1. Explain the terms specialization, the division of labour, and exchange!
2. Identify three groups of stakeholders!
3. How do the objectives of non-profit-making differ from the objectives of private enterprise?
4. Explain how might the priorities of a business change over time?
5. What are the features of a market economy?
6. Why are most economies mixed economies?
7. Give three examples each of primary and secondary sector business activities!
Past examination question
1. Yasmin Ltd is described as a small business.
- Explain how the size of a business can be measured!
- What problems are there in measuring the size of any business?
a) The State-owned railway system in country Y is to be privatized (sold to the private sector).
1) How might the business objectives of the private sector differ from those of the public sector?
2) Do you think this change in ownership will benefit the customers of the railway system? Explain your answer!
b) 1) What do you understand by tertiary business activities?
2) Give an example of business activity that would be classified as being tertiary!
3) Explain what is meant by a private sector business and a public sector business
4) Why might the aims of public sector businesses differ from the aims of private sector businesses?
Resource: Chris J. Nuttall, Business Studies, Cambridge University 2002
Resource: Chris J. Nuttall, Business Studies, Cambridge University 2002
