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CAIE IGCSE Economics 3.4.1 Different Types of Firms Questions

Explore types of firms in CAIE IGCSE Economics by classifying their activities and ownership, then weighing the strengths and limits of small and large businesses.

Syllabus
2027–2029
Course
Economics 0455

Exam points

  • Classify industries as primary, secondary or tertiary and use these groups to interpret employment tables.
  • Distinguish private and public firms by ownership and their stated objectives.
  • Explain how personal service, niche markets and flexibility help small firms survive.
  • Compare small and large firms through finance, average costs, personal service and consumer choice, considering both benefits and limitations.
  • Discuss whether private or public firms better serve consumers, linking ownership motives to prices, efficiency and welfare.

CAIE IGCSE Economics 3.4.1 Different Types of Firms Questions question 1

[Maximum number: 2]

In the first half of 2022, Guyana's GDP grew by 36.4%. Most of this growth was due to higher output in the primary sector. The government used some of the tax revenue generated from this growth to fund long-run development projects such as infrastructure and education. However, in the short run, there was a rise in house prices.

Identify two examples of primary sector industries.

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