Commerce 2014 Jamb Examination

Market skimming is a pricing strategy where a product is initially sold at a high price to maximize profits from early adopters before gradually lowering the price.

Frustration occurs when an unforeseen event makes contractual performance impossible. The car accident prevented the contract from being performed, discharging both parties.

Hire purchase allows the seller to increase sales and turnover since customers can pay in installments, making products more accessible.

A factor differs from a broker because he has a lien on goods in his possession, giving him a right to retain goods until obligations are met, whereas brokers do not hold goods.

A void contract is one that has no legal effect from the beginning and cannot be enforced by either party, unlike voidable or unenforceable contracts.

A modern computer consists of three main functional units: input unit (to receive data), processor/CPU (to process data), and output unit (to display results).

Mainframe computers are powerful systems capable of processing large datasets and complex simulations, making them suitable for weather forecasting.

A DVD (Digital Versatile Disk) is a storage medium used to store digital data such as software, videos, and documents.

Social responsibility focuses on an organization’s ethical obligation to contribute positively to its community and society at large.

This repeats Q46; the main units are input, processor/CPU, and output units.