. Finally, the report addresses the value of life from an economic and social perspective, highlighting its significance in various disciplines and the trade-offs that must be made when resources are limited. The report also includes a reference section with relevant books and journal articles.

Contemporary themes

Table of Contents
MAIN BODY...................................................................................................................................1
Global Identity............................................................................................................................1
Artificial intelligence..................................................................................................................1
The Purpose of Business.............................................................................................................2
The value of Life.........................................................................................................................3
REFRENCES...................................................................................................................................4

MAIN BODY
Globalisation
Globalisation is the spreading of technology, products, information as well as job across
national borders and cultures (Gao, Zhang and Mittal, 2017). In other words, globalisation is
related to the integration of markets in the global economy which leads to enhance
interconnectedness of national economies. Globalisation is bringing numerous of advantages to
international producers as well as national economies such as :-
 Globalisation result in enhancing flow of inward investment within nations this generate
benefits for recipient countries. These advantages involve the sharing of knowledge as
well as technology among countries.
 In long duration, globalisation increase trade which result in creation of more
employment in all the countries who are involved.
 Access to larger markets means organisation may experience high product demand of
products or services. Along with this, advantages from economies of scale which result in
reducing average production cost.
Moreover, globalisation is social, political, cultural and legal phenomenon. Explanation
of these are as follows :- Social – At social level globalisation result in higher interaction within large number of
population. Political – Globalisation has shifted attention to intergovernmental association such as
United Nation as well as World Trade Organisation. Cultural – It reflect the exchange of values, ideas as well as artistic expression among
cultures. Globalisation also represents trend for the development of single world culture.
 Legal – Concept of globalisation has been altered how international law are created as
well as enforced.
Hence, globalisation is beneficial for company because it result in rising living standards
as well as create employment opportunity for unemployed people.
Artificial intelligence
Artificial intelligence (AI) is an area of computer science which emphasizes the
development of intelligent machines. All these machinery work as well as react like an human
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being. Now a days competition is increasing through which artificial intelligence become
important part of the technology industry (Li and Du, 2017). Everything have its goals same as
Artificial intelligence also have these are as follows :- To create expert system – The system which exhibit intelligent behaviour, explain,
demonstrate, explain, learn as well as provide advice to its users.
 To implement human intelligence in Machines – Creating system which think, learn,
understand as well as behave like human beings.
Application of Artificial Intelligence – This technology has been dominant in several
areas such as :- Gaming – Artificial intelligence play important role in strategic gaming like chess,
pokers, tic-tac-toe and so on. In this machine can think of large number possible position
which is based on heuristic knowledge. Natural language processing – It is easy as well as possible to interact with such
computers which understand natural language spoken by human. Handwriting recognition - It is an software which read text written on the paper by
using pen on screen through stylus. Handwriting recognition software can identify the
shape of letters and after that convert it into editable text.
 Speech recognition – There are some intelligent system which are capable of hearing as
well as comprehending the language in terms of sentences and their meetings while
human talks to it (Ghahramani, 2015). There are several things which handle by it such as
noise in the background, changes in human voice because of cold, slang words and so on.
The Purpose of Business
Purpose of business mainly describe the reason of being, reason of doing what
organisation is doing (Allen, 2017). In simple term it can be said that purpose of organisation is
guiding light because it provide guidance from starting of organisation till its goal achievement
which is aligned with purpose of business. Most of the organisation exist for profit maximisation
as well as revenue generation. By creating as well as keeping customers base because purpose of
organisation will only be fulfilled when buyers will be satisfied as well as their products or
services create value for customers.
In other words it can be said that, every business start with an purpose these are as
follows :-
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 Profit Motive – Primary motto or purpose of an association is to make profit. So profit
maximisation is primary importance of the business. Along with profit creation its
maximisation is also equally necessary. Avoiding loss – It is purpose of every business to work ethically so they can avoid loss.
Because loss not only decrease income of the organisation but also gives negative impact
on reputation as well as goodwill.
 Social responsibility – It is related to corporate social responsibility of an business in
which they have to give some portion of their earning in development of surroundings
(Storey, 2016). CSR activity conducted by association focus towards children and women
welfare, environment, animal welfare and so on.
The value of Life
Value of life is related to economic value which is utilise for quantify the benefits of
avoiding a fatality (CóRdoba and Ripoll, 2016). Moreover, in term of social and political science
value of life is an marginal cost of preventing death in specific class of circumstances. Apart
from this, it is an statistical term which means cost of decreasing the average number of death by
one. Value of life is an crucial issue in wide range of disciplines which involve adoption, health
care, economies, worker safety, political economy, globalisation, environmental impact
assessment and so on. Although, in term of emotions every individual life have value for them
selves, their family and friends.
In industrial nation, human life is consider priceless by justice system, thus illegality any
kind of bondage i.e., human being cannot be purchase at any price. With limited supply of
infrastructural capital as well as resources it is not possible to save life of everyone (Kirkwood,
2015). Thus, there is requirement to made some trade-off.
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REFRENCES
Books and Journal
Gao, H., Zhang, Y. and Mittal, V., 2017. How does local–global identity affect price sensitivity?.
Journal of Marketing. 81(3). pp.62-79.
Knights, V., 2016. Music, national identity and the politics of location: Between the global and
the local. Routledge.
Li, D. and Du, Y., 2017. Artificial intelligence with uncertainty. CRC press.
Ghahramani, Z., 2015. Probabilistic machine learning and artificial intelligence. Nature.
521(7553). p.452.
Allen, W.T., 2017. Our schizophrenic conception of the business corporation. In Corporate
Governance (pp. 79-99). Gower.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
CóRdoba, J. C. and Ripoll, M., 2016. Risk aversion and the value of life. The Review of
Economic Studies. 84(4). pp.1472-1509.
Kirkwood, T. B., 2015. Deciphering death: a commentary on Gompertz (1825)‘On the nature of
the function expressive of the law of human mortality, and on a new mode of
determining the value of life contingencies’. Philosophical Transactions of the Royal
Society B: Biological Sciences. 370(1666). p.20140379.
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