Reference no: EM133292504

Assignment:

What is your cognate? Your statements must relate to your cognate.

A knowledge-based economy is one in which the production and distribution of goods and services is based on knowledge and information. This type of economy has become increasingly important in the global economy, as countries that are able to produce and distribute knowledge-based products and services have a competitive advantage. Many countries are still struggling to develop a knowledge-based economy, as they do not have the necessary infrastructure or human capital.

Task 1 - Problem Statement Outline

The absence of a knowledge-based economy might potentially lead to a decline in the standard of life, an increase in the number of people living in poverty, and a decline in the country's ability to compete internationally. This is the overarching issue that needs to be addressed.

The specific issue that needs to be fixed is the possibility of there not being a knowledge-based economy in _______ (note: name country, city, industry, etc.). This could potentially lead to a decline in the standard of living, an increase in the amount of people living in poverty, and a decline in the country's ability to compete with other nations.

Explanation:

General Problem Sentence

The widespread issue that needs to be addressed is the fact that many nations are still stumbling their way toward the development of an economy based on information, which has resulted in a number of difficulties for these nations.

According to Sopjani (2019), Kosovo is up against a number of obstacles when it comes to the development of a knowledge-based economy. Some of these obstacles include a shortage of skilled personnel, funding for new businesses, and awareness of the significance of innovation and entrepreneurship.

It was established by Bano and Taylor (2015) that universities are required to actively participate in the knowledge transfer and commercialization processes.

To foster the growth of a knowledge-based economy, it is necessary to maintain positive connections with the commercial sector.

According to the findings of Asongu and Odhiambo (2020), a lack of policies and plans makes it difficult for many African nations to establish an economy based on the accumulation of knowledge.

According to the research done by Saiymova et al. (2018), Kazakhstan is likewise having trouble developing a knowledge-based economy due to a lack of funding, a shortage of skilled personnel, and a lack of awareness regarding the significance of innovation.

According to the findings of Jordo, Novas, and Gupta (2019), small and medium-sized businesses (SMEs) have to actively participate in knowledge-based networks in order to boost their intellectual capital and organizational performance.

The exact nature of the issue

The specific issues that need to be addressed are a shortage of trained employees, a lack of money, and a lack of awareness of the value of innovation. As a result, many nations are still suffering and finding it difficult to establish an economy based on the accumulation of knowledge.