WAEC Commerce 2016 Theory — Question 1

Model answer

Importance of Commerce to a nation: - Commerce promotes trading activities which result to economic growth and development in an economy. - It also provides job opportunity for the people thereby reducing pressure on the government and also eliminating associated problem of unemployment. - Through commerce, the government can generate more taxes and revenue which it can use to execute its developmental programmes. - It removes all obstacles that hinder easy buying and selling activity; without commerce, some nations will be lagging behind. - It lessens the burden of the producers by providing appropriate place to present and display their goods. - Through commerce, people are able to satisfy their wants. - It fosters good relationship between persons and also countries.