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Understanding Business Activity

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1.1 Business Activity

  • Why is specialization important?

  • What are the two (2) ways of specializing? 

  • What are the advantages and disadvantages of labour and capital intensive?

  • What is the purpose of business activities?

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1.2 Classification of businesses

  • What are the three (3) industrial sectors?

  • What is the difference between a market, mixed and planned economy?

  • What are public sector organisations?

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1.3 Enterprise, business growth and size

  • What are the advantages and disadvantages of being an entrepreneur?

  • What are the characteristics of an entrepreneur?

  • What are the importance of a business plan?

  • What are the components of a business plan?

  • Why does government support businesses?

  • What kind of support does the government offer businesses?

  • How to measure the size of firms?

  • Why do firms grow?

  • How do firms grow?

  • Why does some firm remain small?

  • What are the problems of growing a business?

  • Why does some business fail?

  • What causes a business to fail?

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1.4 Types of business organization

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1.5  Business objectives and stakeholder objectives


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