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JAMB Commerce 1994 Question 1

Question 1

Introduction to Commerce

Commerce is defined as the study of how

  1. A.man utilizes the resources in his physical environment
  2. B.man produces, distributes and consumes his goods and services
  3. C.man buys, sells and distributes goods and services
  4. D.raw materials are changed into finished goods.
Show the answer and explanation

Answer: C (man buys, sells and distributes goods and services)

Explanation

Commerce is about getting goods and services from producers to consumers: buying, selling and distributing them, helped by aids to trade such as banking, transport and insurance. Production (B, D) and using resources (A) are not commerce.