1. What is an Opportunity cost? Explain with an example.
2. Define the word of specialization.
3. What are the types of specialization and give one example for each. 4. State 4 advantages of specialization. 5. Trade can be divided into main 2 categories. What are they? 6. What are the differences between whole sale and retail trade and explain those two criteria. 7. International sale also can be divided into two. Explain with example. 8. Explain the term “Business organization”. 9. Business organization can be divided into main two categories and explain the differences between those two under below areas. a. Objectives b. Capital c. Control d. Ownership. 10. State three differences between Private sector Business and Public sector business. 11. What are the benefits of limited liability Company when considering sole trader business? 12. What are the main advantages of having sole trade business? 13. Why people going to start partnerships? 14. What are the features of the public limited companies? 15. Give two advantages and disadvantages of a public limited company and private limited company.
A. The opportunity cost of a
particular choice is the value of the best opportunity forgone B. (sacrificed) as a result of the choice 16. rrect?orrect?Question 5 17. Which one of the following is a macroeconomic issue? 18. A. The demand for houses in Cape Town. 19. B. The supply of tomatoes in South Africa. 20. C. The price of bananas in Natal. 21. D. The total exports of South African goods and services to the rest of the world. 22. E. The total sales of beer in South Africa. 23.Question 6 24. Which one of the following is a macroeconomic concept? 25. A. The price of petrol. 26. B. The demand for potatoes. 27. C. The consumer price index. 28. D. The supply of pumpkins. 29. E. The e-toll fee in Gauteng. 30.Question 7 31. Which one of the following statements is correct? 32. A. Wants, needs and demand are essentially simply different terms that have the same 33. meaning. 34. B. Wants and needs are essentially the same, but differ from demand. 35. C. Needs and demand amount to the same thing. 36. D. Wants and demand are essentially the same – people only demand things that they want. 37. E. Demand differs from wants and n C. The opportunity cost of a particular choice is the value of the best opportunity forgone D. (sacrificed) as a result of the choice E. The opportunity cost of a particular choice is the value of the best opportunity forgone F.(sacrificed) as a result of the choice G. The opportunity cost of a particular choice is the value of the best opportunity forgone H. (sacrificed) as a result of the c