1. What is an Opportunity cost? Explain with an example.

2. Define the word of specialization.

3. What are the types of specialization and give one example for each.
4. State 4 advantages of specialization.
5. Trade can be divided into main 2 categories. What are they?
6. What are the differences between whole sale and retail trade and explain those two criteria.
7. International sale also can be divided into two. Explain with example.
8. Explain the term “Business organization”.
9. Business organization can be divided into main two categories and explain the differences
between those two under below areas.
a. Objectives
b. Capital
c. Control
d. Ownership.
10. State three differences between Private sector Business and Public sector business.
11. What are the benefits of limited liability Company when considering sole trader business?
12. What are the main advantages of having sole trade business?
13. Why people going to start partnerships?
14. What are the features of the public limited companies?
15. Give two advantages and disadvantages of a public limited company and private limited
company.

A. The opportunity cost of a

particular choice is the value
of the best opportunity
forgone
 B. (sacrificed) as a result of
the choice
16. rrect?orrect?Question 5
17. Which one of the following
is a macroeconomic issue?
18. A. The demand for houses
in Cape Town.
19. B. The supply of tomatoes
in South Africa.
20. C. The price of bananas in
Natal.
21. D. The total exports of
South African goods and
services to the rest of the
world.
22. E. The total sales of beer in
South Africa.
23.Question 6
24. Which one of the following
is a macroeconomic concept?
25. A. The price of petrol.
26. B. The demand for potatoes.
27. C. The consumer price
index.
28. D. The supply of pumpkins.
29. E. The e-toll fee in Gauteng.
30.Question 7
31. Which one of the following
statements is correct?
32. A. Wants, needs and
demand are essentially simply
different terms that have the
same
33. meaning.
34. B. Wants and needs are
essentially the same, but differ
from demand.
35. C. Needs and demand
amount to the same thing.
36. D. Wants and demand are
essentially the same – people
only demand things that they
want.
37. E. Demand differs from
wants and n
C. The opportunity cost of a
particular choice is the value
of the best opportunity
forgone
D. (sacrificed) as a result of
the choice
E. The opportunity cost of a
particular choice is the value
of the best opportunity
forgone
F.(sacrificed) as a result of the
choice
G. The opportunity cost of a
particular choice is the value
of the best opportunity
forgone
H. (sacrificed) as a result of
the c