NECO Commerce 2022 Theory — Question 3

Model answer

(a) A trade association is an association of sellers of the SAME product (same line of trade), while a chamber of commerce is an association of sellers/businesses from DIFFERENT lines of products/trades within an area. (b) Functions of a chamber of commerce: - Organization of local and international trade fairs. - Promotion of trade and businesses in the country. - Removing unfair competition among businesses. - Creation and maintenance of a favourable business environment. (c) Functions of an employers' association: - Training and developing staff and members. - Obtaining data on wages to know the prevailing wage in the market. - Representation of members in front of government. - Promoting the welfare of its members.