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Wednesday, 24th May, 2023
Commerce 2 (Essay)
– 2:00pm – 4:00pm
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1a) Five factors that delayed the growth of commerce in West Africa are:
1. Slavery: The slave trade was a major hindrance to the growth of commerce in West Africa. It disrupted the social and economic structures of many African societies and led to a decline in trade.
2. Lack of infrastructure: The lack of roads, bridges, and other infrastructure made it difficult to transport goods from one place to another, which limited the growth of commerce.
3. Disease: The prevalence of diseases such as malaria and yellow fever made it difficult for traders to operate in West Africa.
4. Political instability: The frequent wars and conflicts between different ethnic groups and kingdoms in West Africa disrupted trade and made it difficult for traders to operate.
5. Colonialism: The imposition of colonial rule by European powers in the late 19th and early 20th centuries disrupted traditional trade routes and practices and led to the exploitation of African resources for the benefit of European powers.
b) Classifications of workers:
(i) Oil driller - Industrial worker
(ii) Potter - Artisan worker
(iii) Policeman - Civil servant worker
(iV) Brewer - Industrial/Service worker
(V) Stock broker - Professional worker
(vi) Mason - Construction worker
(Vii) Farmer - Agricultural worker
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2(b) :
1. Shared resources: Samba would have access to the resources and expertise of his partner, which could help the business grow and succeed.
2. Shared workload: Samba would not have to handle all aspects of the business alone, which could reduce his workload and stress.
3. Shared risk: The partnership structure allows Samba to share the risks and liabilities of the business with his partner.
4. Collaborative decision-making: Working with a partner allows Samba to share ideas and make decisions collaboratively, which could lead to better outcomes.
5. Combined expertise: Samba and his partner may have different areas of expertise, which could complement each other and lead to a more successful business.
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(5a)
Tourism is the act of travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act.
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6a)
Tourism is the act of travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act.
6bi) Increase in building costs and land value
6bii) The depletion of natural resources is a growing concern especially in places where resources are already scarce.
6biii) Tourism puts enormous stress on local land use, and can lead to soil erosion, increased pollution, natural habitat loss etc.
(3a)
[PICK ANY FOUR]
(i) Storage of goods
(ii) Protection of goods
(iii) Risk bearing
(iv) Financing
(v) Processing
(vi) Grading and branding
(vii) Transportation
(3b)
(a) Chain store:
(i) Multiple store locations, often spread across different regions or even countries
(ii) Uses a standardized branding and store design across all locations, giving a consistent customer experience.
(b) Mobile shop:
(i) Operates out of a vehicle or a portable structure, allowing it to move to different locations.
(ii) Typically focuses on a specific product or niche, such as mobile phones or accessories.
(c) Mail order business:
(i) Uses catalogs, websites, or other printed and digital materials to advertise and sell products to customers who place orders remotely.
(ii) Often offers a wide range of products to cater to diverse customer needs and preferences.
NUMBER 4
(4a)
(i)Stocks: Stocks represent ownership shares in a company. Investors can buy and sell stocks on the stock exchange, aiming to profit from price fluctuations or receive dividends based on the company’s performance.
(ii)Bonds: Bonds are debt securities issued by governments, municipalities, or corporations. Investors lend money to the issuer in exchange for periodic interest payments and the return of the principal amount at maturity.
(iii)Exchange-Traded Funds (ETFs): ETFs are investment funds traded on stock exchanges. They represent a basket of securities, such as stocks, bonds, or commodities. Investors can trade ETFs like stocks, offering diversification and flexibility in their investment portfolios.
(iv)Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Investors can buy or sell mutual fund shares at the net asset value (NAV) at the end of the trading day.
(v)Options: Options are derivative securities that provide the right, but not the obligation, to buy (call option) or sell (put option) an underlying asset at a predetermined price within a specific time period. Investors can trade options to speculate on price movements or manage risk in their investment positions.
(4b)
(i)Loyalty: An agent has a duty to act in the best interests of the principal and to avoid conflicts of interest. They should prioritize the principal’s goals and not engage in activities that would harm the principal or benefit themselves at the principal’s expense.
(ii)Obedience: An agent is obligated to follow the lawful instructions and directives of the principal, as long as they are within the scope of the agency relationship. The agent should carry out the principal’s wishes and act in accordance with their expressed desires.
(iii)Skill and Competence: An agent has a duty to perform their tasks with a reasonable level of skill, care, and diligence. They should possess the necessary knowledge, qualifications, and experience to fulfill their obligations and responsibilities to the principal.
(iv)Disclosure of Information: An agent has a duty to provide accurate and complete information to the principal regarding all relevant matters related to the agency relationship. This includes disclosing any conflicts of interest, potential risks, or material information that may impact the principal’s decisions.
(v)Accounting and Financial Responsibility: An agent is responsible for managing the principal’s assets, funds, or resources entrusted to them. They have a duty to maintain accurate records, provide regular accounting statements, and handle the principal’s financial affairs in a responsible and transparent manner.
Commerce 1 (Objective)
–4:00pm – 5:50pm
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