<< Chapter < Page Chapter >> Page >

Activity 4:

To choose the correct statement and motivate your choice

[lo 1.3]

Imagine that you, as the leader of a particular community, have decided that the price of shoes is exorbitantly high. You promulgate a law enforcing a drastic reduction of shoe prices on all producers of shoes.

What will shoe dealers (entrepreneurs) who do not know of the law think when they see the reduced prices at the shoe factories?

≤ Consumers want more shoes.

≤ Consumers want fewer shoes.

Which of the statements that follow will be true once the law is established?

≤ More entrepreneurs will enter the shoe trade.

≤ Fewer entrepreneurs will enter the shoe trade.

≤ There won’t be any difference.

Reasons for your answer:

  • Profit

A trader cannot force a consumer to buy from him. The consumer has the choice of buying many different articles from thousands of traders. Why would he buy from any particular trader?

This is a problem that affects every businessman. How can any client be persuaded to buy from his business and not from a competitor? He therefore has to ensure that his prices are as attractive as possible, but this makes it more difficult to make a profit .

Activity 5:

To plan ahead and create interest for your product

[lo 4.1]

At market day you run a cake stall selling homemade cakes. You discover that there will be another similar stall. How can you attract clients to your stall?

What will work better:

  • Selling whole cakes?
  • Selling slices of cake?

Why?

Do you think it is wise to have a cake stall at a school market day?

Why?

It is important to sell products in which consumers have some interest.

You have to offer your services at a price that consumers are willing to pay for that service.

Assessment

Learning Outcomes(LOs)
LO 1
THE ECONOMIC CYCLEThe learner will be able to demonstrate knowledge and understanding of the economic cycle within the context of ‘the economic problem’.
We know this when the learner:
1.1 explains needs and wants and how the differences between them impact on communities and the environment;
1.2 describes the different types of businesses and activities within the primary, secondary and tertiary sectors;
1.3 explains the concepts ‘free’ and ‘economic’ (scarce) goods, and the influence of demand and supply on market prices.
LO 4
ENTREPRENEURIAL KNOWLEDGE AND SKILLSThe learner will be able to demonstrate entrepreneurial knowledge, skills and attitudes.
We know this when the learner:
4.1 compares essential characteristics and skills needed to be entrepreneurial from two different simple case studies of practising entrepreneurs in own community;
4.2 uses idea generation techniques to make recommendations on using community resources to generate income in a responsible way.

Memorandum

  • Read and discuss the newspaper report about a young entrepreneur who saw an opportunity to generate an income.
  • Study the information that has been given about self-employment in six different countries, draw conclusions and present the information graphically once the data have been converted to percentages.
  • Read and discuss the paragraph by way of an introduction to economic principles.
  • Guide the learners to realise that private property ownership leads to motivation and a pride in own “products”.
  • Here learners come to realise that (the development of) “money” as a means of payment (commodity used for barter) is indispensable and that the price of a product is determined by the demand that exists for it.
  • Here learners are guided to understand the fine balance between an attractive selling price and a good profit on products.

Questions & Answers

do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
Daniel
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
Maciej
characteristics of micro business
Abigail
Do somebody tell me a best nano engineering book for beginners?
s. Reply
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
s.
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
Tarell
what is the actual application of fullerenes nowadays?
Damian
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
Tarell
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
Virgil
is Bucky paper clear?
CYNTHIA
so some one know about replacing silicon atom with phosphorous in semiconductors device?
s. Reply
Yeah, it is a pain to say the least. You basically have to heat the substarte up to around 1000 degrees celcius then pass phosphene gas over top of it, which is explosive and toxic by the way, under very low pressure.
Harper
Do you know which machine is used to that process?
s.
how to fabricate graphene ink ?
SUYASH Reply
for screen printed electrodes ?
SUYASH
What is lattice structure?
s. Reply
of graphene you mean?
Ebrahim
or in general
Ebrahim
in general
s.
Graphene has a hexagonal structure
tahir
On having this app for quite a bit time, Haven't realised there's a chat room in it.
Cied
what is biological synthesis of nanoparticles
Sanket Reply
what's the easiest and fastest way to the synthesize AgNP?
Damian Reply
China
Cied
types of nano material
abeetha Reply
I start with an easy one. carbon nanotubes woven into a long filament like a string
Porter
many many of nanotubes
Porter
what is the k.e before it land
Yasmin
what is the function of carbon nanotubes?
Cesar
I'm interested in nanotube
Uday
what is nanomaterials​ and their applications of sensors.
Ramkumar Reply
what is nano technology
Sravani Reply
what is system testing?
AMJAD
preparation of nanomaterial
Victor Reply
Yes, Nanotechnology has a very fast field of applications and their is always something new to do with it...
Himanshu Reply
good afternoon madam
AMJAD
what is system testing
AMJAD
what is the application of nanotechnology?
Stotaw
In this morden time nanotechnology used in many field . 1-Electronics-manufacturad IC ,RAM,MRAM,solar panel etc 2-Helth and Medical-Nanomedicine,Drug Dilivery for cancer treatment etc 3- Atomobile -MEMS, Coating on car etc. and may other field for details you can check at Google
Azam
anybody can imagine what will be happen after 100 years from now in nano tech world
Prasenjit
after 100 year this will be not nanotechnology maybe this technology name will be change . maybe aftet 100 year . we work on electron lable practically about its properties and behaviour by the different instruments
Azam
name doesn't matter , whatever it will be change... I'm taking about effect on circumstances of the microscopic world
Prasenjit
how hard could it be to apply nanotechnology against viral infections such HIV or Ebola?
Damian
silver nanoparticles could handle the job?
Damian
not now but maybe in future only AgNP maybe any other nanomaterials
Azam
Hello
Uday
I'm interested in Nanotube
Uday
this technology will not going on for the long time , so I'm thinking about femtotechnology 10^-15
Prasenjit
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
Privacy Information Security Software Version 1.1a
Good
Got questions? Join the online conversation and get instant answers!
QuizOver.com Reply

Get the best Algebra and trigonometry course in your pocket!





Source:  OpenStax, Economic and management sciences grade 7. OpenStax CNX. Sep 10, 2009 Download for free at http://cnx.org/content/col11025/1.1
Google Play and the Google Play logo are trademarks of Google Inc.

Notification Switch

Would you like to follow the 'Economic and management sciences grade 7' conversation and receive update notifications?

Ask