– Describe the development of economic activity;
– Describe the scarcity problem and opportunity cost;
– Explain the meaning of specialisation and division of labour   
– Describe the relationship between specialisation and trade;
– Identify the levels of specialisation with examples;
– Discuss the advantages and disadvantages of specialisation;
– State the groups involved in business activity.
– Identify the objectives of the groups involved in business activity: consumers, workers, managers, owners, those with a financial interest, the community as a whole;
– Give examples of the conflict of objectives between the various groups involved in business activities and the ways in which priorities change;
– Explain the purpose of business activity in terms of the objectives of: non-profit making activity, private enterprise, public enterprise

– Describe and explain the role of the State in the economy;
– Distinguish between market, mixed and planned economies with reference to characteristics, advantages and disadvantages.
– Explain how wealth is created and distributed;
– Explain the importance of welfare policies to alleviate poverty

– Differentiate, with examples, between the different types of business activity in the primary, secondary and tertiary sectors.
– State the main methods of measuring the size of businesses; explain the purpose of the classification and measurement of business units; 
– Explain:- internal growth,- external growth (mergers and take-overs)
– Explain, with examples, the meaning of multinational firms;
– Identify the advantages and disadvantages of multinationals to the host country
– Explain the importance of globalisation;
– Explain the survival of small firms;
– Explain how businesses respond to the needs of the community.