Commerce 2007 Jamb Examination

Consumer protection ensures that only quality and safe products are sold to the public, preventing exploitation.

The demographic environment relates to characteristics of the population such as age, ethnicity, and education, which affect demand patterns.

A factor is a mercantile agent who takes possession of goods, obtains ownership rights, and sells in his own name but on behalf of another.

Citizens often oppose privatization because it usually leads to increased prices of goods and services as private firms focus on profit maximization.

The most significant achievement of ECOWAS among the options provided is the expansion of regional trade, particularly through the ECOWAS Trade Liberalization Scheme (ETLS) which facilitates duty-free trade of goods among member states. While ECOWAS aims for monetary union, infrastructural development, and labor mobility, the concrete implementation and tangible impact of its trade liberalization program have been a major success.

An offer is a statement showing willingness to enter into a contract under specific terms, awaiting acceptance.

Macro-environment forces such as economic, political, legal, and social influences are external factors that businesses cannot control but must adapt to.

Industrial goods usually require detailed explanation and negotiation. Personal interaction and information gathering make personal selling most effective.

The marketing mix (product, price, place, promotion) are controllable variables firms use to achieve marketing goals.

Both public relations and advertising aim at creating a favorable attitude towards a firm or its product.