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 (7) as per the context of the passage from the given options?
world
Knowledge Economy: Analyzing Blank (7)
The provided passage discusses the transition towards a knowledge economy, emphasizing the shift from traditional industrial structures to systems where knowledge and know-how are primary economic drivers. The question asks us to identify the most suitable word for blank (7) in the sentence:
"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."
Let's analyze the context surrounding blank (7):
- Interconnected: The passage explicitly states that the new economic system is "interconnected". This suggests a broad, global scale rather than a localized one.
- Resources like know-how: The sentence highlights that resources like "know-how" are becoming increasingly significant. This implies a context where such intangible assets are valuable across a wide system.
- Comparison to 20th Century: It contrasts the current situation with the "industrial economy of the 20th Century," indicating a significant change in the economic landscape.
Now, let's evaluate the given options for blank (7):
| Option | Analysis |
|---|---|
| 1. firm | A 'firm' refers to a specific business entity. While firms operate within the knowledge economy, describing the entire interconnected system as just a 'firm' is too narrow and doesn't capture the large-scale, systemic change described. |
| 2. site | A 'site' typically refers to a specific location, often physical. This is even more specific than 'firm' and does not fit the concept of a widespread, interconnected economic system. |
| 3. company | Similar to 'firm', 'company' denotes a particular business organization. Using 'company' would limit the scope inappropriately, failing to represent the broad, interconnected nature of the modern economy. |
| 4. world | The 'world' represents the global system. An "interconnected world" accurately reflects the vast, globalized nature of the modern economy where knowledge and know-how are crucial resources transcending national or specific business boundaries. This aligns perfectly with the idea of rewriting rules for a global economic reality. |
Therefore, considering the emphasis on interconnectedness and the global importance of resources like know-how, 'world' is the most fitting term for blank (7). It signifies the comprehensive, worldwide shift in economic paradigms.
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.
