MNB1501 ASSIGNMENT 2 SEMESTER 2
EXAMPREP 2026 COMPLETE QUESTIONS
AND CORRECT ANSWERS
⩥ Business-Society Relationship. Answer: Business cannot operate
without societal influence.
⩥ Consumerism. Answer: Protects consumers from unsafe products and
malpractices.
⩥ Economic Principle. Answer: Maximizes satisfaction with limited
resources.
⩥ Maslow's Hierarchy. Answer: Levels of human needs from basic to
self-realization.
⩥ Physiological Needs. Answer: Basic needs like hunger and thirst.
⩥ Security Needs. Answer: Protection and safety requirements.
⩥ Social Needs. Answer: Desire for love and recognition.
,⩥ Esteem Needs. Answer: Need for respect and self-esteem.
⩥ Self-Realization Needs. Answer: Achieving personal potential and
self-fulfillment.
⩥ Limited Resources. Answer: Resources that are finite and require
choices.
⩥ Natural Resources. Answer: Land, forests, and water for production.
⩥ Human Resources. Answer: Labor and talents contributing to
production.
⩥ Capital. Answer: Machinery and buildings not for final consumption.
⩥ Entrepreneurship. Answer: Risk-taking individuals rewarded with
profits.
⩥ Free Market Economy. Answer: Private organizations supply
goods/services for profit.
⩥ Command Economy. Answer: State controls resources and production
factors.
,⩥ Socialism. Answer: State controls strategic industries; private
initiative allowed.
⩥ Free Market Characteristics. Answer: Minimal state interference and
freedom of choice.
⩥ Community Asset Ownership. Answer: Individuals possess assets and
earn profits.
⩥ Resource Allocation. Answer: Determined by supply and demand in
free markets.
⩥ Impact of Business Success. Answer: Affects societal prosperity, e.g.,
mining towns.
⩥ Mixed Economy. Answer: Combines public and private economic
control.
⩥ Socialist-Oriented Economy. Answer: High government participation
in South Africa's economy.
⩥ Business Organisations. Answer: Profit-seeking entities, often
privately owned.
, ⩥ Public Corporations. Answer: State-owned businesses like Transnet.
⩥ Government Organisations. Answer: Non-profit entities providing
community services.
⩥ Treasury Funding. Answer: Government funds obtained through
taxpayer contributions.
⩥ Non-Profit-Seeking Organisations. Answer: Entities seeking to cover
costs, not profit.
⩥ Business Management Purpose. Answer: Maximize output with
minimal production input.
⩥ Business Management Task. Answer: Study principles for business
profitability.
⩥ Economics. Answer: Study of community economic problems.
⩥ Entrepreneur. Answer: Individual who starts a business for profit.
EXAMPREP 2026 COMPLETE QUESTIONS
AND CORRECT ANSWERS
⩥ Business-Society Relationship. Answer: Business cannot operate
without societal influence.
⩥ Consumerism. Answer: Protects consumers from unsafe products and
malpractices.
⩥ Economic Principle. Answer: Maximizes satisfaction with limited
resources.
⩥ Maslow's Hierarchy. Answer: Levels of human needs from basic to
self-realization.
⩥ Physiological Needs. Answer: Basic needs like hunger and thirst.
⩥ Security Needs. Answer: Protection and safety requirements.
⩥ Social Needs. Answer: Desire for love and recognition.
,⩥ Esteem Needs. Answer: Need for respect and self-esteem.
⩥ Self-Realization Needs. Answer: Achieving personal potential and
self-fulfillment.
⩥ Limited Resources. Answer: Resources that are finite and require
choices.
⩥ Natural Resources. Answer: Land, forests, and water for production.
⩥ Human Resources. Answer: Labor and talents contributing to
production.
⩥ Capital. Answer: Machinery and buildings not for final consumption.
⩥ Entrepreneurship. Answer: Risk-taking individuals rewarded with
profits.
⩥ Free Market Economy. Answer: Private organizations supply
goods/services for profit.
⩥ Command Economy. Answer: State controls resources and production
factors.
,⩥ Socialism. Answer: State controls strategic industries; private
initiative allowed.
⩥ Free Market Characteristics. Answer: Minimal state interference and
freedom of choice.
⩥ Community Asset Ownership. Answer: Individuals possess assets and
earn profits.
⩥ Resource Allocation. Answer: Determined by supply and demand in
free markets.
⩥ Impact of Business Success. Answer: Affects societal prosperity, e.g.,
mining towns.
⩥ Mixed Economy. Answer: Combines public and private economic
control.
⩥ Socialist-Oriented Economy. Answer: High government participation
in South Africa's economy.
⩥ Business Organisations. Answer: Profit-seeking entities, often
privately owned.
, ⩥ Public Corporations. Answer: State-owned businesses like Transnet.
⩥ Government Organisations. Answer: Non-profit entities providing
community services.
⩥ Treasury Funding. Answer: Government funds obtained through
taxpayer contributions.
⩥ Non-Profit-Seeking Organisations. Answer: Entities seeking to cover
costs, not profit.
⩥ Business Management Purpose. Answer: Maximize output with
minimal production input.
⩥ Business Management Task. Answer: Study principles for business
profitability.
⩥ Economics. Answer: Study of community economic problems.
⩥ Entrepreneur. Answer: Individual who starts a business for profit.
