Theory question 104
DistributionYam sellers in a local market formed an association. (a) State four functions the association would perform to its members.
(b) List and explain four types of market facilitator that would assist members of the association in achieving their objectives.
Show the model answer
(a) Any four: fix common prices; settle disputes among members; protect members' interests; represent members before government; pass market information; give welfare support and organise savings/contributions; maintain order, security and cleanliness of the market; control entry of new traders.
(b) Any four, explained: banks (loans, savings, payments); transport firms (move yams from farms to market); warehousing/storage firms (store yams to reduce losses); insurance companies (cover risks such as fire and theft); advertising agencies and media (promote the market); communication firms (phones, internet).
Give each point as a full sentence, with an example where possible.