Theory question 101
Introduction to CommerceCommerce 2 (theory)
(a) List four career opportunities available to a student of commerce.
(b) State two functions of an entrepreneur.
(c) Explain the following activities giving two examples of each:
(i) extractive industry;
(ii) construction industry;
(iii) manufacturing industry;
(iv) tertiary industry.
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(a) Any four: trading (wholesaling/retailing); banking; insurance; accountancy; marketing/sales; advertising; transport/shipping and clearing; warehousing/storekeeping; stockbroking; secretarial/office work; tourism.
(b) Any two: combines and organises the other factors of production; provides capital; bears the risks of the business; takes major decisions/plans; innovates.
(c)(i) Extractive industry – taking raw materials from land, water or air, e.g. mining, fishing, farming, lumbering, quarrying.
(ii) Construction industry – assembling processed materials into usable structures, e.g. building houses, roads, bridges, furniture making.
(iii) Manufacturing industry – changing raw materials into finished or semi-finished goods, e.g. textiles, car assembly, brewing, oil refining.
(iv) Tertiary industry – provision of services, both commercial and direct, e.g. banking, transport, trading, teaching, medical and legal services.
In (c) define each industry first, then give two examples.