Dawn Kitz-Wekerle1 New Words for a New World “The World is Flat”

2 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

3 HOMESOURCING Moving jobs from the office to the home This lowers costs and increases efficiency

4 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}

5 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

6 OUTSOURCING Taking internal company functions and paying an outside firm to handle them Leads to better service, lower cost, and speedier work

7 UNTOUCHABLE Someone whose job cannot be outsourced Being specialized enough that your position cannot be easily substituted Requires constantly upgrading one’s skills

8 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

9 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

10 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.