(a) State the difference between industry and commerce.
(b) Mention and explain five types of commercial occupations and three types of industrial occupations.
(b) Mention and explain five types of commercial occupations and three types of industrial occupations.
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Correct Answer: Option n
Explanation:
(a) Industry is a term used to denote activities concerned with the physical production of goods while commerce is the exchange and distribution of goods.
(b) Types of Commercial occupations are:
(i) Trading: This is concerned with the activities of all those engaged in buying and selling of goods, whether as wholesalers or retailers; importers or export-ers.
(ii) Banking: This is concerned with the activities of those engaged in the provision of credit, payment and saving facilities.
(iii) Warehousing: Warehousing is concerned with the activities of those who help to store goods, pending the time they are needed.
(iv) Advertising: Advertising shows the activities of those engaged in informing potential buyers and sellers of the existence of goods and services.
(v) Insurance: This is concerned with the activities of those who undertake the risk of businesses and individuals as insurers, insurance agents and brokers.
(vi) Transportation: This is the movement of people, goods and services from place to place.
(vii) Communication: This is concerned with the transmission of messages from place to place.
(c) Types of Industrial Occupation are:
(i).Extractive occupation: This is concerned with the activities of those engaged in primary production, extracting the gifts of nature from the soil, sea or earth as miners, fishermen or farmers.
(ii) Manufacturing: This is concerned with the activities of those engaged in processing of primary products as bakers, textile workers, etc.
(iii) Construction occupation: This is concerned with the activities of those who convert the products of the manufacturers into various uses as furniture makers, road builders, etc.
(a) Industry is a term used to denote activities concerned with the physical production of goods while commerce is the exchange and distribution of goods.
(b) Types of Commercial occupations are:
(i) Trading: This is concerned with the activities of all those engaged in buying and selling of goods, whether as wholesalers or retailers; importers or export-ers.
(ii) Banking: This is concerned with the activities of those engaged in the provision of credit, payment and saving facilities.
(iii) Warehousing: Warehousing is concerned with the activities of those who help to store goods, pending the time they are needed.
(iv) Advertising: Advertising shows the activities of those engaged in informing potential buyers and sellers of the existence of goods and services.
(v) Insurance: This is concerned with the activities of those who undertake the risk of businesses and individuals as insurers, insurance agents and brokers.
(vi) Transportation: This is the movement of people, goods and services from place to place.
(vii) Communication: This is concerned with the transmission of messages from place to place.
(c) Types of Industrial Occupation are:
(i).Extractive occupation: This is concerned with the activities of those engaged in primary production, extracting the gifts of nature from the soil, sea or earth as miners, fishermen or farmers.
(ii) Manufacturing: This is concerned with the activities of those engaged in processing of primary products as bakers, textile workers, etc.
(iii) Construction occupation: This is concerned with the activities of those who convert the products of the manufacturers into various uses as furniture makers, road builders, etc.