1. The Omrie group of companies markets a wide range of furniture and household appliances. The marketing manager is considering launching a new product but is concerned about the effect on consumer behavior.
  2. Define the term ‘consumer behavior’.2 marks
  3. Identify FOUR factors that are likely to affect consumer behavior in the purchase of products offered by the Omrie group. 4 marks
  4. Explain how TWO of the factors identified in (b) above affects consumer buying behavior. 4 marks

Total: 10 marks

  1. Fancy Feast is a fast food chain interested in setting up a branch in your country
  2. Describe what the management of Fancy Feast should have done to assess whether a viable market existed in your country for their products.

4 marks

  1. Suggest FOUR ways the company may promote their offerings after they have opened a branch in your country. 4 marks
  2. Explain THREE ways your country would benefit by having a branch of Fancy Feast operating there. 6 marks
  3. Discuss THREE ways which the entrance of Fancy Feast may affect existing competition in your country. 6 marks

Total: 20 marks

  1. Many governments throughout the Caribbean region have been encouraging persons to become entrepreneurs.
  2. What do you understand by the term ‘entrepreneur’?2 marks
  3. Suggest THREE reasons why entrepreneurship is being encouraged in your country. 3 marks
  4. List THREE characteristics of a successful entrepreneur.3 marks
  5. Discuss TWO problems an entrepreneur may encounter.6 marks
  6. Outline how an entrepreneur may overcome any one of the

problems in (c) above.2 marks

  1. List FOUR ways in which government may assist entrepreneurs.

4 marks

Total: 20 marks

  1. Joe Jon is planning to start a shoe repair business. He has saved some money which he intends to put into the business. Joe Jon’s only asset is a 1960 Ford car.
  2. (i)State TWO characteristics of money.2 marks

(ii)State TWO functions of money.2 marks

  1. List and discuss TWO functions of a central bank4 marks
  2. (i)Joe Jon want to take out insurance when he starts the business. However, his friend tells him that he does not have an insurable risk in the business. Explain the term ‘insurable risk’. 2 marks

(ii)Assuming Joe Jon is able to purchase insurance, identify TWO types of insurance that you would advise him to purchase. 2 marks

(iii)For each type of insurance identified above, discuss how it will help Joe in operating his business. 4 marks

  1. (i)Joe Jon wants to apply for a loan at his bank. His bank tells him he needs collateral. Explain the term ‘collateral’ and state its significance to the loan application. 2 marks

(ii)Distinguish between short-term and long-term capital.

2 marks

Total: 20 marks

5. (a)(i) Identify the major economic problems faced by every economy. 1 mark

(ii) Identify THREE questions all economic systems must solve.3 marks

(b) Explain THREE types of economic systems.6 marks (c) Distinguish between the terms market and marketing. 2 marks

(d) Identify and explain FOUR marketing activities.8 marks

(e) Identify and discuss THREE factors which may influence a consumer’s choice of purchasing local or foreign ham. 6 marks

(f) Give FOUR ways of promoting a new product.4 marks

Total 20 marks

Completion: Complete each sentence or statement choosing a word from the list below.

Sole proprietorshipsunlimited liabilitycorporation

Stockpartnership agreementfranchise

producersManufacturersretailer

directchoicesurvive

governmentsurplusneed

  1. A serious disadvantage of a sole proprietorship is that the owner ______, or full responsibility for the company’s debts.
  2. A contract that outlines the rights and responsibilities in a partnership is called a(n) ______.
  3. A business owned by many people but treated by law as one person is called a(n) ______.
  4. To raise money for a corporation, you can sell ______, or shares of ownership.
  5. As a(n) ______, Subway has a contractual agreement to sell the company’s products and services in a designated geographical area.
  1. Farmers, miners, and other types of ______gather raw products in their natural state.
  2. ______are businesses that make finished products out of processed goods.
  3. If you sell a product directly to the public, you are considered a(n), ______.
  4. ______production means producing all of your needs without the help of others.
  5. In a subsistence economy, just enough is provided in order to ______. 10 marks