Question

1. (a) The chart below shows the main divisions of commerce. Complete the chart by filling in the blank spaces labelled (i) to (vii).
Commerce
(i) Trade _______ (v) Aids to trade _______
(ii) Home trade _______ (iii) Foreign trade _______
(iv) Retail trade _______ (vi)_______ (vii)_______ (viii)_______
(b) Explain the following, give one example of each: (i) Primary production (ii) Secondary production (iii) Tertiary production

Accepted Answer

(a) Completed chart of the main divisions of commerce:
Commerce divides into Trade and Aids to trade.
Trade divides into Home trade and Foreign trade. Home trade further divides into Retail Trade and Wholesale Trade.
Aids to trade includes: Banking, Insurance, Advertising, Transportation, Warehousing, Communication, Tourism.

(b)(i) Primary production: this can be defined as all activities that deal with extraction and exploration of natural resources from their various sources, such as mining, fishing etc.
(ii) Secondary production: this involves all activities of converting raw materials to finished goods such as production, manufacturing etc.
(iii) Tertiary production: this can be defined as all activities which involves provision of services. No physical output is produced but the services are essential to aid both primary and secondary production, such as transportation, banking etc.

WAEC Commerce 2012 Theory — Question 1

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