(a) What is Commerce?
(b) State and explain the importance of any five ancillary services to trade.
Explanation
(a) Commerce;n wants. Commerce is trade and aids to trade e.g advertising, insurance, banking, transportation and warehousing.
(b) Importance of five aids to trade are:
(i) Banking: Banks aids commerce by making funds available to traders and other business establishments in the form of loans and overdrafts.
(ii) Transport: This provides the means of carrying both raw materials and finished goods to where they are needed.
(iii) Advertising: Advertising ensures that the goods are brought to the awareness of the consumer.
(iv) Warehousing: This ensures the storage of goods till they are wanted.
(v) Insurance: This enables the trader to obtain compensation in the event of any loss arising from fire, accident etc.
(vi) Communication: This ensures the exchange of information from one place to another.