SECTION B QUESTION 4 4.1 Define the fоllоwing types оf mаrkets аnd provide аn example of each. Financial market (2) Monopoly (2) Monopsony (2) Black market (2) 4.2 Study the picture below. Write click on the button to open the image in a new tab. 4.2.1 What type of market is this business in and explain why? (2) 4.2.2 List one advantage of this type of market. (1) 4.2.3 Explain how the Corona virus (COVID 19) could impact this type of business. (2) 4.3 Explain why the pace of globalisation has increased over the last few years. (5) 4.4 Businesses should track their political environment. Name three reasons changes in political factors can affect business strategy. (3) 4.5 Read the following scenario and then answer the questions that follow: Azzie owns a grocery store. She is very excited as a new technology has been developed that will allow shoppers to enter the store and as they place things in their trolley the goods are automatically scanned and added to a receipt. When the shoppers are done, they then go to a certain section near the exit of the store where an automatic receipt will print out. The customer then just has to tap their phone or card on a machine and an immediate payment is made. Azzie’s shop will no longer need tellers, they also will no longer deal with cash which is always a security hazard. The technology has also been designed in such a way that theft should be decreased. 4.5.1 Using the scenario to help you explain how technology can have both a positive and negative effect on business. (4) TOTAL QUESTION 4: [25]
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