1. What is the economic problem?

__________________________________________________
____________________________________

2. What are the factors of production? Explain all of them

briefly.
__________________________________________________
____________________________________
__________________________________________________
____________________________________
__________________________________________________
____________________________________

3. What is opportunity cost?

__________________________________________________
____________________________________

4. What is Division of Labour?

__________________________________________________
____________________________________
5. Give the 5 common objectives of a business.
__________________________________________________
____________________________________
__________________________________________________
____________________________________
 ___________________________________________

6. What are the 2 ways of causing conflict in a business?

__________________________________________________
____________________________________

7. Who is a stakeholder?
__________________________________________________
____________________________________

8. What are the 3 business sectors?

__________________________________________________
____________________________________
__________________________________________________
____________________________________
__________________________________________________
____________________________________
9. What are the 2 ways of comparing the three sectors?
__________________________________________________
____________________________________

10. What is deindustrialization?

__________________________________________________
____________________________________
11. What is a monopoly?
__________________________________________________
____________________________________

12. What is the difference between free market and

command economy?
__________________________________________________
__________________________________________________
__________________________________________________
__________________________________________________
__________________________________________________
________

13. What is Privatization?

___________________________________________
___________________________________________

14. Give 3 people who find it useful to compare the size of

the company size. Also describe how?
__________________________________________________
__________________________________________________
__________________________________________________
__________________________________________________
 __________________________________________________
________

15. What are the 3 ways of comparing businesses?

______________________________________________________
______________________________________________________
______________________________________________________
______________________________________________________
__________________________________________

16. What is internal and external growth?

__________________________________________________
__________________________________________________
__________________________________________________
______________________

17. Explain the following

Merger
__________________________________________________
____________________________________

Acquisition (Takeover)
 __________________________________________________
____________________________________

Horizontal Integration
__________________________________________________
____________________________________

Vertical Integration
__________________________________________________
____________________________________

Conglomerate Integration
__________________________________________________
____________________________________

18. Give 3 reasons why some businesses remain small.

__________________________________________________
__________________________________________________
__________________________________________________
__________________________________________________
__________________________________________________
________

19. What are 7 types of Businesses forms in the private

sector?
 _________________
_________________
_________________
_________________
_________________
_________________
_________________

20. What are the 2 types of business forms in public sector?

__________________________________________________
____________________________________

21. Explain the following terms

Limited Liability
__________________________________________________
____________________________________

Unlimited Liability
__________________________________________________
____________________________________

Unincorporated Business
__________________________________________________
____________________________________
 Shareholders
__________________________________________________
____________________________________

Prospectus
__________________________________________________
____________________________________

Dividends
__________________________________________________
____________________________________

Franchise
__________________________________________________
____________________________________
__________________________________________________
____________________________________

22. Give 2 advantages and 2 disadvantages for a sole trader.

Advantages
__________________________________________________
____________________________________Disadvantages
__________________________________________________
____________________________________
23. Give 2 advantages and 2 disadvantages of partnership.
Advantages
__________________________________________________
____________________________________
Disadvantages
__________________________________________________
____________________________________

24. Give 2 advantages and 2 disadvantages of Private Limited

Company.
Advantages
__________________________________________________
____________________________________
Disadvantages
__________________________________________________
____________________________________