Commerce 2023 Jamb Examination

An offer is an expression of willingness by a person to enter into a contract on certain terms, intending to create legal relations once accepted.

A cartel is an association of producers or suppliers of a particular commodity formed to control production, pricing, and marketing. OPEC is a classic example.

Gross profit = Net Sales - Cost of Goods Sold = ₦370,000 - ₦230,000 = ₦140,000.

Net profit = Gross Profit - Expenses.
Gross profit = ₦370,000 - ₦230,000 = ₦140,000.
Net profit = ₦140,000 - ₦35,000 = ₦105,000.

Commerce links producers and consumers. Production is meant for ultimate consumption. Commerce makes possible to link producers and consumers through retailers and wholesalers and also through the aids to trade. Thus commerce creates contact between the centers of production and consumption and links them.

Indigenisation is the policy aimed at transferring ownership and control of businesses from foreigners to local citizens of the country.

Terms of trade measures the rate at which a country's exports exchange for imports, showing purchasing power of exports in terms of imports.

The chamber of commerce primarily promotes and facilitates both domestic and international trade for businesses in its jurisdiction.

Poundage is the fee charged by the post office for handling postal orders.

Division of labour allows workers to specialize in specific tasks, which increases productivity and total output.