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THE BUSINESS
ENVIRONMENT
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]