Question 1:
a) Describe the role of money in a proficient economy.
b) Describe the given three factors of production:
• Land.
• Labor.
• Capital.
Question 2:
a) Describe the generally accepted main aims of a business.
b) Describe the term tertiary production.
c) Describe the term chain of production.
Question 3:
a) Describe the role of an entrepreneur.
b) Describe the significance of the understanding of demographic factors to the success of a business.
Question 4:
a) Describe the term public sector.
b) Describe the term private sector.
c) Describe the three S’s.
Question 5: Write notes on five of the given:
a) Opportunity cost
b) Process of obtaining planning permission for a business premise
c) International law
d) Mixed economy
e) Secondary production
f) Significance of profits to a business
g) Diseconomies of scale