Explain the complete cycle of production

Explain the complete cycle of production



Instructions to candidates:


a) Time allowed: Three hours (plus an extra ten minutes’ reading time at the start – do not write anything during this time)

b) Answer any FOUR questions

c) All questions carry equal marks. Marks for each question are shown in [ ]


1. a) Explain the complete cycle of production. [8]

    b) Explain the term ‘wealth’. [8]

    c) Describe the factors of production. [9]


2. a) Explain the term ‘business environment’. [8]

b) Discuss the twin problems of creating wealth. [9]

c) Explain the term ‘planned economy’. [8]


3. a) Why is profit important to business? [10]

    b) What are the chief diseconomies of large scale output? [10]

    c) List FIVE occupations in personal services. [5]


4. a) Explain the importance of money. [10]

    b) What is money that does not have intrinsic value? [5]

    c) Describe the nature of the economy of YOUR country. [10]


5. Write notes on FIVE of the following:


a) Labour

b) Law

c) Three parts of the business environment

d) Consequences of growth

e) Public sector

f) Countertrade

g) Interest [5 each]

Price: £ 40

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