Theory question 101
Introduction to Commerce(a) Explain five factors that delayed the growth of commerce in West Africa.
(b) Using appropriate headings, classify the following workers: (i) oil driller (ii) potter; (iii) policeman; (iv) brewer; (v) stock broker; (vi) mason; (vii) farmer.
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(a) Any five, explained: poor transport network (bad roads, few railways); poor communication facilities; shortage of capital/low savings; few banks and other financial institutions; lack of insurance cover; inadequate warehousing (goods spoil); low income and low demand; illiteracy and lack of business skills; political instability; poor technology; barter and absence of a common currency in early times.
(b) Industrial occupation:
- Extractive: oil driller, farmer
- Manufacturing: potter, brewer
- Construction: mason
Commercial occupation: stock broker
Services (direct): policeman
Classify under industrial, commercial and services, with subheadings for industry.