POB Workbook

MINISTRY OF EDUCATION
WORKSHEETS
“PRINCIPLES OF BUSINESS”
Grade: (11)
TERM: (II)
1
Contents
WEEK # 1 – TOPIC: LOGISTICS AND SUPPLY CHAIN ....................................................... 4
LESSON #1: Definitions and components of logistics and supply chain .............................. 4
LESSON # 2: Supply Chain Operation .................................................................................... 7
LESSON # 3: Activity involved in chain operation ................................................................. 9
WEEK # 2 – TOPIC: LOGISTICS AND SUPPLY CHAIN ..................................................... 11
LESSON # 1: The Distribution Chain .................................................................................... 11
LESSON # 2: Modes of transportation .................................................................................. 14
LESSON # 2: Documents used in International Trade......................................................... 24
LESSON # 3: The role of transport in Marketing ................................................................ 30
LESSON # 1: Advantages and challenges of supply chain operations ................................ 33
LESSON # 2: Impact of logistics and supply chain operations on the competitiveness of
business ....................................................................................................................................... 36
LESSON # 3: Measures to mitigate problems in distribution.............................................. 39
LESSON #1: QUESTIONS...................................................................................................... 44
LESSON #2: Financial Sector ................................................................................................. 47
LESSON #3: Services offered by financial institutions ........................................................ 49
LESSON # 1: The role and functions of financial regulatory bodies .................................. 53
LESSON # 2: Managing Personal Income ............................................................................. 58
LESSON # 3: Budgeting .......................................................................................................... 62
2
WEEK # 7 – TOPIC: BUSINESS FINANCE ............................................................................. 64
LESSON # 1: Reviewed questions .......................................................................................... 64
LESSON # 2: Sources of Capital............................................................................................. 65
LESSON # 3: Revision Lesson ................................................................................................ 69
LESSON # 1: Responsibilities of Government in an Economy ............................................. 70
LESSON # 2: How Government can influence businesses to protect the environment ..... 76
LESSON # 3: Taxation - Principles and Reason ................................................................... 80
WEEK # 9 – TOPIC: ROLE OF GOVERNMENT IN AN ECONOMY ................................. 83
LESSON # 1: Types of Taxation ............................................................................................. 83
LESSON # 2: Taxation Systems ............................................................................................... 86
LESSON # 3: Forms of Government Assistance .................................................................... 88
LESSON # 1: Impact of Social Services provided by the Government ................................ 91
LESSON # 2: Business Technology and Role of Information Communication Technology
..................................................................................................................................................... 94
LESSON # 3: Types of ICT Used in the Business Environment ........................................... 97
LESSON # 1: Ecommerce and E-Business............................................................................ 103
LESSON # 2: Lean Production and Efficiency, Consequences of Unethical Use of ICT . 107
LESSON # 3: Factors that Determine a Countries Standard of Living and Quality of Life
................................................................................................................................................... 110
LESSON # 1: Economic Growth and Development ............................................................. 113
LESSON # 2: Definition, Reasons, Advantages and Disadvantage .................................... 117
LESSON # 3: National Income, GDP and GNP ................................................................... 120
LESSON # 1: CARICOM and CSME ................................................................................... 124
LESSON # 2: CDB, WORLD BANK, IDB, OECS AND IDB............................................. 127
LESSON # 3: Economic problems in the Caribbean ........................................................... 131
LESSON # 1: How Economic Institutions or Trade agreements impact Caribbean Nations
................................................................................................................................................... 137
LESSON # 2: ROLE, BENEFIT AND IMPACT OF FOREIGN INVESTMENT ........... 140
LESSON # 3: CHAPTER REVIEW ...................................................................................... 143
3
LESSON # 1
PRINCIPLES OF BUSINESS
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: ………….……...

WEEK # 1 – TOPIC: LOGISTICS AND SUPPLY CHAIN
LESSON #1: Definitions and components of logistics and supply chain
CONTENT: - Definition of logistics and supply chain
- Components of logistics
Logistics is the process of coordination and organization of complex operations such

as, sourcing resources and transporting them to where they are needed; while at the
same time, making sure that associated operations are carried out efficiently (such as
forwarding paper work, organizing insurance and coordinating storage).
Logistics involves information, material handling, production, packaging, inventory,

transportation, warehousing and often, security. Logistics is a sub-component of the Supply
Chain Management function.
Supply chain is the way that a business gets its resources, whether, a producer, wholesaler,
or retailer.
Supply chain operation refers to the management of the flow of goods and services. One
firm’s supply chain may be another’s distribution channel or vice versa, but it is the operations
of the business involved that determines which is which.
4
The Components of logistics:
➢ Forward and reverse flow is the movement of goods along the supply chain in a
forward direction; for example, raw materials moving from the producer to the
consumer. In some instances, goods may be returned because of a fault or it may be
unsuitable; thus, resulting in reverse flow logistics.
➢ Warehousing
A warehouse is a commercial building where goods are temporarily stored or re-
routed to other businesses. It acts as an intermediary between when goods are
produced and when they are needed by the consumer.
➢ Insurance – there are risks involved in the chain of distribution. For example, loss of
power to a warehouse which has specialist storage room for perishable goods can result
in financial losses. Insurance plays an important part in the chain of distribution in
providing compensation, should such an event occur.
5
ACTIVITY
1. Define the term ‘Supply Chain Management’.

…………………………………………………………………………………….
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2. Define the term ‘Logistics’.
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3. Outline TWO (2) components of the logistics process.
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4. Explain the difference between the terms ‘forwards flow’ and ‘reverse flow’.
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5. Give TWO (2) reasons why warehousing is a part of logistics?
…………………………………………………………………………………
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.....................................................................................................................................................
Reference:
Dransfield, R. and Butcher, S. et al. Principles of Business, Oxford University Press
Publishers, 2019
Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA, Study Guide
and Exercises, Carlong Publishers, 2011
6
LESSON # 2
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: …………….…...

LESSON # 2: Supply Chain Operation
CONTENT: -
What is a Supply Chain?

A Supply Chain is a global network
used to deliver goods and services
from raw materials to end customers,
through an engineered flow of
information, physical distribution and
cash.
Supply Chain Operations include the

systems, structures and processes to
plan and execute the flow of goods and
services from supplier to customer.
Basic Supply Chain of a product

A basic supply chain is made up of these entities:
Seller – is a supplier who provides goods and

services or a person or organization with whom
the buyer does business. Supplier provides raw
materials, energy, services, or components for
a product or service such as plastic, fabric, electric
wiring or aircraft.
Producer – the producer is the one who receives

components from the seller to produce a finished
good or service such as shirt from fabric, crockery
from plastic, power from electric wiring, or provide
transportation through aircraft.
Customer – the customer is the one who receives

the finished product. That is the one who wears
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the shirt, uses the crockery, turns on the lights or flies in an airplane.
ACTIVITY
1. Define the following terms:
a) Customer: ……………………………………………………………………………..
………………………………………………………………………………………..
b) Producer: ……………………………………………………………………………..
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c) Seller: …………………………………………………………………………………
…………………………………………………………………………………………
2. Review the diagram below and describe the activity in your own words.
………………………………………………………………………………………………………
Reference:
Dransfield, R. and Butcher, S. et al., Principles of Business, Oxford University Press
Publishers, 2019
8
LESSON # 3
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: …………………….

LESSON # 3: Activity involved in chain operation
CONTENT: -
ACTIVITY INVOLVED IN CHAIN OPERATION
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ACTIVITY
1. Complete the Word Search below (six words pertaining to the topic).
2. Imagine you are involved a small business, outline SIX (6) activities that would be in your
chain of operation.
………………………………………………………………………………………..
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......................................................................................................................................................
Reference:
Publishers, 2019
10
LESSON # 4
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: …………………....

LESSON # 1: The Distribution Chain
CONTENT: -
THE DISTRIBUTION CHAIN
Producer Wholesaler Retailer consumer
A producer sells goods in large quantities to wholesalers. The wholesaler breaks down the
large quantities for sale to retailers and also stores stocks in warehouses. The retailer in
turn breaks the quantities into smaller units for the final consumers.
Producer Wholesaler consumer
The retailer is omitted. The wholesaler assumes the role of the retailer.
The wholesaler is left out and the retailer may assume the role of the wholesaler.
There is no intermediary between the producer and consumer.
Producer Retailer consumer
consumer
Producer
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Wholesaler Retailers
The Wholesaler purchases goods in large quantities Retailers provide goods directly to the
from producers and thus assumes some of the risks consumer. They possess ownership of the
of the manufacturer such as, warehousing goods. goods and bare all risks of losses, should
demand fall or taste change.
This is at a cost and there is the risk of demand
falling or goods becoming obsolete.
Roles of the Wholesaler: Role of the retailer includes:

• Breaking bulk into small quantities to
meet the demand of individual
• Breaking bulk produce for sale to retailers. consumers.
• Warehousing facilities: Wholesalers usually
have closer proximity to the target market. • Acts as a source of market intelligence to
• Assumes risk: By buying large quantities, the • the manufacturer.
wholesaler undertakes risks as prices could fall markets to ensure timely provision of
and tastes may change, leaving the wholesaler products.
with stocks of obsolete goods. • Provides credit facilities e.g. hire-
• Key source of market research for producers. purchase to consumers.
• Helps manufacturers advertise goods. • May provide delivery service to
• Helps maintain price stability as goods are customers free or at a cost.
incrementally released on the market to prevent • Gives technical product advice to
surplus or glut, leading to price reduction. customers.
• Provides credit facilities to retailers to ensure • Provides after-sales service as part of the
goods are sold. service package.
ACTIVITY
1. Explain the concept of Chain of Distribution. Give examples of TWO (2) chains of
distribution.
2. Think of an area of production in your country and create a diagram showing the
distribution channel. Your example may be snacks, and you must reference real
companies.
..............................................................................................................................................................
Reference:
12
Publishers, 2019
13
LESSON # 5
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: ……….………...

LESSON # 2: Modes of transportation
CONTENT: -
MODES OF TRANSPORTATION
• Transportation is the movement or conveying of goods or human beings from

one point to another. It is an indirect service and is part of tertiary production.
Transportation dealing with business is called commercial transport.
Suppose you are importing some goods from China all the way to Australia, the goods
will be carried by several modes of transportation. For example, the cargo will come to
the port by a cargo carrier big van, it will be transported by ship, and from the port in
Australia, it will be transported by a minivan to reach the desired place.
You can clearly see that we used different modes of transportation to transport that one
product.
• Intermodal – is the movement of cargo, in a container, from origin to

destination by several modes of transport, without any actual handling of
the cargo itself when changing modes of transport. Each of these modes
have a different transport provider or entity responsible, each with its own
independent contract. Multiple carriers contracted to fulfill a single
journey.
• Multimodal – is the movement of cargo from origin to destination by

several modes of transport where each of these modes have a different
transport provider or entity responsible, but under a single contract. A
Single carrier contracted to fulfill a single journey.
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Simply put, the key functions of both terminologies are the same, but the differentiation
lies in the contract and responsibility of the movement.
Intermodal Transportation: Separate contract Multimodal Transportation: One contract

• Reduced involvement during shipment
• Lower shipping costs delays
• Negotiate separate terms and agreement • Easier shipment tracking
• Flexibility and specialized handling of goods • Delivery time efficiency
• Increased security of goods • Less overhead costs
In differentiating between multimodal and intermodal transport, one must consider the type of
contract or bill of lading and the transport provider or carrier. Summarily, in multimodal shipping,
one company or one contract will handle all parts of the process. Whereas, intermodal shipping
or transport utilizes several modes of transport with different transport carriers, each with a
different contract.
Factors influencing the choice of transport method:
➢ The geographic distance between channel members

➢ Domestic trade or international trade
➢ Nature of good to be transported e.g., fragile or perishable items, large bulk items, items
needing high security, dangerous chemicals requiring special containers
➢ Cost of transportation method
➢ The availability of ports of entry and exit e.g. airports, harbors, ports
➢ Handling charges and insurance costs e.g. freight costs
➢ Availability, location and costs of warehouse facilities
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ACTIVITY
1. Differentiate between Intermodal and Multimodal means of transportation.
2. Imagine you are in business selling perishable goods, describe the best mode of transport
and why it is suitable. Give examples as to the type of perishable goods that you might be
selling.
………………………………………………………………………………………………………..
Reference:
Publishers, 2019
16
LESSON # 6
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: …………………...

LESSON # 3: Modes of Transportation
CONTENT: -
MODES OF TRANSPORTATION
Methods of Transportation
Specific goods would require specialized forms of transport e.g., the use of pipelines and
tankers to transport oil and gas; timber and logs via rivers and barges; flower and perishable
food items when shipped from one country to the next need to be in a temperature-controlled
container; fragile items e.g., computers need to be packaged in Styrofoam and cardboard to
prevent damage; chemical and other flammable substances must be transported in special
containers to prevent spills.
Air: Air transportation means the operation of a transportation system by aircraft for the carriage
of persons, property and mail, including activities reasonably necessary to such operation.
Air
Advantages Disadvantages
➢ Quickest form of transport ➢ Can be expensive for bulky goods
➢ Suitable for light and perishable ➢ Technical difficulties, like bad
goods weather, can interfere with schedules
➢ There can be a weight limit on cargo
➢ Relies heavily on other forms of
transport to take goods to their
destinations
Rail: The use of railway lines as a means of transport has declined in recent years. This is due
mainly to the increase in road networking and an increase in the number of vehicles.
Rail
# Advantages Disadvantages
1. Quicker than road transport for Slower than road transport, over short
distances over 200 kilometers distances
2. Bulky goods are cheaper to Less convenient than road transport
transport by rail due to transfer of cargo and people
from one train to another
3. Schedules are reliable Timetable may be inflexible
17
Road: Road transport means transportation of goods and personnel by roads, from one place
to the other.
Road
# Advantages Disadvantages
1. It is the only type of transport that can There is a limit to the weight that can be
reach all destinations in a country. carried.
2. It is flexible, especially where door-to- Goods in transit can be held up by
door deliveries are concerned. congestion.
3. It is faster than other forms of transport Pollution is a problem. For example, the
for distances below 200 kilometers. smoke from diesel engines causes air
pollution.
4. It is reliable because control is with the For distances over 200 kilometers, road
lorry driver. transport is slower and more expensive.
5. It is cheaper for consumers
Marine (Cruise and Cargo): Maritime transport refers to a means of transport where goods
(or people) are transported via sea routes.
Marine
➢ There is a possibility to ship large ➢ Shipping by sea can be slower than other
volumes at low costs. transport systems and bad weather can add
further delays.
➢ Shipping containers can also be used ➢ Routes and timetables are usually inflexible.
for further transportation by road or
rail.
➢ Tracking the goods’ progress is difficult.
➢ Port duties and taxes are incurred.
➢ Further transportation overland might be
needed to reach the final destination.
➢ Basic freight rates are subject to fuel
and currency surcharges.
Digital Delivery
Digital Delivery: “digital service delivery” is 'The electronic delivery of information

including data and content across multiple platforms and devices like web or mobile',
https://www.excella.com.
This reduces the reliance on paper and seeks to improve the user’s experience e.g., Dell
Digital Delivery allows the customer to purchase selected software at the same time a new
computer is ordered, which can be downloaded and installed, when customer gets the
computer.
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Advantages:
➢ It’s environmentally friendly

➢ It encourages e-Learning
➢ Creates more efficient communication
ACTIVITY
.
1. Describe the concept of digital delivery as a form of transport.
………………………………………………………………………………….
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2. Complete the table below showing the suitable mode of transport for various
cargo. Enter the various types of cargo suitable for that mode of transport.
Mode of transport Types of cargo
Air
Road
Rail
Marine
Digital
19
………………………………………………………………………………………………………
Reference:
Publishers, 2019
20
LESSON # 7
WORKSHEET
GRADE 11
Name of Student: …………………………. Date: ……………........

LESSON # 1: Modes of transportation
CONTENT: -
Revision lessons
1. Define the term Supply Chain Management. (2 marks)

………………………………………………………………………………………………….
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2. Define the term logistics. (2 marks)
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3. Outline TWO (2) components of the logistics process. (4 marks)
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4. Explain the concept of reverse logistics. (2 marks)
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5. Explain the concept of Chain of Distribution. Give examples of TWO (2) chains. (4 marks)
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6. Differentiate between multimodal and intermodal transport. (4 marks)
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7. Describe the concept of digital delivery as a form if transport. (2 marks)

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8. Outline TWO (2) problems in the distribution process and state ONE (1) possible solution for
each. (6 marks)
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9. Discuss TWO (2) forms of information technology used in supply chain and logistics.
(4 marks)
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10. List THREE (3) activities involved in supply chain operations and explain how any ONE (1)
works.
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(5marks)
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………………………………………………………………………………………………………..
Reference:
Publishers, 2019
23
LESSON # 8
WORKSHEET
GRADE 11
Name of Student: …………………………. Date: …………………....

LESSON # 2: Documents used in International Trade
CONTENT: -
DOCUMENTS USED IN INTERNATIONAL TRADE
Some documents used in International Trade:

• Import License: A permit that specifies the good to be imported and in what quantity. It
is used by the government to restrict the importation of certain goods.
24
• Bill of Lading: A document used in the transportation of goods via ship. It outlines details
of the goods and the destination. The bill of lading gives title to the goods. Moreover, it
is used as a receipt for the goods. The document is also a contract between the seller and
the shipping agent.
White Copy: Consignee/Facility Original● Yellow Copy: Consignee to Shipper● Pink Copy: Carrier/Transporter● Green Copy: Shipper Initial
Copy
25
• Airway Bill: A document used to transport goods by air. It gives title to the goods as
well as, serves as a receipt of goods.
26
• Certificate of Origin: A document that shows the country of manufacture or origin of
goods. It is an important document in trade within a free trade area. It prevents non-
member countries from taking advantage of free trade arrangements within an area e.g.,
low tariffs.
27
Some terms that may be contained in documents:
➢ ‘FOR’ means free on rail: The seller pays for transport and insurance to the railway
station and loading on a train. After which, the buyer assumes responsibility for
transport and insurance.
➢ ‘FOB’ means free on board: The seller pays for transport and insurance to the port and
loading cargo on a ship or aircraft. After which, the buyer assumes responsibility for
transport and insurance.
➢ ‘C.I.F’ means carriage insurance and freight: The seller pays all transportation and
insurance costs to the buyer’s premises wherever it is located.
➢ Carriage Forward: The cost of delivery is borne by the purchaser.
➢ Carriage Paid or Carriage Free: The cost of delivery is borne by the seller of the goods.
➢ Certificate of Origin: A business document stating the country of origin of goods or

where the goods were made. This is used to determine if the goods will attract tariffs.
➢ ‘FAS’ means free alongside ship: The seller is responsible for payment of transport to
the port but not loading costs.
……………………………………………………………………………………………………
ACTIVITY
1. Explain the purpose of the following documents:
a) Airway bill: ………………………………………………………………
………………………………………………………………………………..
b) Bill of lading: ……………………………………………………………
………………………………………………………………………………..
c) Certificate of Origin: …………………………………………………..
…………………………………………………………………………………
d) Import license: …………………………………………………………..
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……………………………………………………………………………..
2. Explain the meaning of the following abbreviations:
a) FOB: …………………………………………………………………………
b) CIF: ………………………………………………………………………….
c) FOR: …………………………………………………………………………
Video on
transport
documents
Please click on link below: to view video on transport documents
https://youtu.be/spB8Jtbw7nw
……………………………………………………………………………………………………….
Reference:
Publishers, 2019
Website:
https://www.youtube.com/watch?v=spB8Jtbw7nw
29
LESSON # 9
WORKSHEET
GRADE 11
Name of Student: …………………………. Date: …………….........

LESSON # 3: The role of transport in marketing
CONTENT: -
THE ROLE OF TRANSPORT IN MARKETING
Transport is important in international, regional and local trade so that consumers can have
access to a variety of goods and services; to improve the ability of firms to supply markets;
to provide valuable raw materials and capital inputs into the transformation process of
businesses; to develop infrastructure of countries to facilitate trade; to provide greater access
to markets; to develop commercial and political links between trading partners.
1. Physical Supply of Products

Transportation carries necessary raw materials to factory for production of goods, and supplies
finished goods to consumers. It creates place and time utility of goods by transporting from one
place to another. It easily carries finished products to the hands of those who need and use them.
This significantly increases aggregate sales of goods. In fact, transport is a key element in
marketing, which helps in carrying goods to the scattered consumers in different places, narrows
the gap between producers and consumers, and facilitates the distribution of goods to the
consumers, at minimum cost and time.
2. Specialization
Transportation facility encourages division of labour and specialization on a geographical or
regional basis. Transportation cost highly affects localization of industries. Production of goods
may center at such place where the environment is the best and production cost is minimum.
This makes maximum utilization of local resources possible, which is both economically and
socially necessary.
3. Mobility of Labour and Capital

Transportation facility provides mobility to labour and capital. If more labour force is
available at any place, transport helps to carry it economically to necessary the place. This
encourages labour and capital to use and invest in more productive sectors.
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4. Stabilization in Price
Transportation helps to bring stability in price of different products. It transports goods from more
supplied places to scarcely supplied areas. This establishes coordination between demand and
supply, and brings stability in prices. It helps to supply necessary goods regularly to the consumers.
Besides this, consumers get necessary goods at lower prices, because it encourages competition
among producers and makes mass production at lower costs possible.
Importance of transport in domestic, regional and foreign trade

Beside economic importance, transportation has also social, political and cultural importance. It
establishes social and utility by narrowing geographical distance. It consolidates social and
cultural utility and strengthens national integration. It helps to establish relationship with foreign
countries. Transportation also helps widen knowledge and skill in different sectors. In this way,
it helps establish social utility, uniformity and integrity, and strengthens national
security.
Video on role
of transport
in marketing
Please click on link below: to view video on the role of transport in marketing
https://youtu.be/NHJkq9ZWjF0
31
ACTIVITY
1. The table below shows the volume of inland passenger transport for an imaginary country
of ‘Land of Many Rivers’, which carries out transport research every ten years. Answer the
questions below that relate to the data on the table.
2006 2016
% %
Road 1537 84.54 1444 86.21
Rails 176 9.68 79 4.72
Water: sea - doing 44 2.42 57 3.40
Water: internal 11 0.61 7 0.42
Pipelines 50 2.75 88 5.25
Total 1818 100 1675 100
a) Which type of transport carries the greatest volume of passenger transport?

b) The data refers to domestic passenger traffic. What is meant by ‘domestic’ in this respect?
c) Briefly state the general trend that can be seen between 2006 and 2016 in relation to each
of three categories of transport shown.
2. Describe the role of transport in marketing a business of your choice.
……………………………………………………………………………………………….
……………………………………………………………………………………………….
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Reference:
Publishers, 2019
Website:
https://www.youtube.com/watch?v=NHJkq9ZWjF0
32
LESSON # 10
WORKSHEET
GRADE 11
Name of Student: …………………………. Date: ………….………...

LESSON # 1: Advantages and challenges of supply chain operations
CONTENT: -
ADVANTAGES AND CHALLENGES OF SUPPLY CHAIN OPERATIONS
Advantages: better quality of life; wealth creation; new and innovative job
opportunities including entrepreneurship; for example, telemarketing.
1. Expanded sourcing opportunities. A world market offers businesses opportunities to secure a

diverse selection of workers, materials, and products. This larger selection of goods and services
often means the opportunity to select higher-quality or lower-cost options.
2. The opportunity to reach new customers in new markets. Just as globalization offers more
materials and laborers, it also offers new customers in new locations with new needs.
3. More room to grow. New technologies and a shrinking globe mean that it is easier for companies
to grow generally: to produce more, offer more, and sell more. Expanding borders also means
expanding businesses and corporations.
4. More opportunities to save money. Globalization’s biggest benefit is that increases options:
options for source materials, options for workers, and options for transportation. More options mean
more chances to save on spending and increase profits
Disadvantages: globalization, counterfeiting, product complexity, rapid product

obsolescence, regulatory complexity, management blunders, changing market conditions,
natural disasters, and political instability.
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1. Large-scale management issues. The 2. Information collection challenges. With
opportunity to grow business goes hand-in- different aspects of your supply chain
hand with the issue of greatly increased scattered around the world, and with an
supply chain complexity when it comes to increasingly complex process for getting
management. Companies must scale up all products to customers, data collection and
aspects of their business as it grows across oversight can be a huge new challenge.
borders, which can cause problems that While big data analytics is helping some
stretch the globe. Inventory issues and supply chain managers tackle the issue of
distribution issues are high on the list of information collection, it is still a large
problems encountered by going global. problem that has emerged alongside
globalization.
3. Greater risk. Having materials, factories, 4. Legal issues. Operating across borders
and customers all over the world means means operating in countries that very
being at the mercy of global events, from likely have different laws and regulations.
natural disasters, to port closures, to For example, secret product details may not
political uprisings. Globalization requires be safe in China, where they have less
that supply chain managers have detailed stringent intellectual property laws. In
risk management plans in place and that another example, a country where you have
they are prepared when disaster strikes. a factory may have very different
employment laws than another where you
have an identical factory.
5. Global competition. There is no one entity with access to supplies, products, and labour
around the world – there is now a lot of competition scattered across the globe. Globalization
necessitates that supply chains are highly efficient and well-run in order to stay competitive
in a global market.
34
ACTIVITY
1. Write in the table below the advantages and disadvantages of the respective supply chain
operations.
Expanded sourcing
opportunities
The opportunity to reach new

customers in new markets
Global competition
Information collection
2. Using examples, explain any TWO (2) advantages of a supply chain operations.
……………………………………………………………………………………………..
……………………………………………………………………………………………..
……………………………………………………………………………………………..
………………………………………………………………………………………………………..
Reference:
Publishers, 2019
35
LESSON # 11
WORKSHEET
GRADE 11
Name of Student: …………………………… Date: ………………...
LESSON # 2: Impact of logistics and supply chain operations on the competitiveness of

business
CONTENT: -
IMPACT OF LOGISTICS AND SUPPLY CHAIN OPERATIONS ON THE

COMPETITIVENESS OF BUSINESS
Below are a number of solutions that if used will help a company gain the competitive
advantage:
• Shipper Associations / Consortiums: By being a part of a shipper’s association,

a business can benefit from lower transportation rates due to the competitive
negotiations and economies of scale.
• Transportation Management Systems (TMS): Such platforms allow a business

to manage its data flow more efficiently and allows for visibility of performance
and cost.
• Keeping an eye on costs, transit times, delivery performance, freight claims, and
compliance will allow for strategic thinking and put a company a step in front of its
competitors.
• Auto-Tender Functionality: This feature allows freight to be tendered directly to

carriers, greatly reducing the time spent scheduling a shipment. When set up using
a least-cost carrier, the savings combined with the efficiency gained provide a great
advantage.
• Advanced Tracking: Visibility and transparency are becoming more and more
important in business.
• Advanced tracking features have been adopted to give customers real-time

information on where their goods are.
36
Parties to outsourcing:
➢ 2PL - A second-party logistics provider is an asset-based carrier, which actually

owns the means of transportation. Typical 2PLs would be shipping lines which own, lease or
charter their ships; airlines which own, lease or charter their planes and truck companies,
which own or lease their trucks.
➢ 3PL - A third-party logistics provider provides outsourced or 'third party' logistics

services to companies for part or sometimes all of their supply chain management functions.
➢ 4PL - A fourth-party logistics provider is an independent, singularly accountable,

non-asset-based integrator who will assemble the resources, capabilities and technology of its
own organization and other organizations, including 3PLs, to design, build and run
comprehensive supply chain solutions for clients.
The problems likely to be encountered in distribution are:
➢ Availability of airport, harbor and docking facilities

➢ Delayed shipment
➢ Spoilage
➢ Misdirection of goods
➢ Inadequate warehousing facilities
➢ Lack of proper security measures
➢ Industrial unrest
➢ Ineffective communication
37
ACTIVITY
1. Explain in your own words, using any TWO (2) solutions above, how you would deal
with competition in your business. Give examples to illustrate your answer.
2. Explain how you would solve any THREE (3) problems encountered in the
distribution of your product.
………………………………………………………………………………………………….
Reference:
Dransfield, R. and Butcher, S. et al., Principles of Business, Oxford University
Press Publishers, 2019
Robinson, K. and Hamil, S., Principles of Business for CSEC with SBA, Study
Guide and Exercises, Carlong Publishers, 2011
38
LESSON # 12
WORKSHEET
GRADE 11
Name of Student: …………………………. Date: …….…………...

LESSON # 3: Measures to mitigate problems in distribution
CONTENT: -
MEASURES TO MITIGATE PROBLEMS IN DISTRIBUTION
➢ Government intervention
➢ Communication network including use of the internet
➢ Insurance
➢ Selecting the most appropriate channel of distribution based
on product
➢ Use handling services with good reputation
➢ Careful labelling and documentation
➢ Avoid holding large stocks
➢ Employing Security Company
➢ Use of security cameras
IMPACT OF INFORMATION TECHNOLOGY ON LOGISTICS AND

SUPPLY CHAIN OPERATIONS
Global Positioning Systems (GPS)

Logistics management, when distracted driving is an issue, helps fleets locate
vehicles to update vendors and customers regarding shipments. Updated GPS
systems are able to accurately direct a driver on a safe route, without showing
roadways that don’t really exist, or roadways that are not complete.
39
Geographic Information System (GIS)
GIS as a tool can be used to map manufacturing, warehouse locations, clients,

supplier locations and distribution centers, showing product supply or manufacturing
facilities.
GIS helps in analyzing and representing the information visually, allowing for
greater understanding of the operating environment around the corporation. GIS can
be used to analyze the routes. Route analyses help us to generate the most efficient
route (best/shortest route) that the vehicle should take between the company and it
supply chain link.
Alternative routes can also be generated and analyzed; and those routes help in
rerouting of the supplies in case of problems (either man-made or natural) on one
route.
GIS also helps in identifying the locations of new depots and warehouses based on
the factors like source of incoming materials and the target market to which the
stocks will move; that is, the different links in the supply chain.
Portnet
The National Single Window for Foreign Trade Procedures - this is a computer tool
which enables the e-processing of authorizations, permits, certificates, customs
documents and other deliveries by the competent organizations of the State, to undertake
specific import and export operations. The developed system guarantees the
technological and legal security of different documents upon the integration of a digital
signature and e-payment.
40
Benefits of Portnet:
➢ Increases the efficiency of the logistics chains of economic operators and public and
private service providers;
➢ Speeds up cross-border movement of exported and imported goods;
➢ Provides an environment favourable to the competitiveness of economic operators

with the possibility to deliver just in time;
➢ Reduces uncertainty regarding timeframes and logistic costs;
➢ Improves business climate, good governance and increases transparency in

company-administration relationships;
➢ Simplifies and accelerates procedures and formalities of the entry and withdrawal of
goods;
➢ Improves the traceability of operations at any time, anticipation and planning

capacities due to the quality and good flow of information;
➢ Saves paper costs; and,
➢ Saves costs of transports and archiving documents.
Telemarketing, e-commerce
➢ Increases transparency into all operations through the internet and mobile devices.
➢ Keeps customers involved in management decisions and reduces downtime by using all
the resources of the company to fill more orders.
➢ Enhances reverse logistics, increasing customer service and giving warehouse managers
a means of handling returns regardless of their origin.
41
Global logistics providers such as FedEx, DHL, and Amazon Logistics
Global logistic providers now allow for logistical services to be provided at a much lower
cost than in previous decades and encourages businesses to outsource their logistic needs
to these global providers. These firms have enhanced their technical capabilities and
economies of scale to offer global logistical services at competitive rates. They have also
utilized efficient systems that would cater for large scale, complex logistical tasks to be
undertaken with relative ease.
Logistics Hub
A Logistics Centre is the hub of a specific area where all the activities relating to transport,
logistics and goods distribution – both for national and international transit – are carried out,
on a commercial basis, by various operators.
An example of Logistics hubs is that Jamaica is a premier logistics node within the
Americas set up to capitalize on the trade and business opportunities that will emanate from
the expansion of the Panama Canal.
With strategic investment and global partnerships, the Jamaica logistics hub will include:
• maritime and air cargo logistics hubs; strategic storage, handling and processing
points for bulk commodities;
• expansive special economic zones facilitating assembly, warehousing, sorting,
distribution and other value-added services, particularly for industries catering to
time-sensitive and high-value cargo; and,
• aviation-related maintenance repair and overhaul, ship repair and dry-docking.
42
ACTIVITY
1. Using TWO (2) examples of the above Global Logistics Providers, describe how you
would use the technologies to improve the operations of your business.
2. Imagine you are operating a business, and you encounter some problems in the
distribution. Outline FIVE (5) measures that you can use to mitigate those problems.
…………………………………………………………………………………………………
Reference:
43
LESSON # 13
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: ………..……...

LESSON #1: QUESTIONS
CONTENT: -
Since we have completed the topic Logistics and Supply Chain, answer the following
questions to find out what you have learnt:
1. Which of the following activities is NOT a key feature of the components of Logistics?
a) Procurement Logistics
b) Production Logistics
c) Distribution Logistics
d) Compensation Logistics
2. Supply chain operations entail which of the following activities:
I. planning and developing strategies for procurement
II. manufacturing production
III. selection of manufacturing location
IV. finished goods distribution
a) All of the above

b) I, II and III
c) I, II and IV
d) II, III and IV
3. Forward logistics is specifically
a) 'green’ logistics.
b) getting materials back from users.
c) delivering the goods to customers from the point of raw materials to manufacturer,
distributor, retailer and customer.
d) forwarding salvaged items to the business.
44
4. A document used in shipping, that gives a description of the cargo, its destination and title
of ownership is called a/an
a) Airway bill
b) Bill of lading
c) Invoice
d) Consignment Note
5. Which of the following statements BEST describes ‘a direct chain of distribution’?

a) one which involves the use of wholesalers
b) one which involves the use of retailers
c) one which does not involve the use of intermediaries between producer and consumer
d) one which involves the use of intermediaries
6. Which of the following statements outline the KEY roles of retailers?

I. Breaking of bulk items
II. Provide sales outlets near to the target market
III. Warehousing of stocks
IV. Provide after-sale services
a) I and III only

b) I, II and III. only
c) I, III and IV only
d) I, II and IV only
7. Multimodal transport is a process involving

a) several modes of transport operating under a single transport contract.
b) several modes of transport each with an independent contract.
c) one mode of transport with one contract.
d) one company and one contract.
8. A document that shows the country of manufacture of goods is called a/an

a) Airway Bill.
b) Certificate of Authenticity.
c) Certificate of Origin.
d) Certificate of Lading.
9. Specific goods require specialized forms of transport. Which of the following forms of
transport is BEST suited to transporting natural gas from the ocean?
a) Barges
b) Tankers
c) Pipelines
d) Trucks
10. Which of the following is NOT a key distribution problem?

a) Shipping delays
b) Theft
c) Red Tape or unnecessary paperwork
d) Worker incentives
45
11. A Global Positioning System is specifically used in logistics and supply chain to:
I. track where delivery vehicles are in the delivery cycle.

II. improve efficiency.
III. track containers at sea.
IV. plan routes before the start of a delivery.
a) I, II and III
b) II, III and IV
c) I, II and IV
d) I, II, III and IV
12. A regional cross-docking point, where products from multiple supply sources arrive and
are then delivered to destination points, is appropriately termed a/an:
a) portent
b) logistics
c) logistics store point
d) logistics distribution center
46
LESSON # 14
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: ……....………...
WEEK # 5 – TOPIC: BUSINESS FINANCE

LESSON #2: Financial Sector
CONTENT:
Topic: BUSINESS FINANCE
The financial sector is made up of agencies such as:

➢ Government financing agencies such as the Central bank
➢ Commercial banks
➢ Mortgage companies
➢ Credit unions
➢ Insurance companies
Building societies - A building society is a type of financial institution that provides banking
and other financial services to its members. Building societies resemble credit unions in that
they are owned entirely by their members.
Micro-lending agencies– e.g. Institute of Private Enterprise Development (IPED), Small

Business Bureau, Finance Unit trust, Stock Market, Development banks (Caribbean
Development Bank, Agricultural Development Bank)
47
ROLES OF FINANCIAL INSTITUTIONS:
➢ Commercial banks accept money deposits and therefore provides a safe place for
saving money.
➢ Offering loans and overdraft to persons who need financial assistance.
➢ Assisting customers to easily make payments through standing orders, current

accounts and debit cards.
➢ Offer investment opportunities such as mutual funds, annuities and stocks and
bonds.
Video on financial
sector
Please click link to view: video on financial sector

https://youtu.be/NSHXSdQsZv0
…………………………………………………………………………………………………..
ACTIVITY
1. Identify TWO (2) financial agencies in Guyana, and explain how your business can
benefit from them.
2. State THREE (3) ways in which the Central Bank differs from the commercial banks.
3. Explain the role of micro-financial agencies.
…………………………………………………………………………………………………..
Reference:
Website:
https://www.youtube.com/watch?v=NSHXSdQsZv0
48
LESSON # 15
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: ……..…………...

LESSON #3: Services offered by financial institutions
CONTENT:
SERVICES OFFERED BY FINANCIAL INSTITUTIONS
1. Commercial banks:
➢ provide advisory services to clients who wish to borrow a loan to make

investments, and to persons who wish to purchase securities.
➢ Safety deposit boxes at the bank are used to store safely items which individuals
deem as highly valuable.
➢ Sell travellers cheques.
➢ A credit card allows persons to purchase items by using funds that the bank makes
available. There is a limit to how much the bank makes available to credit card
holders.
➢ Offer a variety of deposits - Money can be deposited in a current account upon

which cheques can be drawn, or a fixed deposit account where a higher interest is
earned. Foreign currency can also be deposited.
➢ Credit facilities (loans) can be provided through deposits where through using a
cash ratio, a portion of the deposits are kept in the bank while the rest is loaned.
➢ Money Transfers (remittance services) from depositors’ accounts to others’

accounts. This is called a standing order. They also facilitate bank drafts and
letters of credit.
➢ Trustee work - Any individual or company that manages assets on behalf of

another. For example, a bank may hire a trustee to distribute funds from a loan to
the borrower.
➢ Offering settlement services such as authorizing credit card payments.
49
2. The Central Bank:
The Central Bank does not offer banking services to private individuals and other businesses.
It is a government institution that carries out the following functions:
➢ Responsibility for issuing notes and coins to commercial banks. It will also redeem
(replace) damaged notes or coins that have been collected by commercial banks.
➢ Banker to the government and offers services to the government that are similar to
those offered by commercial banks.
➢ Banker to commercial banks - this involves holding the cash reserves of the
commercial bank. The amount of the cash reserves is based on the cash ratio.
➢ Centre of the Clearing House System and ensures a smooth exchange between the
different commercial banks.
➢ Management of the foreign exchange reserves of the country to ensure a stable

buying and selling rate for foreign currency. If the country has a fixed foreign
exchange rate, then this is set by the Central Bank.
➢ Regulator of the activities (supervises) of the Commercial Banks.
➢ ‘Lender of last resort’ which means that the Central Bank will assist the commercial
banks with loans, when necessary.
Non-bank financial institutions:
Credit Union: A non-profit co-operative controlled by member/owners. Members are able to

access lower cost services e.g., low interest loans, credit cards and deposit at a higher interest
rate than market rates. The members are the depositors, borrowers and shareholders.
Insurance Companies: Insurance companies operate by collecting premiums from large

groups of people or pooling risk against the possibility of an event occurring. Insuring large
numbers of people allows the companies to pay claims and at times, turn over a profit. These
companies utilize statistics to project the likelihood of an event occurring. They provide
coverage against risks such as, fire, car accidents, illness, disability, or death. Some insurance
companies also provide annuities and investment services.
50
Microfinance Agency: A financial institution that provides banking services to low-income
groups and individuals (www.investorwords.com). These agencies tend to provide loans to
members (low-income earners or groups), offer insurance and deposits. The aim is to improve
the quality of life of the poor.
NB: The persons who accesses the services of microfinance agencies would usually have no
access to traditional banking institutions.
Mortgage Company: A firm engaged in originating and or funding mortgages for residential
or commercial properties. Some mortgage companies offer 'turn-key mortgage services'. These
include origination, funding and servicing mortgages (investopedia.com).
Origination is the process the individual has to go through to obtain a mortgage or home loan.
Unit Trusts: An unincorporated mutual fund structure that allows funds to hold assets and
provide profits for the individual unit holder. The investment fund is set up under a trust deed
e.g., Trinidad and Tobago Unit Trust provides a series of mutual funds both TT$ and US$,
asset management, financial advisory, bureau de change, ATM services, call center and card
services.
Development Bank (E.g., Caribbean Development Bank (CDB)): The CDB services include:
assist borrowing member countries to develop their economies; assist in expanding production
and trade; promote investment, mobilize financial resources for development, provide technical
assistance to borrowing members; support regional and local financial institutions, support and
stimulate the development of capital markets.
Please click link for more details: (www.caribank.org)
A development bank is a financial institution established 'to fund new and upcoming
businesses and economic development projects by providing equity capital and/or loan capital.’
Please click link for more details: (www.businessdictionary.com)
Stock Market: The collection of markets and exchanges where the issuing and trading of
equities, bonds and securities take place (investopedia.com). Its benefits include firms:
➢ Raising capital for business;
➢ Facilitating growth through share acquisition e.g., mergers for investors;
➢ Providing higher capital gains in the long term, although investment in the stock
market is risky by nature;
➢ Providing a diversified portfolio for the economy;
➢ Promoting economic growth through investment in business;
51
➢ Providing for good corporate governance in terms of record keeping for publicly
listed firms; and,
➢ Providing an avenue for government to access funds.
It is also used as an indicator of the economy’s performance in terms of share price

performance.
…………………………………………………………………………………………………..
ACTIVITY
1. List THREE (3) services offered by Financial Institutions.
2. Explain how the THREE (3) services listed at 1. can impact your business.
3. Describe THREE (3) functions of non-financial institutions.
…………………………………………………………………………………………….
Reference:

52
LESSON # 16
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: ………………...

LESSON # 1: The role and functions of financial regulatory bodies
CONTENT:
THE ROLE AND FUNCTIONS OF FINANCIAL REGULATORY BODIES
The role of regulatory bodies such as the Central Bank and the Financial Services Commission
is to monitor, control and guide various industry sectors in order to protect depositors and
consumers, in an effort to maintain stability in the national economy.
The function of these regulatory bodies is to enforce regulations and licenses of various
financial activities. This is aimed at ensuring that these institutions function within the confines
of legislation.
Central Banks
The central bank in a country is the official government’s bank. It is the central authority
regulating the financial sector in the economy and managing the public debt.
Key roles of the central bank include:
➢ The banker to the government: Managing the country’s debt and issuing bonds to
raise revenue; the government has an account in the central bank.
➢ Banker to commercial banks: Each commercial bank is required to keep a reserved

ratio with the central bank. Further, all commercial banks are required to be inspected
by the central bank to ensure that they meet financial requirements.
➢ The central bank has the authority to issue bank notes.
➢ Advisor to the government in terms of managing the money supply through

monetary policy, such as influencing the interest rates.
➢ Lender of last resort to commercial banks to prevent failure of the commercial

banks.
➢ To hold the country’s gold reserves and foreign currency.
53
➢ To manage the exchange rate and influence the demand and supply of foreign
currency.
The Central Bank of Trinidad and Tobago - Please click link for more details
(www.central-bank.org.tt)
The Central Bank of Trinidad and Tobago is the supervisory authority for the financial
institutions regulated by it.
➢ The Central bank is responsible for ensuring that institutions comply with Anti-
Money Laundering and Combating Financing of Terrorism legislative and
regulatory requirements.
➢ The Central Bank issues guidelines and circulars which provide guidance to the
industry focusing on anti-money laundering and combating the financing of
terrorism.
➢ The Central Bank contributes to national initiatives against money laundering.
Jamaica Deposit Insurance Corporation (JDIC)
JDIC was created by the Government of Jamaica.
➢ The main objective of the JDIC is 'to protect depositors and promote stability and
confidence in Jamaica's financial system (www.jdic.org); establish and manage the
Deposit Insurance Scheme.
➢ The JDIC seeks to strengthen the sector's regulatory framework.
➢ The JDIC’s main goals include: providing the highest level of coverage possible to
small depositors; restoring and maintaining confidence in deposit-taking institutions;
providing a clearly defined system for dealing with problems which may arise in
insured financial institutions (www.jdic.org).
Administration of the Insurance Act and Regulations include:
➢ Licensing of Insurance Companies and Insurance Intermediaries;

➢ Ensuring the payment of appropriate annual fees;
➢ Monitoring statutory departments and statutory funds;
➢ Reviewing annual financial statements submitted by insurers and intermediaries;
and,
➢ Ensuring overall compliance by all licensed insurance entities with requirements of
the Insurance Act and Regulations.
Role of regulatory bodies:
To monitor, control and guide various industry sectors in order to protect consumers.
54
Functions of regulatory bodies:
To enforce regulations and licenses of various financial activities, including depository,

lending, collection and money transmission activities.
RELATIONSHIP BETWEEN FINANCIAL INSTITUTIONS AND REGULATORY

BODIES
FINANCIAL REGULATORY
INSTITUTIO RELATIONSHIP
N BODY
The Central Bank regulates commercial banks by
Commercial The Central Bank For example:
• adjusting the reserve ratio (the portion of
deposit balances that commercial banks must
Banks (T&T) have on hand);
➢
• adjustment of interest rates to control savings
and borrowing;
• ensuring compliance with Anti- Money
Laundering and;
• Combat Financing of Terrorism legislation;
➢ Inspection of commercial banks to ensure
➢ compliance with financial requirements.
Insurance Supervisor of The Supervisor of Insurance is responsible

Companies Insurance (T&T) for enforcing the Insurance Act. For example:
Insurance Act Chapter 84:01:
➢ 'Part 1 5 - The Supervisor shall be charged with the
general administration of this Act…
➢ 'Part 1 8 - Subject to subsection (2) where in

relation to a policy, a dispute or difference arises
between a company and a policy holder, the
Supervisor may upon written request of either
party act as arbitrator of the dispute or difference.'
➢ 'Part 1 9 - 'The Supervisor shall maintain such

registers ... and maintain separate registers for
(a) companies which are registered to carry on
various classes of insurance business in Trinidad
and Tobago; and,
(b) privately administered pension fund plans.
Financial The FSC is responsible for:

Services Non-bank financial
55
Institutions (entities ➢ administration of specified enactments (licensing
licensed or registration of financial institutions);
or registered under ➢ supervising and regulating the financial institutions;
specific Acts of Parliament➢ establishing standards for control and management of risk in
(for example: credit union, in the financial services sector (www.fsc.gov.bb).
insurance companies)
Commissions
(FSC)
(Barbados):
responsible for supervising and regulating non-bank financial institutions in Barbados, particularly
those entities licensed or registered under Acts of Parliament.
56
ACTIVITY
Fill in the blanks in the sentences using the words provided in the box below:
Loans issued interest rate increased fixed

Deposit demand commercial cheque central bank
1. The ___________________________ is the head of the financial system. All financial

institutions including ___________________________ banks are regulated and monitored
by the Central Bank.
2. All commercial banks must keep an account with the Central Bank. These balances are
used for _______________________ clearing purposes between banks.
3. Payments for cheques between banks are set off at the Central Bank’s clearing house. The
Central Bank can also demand commercial banks to _____________________ a certain
percentage of their total deposits with the central bank in order to control the money supply.
(Setting the cash reserve ratio)
4. The Central Bank is a lender of last resort and will aid commercial banks when needed.
The Central Bank dictates the _______________________________ that commercial
banks can offer by setting the bank rate. This is the interest rate set by the Central Bank
and the rate at which commercial banks and the Central Bank do business, e.g.,
_____________________ offered by the Central Bank to commercial bank.
5. Direct controls and requests are also _______________________. These might include the
reduction of loans to particular industries. This could be the form of verbalized
encouragement (moral suasion) or measures such as
_______________________________ interest rates on certain loans.
6. Central Bank may ________________________ special deposits from the commercial

banks, which are for _________________ time periods. Although these earn interest it
means that there is less money for commercial banks to lend out.
…………………………………………………………………………………………………….
Reference:
Publishers, 2019.
57
LESSON # 17
WORKSHEET
GRADE 11
Name of Student: …………………………. Date: …………………...

LESSON # 2: Managing Personal Income
CONTENT:
MANAGING PERSONAL INCOME
Personal income includes compensation from a number of sources including salaries, wages and
bonuses received from employment or self-employment; dividends and distributions received from
investments, rental receipts from real estate investments and profit sharing from businesses
(investopedia.com).
Ways to manage personal income include:
1. Make a budget - this entails making a statement of expenditure and how these will be funded
by income and other sources. The individual has to prioritize needs and wants, subsequent to
the deduction of taxes and other statutory payments; the income earner must manage his
money to maximize its use. He must exercise and develop habits of careful spending and
saving techniques. A good money manager will budget.
➢ A budget outlines how much of an individual’s income is to be spent on his various

expenses; it disciplines an individual to live within the constraints of his personal income.
The process of preparing a budget involves the record keeping of past expenditures, and
making decision based on these about future expenditures. Priorities must be set to meet
basic needs and a systematic plan for savings to achieve future goals.
Sample of a personal budget for Mrs. J. (Monthly)
Monthly budget $ $
Income: 45 000
Expenditure:
Rent/mortgage 15 000
Food 7 000
Utilities 4 000
Transportation 5 000
Loan repayment 3000
Miscellaneous 8 000
Savings 3 000
Total expenditure 45 000
58
2. Savings and Investments
➢ Savings is defined as money set aside or not spent from one’s personal income. Money
saved is most effective in an interest-bearing facility such as a commercial bank to keep up with
inflation, which reduces the value of money over time. Other forms of savings include:
The credit union - is a none-for-profit cooperative financial institution which is owned

and controlled by its members. Credit unions are operated to promote saving and to offer loans or
credit to members at reasonable rates of interest. Each member has one vote when key decisions
need to be taken such as, the election of directors. Members pool their savings and loans are made
for approved purposes, such as home improvements.
Insurance and partner - sou-sou - is a savings arrangement where a group of people each
pool an equal amount of money for a period of time (a month, two weeks, etc.) and at the end of
each cycle, one person in the group receives the entire sum of money for that period. This type of
saving is also known as the meeting-turn or partner or box hand.
3. Investment is defined as methods of increasing wealth. It differs from savings in that it

involves risks. Earning from capital invested is usually much higher than interest earned on
savings. Forms of investments include: unit trust companies, mutual funds, the stock exchange and
starting a business.
4. Financial advising provides paid guidance to customers. Financial advisors (advisers) can
provide many different services, such as investment management, income tax preparation and
estate planning.
Savings versus Investment:

• Savings: Income that is not used up in • Investment: Money used to add the capital
consumption e.g. money placed in of a business (e.g. spending on expansion of
bank account, sou-sou (paying into a factories or purchasing machinery or
pool to receive a hand until all equipment or spending on training and
members receive a hand), while credit development, buying shares, credit union
union deposits insurance. shares, mutual funds, opening a business,
(e.g. bonds and debentures)
• Objective: Meet short term needs. • Objective: Long term growth.
• Risk: Lower risk and rates of return

than investment. • Risk: Low to high risk and variable to high
rates of returns.
Short-term capital may be accessed through the money market. Institutions in the money
market include: commercial banks, merchant banks, credit unions and discount houses.
Borrowers are required to repay within a short-term e.g. 1 to 5 years.
59
Sources of Short-term financing include:
➢ Personal sources (e.g. personal savings, credit cards and redundancy payments);
➢ Trade credits and Promissory Notes, Unsecured loans (no collateral required) and
overdrafts Secured loans;
➢ Loans from family;
➢ Loans from government agencies such as NEDCO;
➢ Advances from customers;
➢ Crowd funding (e.g. Kickstarter); and,
➢ Patron
Long –term capital may be accessed through building societies, the stock exchange, unit trust
companies and development banks. Borrowers are given a much longer repayment periods e.g.
up to 20 years.
➢ Shares
➢ Debentures
➢ Secured loans
➢ Loans from government agencies
➢ Mortgages
60
ACTIVITY
Fill in the blanks in the sentences below using the words in the box:
Budgeting Capital Capital Fixed

Investment Personal savings Saving Stock market
1. _________________ is the difference between income available for spending (Disposable

Income or DI) and actual consumer expenditure. If this money is not used to create
__________________ or long-term ___________________, then it is not referred to as
investment.
2. ________________________ is simply doing without consumption today in order to use

the money to create _____________________ to generate future returns. To the economist,
investment means the purchase of capital equipment; for example, computers, machinery
and buildings.
3. On the ________________________ investment means buying shares.

__________________________ is the ability of the individual to save. Savings may be
done at Credit Unions, Commercial Banks or through the insurance companies.
____________________ means having a plan or systematic approach to spending and
saving.
………………………………………………………………………………………………………
Reference:
Publishers, 2019
Robinson, K. And Hamil, S., Principles of Business for CSEC with SBA, Study Guide
61
LESSON # 18
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: ………….…………

LESSON # 3: Budgeting
CONTENT: BUDGETING
62
………………………………………………………………………………………………………
Reference:
Publishers, 2019
Robinson, K. And Hamil, S., Principles of Business for CSEC with SBA, Study Guide
63
LESSON # 19
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: ……………………

LESSON # 1: Reviewed questions
CONTENT:
1. Outline the main functions of TWO (2) institutions in the Financial Sector. (4 marks)
2. Describe the relationship between the Central Bank and Commercial Banks. (4 marks)
3. Outline the goal of the Jamaica Deposit Insurance Corporation. (2 marks)
4. State TWO (2) ways that an individual can manage personal income. (2 marks)
5. State FOUR (4) personal sources of capital an entrepreneur can access. (4 marks)
6. Identify the main purpose of a Cash Flow Statement. (2 marks)
7. Outline THREE (3) sources of Short-Term finance. (6 marks)
8. Outline THREE (3) sources of Long-Term finance. (6 marks)
9. What is personal budgeting and why is it important? (4 marks)
10. Describe THREE (3) ways that the central bank exercises control of the economy.
(6 marks)
………………………………………………………………………………………………………
Reference:

Publishers, 2019
64
LESSON # 20
WORKSHEET
GRADE 11
Name of Student: ……………………………. Date: …………..……...

LESSON # 2: Sources of Capital
CONTENT:
SOURCES OF CAPITAL - Personal sources of capital for setting up a business
The entrepreneur can access personal capital through:
Friends and family: The entrepreneur can access private financing from family and friends. This
can also take the form of equity financing, where the family or friend becomes a shareholder.
Personal savings: This includes life insurance policies, where the owner can borrow against the
cash value of the policy; and a home equity loan, that is, accessing a loan backed by the value of
the property.
Government grants: Accessing a government backed grant to facilitate start-ups e.g. in Trinidad
and Tobago, the government offers the Micro-Enterprise and Training grant aimed at needy
persons who want to undertake a small business venture or access skills training.
Loans: Access loans from commercial banks backed by collateral.
Equity: The entrepreneur sells ownership in the venture to acquire financial investment. This
allows the investor to become a shareholder in the venture and share in the profits.
Venture capital: Access funding from individuals or firms that finance or invest in start-up
ventures. The venture capitalist may provide funding for a stake in the business venture.
Crowd funding: This is the use of small amounts of capital from a large number of individuals to
finance a new business venture (www.investopedia.com).
65
Pictorial image: shows the different sources of funds a Sole Trader can explore
Purposes of basic financial records for sole traders:
Record keeping in a small business refers to the 'orderly and disciplined practice of storing business
records'. This activity allows the venture to comply with financial regulations or meeting legal
requirements. Further, it allows the sole trader to keep track of the business, plan for the future,
and meet legal compliance and tax preparations. Bookkeeping is the recording and classifying of
accounting transactions.
Types of bookkeeping include:
Single-Entry bookkeeping: This involves recording transactions as payments are made from and
deposits made into the venture's account. This is suited to a 'low volume' of transactions.
Double-Entry Bookkeeping: This can be used in businesses of any size. Two entries are made
for each transaction: a debit entry and a credit entry. This emphasizes that a change in total assets
must equal a change in total equity (Assets = Liabilities + Owner's Equity).
Purpose of basic financial statements:
Income statement or Profit and Loss Statement
Allows owners, shareholders and partners, and investors to identify whether or not the business is
profitable. Investors would only invest in a profitable business, while owners must justify the
continuation of the business.
66
Balance Sheet or Statement of financial position
The Balance Sheet illustrates the business’ net worth through its assets and liabilities. If the Net
Assets are significant, then there is little chance that the business will fail. Investors and owners
use this statement to assess the performance of a business.
Cash Flow Statement
This statement gives information on the liquidity of the business or its ability to possess and retain
liquid cash for the operation of said business. Liquid assets, such as cash, are important as goods
and services have to be acquired in order for a business to be successful. If a business’ cash
outflows are greater than its inflows, then this indicates low level of performance for the business.
Please see: example of a Summary Cash Flow Statement in the below:
67
ACTIVITY
1. Explain the purpose for which you would use the following statements and give
examples:
a) Statement of financial position (balance sheet)
b) Income statement (Profit and loss)
c) Statement of cash flow
2. How does double entry booking differ from single entry?
3. Explain the difference between ‘gross profit’ and ‘net profit’.
4. What are cash flow forecasts?
……………………………………………………………………………………………………..
Reference:

Publishers, 2019
68
LESSON # 21
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: ………………....

LESSON # 3: Revision Lesson
CONTENT:
Video on the financial

section
NB: This video is to enhance learning on the business finance.
https://youtu.be/3ezVwUj8ib0
………………………………………………………………………………………………………
Reference:

Publishers, 2019
Website:
https://www.youtube.com/watch?v=3ezVwUj8ib0
69
LESSON # 22
WORKSHEET
GRADE 11
Name of Student: ………………………………. Date: ……………………….

WEEK # 8 – TOPIC: ROLE OF GOVERNMENT IN AN ECONOMY
LESSON # 1: Responsibilities of Government in an Economy
CONTENT:
Government:
The government has a responsibility to its citizens to manage the
economy effectively. This is done by budgeting and allocating
spending to various governmental departments. These departments
should then ensure that money is spent in the most effective way
possible to provide essential services for the country.
RESPONSIBILITIES OF GOVERNMENT IN AN ECONOMY
RESPONSIBILITY EXPLANATION
Security of the State ➢ National security includes the security
of the citizens, the economy and key
institutions of civil society, and is the
duty of the government.
➢ The role of the government is to

provide protection against outside
interference in political affairs, from
other countries, and to make sure
citizens are safe and able to conduct
their daily lives without threats from
others. The military force, police force
and the judicial system are responsible
for security and safety. The judiciary
makes judgement in law based on the
constitution and laws of the country.
70
Social needs and General Welfare ➢ A healthy, happy, well-educated
society will function better and be more
productive than one that is ill,
despairing and uneducated. The
government will provide the following
services:
➢ Health care: People need access to

basic health care and hospital facilities.
Medical treatment for ongoing
conditions is also necessary, and is
often overlooked, though it is perhaps
more important when it comes to
helping a population stay active and
productive.
➢ Unemployment and retirement benefits:

Often paid for from the National
Insurance Schemes.
➢ Education: A vital resource that invests

in the future productivity and
competitiveness of a country.
Accessible by residents through
schools, colleges and other tertiary
educational institutions.
➢ Transport: Roads, ports, airports and

public transport need to be well-
maintained and fit to meet demand in
order to facilitate the movement of
goods and the provision of services,
both for local use and for
export/import. Some of this
infrastructure may be privately owned,
albeit with strong collaboration from
government in planning and regulation.
➢ Water and sanitation: A clean water

supply and proper sanitation are
essential to support the health of the
population and prevent degradation of
the environment.
71
➢ Power: Often in concord with private
enterprise, the provision and
maintenance of a power network is a
foundation for a modern society.
Job Security and Severance benefits to ➢ As a major employer, the government
workers is responsible for job security of
workers and ensuring that severance
benefits are paid to them should they
become redundant. The government is
therefore responsible for employment
legislation that meets the needs of the
workforce e.g. health and safety, equal
opportunities, maternity benefits and
general labour laws.
Protection of the environment ➢ Environmental sustainability through
protection of the natural environment.
The government is responsible for
legislation relating to environmental
issues such as pollution, use of
dangerous chemicals, traffic congestion
and deforestation.
Management of the economy ➢ The government is responsible for
management of the economy, through
fiscal policies (government expenditure
and taxation) and monetary policies
(control of the money supply and
interest rates).
It is also responsible for the creation of
a safe climate for investors through the
maintenance of political stability, an
equitable and fair legal framework,
exchange rate controls and the
maintenance of the exchange rate
system.
Infrastructural Development ➢ The creation and maintenance of a

network of roads, bridges, ports of
entry and exit, airports, water and
electricity supply are also primary
responsibilities of the Government.
72
Adherence by businesses to laws:
A business operates in an open system, with an external and internal environment and many
stakeholder groupings, as well as, operating within a legal framework. Therefore, the business
has to adhere to or obey the laws governing the environment.
For Example:
➢ Deduct and pay in the necessary statutory payments such as National Insurance, health
surcharge and income tax, as well as, corporation taxes.
➢ Abide by labour laws such as, Occupational Safety and Health, Equal Opportunities,
Minimum Wages Legislation and Maternity Benefits.
➢ Ensure that environmental laws, e.g. Certificate of Environmental Clearance or zoning

laws, are followed.
Some areas in which the Government regulates businesses:
➢ Consumer Protection from unfair treatment; for example, the existence of the Bureau of
Standards and the Ombudsman - Consumer Affairs Division.
➢ Employee protection; for example, minimum wages, severance benefit, and recognition
of trade unions.
➢ Hire Purchase Act.
➢ Minimum and maximum price controls.
➢ Zoning or control of land use to protect the environment and pinpoint areas for
agricultural development, housing development, and commercial business development.
➢ Fiscal Policy e.g. taxation.
➢ Waste Disposal from businesses in terms of hazardous substances, packaging, and
recycling.
73
ACTIVITY

Government: ____________________________________________________
Constitution: ____________________________________________________
Judiciary: _______________________________________________________
2. Identify THREE (3) responsibilities of the government of Guyana to its citizens.

I. ___________________________________________________________
II. ___________________________________________________________
III. ___________________________________________________________
3. With the use of an example, explain any ONE (1) of the responsibilities identified in
question number (2).
______________________________________________________________________
4. Explain FOUR (4) ways in which the Government can regulate business activities.
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
5. Outline FIVE (5) things you observed that the government is doing for the betterment
of your country? _______________________________________________________
_____________________________________________________________________
_____________________________________________________________________
For further Reading:
Websites
1. For Finance, Government and Technology-This reference is from CSEC Principles of
Business: Role of Government
74
INSTRUCTION: right click on the document and go to hyperlink to OPEN.
http://www.fte.org/teacher-programs/online-programs/economics-online-for-teachers/lecture-8-
1-the-role-of-government-in-the-economy
………………………………………………………………………………………………………
Reference:
Dransfield, R. and et al., Principles of Business for CSEC Second Edition, Oxford
University Press, 2019
Moynihan, D. and Titley, B., Economics for CSEC with SBA, Study Guide and
Exercises, Carlong Publishers, 2011
75
LESSON # 23
WORKSHEET
GRADE 11
Name of Student: ……………………….. Date: …………………………

LESSON # 2: How Government can influence businesses to protect the environment
CONTENT:
How government can influence businesses to protect the environment
Governments can seek to establish policies or legislation on areas targeted to environmental

sustainability. These areas should form part of the 'Corporate Social Responsibility' aspect of
the organization. Moreover, governments should move to ensure that businesses comply with
legislation.
These areas include:
➢ Green Technology: This entails using science and technology to protect

the environment. It involves areas such as: green
chemistry, environmental monitoring, recycling of
waste materials, purifying water, purifying the air,
conserving energy (electric cars, environmentally
friendly devices, such as solar panels), rejuvenating
Reforestation:
ecosystems (replanting trees, managing waste).
➢ This is the 'replanting of trees in a stretch of terrain which
had Green technology is also called environmental
technology or clean technology.
NOTE: “Reforestation”: is, 'a planned or deliberate movement to re-grow vegetation lost due to
human activity, natural calamity or sudden climate change.
76
➢ Proper disposal of waste:
Waste management legislation will cover the collection, transportation and disposal of garbage,
sewage and other waste products. Waste management is the 'process of treating solid wastes'. It
encompasses solutions for recycling materials.
➢ Zoning laws:
Zoning is the restriction placed on the way land, within a specified area, can be used. Planning and
development laws help in preserving natural habitats, ensuring that a business fit into the landscape
with other types of institutions, and preventing overcrowding. It is also used to cluster businesses
in an area and to spread development to less developed areas.
77
➢ Appropriate use of technology in the production and disposal of waste:
Examples include: Low pollution garbage collection trucks - where the truck
generates electricity required for loading and unloading while it is in
operation; use of new generation garbage incineration facilities (as recycling
and power generation; Japan, for example); using dispensers for dry foods in
supermarkets reduces the need for packaging (Eco-point initiative, Italy); EU
legislation restricts the number of hazardous materials used in electrical and
electronic equipment. These practices make it easier and safer for the citizens
and the environment.
ACTIVITY
1. Define the term ‘Green technology’.
_________________________________________________________________
2. How can citizens help to preserve the forest?
_________________________________________________________________
_________________________________________________________________
3. Identify TWO (2) ways in which a business can use Green technology.
___________________________________________________________________
___________________________________________________________________
4. Discuss THREE (3) areas in which Government can influence businesses to engage in
environmental protection practices.
_______________________________________________________________________
_______________________________________________________________________
________________________________________________________________________
78
For further Reading:
Website:
For Finance, Government and Technology - This reference is from CSEC Principles of
Business: how can government influence businesses to protect environment.
INSTRUCTION: Please right click on the document and go to hyperlinks to OPEN.
1. https://usgreentechnology.com
2. www.eartheclipse.com
3. www.conserve-energy-future.com
……………………………………………………………………………………………..
Reference:
Dransfield, R. et al., Principles of Business for CSEC Second Edition, Oxford

Maharaj, N. and Rajkumar, P., Complete Revision for Principles of Business, Genesis
Book Publisher, 2019
79
LESSON # 24
WORKSHEET
GRADE 11
Name of Student: ………………………… Date: ……………………….

LESSON # 3: Taxation, Principles and Reason
CONTENT:
DEIFINTION OF TAXATION
A tax is levied on the individual or business entity. It is a compulsory payment made by

individuals and businesses to the government.
Principles of Taxation include:
➢ A tax should be fair or equitable.

➢ The implementation of a tax should be economical in terms of administrative costs.
➢ Tax deductions should be made at convenient times so as not to disrupt the individual or
business functioning.
➢ The implementation of the tax should be done with full knowledge of all persons
affected.
80
Reasons for taxation:
➢ To generate revenue for government

expenditure.
➢ To manage the economy in terms of
fiscal policy; for example, an
expansionary fiscal policy involves
reducing taxation.
➢ To address a balance of payments
deficit where the government seeks to
reduce the outflow of money (imports) by using tariffs or a tax on imported goods to
increase the price of the imports. This is intended to discourage imports and encourage
the demand for local goods and services.
➢ To reduce the demand and consumption of de-merit goods and services such as,
cigarettes, alcohol and gambling.
➢ To redistribute income through expenditure on social welfare programmes.
ACTIVITY
1. In your own words formulate a definition for the term ‘Tax’.
___________________________________________________________
2. State TWO (2) reasons for Taxation.
_______________________________________________________________
_______________________________________________________________
3. Identify THREE (3) examples of Taxes in Guyana.
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
81
4. Explain TWO (2) Principles of taxation.
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
LESSON REVIEW
Please watch the video below to gain a better understand of Taxation.
Websites
For Finance Government and Technology-This reference is from CSEC Principles of

Business: Taxation.
https://youtu.be/6Lw7zy7FhrQ
………………………………………………………………………………………………………
REFERENCE
Dransfield, R.et al., Principles of Business for CSEC Second Edition, Oxford
Maharaj, N and Rajkumar, P., Complete Revision for Principles of Business, Genesis
Book Publisher, 2019.
82
LESSON # 25
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: …………………….

LESSON # 1: Types of Taxation
CONTENT: Types of Taxes
83
The incidence of the tax falls on the individual or business. A direct tax is usually levied on
income and capital.
For example:
➢ Personal IncomeT ax is levied on the income earned by the worker.
➢ Corporation Tax is imposed on the profits made by companies.
➢ Capital Gains Tax is imposed on the money from the sale of an asset e.g.,
property or shares.
➢ Capital transfer Tax is placed on the transfer of property.
➢ Stamp Duty is levied on transactions such as the sale of land or financial
transaction.
The incidence or burden of the tax falls on various

individuals in the production process. It is usually paid by
the producer who in turn passes the cost on to the consumer.
The incidence of the tax results in higher prices to
consumers.
Example of Indirect taxes:
➢ Customs Duties or Tariffs: A tax levied on goods imported into the country.
➢ Excise Duties: A tax levied on goods manufactured in a country.
➢ Purchase Tax: a tax levied on the retail price of some goods e.g., tobacco.
➢ Value Added Tax: A tax levied or placed on goods at each stage of production
as a percentage of the value added.
➢ General Consumption Tax is a type of purchase tax.
A specific tax e.g., excise duties, is levied or imposed at a fixed amount, regardless of the value
of the goods.
NOTE:
Value Added Tax is an Ad valorem tax.
This is a tax levied at a percentage of the value of the goods.
For example, the higher the value of the item, the greater the
tax to be paid.
84
ACTIVITY
1. Differentiate between Direct and Indirect Taxation.
Direct Taxation: __________________________________________________________
Indirect Taxation: _________________________________________________________
2. Name the organisation in Guyana that is responsible for the collection of all taxes.
___________________________________________________________________
3. Give THREE (3) examples of Direct taxation and THREE (3) examples of Indirect
taxation.
___________________________________________________________________
Direct Taxes Indirect Taxes
4. Explain what is PAYE? ____________________________________________________
………………………………………………………………………………………………………
REFERENCE
Dransfield, R.et al., Principles of Business for CSEC Second Edition, Oxford
85
LESSON # 26
WORKSHEET
GRADE 11
Name of Student: ……………………………. Date: …………………………

LESSON # 2: Taxation Systems
CONTENT:
Taxation Systems
➢ Proportional Taxation System: All taxpayers pay the same proportion or percentage of
income in taxes.
➢ Regressive Taxation System: As an individual’s income increases, the percentage of

income paid in tax, falls. Therefore, a regressive tax represents a smaller portion of the
high income than it represents of the smaller or lower income.
➢ Progressive Taxation System: As an individual’s income increases, the percentage of

income paid in taxes, increases. Therefore, a progressive tax system represents a larger
portion of the high income than the lower income.
86
ACTIVITY
1. Give ONE (1) example for each taxation system.
PROPORTIONAL: ___________________________________________________________
PROGRESSIVE: ____________________________________________________________
REGRESSIVE: _____________________________________________________________
2. Differentiate between the following Taxation systems:
PROPORTIONAL: _________________________________________________________
PROGRESSIVE: _____________________________________________________________
REGRESSIVE: ______________________________________________________________
3. What type of taxation system does Guyana have?
________________________________________________________________________
LESSON REVIEW
Watch the video below to better understand of Progressive, Regressive and Proportional taxation.
Websites
Business: Taxation
https://www.youtube.com/watch?v=sWUfQvhbByA
………………………………………………………………………………………………………
REFERENCE
Dransfield, R. et. Al., Principles of Business for CSEC Second Edition, Oxford
87
LESSON # 27
WORKSHEET
GRADE 11
Name of Student: ……………………………. Date: ………………………

LESSON # 3: Forms of Government Assistance
CONTENT:
Forms of Government Assistance to Business
➢ Government through various agencies provide funding

for small entrepreneurs and start- up businesses.
INSTITUTIONS FOR Usually, traditional lending agencies, such as
LENDING CAPITAL commercial banks, consider small start-up businesses
to be risky in nature. The Government therefore
provides venture capital loans at lower interest rates.
➢ The government provides training and technical
assistance to business persons in areas targeted for
national development e.g., vocational skills,
TRAINING AND agriculture, and small business development. Further,
TECHNICAL ASSISTANCE
the national curricular at the pre-school, primary and
secondary schools need to be up-dated as necessary to
be relevant to the environment.
➢ Government departments usually conduct market
research and are able to provide information to
RESEARCH AND businesses in terms of potential markets, new
INFORMATION CENTERS
technologies, trade agreements, business registration
process, and the legal framework.
➢ Subsidies are payments made to producers intended to
SUBSIDIES AND GRANTS reduce the cost of production thereby reducing the
price to the consumer.
➢ Government can offer tax incentives to businesses that
TAX INCENTIVES set up in fields of national importance e.g., tourism and
agriculture.
➢ Government can assist businesses by mounting trade
TRADE FAIRS AND fairs to showcase goods and services. It can also
PROMOTION
promote businesses on foreign trade missions.
88
ACTIVITY
1. Complete the word search to list the forms of Government Assistance.

2. List TWO (2) lending institutions that partner with the government to provide support to
entrepreneurs
_______________________________________________________________________
_______________________________________________________________________
3. Identify TWO (2) other forms of Government assistance.
_______________________________________________________________________
________________________________________________________________________
89
4. What is the difference between ‘a loan’ and ‘a grant’?
________________________________________________________________________
________________________________________________________________________
………………………………………………………………………………………………………
REFERENCE:

90
LESSON # 28
WORKSHEET
GRADE 11
Name of Student: …………………………. Date: …………………………

LESSON # 1: Impact of Social Services provided by the Government
CONTENT:
IMPACT OF SOCIAL SERVICES PROVIDED BY THE GOVERNMENT
➢ Health care: Some states provide a subsidized

or free health care system that citizens can
access regardless of income levels. While this
usually results in long lines for services, poorer
members of the society can access these merit
goods that they cannot afford in the private
sector. Moreover, the government provides
health centers and outreach centers in rural areas
to meet the basic needs of citizens.
➢ National Insurance Scheme: This provides employed persons, who contribute to the
scheme, with a retirement benefit and access to grants should injury or death occur on the
job.
91
➢ Education: The government provides
subsidized, and free education to citizens.
Moreover, governments usually provide
scholarships for students to study in particular
fields. In some countries, the state also provides
free textbooks up to the secondary level.
Education is a merit good, and if left up to the private sector, poorer citizens would not be
able to afford access to educational services.
➢ Roads and Transport or Infrastructure: The government provides the infrastructural

framework for use by the citizens of the country and the business entities. These are public
goods such as roads and street lights or goods that are non-excludable by nature.
92
ACTIVITY
1. Why does a country need to have Social Services?

2. What are THREE (3) of the most important social services?
3. What steps can the government take to improve the quality
of education provided to its citizens in Guyana?
4. What steps can the government take to improve the quality
of health care provided to the citizens of Guyana?
5. Explain how the government raises revenue to finance social services.
ANSWER BOX
………………………………………………………………………………………………………
Reference:
93
LESSON # 29
WORKSHEET
GRADE 11
Name of Student: ………………………… Date: ………………………..

WEEK # 10 – TOPIC: BUSINESS TECHNOLOGY AND THE ENVIRONMENT
LESSON # 2: Business Technology and Role of Information Communication Technology
CONTENT:
PONDER ON THIS
QUESTION:
BUSINESS TECHNOLOGY
WHAT IS
TECHNOLOGY?
'Business Technology' refers to ' the applications of science, data, engineering and information
for business purposes, such as the achievement of economic and organizational goals. The main
element of technology is the idea of change, and how it can affect business and society.'
Changes in technology will affect how a business operates in both the internal and external
environments.
94
Examples of business technology include:
➢ Using accounting software to file information electronically.

➢ Targeting both the consumer and business market with product; for example,' Apple I
Phone' enhanced security features that can benefit business clients.
➢ Using social networking/social media to monitor customer satisfaction and gain new
customers.
➢ Telecommuting where, with broadband access, employees can work from home or on
the field (flexible working arrangements); video conferencing can save time and money
in accommodating out-of-town or foreign executives or clients.
The role of ICT in business:
'Information and Communication Technology' or ICT is ‘all rapidly emerging, evolving and
converging computer, software, networking, telecommunications, internet, programming and
information systems technologies’.
➢ Improved communication in business operations through the use

of mobile phones, emails, internet and intranet, mobile money
applications, e-commerce, management information systems.
➢ Improvements in record keeping and management e.g., using
ICT can lead to:
Quick Book and MS Projects.
➢ Online market research and information gathering on
competitors.
➢ More efficient deliver using GPS systems.
➢ Using the internet to advertise products.
➢ Use of robotics and computer aided design software to enhance
production.
➢ Computer aided manufacturing to increase production
efficiency.
95
ACTIVITY
1. Define the term ‘ICT’?
________________________________________________________________________
2. List THREE (3) examples of ICT.
______________________________________________________________
______________________________________________________________
______________________________________________________________
3. How might a small firm benefit from Business Technology?
____________________________________________________________________
____________________________________________________________________
4. Identify TWO (2) ways in which Business Technology might enable a firm importing
goods from overseas to reduce it costs.
__________________________________________________________________
_________________________________________________________________
PRACTICAL ACTIVITY:
Make sure you follow all Covid 19 guidelines -
Visit a local business in your community and find out
how they use Technology.
Discuss your findings with your teacher.
………………………………………………………………………………………………………
REFERENCE

Book Publisher, 2019.
96
LESSON # 30
WORKSHEET
GRADE 11
Name of Student: …………………………… Date: …………………….

LESSON # 3: Types of ICT Used in the Business Environment
CONTENT:
Ponder on this question.

Can you list some examples of ICT used
in some businesses in Guyana?
DEFINITION OF MANAGEMENT INFORMATION SYSTEM
Management Information System (MIS)
A manual or computerized system designed to collect, sort and analyze data to provide
information in order to enhance decision making. The information for the MIS is used to
generate reports on areas such as employee absences and overtime, cash flow, sales and
profitability.
97
Examples of Management Information Systems
➢ Transaction Processing System: Supports the day-to-day operations of the business e.g.,
electronic transfer of funds.
➢ Decision Support System: Provides information for managerial decision making e.g.,
sales figures for reports.
➢ Office Automation System: Provides support for office operations e.g., communication.
98
➢ Executive Support System: Provides information for high level management or
executive decision making.
➢ Human Resource Information System: Provides information related to the people aspect
of the organization; for example, performance management.
➢ Marketing Information System: provides information on the marketing aspects of the

organization.
Ways in which technology has influenced banking and commerce:
➢ Through the introduction of Automatic Teller Machines (ATMs) and Automated Banking
Machines (ABMs), which facilitate the deposit and withdrawal of funds, as well as other
services without having to go into a bank to access teller services. The location of the ATM
machines in hotels, petrol stations, malls and supermarkets adds to the convenience of
customers who can transact business without having to wait in line at a bank.
➢ Through the practice of on-line banking, which enables customers to access their accounts
from home and other locations using personal computers. This facility enables customers to
check their account balances from the comfort of their homes, and it permits easy and
convenient payment of utility and other bills.
➢ Through electronic commerce (ecommerce) – By using the internet, individuals and

businesses are now able to make business transactions via the world wide web, without
having to visit a physical brick and mortar store. E-commerce has given rise to many on-line
stores, which permit customers to browse for products and pay for them electronically.
99
Examples of ICT used in business:
MARKET REAEARCH ➢ This can utilize online surveys, blogs, chats, online
face to face interviews.
MARKET ➢ Web site advertising; emails, blogging, app
advertisement, SMS, social media advertising
CUSTOMER SUPPORT ➢ Emails, webinar, social media, online newsletters
COMMUNICATION ➢ Cell phones, smart phones, emails, text messaging,
social networking, web conferencing
TRADITIONAL ➢ Microsoft Word, Access, Excel, Power point,
PRODUCTIVITY SOFTWARE Adobe Illustrator
TOOL
PRODUCTION ➢ Computer Aided Design, computer aided
Instructions, Computer Aided Manufacture, Net
Suite Manufacturing Edition (integrated inventory,
warehouse management order management, e-
commerce platform).
ACCOUNTING AND ➢ QuickBooks, Sage Intacct (Cloud based accounting
FINANCE software), NetSuite (enterprise resource planning
and customer relationship management), multi-view
(financial solutions).
ACTIVITY
1. What do the following abbreviations stand for?
WWW: _____________________________________________
ATM: _____________________________________________
ABM: ______________________________________________
100
2. PICTURE STUDY:
Look at the picture below and list some examples of ICT used in business.
PUT YOUR EXAMPLES IN HERE:

i. _____________________________________
ii. _____________________________________
iii. _____________________________________
iv. _____________________________________
3. What type of ICT tool would be best used in the situations below?
a. The managing director of the company wants to do a staff development session with
the staff.
______________________________________________________
b. The accounts clerk wants to create a table demonstrating the cost of items in the
business.
___________________________________________________________
c. The director wants to send a document to a client who lives overseas.

___________________________________________________________
d. A company wishes to create an electronic system that will give all executives access
to specific company information.
____________________________________________________________
101
4. What aspect of the internet makes it particularly useful for business purposes?
_______________________________________________________________________
_______________________________________________________________________
5. What does ‘MIS’ stand for?
________________________________________________
6. Identify TWO (2) other examples of MIS which are not stated in this lesson.
________________________________________________________________
________________________________________________________________
________________________________________________________________
……………………………………………………………………………………………..
REFERENCE

102
LESSON # 31
WORKSHEET
GRADE 11
Name of Student: ………………………… Date: ……………………..

LESSON # 1: Ecommerce and E-Business
CONTENT:
Some differences between E- BUSINESS AND E-COMMERCE
103
ACTIVITY
E-COMMERCE: __________________________________________________
E-BUSINESS: __________________________________________________
Ways in which ICT can improve efficiency of business operations:
It is important for businesses to keep up with the changing pace of the technological
environment. Business efficiency can be improved by ICT in the following ways:
➢ more efficient business operations; for example, document templates, and digital filing
systems;
➢ instant communication through the use of emails, video conferencing;
➢ access to information via websites; and,
➢ request and share information at any time.
ACTIVITY
On your own, identify TWO (2) more
ways in which ICT can improve
efficiency of a business in Guyana.
1. _________________________________
2. _________________________________
Application of Automation and Mechanization
Automation is described as the employment of machines in a continuous process of operation. It

is characterized by minimal use of labour in the process.
Mechanization is the substituting of human and animal labour with machines, such as robotics
and computers, to produce more efficiently.
104
Capital intensive production involves the increased use of equipment and machinery than
labour.
Labour intensive production is dependent on the extensive use of manual labour .
ADVANTAGES OF AUTOMATION AND DISADVANTAGES OF AUTOMATION

MECHANISATION AND MECHANISATION
➢ Increased productive capacity in shorter ➢ Increased unemployment
cycle time
➢ Reduced labour cost ➢ High initial investment costs
➢ Reduction in defects on production line ➢ High maintenance costs over time
➢ Minimal need for supervisors ➢ Prone to technical disruptions
105
ACTIVITY
Expand your reading and find TWO (2) more advantages and disadvantages of automation and
mechanization.
ADVANTAGES: ________________________________________________________
__________________________________________________________
DISADVANTAGES: _________________________________________________________
__________________________________________________________
………………………………………………………………………………………………………
REFERENCE
106
LESSON # 32
WORKSHEET
GRADE 11
Name of Student: …………………………. Date: ………………………..

LESSON # 2: Lean Production and Efficiency, Consequences of Unethical Use of ICT
CONTENT:
Lean Production and Efficiency
Lean Production describes production processes designed to eliminate wastage through the most
efficient employment of technology and labour to meet customer requirements.
To achieve lean production, the firm can utilize the following techniques:
1. Computer Aided Design (CAD): this uses computer software to

design products, which can be configured to meet customer
specifications. It reduces the need to construct actual prototypes.
The computer design can be modified and various models
evaluated before actual production.
2. Computer Aided Manufacture (CAM): Used in the
manufacturing sector in mass or flow production. It may also
involve the use of robotics.
3. Computer Aided Instruction (CAI): Software application
designed to instruct users on procedures and methods.
107
ACTIVITY
1. Define the term ROBOTICS.
ROBOTICS: _________________________________________________
2. What is the meaning of the following abbreviations?

CAD: _________________________________________________
CAM: _________________________________________________
CAI: __________________________________________________
Consequences of Unethical use of ICT:
➢ Privacy and Data Security issues: Privacy or the 'right of a person not to reveal
information about himself or herself' is of prime concern when using ICT applications. In
the business environment, privacy can be compromised when systems are attacked
(unauthorized access/hacking). This has become an issue with the increased use of
mobile banking, e-banking and e-commerce (identity theft, for example). Businesses can
seek to upgrade security via password security and personal identification numbers.
➢ Intellectual Property rights are considered infringed when intellectual work e.g.,
writings, theories, studies, songs, and music, protected by law is used without permission
from the owner. This involves piracy of material protected by intellectual property rights,
that is, the unauthorized use, copying, distribution or downloading of software, games, and
information. The person or business can lose income and control over material.
➢ When employees access social media during the course of working hours, unless for
business use, this can prove to be a distraction from doing one's job.
➢ Using social media to engage in cyber bullying or intimidating other persons or

manipulating media to damage the image of competitor's product.
108
CHAPTER REVIEW
1. Define the term ‘business technology’.

______________________________________________________________
______________________________________________________________
2. Explain the role of ICT in the business environment.
_______________________________________________________________
_______________________________________________________________
3. Describe FOUR (4) ways ICT can be used in business.

______________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
4. How can ICT applications bring about efficiency in a business?

_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
……………………………………………………………………………………………..
REFERENCE

WEBSITES
http://www.useoftechnology.com/5-ethical-challenges-information-
technology/https://gigaom.com/2013/03/09/emerging-technologies-are-creating-new-
ethical-challenges-for-uxdesigners/
109
LESSON # 33
WORKSHEET
GRADE 11
Name of Student: …………………………… Date: …………………………….

WEEK # 11 TOPIC: TECHNOLOGY AND THE GLOBAL BUSINESS ENVIRONMENT
LESSON # 3: Factors that Determine a Countries Standard of Living and Quality of Life
CONTENT:
Standard of Living
Standard of Living describes the economic well-being of a country’s citizens. It

reflects the amount and quality of goods and services consumed by the population.
Measuring standard of living:
GDP per capita = GDP

Population
Indicators of a country’s standard of living (SOL)

Standard of living indicators are quantifiable or measurable factors. Indicators of the standard of
living of a country may include, for example:
Factors indicating Standard of Living:
➢ GDP or National income per capita

➢ Average personal disposable income
➢ Life expectancy
➢ Quality and quantity of available health care
➢ Diet of citizens
➢ Income levels
➢ Employment rate
110
Quality of Life
Quality of life measures the basic freedoms and rights that citizens
enjoy.
For example: freedom to worship, freedom of movement, freedom of association, crime rate. It
is a qualitative measure of the life of citizens.
Quality of life indicators include:
➢ Freedom from bondage or oppression and equal opportunities

➢ Freedom from discrimination from various characteristics
such as gender and race
➢ Freedom of movement
➢ Freedom of speech
➢ The freedom to enjoy recreation
➢ The right to be educated
➢ Level of safety experienced by citizens’ extent of security
enjoyed (level of crime)
➢ Availability of health, educational and recreational facilities
➢ Diet and nutrition
➢ Life expectancy
➢ Rate of infant mortality
ACTIVITY
1. Define the term ‘Standard of Living’.
____________________________________________________
111
2. State THREE (3) indicators of Standard of Living
ENTER YOUR ANSWER IN HERE:

1. ______________________________________________________________________________
2. ______________________________________________________________________________
3. ______________________________________________________________________________
Define the term ‘Quality of Life’.
____________________________________________________________________
3. State THREE (3) indicators of Quality of life.
___________________________________________________________________
___________________________________________________________________
____________________________________________________________________
……………………………………………………………………………………………………
REFERENCE

112
LESSON # 34
WORKSHEET
GRADE 11
Name of Student: …………………………….. Date: ………………………….

WEEK # 12 – TOPIC: TECHNOLOGY AND THE GLOBAL BUSINESS
ENVIRONMENT
LESSON # 1: Economic Growth and Development
CONTENT:
This describes the expansion of the country’s

ECONOMIC economy, that is, an increase in the real level
GROWTH of national output or Gross National Product.
This is after the effects if inflation has been
taken into account. Economic Growth is a
quantitative increase in production.
Negative Economic Growth

This situation exists when there is a fall in productive capacity from one period to another. It
may also describe a failure of the economy to expand production.
This describes qualitative changes in the Economic

economy. It refers to increases or
Development
improvement in living standards, human
capital development and the enjoyment of
freedoms. It incorporates the development
of telecommunication facilities and greater
access to governmental services.
➢ Human Resource Development (HRD):
113
Human Resource Development (HRD) describes the training and developmental activities that
create avenues for learning in the workforce. This learning can lead to human capital becoming
the competitive advantage of businesses.
This would include:
➢ on the job training

➢ off the job training
➢ coaching
➢ mentoring
➢ e-learning
➢ greater access to facilities for learning
➢ governmental support
➢ national skills development
The development of an individual’s (employee’s) learning capacity can lead to the person
becoming more effective and efficient. This can lead to increased output, thereby increasing
economic growth.
➢ Real GDP or Real National Income:

‘Real’ indicates that the effects of inflation have been taken into account.
➢ The Human Development Index (HDI)

A measure of social and economic development developed by the United Nations. The HDI is a
broader measure than the National Income per capita measure.
It encompasses:
• Health of people, that is, life expectancy at birth.
• Education, that is, enrolment in primary, secondary and tertiary education.
• Standard of Living, that is, national income per capita.
114
Role of education in Economic Growth and Development:
➢ Education increases productivity: Increases in the abilities and learning of the

labour force, which can increase labour productivity and foster higher output.
➢ Education enhances creativity and innovation: By applying new ideas and

capitalizing on opportunities where one can implement knowledge on
technologies, products and processes, economic growth or productive output can
increase.
➢ Education promotes entrepreneurship by providing tools (knowledge of the

environment, markets, competitors, know-how in producing goods and services)
to develop ideas.
➢ Education fosters technological advancement, which facilitates new and improved

processes that lead to increased productivity.
➢ Education facilitates economic progress: Education can promote the transmission

of knowledge and facilitate the implementation of technology, which can promote
economic growth.
ACTIVITY
Indicate whether the following statements are true or false by placing T or F on the lines
provided:
1. Economic growth measures the increase in the value of production of goods and services in a
country over a period of one year. _______
2. Spending on the environment tends to fall when there is economic growth. _______
3. Governments build more roads, bridges and highways when there is economic growth. ______
4. Reductions in imports can cause negative economic growth. _______
115
LESSON REVIEW
1. Define the term ‘Standard of Living’.

________________________________________________________________________
________________________________________________________________________
2. State THREE (3) indicators of Standard of Living.

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
3. Define the term ‘Quality of Life’.

________________________________________________________________________
________________________________________________________________________
4. State THREE (3) indicators of Quality of Life
_______________________________________________________________________
________________________________________________________________________
________________________________________________________________________
5. Describe the role of education in “Economic Growth” and “Economic Development”.

_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
………………………………………………………………………………………………………
REFERENCE
116
LESSON # 35
WORKSHEET
GRADE 11
Name of Student: ………………………… Date: …………………………..

WEEK # 12 – TOPIC: INTERNATIONAL TRADE
LESSON # 2: Definition, Reasons, Advantages and Disadvantages
CONTENT:
INTERNATIONAL
TRADE
International Trade is trade or the exchange of goods and services between and among nations.
Reasons for International Trade include:
➢ Some countries, because of their climates, are better able to produce certain products
and then trade with the rest of the world.
➢ Some countries achieve a competitive advantage because of their access to natural
resources e.g. oil, natural gas, asphalt, gold. These countries can extract the raw
materials and sell to other countries.
➢ Some countries can specialize in the production of certain goods and services and then
engage in trade.
➢ Technological expertise can lead to increases in production.
➢ The development of transportation and communication networks has led to increase
trade among countries.
117
ADVANTAGES DISADVANTAGES
➢ Increase utilization of productive ➢ Local industries may have to lobby the
capacity to produce surplus for trade. government for protectionist policies
to prevent foreign competition.
➢ Increases employment to produce
goods and services for trade. ➢ Dumping of goods in less developed
countries at lower prices than goods
➢ Improvement in the standard of living available on the market, especially
as a result of greater access to goods where the goods are no longer needed
and services. in the more developed country.
➢ Improved quality of goods and ➢ Underdevelopment of local industries.

services as a result of international
competition.
Absolute advantage: This situation exists when a country is more

. efficient than another country in the production of a particular good.
Comparative Cost Advantage: This is based on the assumption that a

country will engage in the production of a good in which it has the least
cost than another country or the lower opportunity cost than another
country. This leads to trade.
118
ACTIVITY
1. Define the term “International Trade”.

____________________________________________________________________
____________________________________________________________________
2. What is the difference between ‘absolute advantage’ and ‘comparative cost advantage’?
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
3. Why do you think a country imports goods that it can produce itself?
___________________________________________________________________
____________________________________________________________________
4. Why does a country sometimes have to import raw materials and finished products that it
cannot produce itself?
_____________________________________________________________________
_____________________________________________________________________
5. Why is it important for countries to export goods and services?

______________________________________________________________________
______________________________________________________________________
……………………………………………………………………………………………….
REFERENCE

119
LESSON # 36
WORKSHEET
GRADE 11
Name of Student: ………………………….. Date: ………………………..

WEEK # 12 – TOPIC: NATIONAL INCOME AND VARIATIONS
LESSON # 3: National Income, GDP and GNP
CONTENT:
NATIONAL
Gross Domestic Product: GDP
INCOME
+ Net Property Incomes from Abroad:
NPI
= Gross National Product: GNP
- Depreciation
= National Income
Gross Domestic Product:
The total money value of the goods and services produced in a country in a year.
➢ Net Property Incomes from Abroad: This is the difference between money coming
into the country; for example, remittance of incomes, interest form investment abroad,
and money leaving the country. This figure can be positive or negative.
➢ Gross National Product: This is the money value of goods and services produced in a
country and includes money coming in from abroad less money leaving the country, in a
year (GDP+NPI=GNP).
➢ Depreciation: This is the reduction in the value of an asset over time e.g. wear and tear
of machinery. This is also called capital consumption.
120
National Income:
The money value of all goods and services produced in the country and from interest
abroad after deducting depreciation (GNP – Depreciation = National Income).
WAYS OF CALCULATING NATIONAL INCOME:
➢ The Income Method: This involves taking into account all the incomes earned by
individuals and firms within a country.
For example - Income from employment + Profits + Rents + Net Property Income from
abroad = Gross National Product – Depreciation = National Income.
➢ The Output Method or Product Method: this involves taking into account all the
output in the country in a year.
For example - Total Domestic Product (GDP) + Net Property Incomes from Abroad =
Gross National Product – Depreciation = National Income.
➢ The Expenditure Method: this method involves totaling the amount spent on investment
and consumer goods and services in the country in a year; for example,
Investment Expenditure at Market Prices (Business)

+ Consumption Expenditure at Market Prices (Consumers)
+ Subsidies
- Indirect Taxes
+ Net Property Incomes from Abroad
= Gross National Product
– Depreciation
= National Income
Terms to consider:
➢ Market Prices: The final price inclusive of taxes to be paid by the consumer.
➢ Factor Cost: The cost of factors of production used in producing the good.
➢ To move from market prices to factor cost: add subsidies and subtract indirect taxes
➢ Transfer payments: Payments made to individuals who are not engaged in production
activities.
121
Uses of National Income Statistics:
➢ To give an indication of the standard of living of a country.
➢ To compare the standards of living of different countries.
➢ To determine the rate at which national income is growing.
➢ To determine which sectors of the economy needs improving.
ACTIVITY
1. What is the meaning of the following abbreviations?
GDP: ____________________________
GNP: ____________________________
NI: ____________________________
2. Explain how to calculate National Income.

__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
3. Explain THREE (3) reasons why a country needs to calculate National Income.
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
4. What is the formula used to calculate Gross National Product?
For further Reading
Websites
For Finance, Government and Technology-This reference is from CSEC Principles of

Business: National Income
122
INSTRUCTION: right click on the document and go to hyperlinks to OPEN.
https://www.youtube.com/watch?v=kf8-R28MgP4
………………………………………………………………………………………………………
REFERENCE
Dransfield, R. et.al., Principles of Business for CSEC Second Edition, Oxford

123
LESSON # 37
WORKSHEET
GRADE 11
Name of Student: ……………………………. Date: ……………………..

WEEK # 13 – TOPIC: REGIONAL AND ECONOMIC BUSINESS ENVIRONMENT
LESSON # 1: CARICOM and CSME
CONTENT:
CARICOM: is a community of fifteen (15) members of state and associates, which enable
economic cooperation and integration among members.
124
ECONOMIC INSTITUTIONS FUNCTIONS
CARIBBEAN COMMUNITY ➢ Promote integration among member nations e.g.
(CARICOM)
The Caribbean Examination Council (CXC).
➢ To foster regional trade and the removal of trade
barriers.
➢ To promote economic development in the region.
➢ To encourage co-operation on trade issues with the
rest of the world e.g., the Common External Tariff,
which is levied on imported goods, at the same
rate by all members.
CARIBBEAN SINGLE MARKET ➢ To promote the free movement of people, goods
ECONOMY (CSME)
and services among member countries.
➢ To foster a single market without trade barriers.
➢ To facilitate the free movement of capital.
ACTIVITY
1. When were the following institutions formed?

CARICOM: ______________________
CSME: _______________________
2. Where are the headquarters for CARICOM and CSME?

CARICOM: ______________________
CSME: ____________________________
3. Identify TWO (2) functions of CARICOM.

________________________________________________________
________________________________________________________
4. Identify THREE (3) countries that are members of:

CARICOM: ______________________________________________________
CSME: ________________________________________________________
125
………………………………………………………………………………………………………
REFERENCE
126
LESSON # 38
WORKSHEET
GRADE 11
Name of Student: ………………………….. Date: ………………………….

LESSON # 2: CDB, WORLD BANK, IDB, OECS AND IDB
CONTENT:
CARIBBEAN ➢ Finances social and economic programmes in Caribbean
DEVELOPMENT BANK countries.
➢ To offer assistance in the event of natural disasters.
WORLD BANK ➢ The main function of the IBRD is to provide low interest
Consists of two institutions: The loans to developing countries and the poorest nations.
International Bank for These loans are to be used for areas such as education,
Reconstruction and Development health, infrastructural development, and agriculture and
(IBRD) and the International environmental management. The aim is to reduce global
Development Association (IDA). poverty.
INTERAMERICAN ➢ Foster the economic and social development of nations

DEVELOPMENT BANK (IDB) in the Caribbean and Latin America.
➢ Provide loans to borrowing members at competitive
interest rates.
ORGANISATION OF ➢ Encourage co-operation among member countries.
EASTERN CARIBBEAN ➢ Promotes economic integration.
STATES (OECS)
ORGANISATION OF ➢ Promote and maintain peace among member countries
AMERICAN STATES through the defense of human rights, encouraging free
trade, prevention of trade in illicit drugs, poverty
reduction and social and economic development.
ECONOMIC COMMISSION ➢ Coordinate the development of members through
FOR LATIN AMERICA collaboration with member states and various
COUNTIRES (ECLAC) institutions.
➢ Offer technical assistance and training to members.
➢ Provide a forum for discussion on economic and social
issues.
127
ACTIVITY
1.When were the following institutions formed?
- THE CARIBBEAN DEVELOPMENT BANK
- THE WORLD BANK
- THE INTERAMERICAN DEVELOPMENT BANK
2. Where are the Head Quarters for the CDB and the WORLD BANK?
3. Identify two functions of CARICOM.
4. Explain the main purpose of the WORLD BANK.
WRITE YOUR ANSWERS

HERE
128
ORGANISATION OF EASTERN ➢ Promote free trade among members in the Eastern
CARIBBEAN STATES Caribbean.
ORGANISATION OF ➢ Determine the quantity of oil to be supplied on the
PROTROLEUM world market.
EXPORTING COUNTIRES ➢ Influence the price of oil on the world market as
(OPEC)
these countries act as a cartel.
CARIBBEAN BASIN INITATIVE ➢ Promote trade initiatives to allow Caribbean
economies with preferential and duty-free access
to United States market.
WORLD TRADE ➢ Promote trade liberalization.
ORGANISATION ➢ Provide a system of rules for negotiation and
settling trade disputes.
➢ Concerned with fair trade where no one country
benefits from trade at the expense of others.
➢ Concerned with trade in goods, services,
intellectual property, the environment, regional
trade agreements and technology.
EUROPEAN UNION ➢ Promote peace, establish a unified economic and
monetary system.
➢ Promote inclusion and combat discrimination,
➢ Break down barriers to trade and borders,
encourage technological and scientific
developments.
➢ Champion environmental protection,
➢ Promote goals like a competitive global market
and social progress.
ACTIVITY
Identify FIVE (5) more economic institutions and explain their functions.
129
…………………………………………………………………………………………………
REFERENCE
130
LESSON # 39
WORKSHEET
GRADE 11
Name of Student: …………………………. Date: ……………………….

LESSON # 3: Economic problems in the Caribbean
CONTENT: ECONOMIC PROBLEMS OF THE CARIBBEAN
1. Industrialization: refers to business activities such as production and

manufacturing on a large scale. Major heavy industrial activities in the
Caribbean are in areas such as oil drilling, natural gas extraction and
bauxite. Problems involve: the disposal of industrial waste, reliance on
primary production, capital intensive nature of activities, high energy costs,
and opportunity cost of investment in these areas.
POSSIBLE SOLUTIONS TO INDUSTRIALIZATION:

➢ Government can establish legislation on waste disposal and the regulation
of negative externalities or economic bad.
➢ Training and development of locals in modern technological methods.
➢ Encourage investment in secondary and tertiary production.
➢ Use profits to create businesses to foster employment.
ACTIVITY
WHAT ARE SOME INDUSTRIAL
CHANGES YOU OVER IN THE
CARIBBEAN? (Unclear)
131
2. Overpopulation: A situation where there is an excess of persons living in a
defined area e.g., a square kilometer. Problems such as poverty, social issues e.g.,
crime and increases in communicable diseases.
Rural-urban drift: The movement of persons from rural or less developed country
areas to urban centers or towns.
POSSIBLE SOLUTIONS
1. Unemployment:
Government can:
➢ Develop policies for family planning.
➢ Develop zoning policies regarding the location of industry spread.
➢ Put in place proper roads and utilities.
Types of unemployment include:
➢ Seasonal Unemployment: Persons are employed only when the season for certain types
of economic activities comes around.
➢ Casual Unemployment: Refers to persons who work on an on-and-off basis.
➢ Cyclical Unemployment: Unemployment that occurs as a result of the cyclical nature of
the economy. People are laid off during a depression or recessionary period.
Unemployment is reduced during periods of a boom.
➢ Technological Unemployment: Unemployment that occurs as a result of the adoption or
implementation of technology or more capital intensive means of production. Increased
automation and mechanization results in less need for human capital.
➢ Structural Unemployment: Unemployment that occurs as a result of long-term changes
in the economy and results in decreased demand for a good or service e.g., movement away
from agriculture-based production to tertiary production.
➢ Frictional Unemployment: Unemployment that occurs as a result of the period of time
between one losing or leaving a job and subsequently finding one.
➢ Residual Unemployment: Unemployment that occurs because of persons not having the
capacity to undertake or engage in employment.
132
POSSIBLE SOLUTION TO UNEMPLOYMENT
Government can:
➢ Provide incentive to businesses to hire more persons.

➢ Invest in small business development.
➢ Enhance programmes such as on-the-job training.
➢ Invest in vocational programmes to enhance skill development.
➢ Ensure that firms continue to employ a percentage of human capital as they
engage in mechanization and automation e.g., through business levy.
➢ Creation of a data-base of persons seeking employment.
➢ Proper human resource or workforce planning to ensure that there are
adequate skills-development programmes to meet the demand for certain
skills in the country.
➢ Encourage foreign direct investment into the country to develop sectors and
business. This would encourage technology transfer, employment,
infrastructural development, and transfer of learning.
ACTIVITY
1. What are THREE (3) causes of unemployment in
your country?
2. Formulate a definition for the term Migration.
3. Identify THREE (3) reasons why persons would
migrate from their country to another.
133
5. Urbanization: A situation where persons move from rural areas to settle in cities and
towns. Problems occur in that: The rural urban drift results in fewer persons being left in
rural communities. This reduces the labour supply in those communities. Urban
communities will tend to become overcrowded.
Possible Solution
➢ Improve zoning regulations to spread businesses
Government can:
to less developed areas.
6. Inadequate Sources of Capital: The Caribbean region is characterized as having an

adequate supply of labour but inadequate capital (plant, machinery, equipment,
technology, infrastructure and money) to put the labour to work.
Possible Solution
Government can:
➢ Encourage Foreign Direct Investment
➢ Borrow money from other countries or lending
agencies
➢ Reduce interest rates to stimulate investment
7. Economic Dualism: This situation occurs because the economy is based on two separate
sections/sectors. One sector is characterized as being technologically developed and the
other underdeveloped due to a lack of modern technological inputs e.g., the agricultural
sector. The focus tends to be on the more advanced sector (s).
Possible Solution
Government can: ➢ Develop policies to spend the gains from the
profitable sector in developing the
underdeveloped sector e.g., increase government
spending in agriculture-sector programmes, and
training and development,
➢ Encourage small-business development by

providing funding at low interest rates to
entrepreneurs in underdeveloped areas.
134
8. Debt Burden: This arises from a country’s borrowing to finance deficits. Eventually, the
country has to pay the loan with interest and a substantial portion of revenue generated
has to go to towards financing this loan. This is a debt burden. The problem is the
opportunity cost of paying the loan, in terms of using the money for social and economic
programmes in the country.
Possible solutions Government can:

➢ Issue bonds to the public to raise capital
➢ Lower interest rates to stimulate investment
➢ Raise taxes to generate revenue
➢ Increase trade through trade agreements
➢ Get bailouts from foreign countries
➢ Reduce government expenditure for example cut
social programmes
STRUCTURED QUESTIONS
1. Identify THREE (3) economic problems in the Caribbean and suggest appropriate
solutions for each.
2. Give an example of Economic Dualism in the Guyana.
3. What is the difference between ‘Internal’ and ‘External migration’?
WRITE YOUR ANSWERS IN

THE BOX PROVIDED.
135
LESSON REVIEW
Watch the video below to better understand of Economic problem in the Caribbean
Websites
For Finance, Government and Technology -This reference is from CSEC Principles of
Business: Economic problem in the Caribbean
https://www.youtube.com/watch?v=PgY-NOS3IvE
…………………………………………………………………………………………….
REFERENCE

136
LESSON # 40
WORKSHEET
GRADE 11
Name of Student: …………………………. Date: ……………………...

LESSON # 1: How Economic Institutions or Trade agreements impact Caribbean Nations
CONTENT: How economic institutions or trade agreements impact Caribbean Nations
Example: CARIFORUM - EU Economic Partnership Agreement
Purpose:
➢ To make it easier for persons and businesses from the Caribbean and the European Union
regions to invest in and trade with each other; allows duty free/quota free access for all
CARIFORUM goods into the EU (except sugar).
➢ To help Caribbean countries grow their respective economies.
➢ To create jobs.
The agreement facilitates trade in services and investment, access to financial support from the
European Union, and easier methods of doing business in the Caribbean.
137
Example: Caribbean Basin Initiative (CBI)
Purpose:
➢ Allows most products manufactured or grown in CBI member countries to be eligible for
duty-free entry into the United States.
➢ This agreement created a free trade zone between the United States and 24 Caribbean
countries.
Example: Caribbean - Canada Trade Agreement (CARIBCAN)
Purpose:
➢ A preferential trade arrangement that guarantees duty-free access to Canada for a range
of products. This excludes textiles and apparel, foot ware, luggage, handbags, leather
garments, lubricating oils and methanol.
Example: The CARICOM Single Market and Economy (CSME)
Purpose:
➢ Benefits the region by providing opportunities to produce and sell goods and services. It
serves to attract investment.
➢ Creates one market among member countries.
➢ Encourages full employment of labour and other factors of production.
➢ Produces a greater variety of goods and services with which to trade.
➢ Free movement of goods and services: eliminating barriers to intra-regional movement
of goods and services; using common standards; free movement of capital; free
movement of labour.
138
ACTIVITY
1. Explain TWO (2) purposes of each of the institutions listed below:
➢ CARIFORUM - EU Economic Partnership Agreement

➢ Caribbean Basin Initiative (CBI)
➢ Caribbean - Canada Trade Agreement (CARIBCAN)
➢ CARICOM Single Market and Economy (CSME)
2. In which year were the following agreement formed?
➢ CARIFORUM - EU Economic Partnership Agreement

➢ Caribbean Basin Initiative (CBI)
➢ Caribbean - Canada Trade Agreement (CARIBCAN)
➢ CARICOM Single Market and Economy (CSME)
ONCE YOU HAVE ANSWERED THE QUESTIONS, ENSURE YOU DISCUSS

YOUR ANSWERS WITH YOU TEACHER.
Websites
Business: CSME
https://www.youtube.com/watch?v=E8rQo2X2tc8
……………………………………………………………………………………………………
REFERENCE
Dransfield, R. et al., Principles of Business for CSEC Second Edition, Oxford University
Press, 2019
Maharaj, N and Rajkumar, P., Complete Revision for Principles of Business, Genesis Book
Publisher, 2019
139
LESSON # 41
WORKSHEET
GRADE 11
Name of Student: ………………………. Date: ………………………

LESSON # 2: ROLE, BENEFIT AND IMPACT OF FOREIGN INVESTMENT
CONTENT:
Role, benefit and impact of foreign investment
Foreign investment - 'involves capital flows from one country to another, granting extensive
ownership stakes in domestic companies and assets’.
Foreign investments can be classified as:
➢ Foreign direct Investment (FDI) which are physical investments e.g., opening a
manufacturing plant, purchasing buildings, machinery and equipment in a host/foreign
country.
➢ Foreign indirect investment is where companies, corporations or investors buy shares in
foreign companies that are traded on the stock exchange; also called foreign portfolio
investment (FPI).
➢ Foreign Investments are usually made by companies, corporations or individuals looking
to grow, or take advantage of cost savings (cheaper production and labour costs or lower
taxes).
BENEFITS OF FOREIGN
INVESTMENT
BENE
➢ It allows the investor to seek the highest rate of return.
➢ It allows owners of capital to reduce their risk by allowing them to spread their
investment.
➢ It encourages the spread of best practices across borders e.g., accounting standards,
corporate governance. According to Feldstein (2000) et al., the host country benefits
from foreign direct investment by:
• gaining corporate tax revenues
• accessing training which helps in human capital development in the host country
• allowing the transfer of technology in capital inputs to the host.
140
IMPACT OF FOREIGN
INVESTMENT
Positive:
➢ Developing and underdeveloped nations are impacted as foreign investment is a way of
increasing the capital for investment and economic growth, or increases in Gross
Domestic Product.
➢ It helps to reduce poverty and increase the standard of living or economic well-being of
some impacted by the investment.
➢ It also aids in human capital development as locals can be trained in managerial
competencies and how to use new technologies.
Negative:
➢ Repatriation of profits to home country.
➢ Worker exploitation by not recognizing the legitimate trade union.
➢ Poor working conditions for host country workers to minimize costs.
➢ May use transfer pricing to benefit the company thereby affecting the level of taxes to be
paid to the host country.
ACTIVITY
1. Define ‘Foreign Direct Investment’.

______________________________________________________
______________________________________________________
2. Identify THREE (3) benefits of foreign direct investment.

__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
3. Explain TWO (2) roles of foreign investment.

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
4. State THREE (3) impacts foreign investment would have on the economy of a country.
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
141
…….………………………………………………………………………………………………..
REFERENCE
Press, 2019
Maharaj, N. and Rajkumar, P., Complete Revision for Principles of Business, Genesis Book
Publisher, 2019
142
LESSON # 42
WORKSHEET
GRADE 11
Name of Student: …………………………. Date: ……………………..

WEEK # 14: REGIONAL AND ECONOMIC BUSINESS ENVIRONMENT
LESSON # 3: CHAPTER REVIEW
CONTENT:
This SECTION consists of FIFTEEN (15) multiple choice questions. It has options (a, b, c
and d); only one option is correct. Choose the CORRECT answer.
1. Caribbean Single Market and Economy a. I and IV

(CSME) ‘free movement’ of productive b. I, II and IV
resources applies to: c. I, II and III
I. Capital d. all of the above
II. Services
III. Goods 4. The key role of the World Trade
IV. Human resources Organization (WTO) is to:
a. reduce poverty.
a. All of the above b. develop trade in more developed countries.
b. I and II c. develop trade restrictions.
c. I, III and IV d. liberalize international trade.
d. II, III and IV
5. An economy usually experiences periods of
2. A key function of the Caribbean boom and recession. A period of recession
Development Bank (CDB) is to: usually results in unemployment. This is
a. facilitate the development of goods and specifically:
services. a. Technological unemployment
b. facilitate loans at reduced interest rates for b. Cyclical unemployment
social and infrastructural development. c. Seasonal unemployment
c. reduce import duties among member d. Frictional unemployment
countries.
d. foster free trade and the removal of tariffs. 6. Unemployment that stems from a lack of fit
between the job market and job seeker, or
3. Major goals of the Organization of where there is a deficiency in sourcing
American States (OAS) include: workers to fill vacancies is Most Likely…
I. The promotion of human rights a. Cyclical unemployment
II. The promotion of sustainable development b. Structural unemployment
III. The promotion of free trade c. Real –wage unemployment
IV. The promotion of free movement of people d. Frictional unemployment
143
a. I and III
b. I, II and III
c. I and IV
d. all of the above
7. A key problem facing Caribbean nations is 11. Extending opportunities to citizens for
Population Density. Under-population in training and development in areas needed
an area affects a country by: to encourage economic growth and
a. placing a strain on the country’s financial development is specifically:
resources.
b. reducing the labour supply available. a. Human development index
c. increasing social costs in certain areas. b. Human resource development
d. causing high interest rates in the country. c. Human resource management
d. Human ecology
8. Which statement BEST describes the
problem of ‘Debt Burden’ experienced by 12. Which of the following initiatives can the
Caribbean nations? government implement to develop the
a. A situation where government spends more manufacturing sector in respective
than it receives in revenue. countries in the Caribbean Region?
b. Small island developing nations have to
borrow extensively from international I. Provide tax breaks to firms
institutions to balance their respective II. Reduce interest rates to make borrowing
budgets. for investment more attractive
c. Growth is stifled due to low demand for III. Increase corporation taxes to increase
goods and services. government revenue
d. A situation of high interest rates in the IV. Provide subsidies to reduce factor costs
country, affecting investment.
a. I, II and III
9. A situation where there are two sectors in b. II, III and IV
an economy at different levels of c. I, II and IV
development, and where one is d. all of the above
significantly more technologically
advanced is specifically: 13. The total money value of goods and
services produced in a country in a year is
a. Foreign direct investment specifically
b. Fiscal austerity
c. Economic dualism a. Gross national product
d. Human resource development b. Gross domestic product
c. National income
10. Which of the following statements are d. Property Incomes
effects of Foreign Direct Investment on a
host country?
I. Employment generation
II. Exploitation of resources
III. Introduction of technology
IV. Social investment in sports and charities 14. An organization that seeks to make the
most efficient and best use of labour and
144
technology to improve production for
example, using just –in –time inventory
systems; reducing the number of defects; or
reducing costs is engaged in
a. Computer aided production
b. Division of labour
c. Specialization
d. Lean production
15. Using computer technology to design

products or building prototypes using
software is appropriately termed:
a. Computer- aided manufacturing

b. Computer-aided design
c. Computer –aided instruction
d. Software developers
TOTAL l5 marks
145
SECTION TWO
ANSWER ALL QUESTIONS IN THIS SECTION.
1. Define each of the following forms of technology used in business.

- Ecommerce
- E-business
- Global Position System (GPS) (6 marks)
2. List FOUR (4) activities involved in supply chain operations. (4 marks)
3. Describe THREE (3) ways in which the government may assist in the development of local
business sector. (3 marks)
4. Education could be considered one of the great growth industries of developing economies.
Explain TWO (2) ways in which education could contribute to economic growth in the
Caribbean region. (4 marks)
5. Outline THREE (3) key responsibilities of a government. (3 marks)
6. Discuss THREE (3) areas in which Government can influence business to engage in
environmental protection. (6 marks)
7. Define the term 'tax'. (2 marks)
8. State TWO (2) reasons for taxation. (2 marks)
9. Explain the concept of ‘direct tax’. (2 marks)
10. Outline THREE (3) forms of Government assistance to business. (3 marks)
TOTAL 35 MARKS
THE END
…………………………………………………………………………………………………………
REFERENCE
Press, 2019
146

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MINISTRY OF EDUCATION

Name of Student: …………………………….. Date: ………….……...

Logistics is the process of coordination and organization of complex operations such

Logistics involves information, material handling, production, packaging, inventory,

1. Define the term ‘Supply Chain Management’.

Name of Student: …………………………….. Date: …………….…...

What is a Supply Chain?

Supply Chain Operations include the

Basic Supply Chain of a product

Seller – is a supplier who provides goods and

Producer – the producer is the one who receives

Customer – the customer is the one who receives

1. Define the following terms:

Name of Student: …………………………….. Date: …………………….

Name of Student: …………………………….. Date: …………………....

WEEK # 2 – TOPIC: LOGISTICS AND SUPPLY CHAIN

THE DISTRIBUTION CHAIN

Producer Wholesaler Retailer consumer

Producer Wholesaler consumer

Producer Retailer consumer

Roles of the Wholesaler: Role of the retailer includes:

Name of Student: …………………………….. Date: ……….………...

WEEK # 2 – TOPIC: LOGISTICS AND SUPPLY CHAIN

• Transportation is the movement or conveying of goods or human beings from

• Intermodal – is the movement of cargo, in a container, from origin to

• Multimodal – is the movement of cargo from origin to destination by

Intermodal Transportation: Separate contract Multimodal Transportation: One contract

Factors influencing the choice of transport method:

➢ The geographic distance between channel members

1. Differentiate between Intermodal and Multimodal means of transportation.

Name of Student: …………………………….. Date: …………………...

WEEK # 2 – TOPIC: LOGISTICS AND SUPPLY CHAIN

Digital Delivery: “digital service delivery” is 'The electronic delivery of information

➢ It’s environmentally friendly

Mode of transport Types of cargo

Name of Student: …………………………. Date: ……………........

WEEK # 3 – TOPIC: LOGISTICS AND SUPPLY CHAIN

1. Define the term Supply Chain Management. (2 marks)

7. Describe the concept of digital delivery as a form if transport. (2 marks)

Name of Student: …………………………. Date: …………………....

WEEK # 3 – TOPIC: LOGISTICS AND SUPPLY CHAIN

Some documents used in International Trade:

➢ Carriage Forward: The cost of delivery is borne by the purchaser.

➢ Certificate of Origin: A business document stating the country of origin of goods or

1. Explain the purpose of the following documents:

a) Airway bill: ………………………………………………………………

b) Bill of lading: ……………………………………………………………

c) Certificate of Origin: …………………………………………………..

d) Import license: …………………………………………………………..

2. Explain the meaning of the following abbreviations:

Please click on link below: to view video on transport documents

Name of Student: …………………………. Date: …………….........

WEEK # 3 – TOPIC: LOGISTICS AND SUPPLY CHAIN

1. Physical Supply of Products

3. Mobility of Labour and Capital

Importance of transport in domestic, regional and foreign trade

a) Which type of transport carries the greatest volume of passenger transport?

2. Describe the role of transport in marketing a business of your choice.

Name of Student: …………………………. Date: ………….………...

WEEK # 4 – TOPIC: LOGISTICS AND SUPPLY CHAIN

ADVANTAGES AND CHALLENGES OF SUPPLY CHAIN OPERATIONS

1. Expanded sourcing opportunities. A world market offers businesses opportunities to secure a

Disadvantages: globalization, counterfeiting, product complexity, rapid product

The opportunity to reach new