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Wednesday, October 17, 2012
Tuesday, April 17, 2012
CONTENT: Section 5 - Production
Profile 2: Production, Marketing and Finance
Section 5: Production
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SPECIFIC OBJECTIVES
The students should be able to:
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CONTENT
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| 1. |
Identify factors in the production of goods and services;
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Factors of production: Land, Labour, Capital, Enterprise.
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| 2. |
Identify industries developed from the natural resources of Caribbean territories;
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Caribbean industries developed from agricultural produce and mining.
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| 3. |
Differentiate between production and productivity;
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The effects of efficiency in the production of goods and services.
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| 4. |
Explain the importance of productivity
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Productivity as it relates to the efficiency of labour, including its value and importance; the factors affecting its supply; human resource development (including education, health, and working conditions).
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| 5. | Outline the effects of migration; |
Migration and its positive and negative effects on the labour force.
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| 6. |
Describe the role of the entrepreneur in the decison making process;
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Importance of entrepreneurial organizational skills.
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| 7. |
Explain the role of capital in production;
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Fixed working and venture capital.
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| 8. |
Differentiate among the various production levels;
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Production levels: subsistence, domestic consumption, surplus and export.
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| 9. |
Classify the different types of production;
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Types of production:
(a) extractive; (agriculture, mining, fishing)
(b) construction; (building)
(c) manufacturing; (assembling, refining)
(d) service; (transport, communication, tourism)
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| 10. |
Describe the characteristics of cottage industry;
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Cottage industries:
(a) home-based;
(b) mainly manual;
(c) small scale;
(d) use of local raw materials;
(e) use of family members as labour.
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| 11. |
Outline the opportunities for and the benefits of developing linkage industries;
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Linkage industries:
(a) backward;
(b) forward;
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| 12. |
Outline the factors that determine the location of a business;
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Factors affecting location:
(a) geographical;
(b) availability of raw materials and supplies;
(c) infrastructure;
(d) power;
(e) water;
(f) transport;
(g) health facilities;
(h) labour supply;
(i) governmental regulation
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| 13. |
Outline the functions of a small business;
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Functions of a small firm
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| 14. |
Explain the effects of growth on a business;
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Growth of a busines sand effects on:
(a) organizational structure;
(b) capital;
(c) labour;
(d) scale of production. (economies of scale)
(e) use of technology.
(f) potential for export.
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| 15. |
Describe the economic and social implications of technological development.
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Capital intensive versus labour intensive production in developing countries, mechanization and automation, e.g. computer-aided design (CAD) and computer aided instruction (CAI).
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CONTENT: Section 4 - Legal Aspects of Business
Profile 1: Organizational Principles
Section 4: Legal Aspects of Business
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SPECIFIC OBJECTIVES
The students should be able to:
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CONTENT
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| 1. |
Explain the concept of contract;
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Definition and concept of a contract.
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| 2. | Describe the characteristics of a simple contract; |
Offer and acceptance, competence of parties, intention to create legal relations, consideration.
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| 3. |
Differentiate between a simple contract and a specialty contract;
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special contracts including mortages, sale of land and insurance
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| 4. |
Determine the validity of various contracts;
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Use of case studies to determine the validity of contracts.
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| 5. | Distinguish between offer and invitation to treat or bargain; |
Concepts of offer and invitation to treat.
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| 6. |
Explain the conditions under which offer and acceptance are communicated;
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Concepts of offer and acceptance.
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| 7. |
Outline ways by which contracts may be terminated or discharged;
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Definitions of discharge, types of discharge methods of discharge.
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| 8. |
Explain why documentation is necessary in business transactions;
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The importance of record-keeping in a business, including its value in satisfying requirements for taxation and auditing
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| 9. |
Prepare business documents for various purposes;
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preparation of various business documents including pro forma invoices, purchase requisitions, statements of accounts and stock cards.
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| 10. |
Interpret information on transport documents;
| Transport documents including import license, bill of lading, and airway bills. |
| 11. |
Identify instruments of payment;
| Instruments of payment including cheque, money order, bank draft, debit card, credit card and telegraphic money transfer. |
| 12. |
Interpret information on various instruments of payment;
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Interpretation and significance of information on instruments of payment.
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| 13. |
Explain the use of documentary credit;
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The concept of documentary credit,
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| 14. |
Distinguish between insurance and assurance;
| The concepts of insurance and assurance. . |
| 15. |
Evaluate the principles upon which insurance is based;
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The concept of pooling of risks.
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| 16. |
Explain the various types of insurance policies;
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Types of insurance policies: life and business insurance.
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| 17. | Explain how insurance facilitates trade. | The value of insurance coverage in lowering the risks associated with business |
CONTENT: Section 3 - Establishing a Business
Profile 1: Organizational Principles
Section 3: Establishing a Business
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SPECIFIC OBJECTIVES
The students should be able to:
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CONTENT
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| 1. |
Define the term entrepreneur;
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The concept of entrepreneurship
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| 2. | Explain the role of an entrepreneur; |
The role of the entrepreneur in conceptualizing, planning, accessing funds, organizing, operating and evaluating the performance of a business.
Attention should be paid to the bearing of risks and the entitlement to the profits and losses of the business.
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| 3. |
Identify the characteristics of the the typical entrepreneur;
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Personal traits and leadership qualities:
(a) creative
(b) innovative
(c) flexible
(d) goal-oriented
(e) persistent
(f) persevering
(g) propensity to take calculated risks
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| 4. |
Outline reasons why persons may want to establish their own business;
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Reasons for wanting to start a business:
(a) desire for financial independence
(b) self-fulfillment
(c) self-actualization
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| 5. | Outline the essential steps that should be taken in establishing a business; |
Steps for establishing a business:
(a) conceptualization
(b) research (market probe)
(c) identification of resources
(d) creation of a business plan
(e) acquisition of funds
(f) operation of the business
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| 6. | Describe the role of key functional areas in the operation of diferent types of business. |
Role of the production, marketing and finance, legal, Research and Development (R and D) departments in a business.
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| 7. |
Identify sources of information for conducting research into the establishment of a business;
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Primary and secondary sources of information for conducting research.
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| 8. | Explain the relationship between planning and the operation of a business; |
The necessity for short-term, medium-term and long-term planning in a business.
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| 9. |
Identify regulatory practices instituted by governments for the establishment of different types of businesses;
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Local regional and global rules for conducting business, including local government (municipal, village council, parish council regulations)
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| 10. |
Outline the advantages and disadvantages of different types of business organizations;
| Opportunities and challenges encountered by different types of organizations. |
| 11. |
Identify sources of captial for the setting up of a business;
| Sources of capital including venture capital. |
| 12. |
Explain the significance of collateral in accessing capital to establish a business;
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Collateral:
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| 13. | Outline the features of a business plan; |
Analysis of all the elements of a business plan, including the executive summary and the operational, marketing and financial plans.
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| 14. | Explain the purposes of a feasibility study; | The purpose of a feasibility study. |
| 15. |
Identify ethical and legal issues in the establishment and operation of a business;
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Ethical and legal issues, for example advertising, taxation and environmental issues.
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| 16. | Explain the consequences of ethical and illegal practices in business. |
Consequences of unethical and illegal practices in business:
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CONTENT: Section 2 - Internal Organizational Environment
Profile 1: Organizational Principles
Section 2: Internal Organizational Environment
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SPECIFIC OBJECTIVES
The students should be able to: |
CONTENT
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| 1. |
Describe the functional areas of a business.
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Functional areas of a business:
(a) production
(b) finance
(c) marketing
(d) personnel
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| 2. | Outline the functions of managment; |
The functions of management:
(a) planning
(b) organizing
(c) directing
(d) controlling
(e) Coordinating
(f) delegating
(g) motivating
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| 3. |
Outline the responsibilities of management;
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Management responsibilities to:
(a) owners and shareholders (by maximizing efficiency and creating surpluses);
(b) employees (for example, providing adequate working conditions, training,maintaining good communication and human relations;
(c) society;
(d) consumers;
(e) government.
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| 4. |
Construct organizational charts;
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The construction of simple organizational charts.
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| 5. | Interpret organizational charts; |
The interpretation of simple organizational charts.
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| 6. | Outline the essential characteristics of good leader; |
The characteristics of a good leader.
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| 7. |
Differentiate among the various leadership styles;
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The advantages and disadvantages of different leadership styles.
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| 8. | Identify potential sources of conflict within an organization; |
Internal sources of conflict.
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| 9. |
Outline strategies used by employers and employees to gain an upper hand during periods of conflict;
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Employer strategies, for example, lock out and the use of scab labour; and strategies used by employees for example strike action and work to rule.
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| 10. |
Identify strategies for the resolution of conflict within an organization;
| Conflict resolution strategies including mediation, arbitration and the value of trade union representation. |
| 11. |
Establish guidelines for the conduct of good management and staff relations in the workplace;
| Guidelines for establishing good relations between managers and employees. |
| 12. |
Evaluate the role of teamwork in the success of an organization;
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The value of teamwork within an organization:
(a) definition;
(b) advantages;
(c) disadvantages.
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| 13. | Outline strategies for effective communication within an organization; |
The communication process and strategies for effective communication within and organization.
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| 14. | Explain the concept of a Management Information System (MIS); | The concept of MIS in an organization (to manage information for decision-making for example, manual and automated). |
| 15. |
Outline the benefits and challenges of a Management Information System in business;
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(a) Benefits of an MIS system, for example:
(b) Challenges of an MIS system, for example:
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| 16. | Discuss the personal needs that are satisfied through employment. | Economic, social, psychological and physiological needs. |
CONTENT: Section 1 - The Nature of Business
Profile 1: Organizational Principles
Section 1: The Nature of Business
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SPECIFIC OBJECTIVES
The students should be able to:
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CONTENT
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| 1. |
Explain terms and concepts related to business;
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Definition and explanation of the following terms and concepts:
(a) enterprise
(b) entrepreneurship
(c) barter
(d) profit
(e) loss
(f) trade
(g) organization
(h) economy
(i) producer
(j) consumer
(k) exchange
(l) goods
(m) services
(n) market
(o) commodity
(p) capital
(q) labour
(r) specialization
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| 2. | Trace the development of instruments of exchange; |
Brief history of trading instruments from subsistence economy to money economy, including the use of the following:
(a) bills of exchange
(b) credit cards
(c) electronic transfer
(d) tele-banking and e-commerce
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| 3. |
State reasons why an individual may want to establish a business;
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Reasons for establishing a business
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| 4. |
Describe the various forms of business organizations and arrangements;
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Forms of business organizations and arrangements: definition, formation and management of:
(a) sole trader
(b) partnerships
(c) co-operatives
(d) companies (including conglomerates and multi-nationals)
(e) franchises
(f) state corporations and nationalized industries
(g) local and municipal authorities
(h)government departments
(j) concept of private and public sectors
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| 5. | Differentiate among the different economic systems; |
Types of economic systems:
(a) traditional (subsistence)
(b) command or planned (socialist)
(c) free or capitalist
(d) mixed (public and private)
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| 6. | Identify the stakeholders involved in business activities; |
Owners, employees, customers and all other members of society
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| 7. |
Discuss the role of the stakeholders involved in business activities;
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Role of employers, employees, consumers and government.
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| 8. | Outline the functions of a business; |
Functions of a business in satisfying needs and wants through the provision of goods and services.
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| 9. |
Describe the role of business within a community.
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Economic, financial, social, political and ethical.
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Structure and Organization of Syllabus & Format of the Examinations
The general proficiency exam consists of two (2) papers
and a School Based
Assessment (SBA) project
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The syllabus for the CXC Principles of Business exam is divided into
three (3) profile dimensions. Each profile dimension is comprised of several
sections.
Organisation of Marks by
Papers and Profile Dimensions
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