FORM 1 BUSINESS STUDIES
MARKING SCHEME
1. a. Economics
     b. Commerce
     c. Office practice
     d. Entrepreneurship
2. Characteristics of human wants;
- They are insatiable
- They vary in intensity and urgency
- They are competitive
- They are recurrent (repetitive)
- Some are universal
- They are habitual
- They require resources
- They are complimentary
3. Factors of production and rewards
	Capital 	- 	Interest
	Land		- 	Rates/Loyalty
	Labour	-	Wages/salary
	Entrepreneurship -	Profit
4. Characteristics of an entrepreneur
	- Desire to achieve
	- Ability to solve problems
	- Readiness to take risks
	- Initiative.
	- Time conciousness
	- Creativity and innovative. 
	- Independence
	- Self confidence
	- Persistence and patience
	- Commitment to work
	Concern or customers satisfaction
5. Gaps in a Business opportunity
	- Inavailability of products
	-Poor quality products
	- Insufficient quantities
	-Unaffordable prices
	- Poor services.
6. Functions of an office
•	Receiving and recording information
•	Distribution (dissemination) of information.
•	Mailing
•	Reproduction of Documents
•	Safeguarding and controlling of organisation property
•	Communication
•	Filling
7. Function								Machine
a.	For printing postage impression an envelope		Franking machine
b.	Cutting unwanted documents into tiny pieces        Paper shredders
c.	Used to produce documents				Photocopier, Printing 									      machine, Stencil duplicator
d.	For preparing cash receipts				Cash register
e.	Used to send and receive messages			Telephone