To position her business holistically and understand where it fits in the marketplace, Dominique would primarily need **b. strategic thinking skills**. Strategic thinking involves assessing the market, understanding customer needs, identifying competition, and determining the best approach to positioning her products effectively. While other skills (management, planning, and marketing) are also important, strategic thinking is key to

The statement that does not represent a benefit of buying an existing business is: **c. The new owner does not inherit past liabilities.** This statement is misleading because, in many cases, a new owner may inherit certain past liabilities when purchasing an existing business, depending on the structure of the sale and the terms negotiated. The other statements reflect clear benefits of buying an existing business.

To determine how many of the options do not represent an advantage of owning a business, let's briefly evaluate each option: a. **Flexibility** - Advantage of owning a business; business owners often have control over their schedules. b. **Demanding** - This implies a challenge or burden rather than an advantage. It represents the pressures and responsibilities of owning a business. c. **Profit earning** - Advantage of owning a business; the

d. A business plan

The most required management skills for Sue in performing her function of allocating daily responsibilities to her employees and liaising with clients would be: **c. Interpersonal skills** Interpersonal skills are crucial for effective communication and relationship building with both employees and clients.

To determine how many of the statements about a franchise are not correct, let's analyze each statement: a. **A franchisee grants a license to the franchise.** - **Incorrect.** It is the franchisor who grants the license to the franchisee. b. **A franchise pays the franchisee an initial fee.** - **Incorrect.** Typically, the franchisee pays the franchisor an initial fee to obtain the franchise rights. c. **A franchisee trains the

To set a solid foundation for their new business, Kobus and Thami should option **c. Do a fact-finding exercise.** Conducting a fact-finding exercise will help them gather essential information about the market, potential customers, competitors, and the overall business environment, which is crucial for making informed decisions before launching their business.

The entrepreneurship process involves several key steps that Charlotte would need to follow to start her Forex trading business. Let's evaluate the provided options: - **a. Undertaking a process of organising and planning.** - This is essential for any entrepreneur to set their business foundation. - **b. Identifying business opportunities.** - Critical for finding the right niche or market for her Forex trading business. - **c. Finding and

All of the options listed can be considered resources for setting up a business, but the most appropriate resources to focus on initially would generally be: c. Financial resources Financial resources are crucial for starting a business as they provide the necessary funding for equipment, marketing, and other expenses. Therefore, while human, physical, and operating resources are also important, financial resources are essential for getting the

c. Having multiple responsibilities. Owning a business often means that the owner has to juggle a variety of tasks and responsibilities, which can be a significant disadvantage, especially if they feel overwhelmed or unprepared to handle them all effectively.

Let's match the factors of production from Column A with their correct descriptions in Column B. - a. Natural resources: (iii) Coal - b. Capital: (i) Forklift - c. Human resources: (ii) Factory workers Now, let's match them with the options provided: b. a (iii) b (i) c (ii) This means: - Natural resources (a) match with (iii) Coal - Capital (b) matches with (i) Forklift - Human resources (c) matches with (ii) Factory workers Therefore, the

The primary purpose of a free-market system is **c. to make a profit** while satisfying the needs of the people.

The need for constant communication with friends is a **d. social** need according to Maslow’s hierarchy of needs.

The best description of the main economic system used in this new world order, where a global government controls all resources and assumes responsibility for production and distribution, is: **b. The command economy** In a command economy, the government makes all decisions regarding the production and distribution of goods and services, which aligns with the central control described in your scenario.

The fundamental economic problem society is confronted with involves **b. choosing how it will use its scarce resources to the maximum effect in order to satisfy its needs**. This statement captures the essence of economics, which deals with the allocation of limited resources to meet the unlimited wants and needs of society.

In a free-market economy, the following attributes are characteristics of the economic system: - a) Private ownership of production factors - b) Free competition - c) Profit motive recognized d) Limited right to strike in state enterprises would not typically be characteristic of a free-market economy, as free-market principles generally emphasize individual rights and freedoms, including the right to strike. Therefore, the correct answer

a. North Korea North Korea is known for having a command economy, where the government makes all decisions related to the production and distribution of goods and services. The other countries listed (South Africa, England, and America) operate primarily under market economies.

The functional area of Charmaine's business that will be responsible for assessing the viability of targeting the German market for the December holidays is **c. Marketing**. This area focuses on identifying potential markets, understanding customer needs, and developing strategies to attract and retain guests.