Commerce 2023 Jamb Examination

Air transportation is the fastest mode of transport compared to road, rail, or water.

When setting up a retail business, key factors include the capital available, the type of goods to sell, and the source of supply to ensure sustainability.

Extractive occupations involve obtaining raw materials from natural resources. Mining is a direct example.

The central processing unit (CPU) is responsible for interpreting and executing instructions in a computer system.

Excise duty is a tax imposed on goods produced within the country, making it applicable to locally manufactured items.

Current account holders can withdraw funds by issuing a cheque, which instructs the bank to pay the specified amount.

Manufacturing is the activity that converts raw materials or semi-processed materials into finished goods for consumer or industrial use.

Consumerism refers to the organized movement by consumers to safeguard their rights and interests against unfair business practices.

Land is considered fixed in quantity; it cannot be increased by human effort, unlike other factors of production.

Promotion is one of the 4Ps of the marketing mix (Product, Price, Place, Promotion), used to communicate with and persuade customers.