WAEC Commerce 2022 Theory — Question 3

Model answer

(a) A trade association is the coming together of people who are in the same line of product, while a chamber of commerce is the association of businesses from different lines of products. (b) Chamber of commerce ensures the creation of a favourable business environment for businesses; it is the body that organizes local and international trade fairs for businesses; it advises the government on various policies that can promote businesses; it helps businesses remove odds and address unfair competition. (c) Employers' association aims at protecting the interest of its members; it gathers salary and wage information to know how to remunerate workers; it trains staff and members; it stands on behalf of its members before the government.