A command economy and a market economy are very different in the way they are run and
Question:
A command economy and a market economy are very different in the way they are run and in who owns the resources. Differentiate between a command
economy and a market economy in terms of running a business and provide an example of a country that implements each of the types of economies.
Q.4.2 Identify any two factors of production related to the mining industry.
Note: You are required to provide specific examples of the factors of production within the relevant context.
Q.4.3 Kacey wants to start her own business but is unsure about whether she should register it as a sole trader or a partnership. Kacey will invest some of her own
money in the business and will fund the remainder of the capital needed through a bank loan. Kacey is a very unorganized person and knows very little about financial management but has good marketing skills.
Q.4.3.1 Explain why a partnership would be a better option for Kacey in her situation.
Q.4.3.2 Convince Kacey that buying an existing business is a good option for her.
Q.4.3.3 There are certain skills that entrepreneurs need to effectively run a business. Besides marketing. Advise Kacey on two other skills she requires to be a successful entrepreneur.
Q.4.4 Determine whether the following statements fit into the micro, market, or macro environment of an ENGEN petrol station.
Q.4.4.1 An employee gave a customer excellent advice on which alternative oil to use in their motor engine.
Q.4.4.2 The customers are demanding a wider range of sweets stocked by the ENGEN quick shop.
Q.4.4.3 More people are buying pies and sandwiches from the quick shop during lunch.
Q.4.4.4 ENGEN has a good reputation in the market.
Expert Answer:
Q42 Factors of Production in the Mining Industry Natural Resources Natural resources are a crucial factor of production in the mining industry These resources include minerals ores metals and fossil f... View the full answer
