In the following passage, some words have been deleted. Fill in the blanks with the help of the alternatives given. Select the most appropriate option for each number. A knowledge economy is either economy of knowledge focused on the economy of the producing and management of knowledge or a knowledge-based economy. In the second meaning, more (1) _____ used, it is a phrase that refers to the use of (2) ______ to produce economic benefits. The (3) ______ was popularized by Peter Drucker in his book the Age of Discontinuity.
In this new economy, it is (4) _____ that the key to success is "knowledge". But the rules and (5) ______ that determine (6)_____ in the industrial economy of the 20th Century need rewriting in an interconnected (7) _____ where resources such as know-how are more (8) _____ than other economic resources. These rules need to be rewritten at the (9) _____ of firms and industries in terms of knowledge policy or knowledge-related policy. (10) ______, this means that business must be in a constant process of change and adaptation to the new economic realities.
Which of the following words should be filled at (2) as per the context of the passage from the given options?
knowledge
Understanding the Knowledge Economy Context
This question asks us to identify the most appropriate word to fill in blank number (2) within the provided passage about the knowledge economy. The passage defines a knowledge economy in two ways: one focused on the production and management of knowledge, and another, more commonly used meaning, referring to the use of something specific to generate economic benefits.
Analyzing Blank (2)
The sentence containing the blank is: "In the second meaning, more (1) _____ used, it is a phrase that refers to the use of (2) ______ to produce economic benefits." We need to determine what resource is primarily used to produce economic benefits in the context of a knowledge-based economy.
Evaluating the Options for Blank (2)
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Option 1: knowledge
The passage explicitly discusses a "knowledge-based economy". Therefore, using "knowledge" itself as the resource for producing economic benefits aligns perfectly with the core theme. The phrase "use of knowledge to produce economic benefits" is a fundamental concept in this economic model.
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Option 2: learning
Learning is a process that leads to acquiring knowledge. While crucial for the knowledge economy, the direct resource being utilized for economic gain, as implied by the structure "use of ______", is the knowledge itself, not the process of learning.
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Option 3: education
Education is the system or method through which knowledge and skills are acquired. Similar to learning, education is a means to an end. The passage focuses on the end product – knowledge – being the driver of economic benefits.
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Option 4: wisdom
Wisdom involves the ability to apply knowledge, experience, and judgment. While valuable, "knowledge" is presented as the foundational resource in the definition being discussed, making it the more direct fit for the blank.
Conclusion for Blank (2)
Based on the context of a "knowledge economy" and the sentence structure emphasizing the direct use of a resource for economic benefits, "knowledge" is the most suitable word for blank (2). It represents the primary asset driving economic value in this type of economy.
Important Questions from Vocab and Grammar Based Questions
Select the most appropriate option that will fill in the blank number 2.
Select the most appropriate option that will fill in the blank number 3.
Select the most appropriate option that will fill in the blank number 4.
Select the most appropriate option that will fill in the blank number 5.
Select the most appropriate option to fill in blank number 1.
