pob cxc questions

• Autocratic leadership style


  The leader makes decisions without consulting others
• Democratic leadership style


  The leader consults others and invites suggestions to solve problems
• Strategies to motivate team members


  1. Give awards to team members for good behaviour

  2. Set goals for individual players and the team

  3. Provide monetary compensation for good performance
• Steps in establishing a business


  • Conceptualizing
  • Research
  • Identification of resources
  • Creation of a business plan
• Sources of information for business research


  • Primary data
  • Secondary data
• Reasons for preparing a business plan


  • Research the business idea
  • Attract potential investors
  • Source financing
  • Guide decision-making
• Short-term planning


  Planning to achieve goals and objectives within a year
• Long-term planning


  Planning to achieve goals and objectives after 3-4 years or longer
• Factors of production


  • Land
  • Labor
  • Capital
  • Enterprise
• Extractive production


  Removal of resources or raw materials supplied naturally or provided by nature
• Industries developed from agricultural produce


  • Food processing industry
  • Restaurant industry
• Increasing wages


  More people willing to work and work longer hours, increasing labor supply
• Difficulty getting qualifications


  Shortage of labor supply
• Wages increase


  More people will be willing to work and work for longer hours, thus increasing the labor supply
• Difficulty of getting qualifications

  There will be a shortage of labor in particular fields if necessary training or qualifications are difficult to obtain
• Poor working conditions of certain jobs can affect a country's supply of labor
• Demographic changes, e.g. population getting older, can affect a country's supply of labor
• Packaging


  The container the product (ice cream) will come in
• Presentation


  How the product (ice cream) will look
• Factors that could determine the packaging and presentation of a new ice cream flavor


  • Cost of the package
  • Attractiveness of the package (color, shape)
  • Durability of the package
  • Ease of storage and carrying the package
• Promoting the sale of a new ice cream flavor


  1. Free sampling

  2. Price discounts

  3. Buy one get one free
• Selling techniques that could be used


  • Hard selling
  • Soft selling
  • Consultative selling
  • Solution selling
• Consignment


  Giving the new ice cream flavor to other businesses to sell without them paying for the goods upfront
• Trade discount


  Lowering the price to other businesses to allow them to make more profit
• Indicators of a country's standard of living


  • Level of consumption of goods and services
  • Average disposable income of the population
  • Access to modern technology
  • Level of investment in research and technology
• Indicators of a country's quality of life


  • Extent of security and safety
  • Availability of healthcare facilities
  • Availability of educational and recreational facilities
  • Diet and nutrition
  • Life expectancy
• Gross Domestic Product (GDP)


  Measure of the monetary value of goods produced and services provided within a country during a one-year period
• Gross National Product (GNP)


  Measure that takes into account what is produced locally (GDP) and what is produced by firms abroad that are owned by local individuals and the government
• Ways a country could benefit from international trade


  • Ability to obtain goods they cannot provide for themselves
  • Allows for foreign direct investment and employment
  • Ability to get additional goods to meet demand
• Migration from a developing country


  Can suffer from brain drain where it loses skilled workers
• Unemployment in a developing country

  Can cause a strain on the government to provide healthcare, education, food and other necessities