(a) What is Commerce?
(b) State and explain the importance of any five ancillary services to trade.
(a) Commerce;n wants. Commerce is trade and aids to trade e.g advertising , insurance, banking, transportation and warehousing.
(b) Importance of five aids to trade are:
(i) Banking: Banks aids commerce by making funds available to traders and other business establishment in the form of loans and overdrafts
(ii) Transport: This provides the means of carrying both raw materials and finished goods to where they are needed
(iii) Advertising: Advertising ensures that the goods are brought to the awareness of the consumer
(iv) Warehousing: This ensures the storage of goods till they are wanted
(v) Insurance: This enables the trader to obtain compensation in the event of any loss arising from fire, accident etc.
(vi) Communication: This ensures the exchange of information from one place to another.
Contributions ({{ comment_count }})
Please wait...
Modal title
Report
Block User
{{ feedback_modal_data.title }}