1a) State three differences between a centrally planned economic system and a market driven economic system.

Pg (7-9) b) Identify a country, which has: pg 8-10 I. A planned economy II. A mixed economy c) Outline two advantages that a partnership type business has over a sole proprietorship. Pg (17-18)

d) Outline two reasons why it would be beneficial to convert a business from a partnership to a public limited company. Pg. (18-24) e) Explain what is meant by the following terms: Pg (27-28) I. Public sector II. Private sector 2(a) State two features of a cottage industry and give two examples of cottage industries in your country. ( 33,128-129, 291) b) Define the following factors of production and give one example of each factor I. Land pg (108-9) II. Labor pg (108-110) III. Capital pg (114,273) IV. Enterprise (108) c) Illustrate how any two factors of production mentioned in (b) can be used in a cottage industry. ( 108-110) 3a) Describe the following activities of a marketing manager: i. Pricing139-40 ii. Branding 138,145 iii. Packaging138-9 iv. Sales Promotion 150-34 A firm is considering importing a brand of sneakers for sale in your country. There are many different brands of sneakers already available. You are asked for advice on marketing the new brand. b) Outline 2 reasons for conducting market research 34 ,153-6

c) Discuss four factors that must be considered when marketing the new brand of sneakers. 4. John Clarke has been working as an operations manager with a large hotel chain for 15years. He now decides to become an entrepreneur by establishing his own restaurant. a) define the term Entrepreneur and identify four characteristics that john should possess in order to be a successful entrepreneur.11 , 23, 113-4,121, 127,130,273 b) Outline 2 reasons why john may have had decided to establish his own business. c) Identify two government regulations with which john may comply when establishing his restaurant. d) Identify Four sources from which John may obtain capital for the business and explain the significance of collateral in accessing the required capital. 5(a) Outline two reasons why documentation is important in business transactions.181 b)Explain the purpose of the following documents used in the transportation of goods: i. ii. iii. Import license281-2 -312 Bill of lading Airway Bill

c) Mr. Clarke of company x has to make a payment to another company. Outline Three factors that Mr. Clarke must take into consideration when deciding on the method of payment to use. (189-191) e)Outline one main difference between the following: i. An open cheque and a crossed cheque (201,212-213) ii. A managers cheque and a certified cheque (201,212,213) 6a) Distinguish between direct and indirect taxation, giving an example of each. (7,204,243,245-247) b) With the aid of an example of each, distinguish between a regressive taxation system and proportional taxation system. ( 245, (7,204,243,245-247) ) c) Identify 2 social services provided by your government, and state how they contribute to the development of your country. (242,326)

e) Discuss two measures used by your government to protect consumers. (152,176,247-8 )

7. Caribbean countries have developed their communities through the establishment of the number of institutions and trade agreements. a) Identify two major economic institution which operate in the Caribbean and state one function of each. 296-297 b) Identify three major Economic problems in the Caribbean and state one function of each of the problems identified. 296-297 c) With the aid of an example, distinguish between a countires standard of living and its quality of life. ( 11, 252,271-3, 323 )