(a) Distinguish between trade and commerce.
(b) Describe five different activities engaged in by people in commercial occupations.
Explanation
(a) Trade is the buying and selling of goods and services, while Commerce is involved in all those activities in the distribution and exchange of goods and services.
(b) Activities engaged in commercial occupations are:
(i) Trading: This involves buying and selling of goods and services by wholesalers, retailers, brokers, agents, importers and exporters.
(ii) Transporting involves the movement of goods and persons from one place to another by road, rail, air and sea.
(iii) Warehousing involves all activities that help to store goods till they are needed.
(iv) Banking involves financial services like accepting deposits, making payments for goods and services and granting of credit.
(v) Insurance is an activity that helps to cover the risks involved in doing business thereby encouraging people to venture into business.
(vi) Advertising involves all activities that make goods and services known to the consumers.
(vii) Communication is the transmission or passing on of information from one end to the other to aid business.