Explanation

(a)(i) A trade association may be defined as a group of individuals in the same line of trade who have voluntarily agreed to come together in order to promote and safeguard the business interest of their members and their trade.

(ii) Examples of trade association include: Cray fish sellers association, Yam sellers, Butchers, Manufacturers Association of Nigeria (MAN), Kosai sellers association.

(b) Some functions of Trade Associations are:

(i) They protect their trade in order to avoid infiltration by quacks.

(ii) They promote the welfare of their members.

(iii) They settle disputes among their members.

(iv) They educate their members through the organization of seminars, conferences, lectures, etc.

(v) Trade associations regulate prices in order to check price fluctuations.

(vi) They exchange information and create uniformity in trade operations.

(vii) They ensure proper maintenance of standard and grades of products among members.

(viii) They act as pressure groups by influencing governments and political parties in taking decisions.

(ix) They promote research work on improvement of their trade operations which individual members may not be able to afford. 
 

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