Question 1:
a) Describe the terms:
• Public sector.
• Private sector.
b) Explain the three S’s.
Question 2:
a) Describe why the role of the entrepreneur is so crucial to the economic success of lots of countries.
b) Describe why cash flow is crucial to the success of a business.
c) Describe why a business will normally have to seek planning permission to build or expand the business premises.
Question 3:
a) Describe the given three factors of production:
• Land
• Labor
• Capital
b) Describe the qualities of an acceptable currency.
Question 4:
a) Describe the significance of LOCATION when beginning a new business.
b) Describe the significance of a reliable and respected legal system to the national business environment.
c) Describe the significance of profits to a business.
Question 5: Write notes on the following:
a) Opportunity cost.
b) Demography.
c) Accounting records.
d) The chain of production.
e) Economies of scale.
f) A mixed economy.
g) Diseconomies of scale.