Principles of Business

School Based Assessment

Candidate Name: D’vine Lionel

Candidate Number: 0917
Center: Vieux-Fort Comprehensive Secondary School
Center Number: 140005
Subject: Principles of Business
Supervising Teacher: Ms Patsy Aldonza
Territory: Saint Lucia
Year of Examination: 2024

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 Table Of Contents

Topic................................................................................................................................................ 3

Objectives......................................................................................................................................................3

Background.................................................................................................................................... 4

Methodology................................................................................................................................... 1

Presentation of data..................................................................................................................................... 4

Analysis....................................................................................................................................................... 24

Statement of findings................................................................................................................ 26

Conclusion................................................................................................................................. 27

Recommendations.....................................................................................................................28

Reference................................................................................................................................... 30

Appendix..................................................................................................................................................... 32

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 Topic

An investigation into the effects that the general increase in the price of goods a services has on

the people of La-Ressource Vieux-Fort

Objectives

1. To determine the effects the increase in prices has on the people of La-Ressource

Vieux-Fort

2. To find out the reason for increase in prices

3. To find out what can be done to curb the effects

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 Background

Over recent years, residents have observed a general increase in the prices of goods and services

in Saint Lucia. The inflation rate for the year 2021-2022 was 6.37%, and from 2022 to 2023, it

decreased to 3.65%. However, despite this apparent decrease, residents are still complaining

about the rising prices in day-to-day grocery shopping stores.

This investigation will focus on La Ressource, a small community located in the southern district

(Vieux Fort) of Saint Lucia. The primary objective of this research is to delve into the

perspectives of the residents of La Ressource and examine the impact of the increasing prices on

their day-to-day lives.

As a current resident of La Ressource, this investigation holds personal significance for me. It

serves as a means to not only comprehend the negative effects of these price hikes on the

community but also to explore potential solutions that can be used to help navigate these effects.

This research will benefit the residents of La Ressource in making them aware of the negatives

of the price increase as well as help them in navigating it. It will positively affect society as the

prices of necessities are always on the verge of increasing and decreasing and it is always wise to

be able to manage one's finances and budget no matter the fluctuations of the economy.

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 Methodology

The research will utilize an exploratory design to investigate the effects of price increases on the

community of La-Ressource Vieux-Fort. A mixed-methods approach involving surveys and

interviews conducted within the community will be used to gain a comprehensive understanding

of the broader economic context. The analysis will consist of quantitative analysis of survey data

and thematic analysis of interview data.For the research Primary sources of data will be obtained

through self-administered surveys and controlled interviews.

Following the definition from the online oxford dictionary a survey is an investigation of the

opinions, behavior, etc. of a particular group of people, which is usually done by asking them

questions. A 12-question closed-ended and open-ended questionnaire was administered to

randomly selected community members together with structured interviews at a selected date.

According to dictionary.com an interview is the a meeting or conversation in which a writer or

reporter asks questions of one or more persons from whom material is sought for a newspaper

story, television broadcast, etc.The interviews followed a formal meeting format with 5 different

individuals, asking a series of 6 predetermined questions to explore personal feelings,

perceptions, and opinions. The responses were recorded for later analysis.

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 The selection of surveys and interviews is based on their respective advantages:

Advantages of Surveys Disadvantages of Surveys

They allow for scientific and objective analysis. Respondents may provide answers that they

think are socially acceptable or expected,

leading to response bias and potentially

inaccurate data.

Useful for obtaining detailed information on

personal feelings and opinions.

Advantages of Interviews disadvantages of Interviews

They are useful to obtain detailed information The interview was time consuming as it required

about personal feelings, perceptions and one and one discussion which limited the

opinions. number of responses and questions.

They are useful in obtaining direct and in-depth

information about a subject or situation

A relationship between the interviewer and the

interviewee was developed increasing mutual

understanding and cooperation between both

parties.

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 Presentation of data

Research objective 1:

To determine the effects the increase in prices has on the people of La-Ressource

Vieux-Fort

In order to analyze this research objective, questions 1,2,3,4 and 5 from the questionnaire

and question 1 and 2 from the interview will be used.

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Questionnaire

Question 1

Have you noticed any changes in your spending patterns due to the rise in prices?

Bar graph 1: Bar graph 1 showing how much the respondents noticed the increase in

prices

This shows the majority of the respondents are aware of the price increase

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Question 2

Are there specific goods or services that have become more difficult to afford since the

increase in prices?

Table 1: Showing goods and services that have become more difficult to afford

Responses No. of respondents

Groceries 7

Transportation 4

Healthcare 1

The majority of respondents said the groceries was the most difficult to afford

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Question 3

In what ways has the increase in prices influenced your financial stability and planning?

Pie chart 1: Pie chart showing the impact of the price increase on the respondents

financial stability.

90% of respondents said that the price increase has had a negative impact of their

financial stability

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Question 4

How has the recent increase in prices directly impacted your daily life and routine?

Pie chart 2: Piechat showing how the increase in prices impacted the respondents daily

lives

Majority of respondents (70%) said that the effects of the price increase was moderate

however only 10% wasn’t affected at all

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Question 5

Have you observed any impact on your community's overall well-being as a result of

rising prices?

Bar graph 2: Bar Graph showing the impact if the increase in prices on the community’s

well being

Almost all respondent except for one believes that the price increase has had a negative

effect on the community’s well being

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Interview

Question 1

How have you adjusted your spending habits in response to the rise in prices? Could you

share a specific change you've made?

Table 2: Table showing the effects of the price hike on respondents daily life and planing

Responses No. of responds

adjust my overall food budget 3

Cut back on social outings 1

adjustments to my spending habits 1

3 out of the five persons interviewed replied with the increase in price having and effect

on their budget causing them to make adjustments.

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Question 2

Are there particular goods or services that you find most challenging to afford now due to

the increase in prices?

Table 3:Table showing Goods and service that were more difficult to afford

Responses No. of responds

Groceries 4

transportation 3

4 out of the five persons interviewed mentioned groceries as being more difficult to avoid

and 3 of them believed that transportation have become more difficult to afford

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Research objective 2:

To find out the reason for increase in prices

In order to analyze this research objective, questions 6,7,8, and 9 from the questionnaire

and questions 2 from the interview will be used.

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Questionnaire

Question 6

Are you aware of the factors contributing to the recent increase in prices?

Bar graph 3: Bar graph showing how aware the respondents are of the factors

contributing to the recent price hike.

The bar graph shows that only 1 of the respondents were aware of the factors contributing

to the price increase, however the majority of them were somewhat aware.

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Question 7

Do you believe that external factors, such as global economic conditions, are playing a

role in the price hikes?

Pie chart 3: pie chart showing weather or not respondents believe that global economic

conditions play a role in the price hikes

According to the pie chart all the respondents agreed that global economic conditions

contributed to the increase in prices with 45.5% strongly agreeing and the other 54.5%

agreeing to a certain extent.

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Question 8

Have you noticed any local factors, such as supply chain issues or production challenges,

contributing to the rise in prices?

Pie chart 4: Pie chart showing if respondents believe that supply chain issues or

production challenges are contributing to the price increase

This pie chart shows that majority of the respondents believe that supply chain issues

contributes to the price increase

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Question 9

Are there particular industries or sectors that you think are significantly affected by the

recent price increases?

Table 4: Tabling showing Industries that were significantly affected by the recent price

hike

Response No. of responses

Food and beverage 3

Transportation 6

Health care 2

Based on the responses majority of respondents believe that transportation is

significantly affected by the recent price hike

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Interview

Question 3

From your perspective, can you identify specific factors that you believe are contributing

to the recent increase in prices in La-Ressource Vieux-Fort?

Table 5: Table showing factors the respondent believe are contributing to the increase in

prices

Responses No. of responds

Increase in fuel prices 1

Greater import than export(Trade deficit) 4

Based on the responses given in the interview the respondents believe that trade deficit is

a major contribution to the increase in prices

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Question 4

Which specific industries or sectors do you believe are most affected by the recent

increase in prices?

Table 6: Table showing specific industries that are most affected by the price increase

Responses No. of responds

Food and beverage 5

energy 2

All of the respondents believe the food and beverages are mostly affected by the price

increase however 2 also believe that the energy industry is also affected by the price

increase

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Research objective 3:

To find out what can be done to curb the effects

In order to analyze this research objective, questions 10,11,and 12 from the questionnaire

and questions 2 from the interview will be used.

Questionnaire

Question 10

In your opinion, what measures could be implemented to alleviate the impact of rising

prices on the community?

Table 7: table showing the measure that the respondents believe that should be

implemented to reduce the impact of the rising prices in the community

Response No. of responses

Government intervention 10

All of the participants of the questionnaire believed that government intervention is

needed to reduce the impact of the rising prices

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Question 11

How do you feel about the role of local businesses and entrepreneurs in finding solutions

to the challenges posed by increased prices?

Bar graph 4: bar graph showing the role of local business and entrepreneurs in finding

solutions to the rise in prices

Majority of the respondents believe that entrepreneurs role in finding solutions to the

increase in prices is neutral while a few (2) believe that thor role is positive and 3 are

unsure

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Question 12

Do you think there is a need for government intervention, and if so, what specific actions

would you recommend?

Table 8: Table showing the action government needs to take based on the respondents

Response No. of responses

Create more standardized prices 9

Encourage more use of local goods 1

This table shows that majority of respondents believed that government should imply

more standardized pricing

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Interview

Question 5:

In your opinion, what specific government interventions do you think would be most

effective in alleviating the impact of rising prices on the community?

Table 9: Table Showing what the respondents believe the government should do to

alleviate the impact of rising prices on the community

Responses No. of responds

Encourage the use of more local goods 2

Reduce the price on essential goods 3

explore policies that promote competition 1

within key industries.

The table above shows that majority of the 5 respondents believe that government should

reduce the price of essential goods to alleviate the impact of rising prices

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Question 6:

Can you share any thoughts on how local businesses and entrepreneurs could contribute

to finding solutions to the challenges posed by increased prices?

Table 10: Table showing how local businesses and entrepreneurs could contribute to

finding solutions to the challenges posed by increased prices.

Responses No. of responds

Collaborating with each other 2

Using more local sources 3

offering more affordable and goods and 1

services

The above table shows that majority of respondents believe that local business and

entrepreneurs should use more local sources in contribution to finding solutions to the

price hike

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 Analysis

This section of the sba will discuss and analyze the findings on the research objectives

The first objective of this research was 'to determine the effects the increase in prices has

on the people of La-Ressource Vieux-Fort.' The questionnaire results revealed that 6 out

of 10 respondents observed an increase in prices, and 90% of the respondents were

experiencing negative impacts on their financial stability due to these increases. The rise

in prices resulted in the majority of respondents making adjustments to their budgeting,

emphasizing the consequences of the price increase on individual community members.

When looking at overall well-being, the majority of respondents expressed their belief

that the price increase has a negative effect on the community. The interview outcomes

highlighted that increased costs of groceries and transportation fares were contributing to

financial strain.

The second objective was to investigate ‘To find out the reason for increase in prices’

Most respondents were somewhat aware of the factors contributing to the price hike with

all respondents believing that global economic conditions was a reason for the hike in

prices and majority believing that supply chain issues contribute to the price

increase.based on the responses Transportation is perceived as the most affected industry.

However The healthcare and food and beverages industries were also affected. Insight

from the interview revealed that trade deficit was a major reason for the increase in prices

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and one interviewee stated that the rise in fuel prices has caused the bus fares to increase

making it more expensive to travel back and forth.

The third objective was ‘To find out what can be done to curb the effects.In the

questionnaire all respondents agree that government intervention is needed in order to

alleviate the impacts that are caused by rising prices on goods and services in the

community. They recommended that the government place more standardized prices on

essential goods and services and that they encourage the use of more local products found

within our own country to reduce the trade deficit.

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 Statement of findings

To determine the effects the increase in prices has on the people of La-Ressource

Vieux-Fort.

The recent increase in price has had a negative impact on the people of La Ressource

causing them to stretch the budget in order to afford various goods and services.

To find out the reason for increase in prices

The price increase was found to be caused by global economic issues, changes in the

supply chain and a trade deficit. The transportation industry was discovered to be the

most affected due to the increase in fuel prices

To find out what can be done to curb the effects

To curb the effects government should decrease on the prices of essential goods and

encourage the use of more local products

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 Conclusion

An investigation into the effects that the general increase in the price of goods and

services has on the people of La-Ressource Vieux-Fort.

The objective of this investigation was, firstly, to determine the effects of the increase in

prices on the people of La Ressource Vieux-Fort. Secondly, the aim was to identify the

reasons for the price hike. The final objective was to explore potential solutions to

mitigate the effects.

While each respondent provided varied responses, the findings indicated that the rise in

prices, attributed to global economic issues, adversely affected the residents of La

Ressource Vieux-Fort. They expressed the belief that government intervention, such as

reducing the prices of essential goods, is necessary to alleviate these effects.

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 Recommendations

From the following results obtained through the investigation the researcher can make the

following recommendations:

● The government should encourage the use of more local goods.

● The government should put in place more standardized prices on essential goods

and services

● explore policies that promote competition within key industries.

The first recommendation is that the government should encourage the use of more local

goods. One of the findings was that trade deceit was one of the causes for the increase in

price. If more citizens are making use of products within the country then the need for

import would decrease, ultimately lowering the country's budget for import which will

allow the government to lower the prices of items being imported. This will also foster

economic growth within the country by stimulating local industries and creating

employment opportunities.

The second recommendation is for the government to implement standardized pricing

mechanisms for essential goods and services. This would ensure fairness and

transparency in pricing across various sellers, mitigating instances of price gouging and

exploitation of consumers. By establishing clear price regulations, consumers can have

greater confidence in their purchasing decisions, leading to a more stable market

environment.

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Lastly, it is recommended that the government explore policies that promote competition

within key industries. By fostering a competitive market environment, businesses are

prompted to improve efficiency, innovate, and offer better products and services at

competitive prices. This in turn benefits consumers by providing them with more choices

that offer better quality goods as well as encourages economic growth and development

by driving productivity and investment and ensure a level playing field for all businesses

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 Reference

Rate of price increase in Saint Lucia

https://www.statista.com/statistics/730726/inflation-rate-in-saint-lucia/

Definition of survey

https://www.oxfordlearnersdictionaries.com/definition/english/survey_1

Definition of interview

https://www.dictionary.com/browse/interview

Advantages of an interview

https://thebusinesscommunication.com/advantage-and-disadvantage-of-interview/\

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 Appendix

Appendix 1

Dear Participants,

I am D'vine Lionel, a 5th form student at Vieux-Fort Comprehensive Secondary School.

Your honest responses to the following questions are requested, and please be assured

that the information provided will be kept confidential.

Thank you for your cooperation.

1) Have you noticed any changes in your spending patterns due to the rise in prices?

Yes significantly Yes, moderately No, not really Not applicable

2) Are there specific goods or services that have become more difficult to afford since the

increase in prices?

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

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3) In what ways has the increase in prices influenced your financial stability and

planning?

Negative impact Positive impact No significant Not at all

impact

4) How has the recent increase in prices directly impacted your daily life and routine?

significantly moderately Minimally Not at all

Have you observed any impact on your community's overall well-being as a result of

rising prices?

5 )Have you observed any impact on your community's overall well-being as a result of

rising prices?

Yes, a noticeable Yes, a slight no noticeable Not sure

impact impact impact

6) Are you aware of the factors contributing to the recent increase in prices?

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 Yes, well-informed Somewhat Not really No awareness at all

aware aware

7)Do you believe that external factors, such as global economic conditions, are playing a

role in the price hikes?

Strongly agree Somewhat agree disagree Strongly disagree

8)Have you noticed any local factors, such as supply chain issues or production

challenges, contributing to the rise in prices?

Yes, clearly Yes, somewhat No, not really Not sure

9)Are there particular industries or sectors that you think are significantly affected by the

recent price increases?

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

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10) In your opinion, what measures could be implemented to alleviate the impact of

rising prices on the community?

Government Community-based Support from local

intervention initiatives businesses

Other:

________________________________________________________________________

11)How do you feel about the role of local businesses and entrepreneurs in finding

solutions to the challenges posed by increased prices?

Positive impact Neutral impact Negative Not sure

impact

12)Do you think there is a need for government intervention, and if so, what specific

actions would you recommend?

________________________________________________________________________

________________________________________________________________________

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________________________________________________________________________

________________________________________________________________________

Appendix 2

1) How have you adjusted your spending habits in response to the rise in prices?

Could you share a specific change you've made?

2) Are there particular goods or services that you find most challenging to afford

now due to the increase in prices?

3) From your perspective, can you identify specific factors that you believe are

contributing to the recent increase in prices in La-Ressource Vieux-Fort?

4) Which specific industries or sectors do you believe are most affected by the recent

increase in prices?

5) In your opinion, what specific government interventions do you think would be

most effective in alleviating the impact of rising prices on the community?

6) Can you share any thoughts on how local businesses and entrepreneurs could

contribute to finding solutions to the challenges posed by increased prices?

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