Business Studies 4

15

Semester 2 SY 2012-2013
Revision Worksheet # 5- Types of Competition, Economic Systems

Name:
Tuesday

Date: Jan. 22,

1. Outline the benefits of free market economies to:

a) Owners of firms (3 marks)

b) Consumers (3 marks)

2. Explain the major differences between command economies and mixed

economies. (3 marks)

3. What are the features of monopolistic competition? (3 marks)

4. What are the features of an oligopoly? (3 marks)