COMERCE ONDO JOINT
(answer five questions in all)
(1a) Industry is a term use to denote activities concern with the physical production of Goods.
Commerce is the exchange and distribution of goods.
(i) Extractive or Primary:- This is concerned with the extraction of natural resources from the soil or sea.
(ii) Manufacturing or Secondary:- This is concerned with the changing of the form of Raw materials extracted from the soil or Sea. this transformation of raw materials into finished goods is also known as adding utility to raw materials.
exam ple are; Cloth, Soap Textile Making etc,..
(iii) Construction or Secondary:- This is concerned with the assembling different component extracted and manufacturing to construct them into organised whole. this include the following economic activities; Bricklayer roads, and Bridge construction, Vehicle Assembling work,Welding.
(i) Insurance that contribute in reducing the risk associated with the production and distribution of good and services
(ii) Finance and Banking that make money available for the production and distribution of Goods and Services.
(iii) Trade which is the exchange, Buying and selling of Manufactured goods and services.
(iv) Transport which involved the movement of manufactured goods and services from one place to another.
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