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What is barter and what are the problems associated with the barter system?

Barter is the exchange of goods and services without using money. Problems include double coincidence of wants, indivisibility of goods, lack of a common measure of value, difficulty in storing wealth, and challenges in deferred payments.

What are the characteristics of money?

Acceptable, Durable, Portable, Divisible, Uniform, Stable in value.

Who are the stakeholders involved in a business?

Owners, Employees, Customers, Suppliers, Government, Community, Creditors, Investors.

What are the ethical and legal issues in establishing a business?

Ethical: Fair treatment, truth in advertising, environmental care; Legal: Business registration, tax compliance, labor laws, safety regulations.

What is the definition of management and leadership?

Management: Planning, organizing, leading, and controlling resources to achieve goals; Leadership: Influencing and guiding others to achieve objectives.

What are the various leadership styles?

Autocratic, Democratic, Laissez-faire, Transformational.

What are the functions of management?

Planning, Organizing, Leading, Controlling, Coordinating, Motivating.

What strategies do employers use when conflict occurs in the workplace?

Negotiation, Mediation, Arbitration, Team-building, Disciplinary action, Counseling.

What are span of control and chain of command?

Span of control: Number of subordinates a manager supervises; Chain of command: The line of authority in an organization.

Who is an entrepreneur and why may someone start a business?

An entrepreneur is someone who starts and manages a business. Reasons include profit, independence, using talent, and meeting market needs.

What are the elements of a business plan?

Executive summary, Business description, Market analysis, Marketing plan, Operations plan, Financial plan.

What is the role of the entrepreneur in economic development?

Job creation, Innovation, Economic growth, Community development.

What is a feasibility study and why is it important?

A feasibility study assesses if a business idea is viable. Importance: Identifies risks, aids planning, improves success chances.

What is the difference between primary and secondary research?

Primary: Original data (surveys, interviews); Secondary: Existing data (reports, articles).

What are the steps in establishing a business?

Idea development, Market research, Business plan, Legal structure, Registration, Financing, Operations setup, Launch.

What is collateral and what types exist?

Collateral is an asset used to secure a loan. Types: Property, Vehicles, Equipment, Savings.

What factors determine the location of a business?

Proximity to market, Cost, Access to materials, Labor supply, Transport, Infrastructure.

What is the role of the central bank?

Issues currency, Regulates money supply, Supervises banks, Controls interest rates.

What is the difference between monetary and fiscal policy?

Monetary: Central Bank, controls money and interest rates; Fiscal: Government, controls spending and taxation.

What is the purpose of a consumer protection agency and give an example?

Protects consumers from unfair practices. Example: Consumer Affairs Commission (Jamaica).

What is a contract and what is the difference between a simple and a specialty contract?

A contract is a legally binding agreement. Simple: Oral or written, no seal; Specialty: Written and sealed (e.g., mortgage).

What are the characteristics of a simple contract?

Offer and acceptance, Consideration, Legal intent, Legal capacity, Legality of purpose.

What is a contract of necessaries?

A contract made by a minor for essential goods/services, legally enforceable.

How can a contract be terminated?

Performance, Agreement, Breach, Frustration, Lapse of time.

What are the rules governing offer and acceptance?

Offer must be clear and communicated; Acceptance must be unconditional; Revocation is allowed before acceptance; Counter-offers cancel original offers; Silence is not acceptance.