Meaning of Commerce:
Commerce is the study of production, distribution, and exchange of goods and services aimed at satisfying human wants and to earn a living.
These production, distribution, and exchange of goods and services are aided by such commercial activities. These commercial activities include insurance, warehousing, advertising, banking and finance.
Read also: Economics Syllabus For Jamb 2019
Importance And Functions Of Commerce
1. Commerce is the lifeblood of the nation
2. It makes an exchange of goods and services possible.
3. It helps improve the standard of living of the people.
4. It aids the movements of goods and services.
5. It encourages inter-dependence among nations since no nation is self-sufficient.
6. Provides employment opportunities.
7. Makes storage of goods possible.
8. It encourages specialization.
9. It makes people of a country enjoy goods not produced in the country.
10. It provides funds for business activities.
Factors That Delayed The development Of Commerce In West Africa
The development of commercial activities was delayed in West Africa until the twentieth century when compared with commercial activities that were going on in Europe even before the nineteenth century.
Even till today, commercial activities in West Africa seem to be at the incipient stage as a result of the following factors:
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- Lack of enough capital.
- Political instability.
- Low national income.
- Low savings.
- Lack of true entrepreneurship.
- The absence of developed markets.
- Inadequate and inefficient means of transportation and communication.
- Inadequate Infrastructural facilities.
Factors That Contribute To the growth Of Commerce
1. Warehousing 2. Development of modern techniques of production. 3. Development of efficient means of transportation and communication. 4. insurance 5. Development of Financial Institutions 6. Advertising 7. political instability
Johnson Ugoji Anyaele, Commerce For Senior Secondary Schools, Retrieved on February 26, 2019
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