In which type of economic system does the Spinach King operate? Justify your answer. (2)

Differentiate between a command economic system and a market economic system. (4)

All businesses use the world’s resources to meet society’s needs and have four elements of business in common. Outline each of the four elements of business and give an example of each relating to the case study. (8)

 If Lufefe has to choose between sole ownership or a private company, he would have to know the elements of each type of business ownership. Discuss three differences between sole ownership and a private company by completing the table below:

	Sole Ownership	Private Company
Ownership
Liability
Continuity

Answer rating: 100% (QA)

Spinach Kings Economic System The Spinach King operates within a market economic system In this type of economic system businesses are driven by marke... View the full answer