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NABTEB GCE Commerce OBJ and Essay/Theory Answer – Nov/Dec 2017 Expo

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NABTEB GCE Nov/Dec 2017 Commerce Obj and essay Questions and Answer Expo

General Agent:This agent has the authority to act on behalf of his principal in all matters pertaining to a particular business. For example A man who manages a book Shop and act on all matters concerning books on behalf of a business man who has a chain of business 
SPECIAL AGENT:This is an agent who is appointed for a purpose which is normally not part of his business activities and there fore given limited powers
Factors:A factor is a mercantile agent to whom goods are entrusted for sale by a principal. He takes physical Possession of the goods though he does not obtain ownership of the goods
Brokers:These are the commercial agent who do not have Possession of the goods but whose duty is to link his principal with potential customers 
Delcrede Agent:This is an agent who sells goods on behalf of his principal with a promise and acceptance of responsibility for the collection of the proceeds of his sales
Advertising may be defined as form of non-personal commercial means of bringing the existence or production of new goods and services to the knowledge of member of the public and persuade them to buy and use the goods and services 
INFORMATIVE ADVERTISING:Is the delivery of advertising messages through Mass media with the intent of informing a target market about the benefits offered by a new product or innovation. This is one of the three common general objectives companies can have with advertising 
ii) PERSUASIVE ADVERTISING :This is one of the most common forms of advertising and the most ideal one indeed. It appeals to people to buy and use a particular commodity whether they need it or not by making then to understand that they cannot do without the commodity. This type of advertising that is persuasively emotional make people sometime to buy goods that are of no need to them
iii) COMPETITITVE ADVERTISING :This is the form of advertising  for goods that close substitutes. It is aimed at creating large market for a particular commodity at the expanse of close substitutes. It meticulously without pouring as persons on close substitutes information the consumers that a particular  commodity is far better than  its close substitutes  
iv) DIRECT ADVERTISING :This is the form of advertising  directing to a section or class  of people that make use of the goods and services advertised.it avoid waste of money, Energy and misdirection of advertising for instance form implements should be directed to the farmers in the rural areas not in urban area where farming is not relative by practised
1)High Speed:
It is the fast speed means of transport.Passengers and goods can be transported easily from one place to the other.
2)Minimum Cost:
Unlike railways and road transport, there is no need to spend money on the construction of any track or road, only airports have to
be constructed.
3)Strategic Importance:
An airway has great strategic importance. It can be used for internal and external security.
4)Easy transport of costly and light goods:It is quite convenient to send costly, light and perishable goods through air transport.
5)Free from physical barriers:
Air transport is free from physical barriers like river, mountains and valleys etc.
1)Encourage development 
2)Economic growth 
3)promotion of trading activities 
4)efficient distribution of goods
5)Facilitate movement
iii) labour 
i)LAND:Land as a factor of production is a free gift of nature and is fixed. it is the oldest factors of production in the sense that it has been on earth before man started working on it, land in Commerce does not include only the hard surface of the earth but all other free gifts of nature that man never increase the surface of land and water
Example :they include the soil, farmland, mineral deposits, forests, sunshine, fishing grounds;bodies of water such as lakes, Sean, rivers etc
CAPITAL:This may be defined as wealth reserved or set aside for the production of more wealth. They also refers to all man-made productive assists;that is all man-made wealth or goods used to produce other goods and services 
Examples of capital are machines, tools factory buildings, raw materials, fuel, money etc
Labour:Labour refers to all human effort which may be physical or mental, skilled or unskilled, scientific or artistic, used in the productive process, usually for a reward
For example :the effort of the labourer in the field (physical effort) 
The effort of the accountant in the bank(mental effort) 
Its reward is a wage or salary
i)The problem of double Coincidence of wants 
ii)Problem of rate of exchange 
iii)Problem of indivisibility of some goods to be exchanged
iv)Problem of storage or saving
v) Impossibility of large – scale production 
i)The problem of double coincidence of want:Trade by barter involves double coincidence of wants. A producer has to find someone who has what he has or produce. For example it is not enough for a yam former to find a carpenter who procedure the chairs which he requires
ii) Problem of rate of change:There was no unit of exchange or common standard of value and so there was the problem of an adequate valuation of goods to be exchanged. For example, if the yam farmer was lucky enough to find a carpenter who was ready to exchange his goods with his, another problem arose
iii)Problem of indivisibility of some goods to be exchanged :A problem arose when the owner of a large indivisible commodity wanted to exchange his his goods for some small items. For example, if the owner of a cow want some pepper, he may find it very difficult to effect an exchange
Iv) Problem of storage or saving: During the barter system, saving was difficult especially when the goods were perishable. It was difficult to store perishable goods as wealth since this would lead to loss
V) Impossibility of large – scale production :Large scale production is only possible where there is a large and guaranteed demand for products and with the existence of division of labour. During the barter system, the demand for goods was never certain, and so division of labour and large – scale production were rare.

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