Q.1.1

There are three main economic systems in the world.

With the use of examples, Differentiate between the three economic systems

Q.1.2

Gloria, a hairdresser who is passionate about cosmetics and beauty has recently received an investment payout of R500 000.00. Her husband has advised that it would be best to reinvest the money into a business, doing something she is passionate about. Gloria is unsure whether she should start her own beauty salon or buy into an existing business. Her husband insists that she should buy an existing business. He has identified ZEIR's Hair Salon, a premium unisex salon located in a busy mall that is being sold for R180 000.00

Do you agree with Gloria's husband? Justify your answer.

Q.1.3 Discuss how changes in the economic environment may affect Gloria's Salon business.