Question: Answer ALL the following structure questions. Question 1: (a) Explain ANY TWO (2) major types of economic system in the market. (5 marks) (b) Explain

Answer ALL the following structure questions. Question 1: (a) Explain ANY TWO (2) major types of economic system in the market. (5 marks) (b) Explain ANY TWO (2) types of degree of competition among the businesses in the market. (5 marks) Question 2: Imagine that you are facing an ethical issue. Apply the ethical decision-making process to illustrate how to make an ethical judgment with the relevant examples. (10 marks) Question 3: (a) Explain ANY TWO (2) major types of business ownership in the market. (5 marks) (b) Explain ANY TWO (2) differences between a sole proprietorship and partnership. (5 marks) Question 4: (a) Define the following strategies for reaching global markets. (5 marks) (i) Franchising; (ii) Joint venture. (b) Explain the difference between comparative advantage and absolute advantage. (5 marks) [Total: 40 Marks

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