1
The three major economic systems are:
A -Planned economy.
B -Mixed economy.
C - Market economy.
D -All of the above.
D -All of the above.
Trade unions may not ...
A -Offer workers advice and legal services.
B -Help to settle disputes between employers and employees.
C - Organise protected strikes.
D -Force anyone to join a trade union.
D -Force anyone to join a trade union.
Which business function gives the business positive publicity.
Public relations
The following type of business is not part of the tertiary sector:
A -Oil manufacturing
B -Health care
C -Wholesalers
D -Financial institutions.
A -Oil manufacturing
The participants in the circular flow of a closed economy according to the circular flow model are as follows:
A -Household, Government, Business
B -Primary, Secondary, Tertiary
C -Material cost, Wages, Goods
D- Producers, Consumers, Business
A -Household, Government, Business
Indicate whether the following statements are TRUE or FALSE
1. Tertiary sector jobs only require skilled workers and highly qualified professionals.
FALSE
Which of the following do not form part of the business functions?
A -Planning
B -Production
C -Purchasing
D -Public relations
A -Planning
People in this sector need raw materials in the form of natural resources to survive.
Primary sector.
Indicate whether the following statements are TRUE or FALSE.
1. The economic system of South Africa has a balance between a free market and a planned economy.
TRUE
The statements below represents which economic system?
1. Creamy Doughnuts’ aim is to make a profit.
Market Economy
The statements below represents which economic system?
1. Mr and Mrs Smith are not allowed to own property.
Planned Econpmy.
The statements below represents which economic system?
1. Governments provide and entrepreneurs produce.
Mixed Economy
Give TWO examples of taxes paid by the households to the government.
Personal Income tax ,
VAT/Fuel levies
Custom duties
Excise tax
List the 4 P’s of the marketing mix
Price
Place
Promotion
Product
Explain the role of the Public Relations function.
To help the business to show a positive image to the people that they deal with.