Principles of Business
1-4050-3144-1-cxc-pi-vi-n
8/15/05
10:44 AM
Page i
Principles of Business for Caribbean Examinations
4th Edition
Ivan L. Waterman and Dave Ramsingh
1-4050-3144-1-cxc-pi-vi-n
9/21/05
2:43 PM
Page ii
Macmillan Education
Between Towns Road, Oxford Ox4 3PP
A division of Macmillan Publishers Limited
Companies and representatives throughout the world www.macmillan-caribbean.com ISBN 1-4050-3144-1
Text © I. L. Waterman and D. Ramsingh 2005
Design and illustration © Macmillan Publishers Limited 2005
First published 2005
All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publishers.
Designed by Jim Weaver Design
Typeset by Carol Hulme
Illustrated by Raymond Turvey (Turvey Books Ltd)
Cover Design by Gary Fielder at A C Design
The authors and publishers would like to thank the following for permission to reproduce their photographs:
Art Directors/Jeff Greenberg p2(m); J. Highet p230; Rod Panichell p146
Solomon Baksh p164
Corbis pp86, 92, 110(t), 128, 130, 234
Empics p58
Hutchison Library/Robert Francis p222; Tony Hardwell p65; James Henderson pp207, 214; Mary Jelliffe p16;
Philip Wolmuth p53, 110(b), 149(b)
Oxford Scientific Films p245
Reuters p304
Rex Features pp114, 136, 229, 322
Science Photo Library p80
Bob Swan pp1, 2(t, b), 26, 66, 75, 82, 97, 143. 144, 149(t), 211, 236
Front cover: Art Directors and Trip/J. Highet; Digital Vision;
Hutchison/James Henderson; Gerry Stegmeier; Stockbyte and Bob Swan.
Back cover: Stockphoto
Printed in Thailand
2009 2008 2007 2006 2005
10 9 8 7 6 5 4 3 2 1
1-4050-3144-1-cxc-pi-vi-n
8/15/05
10:44 AM
Page iii
Contents
Acknowledgements
Preface
iv v SECTION A – Organisational
1
2
3
4
5
6
7
Introduction: The Nature of Business and the Business
8/15/05
10:44 AM
Page i
Principles of Business for Caribbean Examinations
4th Edition
Ivan L. Waterman and Dave Ramsingh
1-4050-3144-1-cxc-pi-vi-n
9/21/05
2:43 PM
Page ii
Macmillan Education
Between Towns Road, Oxford Ox4 3PP
A division of Macmillan Publishers Limited
Companies and representatives throughout the world www.macmillan-caribbean.com ISBN 1-4050-3144-1
Text © I. L. Waterman and D. Ramsingh 2005
Design and illustration © Macmillan Publishers Limited 2005
First published 2005
All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publishers.
Designed by Jim Weaver Design
Typeset by Carol Hulme
Illustrated by Raymond Turvey (Turvey Books Ltd)
Cover Design by Gary Fielder at A C Design
The authors and publishers would like to thank the following for permission to reproduce their photographs:
Art Directors/Jeff Greenberg p2(m); J. Highet p230; Rod Panichell p146
Solomon Baksh p164
Corbis pp86, 92, 110(t), 128, 130, 234
Empics p58
Hutchison Library/Robert Francis p222; Tony Hardwell p65; James Henderson pp207, 214; Mary Jelliffe p16;
Philip Wolmuth p53, 110(b), 149(b)
Oxford Scientific Films p245
Reuters p304
Rex Features pp114, 136, 229, 322
Science Photo Library p80
Bob Swan pp1, 2(t, b), 26, 66, 75, 82, 97, 143. 144, 149(t), 211, 236
Front cover: Art Directors and Trip/J. Highet; Digital Vision;
Hutchison/James Henderson; Gerry Stegmeier; Stockbyte and Bob Swan.
Back cover: Stockphoto
Printed in Thailand
2009 2008 2007 2006 2005
10 9 8 7 6 5 4 3 2 1
1-4050-3144-1-cxc-pi-vi-n
8/15/05
10:44 AM
Page iii
Contents
Acknowledgements
Preface
iv v SECTION A – Organisational
1
2
3
4
5
6
7
Introduction: The Nature of Business and the Business