WAEC Commerce 2019 Theory — Question 1

Model answer

(a) Career opportunities for a student of commerce: Marketing; Trading; Teaching; Management. (b) Functions of an entrepreneur: • Decision making: the entrepreneur makes most of the decisions of the business — this is their major role in the organization. • Provision of funds needed for the continued survival of the business. (c)(i) Extractive industry: the industry that deals with the exploration of natural resources from source. It is the major provider of raw materials. Examples: mining of gold; fishing. (ii) Construction industry: the industry that deals with building and maintaining structures such as roads and buildings. Examples: road construction; building construction. (iii) Manufacturing industry: the industry that deals with converting raw materials into finished goods, creating utility from materials extracted by the extractive industry. Examples: production of cars; production of beverages. (iv) Tertiary industry: the industry that deals with the provision of services for other industries, linking other industries and the general public. Examples: banks; insurance companies.