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2022 WAEC Commerce Question and Answers
Get the WAEC essay and objective questions for Commerce. The 2022 WAEC Commerce OBJ and theory questions and answers are available. Just read the questions and take note of the WAEC Commerce solutions 2022. Read on to find out.
(6a) Tourism reffers to activities of persons travelling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes not related to the exercise of an activity remunerated from within the places visited.
(i) Economy: Tourism can lead to leakage of revenue, where a significant portion of the money spent by tourists goes to foreign companies instead of benefiting the local economy.
(ii) Society: Tourism can result in the commodification of culture, where local traditions and practices are reduced to mere entertainment or souvenirs, leading to the loss of authenticity and cultural heritage.
(iii) Environment: Tourism can cause ecological degradation, including increased waste generation, pollution, habitat destruction, and disturbance to wildlife, as well as contributing to deforestation and climate change through the development of tourism infrastructure.
(i) Job creation: Tourism creates jobs in various sectors, boosting employment and reducing unemployment rates.
(ii) Economic growth and revenue generation: Tourism brings in money through visitor spending, which stimulates the local economy and generates revenue for businesses and governments.
(ii) Cultural exchange and understanding: Tourism promotes interaction between tourists and locals, fostering appreciation for different cultures and traditions.
(ii) Community development: Tourism supports local businesses, encourages infrastructure improvements, and boosts community pride and identity.
(i) Conservation and preservation: Tourism provides incentives for protecting natural and cultural resources, such as national parks and historical sites.
(ii) Environmental awareness and education: Tourism raises awareness about environmental issues and promotes sustainable practices among tourists and local communities.
2023 Commerce Exam Answers
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(i)Stocks: Stocks represent ownership shares in a company. Investors can buy and sell stocks on the stock exchange, aiming to profit from price fluctuations or receive dividends based on the company’s performance.
(ii)Bonds: Bonds are debt securities issued by governments, municipalities, or corporations. Investors lend money to the issuer in exchange for periodic interest payments and the return of the principal amount at maturity.
(iii)Exchange-Traded Funds (ETFs): ETFs are investment funds traded on stock exchanges. They represent a basket of securities, such as stocks, bonds, or commodities. Investors can trade ETFs like stocks, offering diversification and flexibility in their investment portfolios.
(iv)Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Investors can buy or sell mutual fund shares at the net asset value (NAV) at the end of the trading day.
(v)Options: Options are derivative securities that provide the right, but not the obligation, to buy (call option) or sell (put option) an underlying asset at a predetermined price within a specific time period. Investors can trade options to speculate on price movements or manage risk in their investment positions.
(i)Loyalty: An agent has a duty to act in the best interests of the principal and to avoid conflicts of interest. They should prioritize the principal’s goals and not engage in activities that would harm the principal or benefit themselves at the principal’s expense.
(ii)Obedience: An agent is obligated to follow the lawful instructions and directives of the principal, as long as they are within the scope of the agency relationship. The agent should carry out the principal’s wishes and act in accordance with their expressed desires.
(iii)Skill and Competence: An agent has a duty to perform their tasks with a reasonable level of skill, care, and diligence. They should possess the necessary knowledge, qualifications, and experience to fulfill their obligations and responsibilities to the principal.
(iv)Disclosure of Information: An agent has a duty to provide accurate and complete information to the principal regarding all relevant matters related to the agency relationship. This includes disclosing any conflicts of interest, potential risks, or material information that may impact the principal’s decisions.
(v)Accounting and Financial Responsibility: An agent is responsible for managing the principal’s assets, funds, or resources entrusted to them. They have a duty to maintain accurate records, provide regular accounting statements, and handle the principal’s financial affairs in a responsible and transparent manner.
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7a) Two differences between marketing and selling are:
1. Focus: Selling primarily focuses on the exchange of goods or services for monetary value. It involves persuading customers to make a purchase by emphasizing product features, benefits, and price. Marketing, on the other hand, is a broader concept that encompasses activities such as market research, product development, pricing, distribution, and promotion. It is concerned with understanding customer needs and preferences, creating value, and building long-term customer relationships.
2. Scope: Selling is a transactional activity that primarily deals with individual sales transactions and customer interactions. It emphasizes closing deals and generating revenue in the short term. Marketing, on the other hand, takes a holistic approach and includes various strategic activities to attract and retain customers. It involves creating and implementing marketing strategies, branding, market segmentation, customer relationship management, and overall market positioning.
7b) The four main elements of the marketing mix, often referred to as the 4Ps, are:
1. Product: This refers to the goods or services offered by a company. It includes product design, features, quality, branding, packaging, and customer value proposition.
2. Price: Price refers to the amount customers are charged in exchange for the product or service. It involves setting competitive pricing strategies, considering factors such as costs, market demand, pricing objectives, and perceived value.
3. Place: Place refers to the distribution channels and methods used to make the product available to customers. It involves decisions related to inventory management, logistics, channel partners, and selecting the most suitable distribution channels to reach the target market effectively.
4. Promotion: Promotion encompasses all the activities used to communicate and promote the product to the target market. It includes advertising, sales promotion, public relations, personal selling, and digital marketing efforts to create awareness, generate interest, and persuade customers to purchase the product.
7c) The benefits that Country Z could derive from remaining in the Economic Community of West African States (ECOWAS) include:
1. Trade Advantages: By remaining in ECOWAS, Country Z can benefit from preferential trade agreements and reduced trade barriers within the member countries. This can lead to increased export opportunities, access to larger markets, and the potential for economic growth through increased trade.
2. Economic Cooperation: ECOWAS provides a platform for economic cooperation and collaboration among member countries. Country Z can participate in regional development projects, joint ventures, and infrastructure initiatives, leading to improved economic stability and shared resources.
3. Regional Security: ECOWAS has a focus on promoting peace, stability, and security within the region. By remaining in the group, Country Z can benefit from collective security efforts, cooperation in combating transnational crime, and regional peacekeeping initiatives.
4. Regional Integration: ECOWAS aims to promote regional integration, which can enhance political, social, and cultural ties among member countries. This can lead to increased cooperation in areas such as education, healthcare, cultural exchange, and regional governance, fostering regional unity and cooperation.
Continuation of Commerce Answers 2023
[PICK ANY FOUR]
(i) Storage of goods
(ii) Protection of goods
(iii) Risk bearing
(vi) Grading and branding
(a) Chain store:
(i) Multiple store locations, often spread across different regions or even countries
(ii) Uses a standardized branding and store design across all locations, giving a consistent customer experience.
(b) Mobile shop:
(i) Operates out of a vehicle or a portable structure, allowing it to move to different locations.
(ii) Typically focuses on a specific product or niche, such as mobile phones or accessories.
(c) Mail order business:
(i) Uses catalogs, websites, or other printed and digital materials to advertise and sell products to customers who place orders remotely.
(ii) Often offers a wide range of products to cater to diverse customer needs and preferences.
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WAEC Commerce 2023 Question Solutions
1. Be very well prepared for the Commerce examinations:
2. Use the recommended texts for Commerce
3. Be confident in yourself
2. Ask God for guidance as you pray about your Commerce exams:
3. Arrive early at the location of the Commerce exams:
4. Carefully follow the guidelines on the Commerce exam paper:
5. Use the WAEC syllabus
WAEC Commerce 2023 Questions Exam Time
Wednesday 24th May 2023
1:00 – 3:50 pm
2023 WAEC Commerce Expo Answers
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1a) Five factors that delayed the growth of commerce in West Africa are:
1. Slavery: The slave trade was a major hindrance to the growth of commerce in West Africa. It disrupted the social and economic structures of many African societies and led to a decline in trade.
2. Lack of infrastructure: The lack of roads, bridges, and other infrastructure made it difficult to transport goods from one place to another, which limited the growth of commerce.
3. Disease: The prevalence of diseases such as malaria and yellow fever made it difficult for traders to operate in West Africa.
4. Political instability: The frequent wars and conflicts between different ethnic groups and kingdoms in West Africa disrupted trade and made it difficult for traders to operate.
5. Colonialism: The imposition of colonial rule by European powers in the late 19th and early 20th centuries disrupted traditional trade routes and practices and led to the exploitation of African resources for the benefit of European powers.
b) Classifications of workers:
(i) Oil driller – Industrial worker
(ii) Potter – Artisan worker
(iii) Policeman – Civil servant worker
(iV) Brewer – Industrial/Service worker
(V) Stock broker – Professional worker
(vi) Mason – Construction worker
(Vii) Farmer – Agricultural worker
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WAEC Commerce Essay Questions and Answers 2023/2024
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