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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?


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


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.


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.


  • 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

what is variations in raman spectra for nanomaterials
Jyoti Reply
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
yes that's correct
I think
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
How we are making nano material?
what is a peer
What is meant by 'nano scale'?
What is STMs full form?
scanning tunneling microscope
how nano science is used for hydrophobicity
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
what is differents between GO and RGO?
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
The nanotechnology is as new science, to scale nanometric
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
what school?
biomolecules are e building blocks of every organics and inorganic materials.
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
sciencedirect big data base
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
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
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, Economic and management sciences grade 7. OpenStax CNX. Sep 10, 2009 Download for free at http://cnx.org/content/col11025/1.1
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