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#Post#: 231--------------------------------------------------
FREE 100% WAEC GCE COMMERCE ANSWERS AVAILABLE HERE NOW
By: Ebenezer Date: September 4, 2013, 3:47 am
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COMMERCE OBJ
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#Post#: 232--------------------------------------------------
Re: FREE 100% WAEC GCE COMMERCE ANSWERS AVAILABLE HERE NOW
By: Ebenezer Date: September 5, 2013, 4:34 am
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COMMERCE ESSAY
(1ai) Production may be defined as the transformation of raw
materials into finished goods and their distribution to the
consumers to satisfy their wants.
(1aii) Primary production refers to the extraction of raw
materials provided by nature.
(1aiii)secondary production involves the conversion of basic raw
materials or semi-finished goods into final forms that are
acceptable to the consumer.
(1b)land,labour,capital and enterpreneur.
-land is defined as a free gift of nature.
it is immobile.
The reward for land is rent.
-labour:this is all forms of human efforts put into or utilized
in production.
the reward for labour is wages and salaries.
-capital: This is man made wealth or goods used to produce other
goods and services. The reward for capital is interest.
(2a)(i) duration of the business
(ii) capital contribution
(iii) admission of new members
(iv) the nature of the business
(v) the objective of the firm
(2bii) bankruptcy of a partner:partnership will be dissolved
when a partner becomes bankrupt.
(2biii) death of a partner:the death of a partner will bring an
end the the business
(2biv) joint decision:partnership can be dissolved when all
members decide.
(3a)(i) source of revenue.
(ii)promotion of economic development.
(iii) provision of employment opportunities.
(iv)it increases world output.
(3bi)Import quota: This helps to restrict imports by imposing a
limit on the quantityof goods that can be imported.
(3bii)Embargo: This is a ban placed on someimported goods.
(3biii) Devaluation: This increases the cost of importation and
reduces the cost of exports.
(3biv)Foreign exchange control.
(5a.) cheque - A cheque is defined by the bill of exchange act
of 1882 as "a bill of exchange drawn on a banker on a banker
payable on demand .
(5b.)(i) current account - money can be withdrawn frequently.
holders of interest are not entitled to interest payment of
commission is made by the customers to the bank.
(5b)(ii) saving account - money can only be withdrawn
occasionally.
it attracts a favourable rate of interest. holders are issued
with passbook.
(iii) fix deposit account - money is deposited for a specific
period it attracts higher interest rate. notice of seven days
must be given withdrawal.
(6a)- provision of long term loans for capital project.
-they help to implement government financial policies.
-they conduct extensive study on the industrial sector in order
to determine the viability of industries in a country.
-they advise both the government and industrialists on the
surest way of developing a nation.
- they contribute to man power development by making funds
available to man power training institutions.
(6b)(i) issuing of currency: the bank is the sole authority
empowered by law to issue the nations all form of currency.
(ii) it controls the foreign exchange reserves: it issues
foreign exchange to those who are in need of it, and as a result
it knows when excess foreign exchange.
(iii)it advises the government:because of it pivotal
position,they advises on financial situation
(iv) federal government banker:they keepthe nation mopney
(v) As a governmental agent:they make payment and receive money
from government.
(7a)
i. Effective and efficient Distribution of Goods: Transportation
facilitates and quickens the effective distribution of good and
services to areas where they are needed
ii. Movement of goods and persons: transport facilitate the
movement of goodsand persons from one place to another
(7a continues)
iii. Employment opportunity: All means of transportation employs
lots of people, thereby enable them to earn a living
iv. It influence the location of industries: The existence of
good transport network do help in the location of industries
v. Development of Rural and Persons: transportation has greatly
encouraged the development and growth of rural areas of a
country
(7b)
- Continuous flow of goods
- High cost of construction
- Limited scope
-It is vulnerable to climatic change
- Reduce the overcrowding of the roads
(9.) privatization is the transfer of ownership and control of
state- owned business enterprises from the the state to
individual (private sector).
i. Efficiency- By removing red a€A¿ tapism and reducing waste.
It is believed such business can be better run by the private
sector.
ii. Liberalisation- privatization is often aimed at allowing
more investors into certain sector thereby creating room for
competition.
iii. Consumera's interest- privatization maybe also be conceived
to protect the interest of consumers by giving the right tochose
which is often under government monopoly.
iv. Burden reduction- government may decide to private an
enterprise in order produce its financial burden in the running
of such an enterprises.
v. Efficiency management- it is believed that when business is
run by businessman and not civil servant, it will be more
efficient and profit oriented.
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