Theory question 101
Introduction to CommerceCommerce 2 (essay)
(a) Differentiate between industry and commerce.
(b) List and explain four activities of those engaged in commercial occupations.
Show the model answer
Model answer
(a) Industry is the production of goods through extraction, manufacturing and construction; commerce is all activities that move the goods produced to the final consumer (trade and aids to trade).
(b) Any four, explained: trading (buying and selling at home and abroad); transport (moving goods and people); communication (passing information between buyers and sellers); banking (saving, lending, payments); insurance (cover against risks); advertising (informing buyers); warehousing (storage until needed).
Explanation
Each commercial activity should say what the workers do.