Abstract
The digital world currently presents many learning tools and knowledge sources about business literacy. Considering today's learners, digital improvements suggest time-saving learning tools and processes for individual or mass learning activities. Since the industrial age and through the knowledge age, we still use and improve network elements in the digital age. Computers, tablets, televisions, cell phones are instantly becoming the distributors of knowledge in or out of spaces. However, learners in the digital age by the freedom of internet connection points may easily reach to videos, podcasts, or especially, to games that are based on individual learning activities. In respect to the aim of this chapter, an overview is targeted about the understanding of business literacy in the digital age, and it also mentions financial literacy as a supporting literature review. The research finally proposes a realization on the dilemma of the abundance of the knowledge in business and financial literacy leaving out the scarcity of digital tools and sources.
TopIntroduction
Business literacy introduces beneficial knowledge to all individuals who use money throughout their life, regardless of age, gender and culture diversification. The intended use of this knowledge has a similar way of learning a foreign language, the alphabet is necessary to learn in essence. Since, the level of utilization of this doctrine may contradict to his/her age and the experience, the educational process may also necessitate more complex learning methods and digital tools. On the other hand, the performance of business literacy education is related to its benefits which differ according to the occupational positions of learners, whether they may be managers, employees, students, human resources of business owners or at least any retired individuals who are willing to control their economic prosperity in daily life.
Essentially, todays’ scholars in economics, advice to concentrate on business or financial literacy education before critical situations such as economic crises occur on spur of moment. All the same, in some countries, bankruptcy is still inevitable for higly competitive firms in unstable market conditions or short, long period competitive advantage goals that are targeted over their competitors. Suitably, business literacy education is more based on internal company goals than external market conditions, as an orgnanizational acceptance of this idea, it is taught from the top-level executives to the minor level of human resources in this way. Hence, apart from the shortcomings in the leadership qualities of a manager who do not need working with numbers, interpreting financial analyzes, may overlook opportunities, and threats. Business literacy knowledge, is not nonessential for business people, it may bridge the gap between the company's past, present, and future.
In addition, the maturity of monetary usage has a sensible relation to business literacy education, starting from early ages. Correspondingly, for young learners who are in middle, high school, undergraduate or graduate levels, business literacy has an importance for their financial decision making development.
There, the major objective of this study is to clarify several aspects of understanding the importance of the business literacy education for all individuals, in the digital age respectively. For as much as, current technological developments in the digital age draw support and take attention to innovative teaching methods and tools that have been changed since the industrial age through the knowledge age. Moreover, the knowledge age conjointly is supported by technological outputs of the digital age that presents. In this chapter briefly, the business literacy is mentioned as a kind of power for today’s enthusiasts who consider learning alternatives by the proposal ideas of this study.
Key Terms in this Chapter
Financial Literacy: Understanding and writing the fundamental principles of finance and concerning business.
Profit Charts: A chart that presents an estimation of profitability in the future.
Business Literacy: The ability to read and write about business, knowledge, and education for employees about the company’s business to operate its financial goals.
Credit Market: Business of money supply as credits.
Market Conditions: Defines the conditions of the market including the number of competitors, competitiveness and market’s growth during the situation for a firm that enters the market or introduces a new product.
Competitive environment: Refers to an an outer environment of a firm that is dynamic and competitive.
Digital Age: An age that information is now in a digital form and computers are in use.
Cash Flow: The sum of money that is invested and spent by firms to run the business.
Capital Budgeting: A budget that saved for a while to buy new assets in the future.
Audiovisual: An educational material includes hearing and seeing activities.
Podcast: A Voice recording that saved in a digital form and enables the listeners to listen to it anytime, anywhere. More, a podcast is downloadable and storable in personal digital data memory stores while internet service is available.
One-Size-Fits-All Approach: The approach presents an education method or tool for everyone.
Industrial Age: Started from Industrial Revolution in the late 18 th century, global industrialization spread during the period and continued to the information age through the late 20 th century.
Balance Sheet: A company’s assets and debts are shown on this type of statement sheets.
Competitive advantage: A situation for a firm, being more successful than its competitors.
Income Statement: The information about profit or loss is shown on this type of firm statement sheets.