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Questions on profile one - Part
1
Yvonne
Harvey, Contributor
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Students
of Pentab High School at 16
North Street, Kingston get busy
with the books. - Ian Allen
Photo
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WELCOME
BACK friends. I trust that you all had
a peaceful and restful holiday. For
the first part of this term, I will
be discussing and giving guidelines
to a number of questions (past paper
and other) under the different profiles.
I will begin with Profile 1 Organisational
Principles. Please note that all the
discussions and guidelines given to
the questions are those of the writer
of these lessons and not those of the
Caribbean Examinations Council (CXC).
This is so even if past CXC questions
are used.
The
first question is a compulsory 10
marks question, taken from May
June 2002 past paper (General). Question
1.
It involves Economic Systems and Government
Control of Business Activity.
(a)
List TWO types of economic systems.
(2mks)
(b)
Explain the differences between the
types of economic systems listed in
(a) above. (4mks)
(c)
Suggest two ways by which the government
of your country can control business
activity. (4mks)
Total
10 marks
Before
reading the discussion and guidelines
to answering the question, you may
wish to plan an answer that you would
give to the question. Remember, there
may be other possible answers than
the ones suggested.
DISCUSSION
AND GUIDELINES
(a)
Any two types of economic systems
can be listed, for example, the free
economic system and the planned economic
system. This part of the question
does not require any expansion or
explanation.
(b)
The characteristics or features of
the economic systems listed can be
used to show the differences between
them.
Conjunctions
such as whereas, on the other hand,
while and however should be used to
indicate your reference to the opposite
feature for the other economic system.
For example, in the free economy,
most of the scarce resources are owned
and allocated by private individuals
and firms while in the planned economy,
scarce resources are owned and allocated
by the government.
The
marks allotted for this part of the
question would indicate that a minimum
of two differences is required.
(c)
Governments' control of business activity
can come in many forms including:
*
Legislation The passing of laws
that businesses should abide by.
*
Price controls Government stated
maximum prices for selected goods
and services
*
Nationalisation Direct ownership
and control of industries by the Government,
for example, where monopolies are
exploiting consumers.
*
Increased taxation To reduce
monopoly profits.
Registration
and other legal requirements for setting
up of businesses.
*
Employment of inspectors to monitor
the affairs of businesses e.g. price
inspectors and sanitary inspectors.
*
Setting up of government agencies
such as The Bureau of Standards to
monitor the quality of goods produced
and imported.
Remember,
you are asked to suggest only two
ways.
Now
for your assignment. Prepare an answer
outline to the following question:
(a)
Explain how bartering is done. (2mks)
(b)
Identify two problems associated with
bartering. (2mks)
(c)
Show how money can be used to overcome
the two problems you identified in
(b) above. (4mks)
(d)
Outline how a money economy operates.
(2mks)
Total
10 marks.
Next
week, I will discuss this question
and give some suggested answers to
it. Also, we will look at another
question relating to functions of
businesses and forms of private sector
businesses in a mixed economy. You
will be wise, therefore, to revise
information on the functions that
businesses perform and facts regarding
the sole trader, partnerships, private
and public companies and cooperatives.
See
you next week.
*
Yvonne Harvey teaches at Glenmuir
High School.
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