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Knowledge Economy - an economic system in which the

production of goods and services is based principally on
knowledge-intensive activities that contribute to
advancement in technical and scientific innovation.

Why is the knowledge economy important?

- Because, it makes it possible to customise and innovate products.

Human capital should be given more importance that's why companies
need to recruit and keep workers who are suited to the new economic
model and lastly collaborative networks may be useful for improving
individuals ’ knowledge and gaining from innovative work activities.

Intellectual capital - is the product of mental processes that

create a collection of immaterial items that can be employed
for economic activity, generating income for its owner, and
encompassing the knowledge of its people.

Why is it important for the organization and its people?

- It is certainly possible that a major amount of a company's valuation is

earned from this skill and knowledge because intellectual capital
provides an organisation with a sizable competitive advantage.

Human Capital - the information, skills, and health that people

invest in and acquire throughout the course of their life give
them the opportunity to realise their potential as contributing
members of society.

What is the impact of human capital?

 - By enhancing people's knowledge and abilities, human capital has an
impact on economic growth and can contribute to the development of
an economy. Overall amount of skilled labour required depends on the
rate of economic expansion brought on by consumer and company
investment.

Social capital - Social capital is a collection of shared values or

resources that enables people to collaborate in a group to
successfully accomplish a goal. The capacity to receive
money, favours, or information via one's personal ties also can
be considered social capital.

What is an example of social capital?

- Examples of social capital include when someone opens a door for

someone, returns a lost item to a stranger, gives someone directions,
loans something without a contract, and any other beneficial interaction
between people, even if they don't know each other.

Explicit Knowledge - it means information that is easily

expressed, codified, stored, and accessible. It can also be
shared as data, scientific formulae, specs, manuals, and other
materials in formal, methodical language.

Tacit Knowledge - seems to be the information we have that

comes from our own experiences and the environment. It's the
knowledge that, if given, would be the most challenging to
capture on paper, explain verbally, or exhibit physically. Start
by learning how to create your grandmother's renowned meals
as an example. Think of how to make your grandmother’s
famous recipes. Sure, she gave you the recipe card, but when
you try it on your own you feel as if something is missing.
After years of experience, she has learned the exact feel for the
dough, or exactly how long something should be in the oven.
It’s not something can write down it can just feel it.
In the workplace, tacit knowledge is the application of implicit
knowledge that’s specific to your company. As employees
move from job to job, the application of their implicit
knowledge will change based on what’s unique about your
business. An example of this is a sales rep who can not only
give a great demo but has also learned specific buying signs
while talking to prospects.

What is the difference between tacit and implicit knowledge?

- Explicit knowledge is one that can be articulated, expressed and

recorded in the form of text, number, symbol, code, formulae or
musical notes. On the other hand, tacit knowledge can be defined
as the knowledge which a person acquires from his personal
experience, such as by working in an organisation or by handling
a situation.

- Explicit knowledge is easily transferred. This indicates that subject

knowledge is not necessary for the transfer of the same. On the
other hand, tacit knowledge cannot be shared without the
necessary training. Additionally, the transfer is only successful
when there is face-to-face communication, an apprenticeship, and
a sense of mutual respect and understanding between the two.

Thats all for my part thank you for listening