Economics of Enterprise Answers

“The concerns of economics will not go away because of the fact of scarcity and the desire for

efficiency.” Justify the statement.

Which price control protects vulnerable labour from being exploited

The fundamental economic problem society is confronted with involves?

suppose demand for a product that is elastic at a given price . what will happen to the company total revenue if it raises the prices of that product

If SAB were to introduce a rewards programme whereby employees who performed very well every month are given recognition and financial incentives, the company would be satisfying the __________________ needs of their employees.

a. self-actualisation 

b. security

c. esteem 

d. physiological

When SABMiller first started in 1895 as Castle Breweries, they would have needed to consider what the future might offer, how this impacts on the business, and what needs to be done now to prepare for it. Which management skill does this refer to?

Select one:

a. Project management

b. Planning skills

c. Strategy skills

d. Marketing skills

Herman Heunis launched MXit in January 2005 as a subscription service. In which step of the entrepreneurial process would he have needed to assess whether the opportunity can be turned into a successful venture?

Select one:

a. When Herman compiled his business plan.

b. When Herman conducted a feasibility study.

c. When Herman launched and managed the new business.

d. When Herman assessed whether he had the resources or access to resources.

In order for MXit to be successful, Herman Heunis needed to have the ability to consider the business as a whole and to understand how it fits within its marketplace. Which skill is referred to here?

Select one:

a. Strategy skills

b. Planning skills

c. Marketing skills

d. Project management skills