(a) Differentiate between industry and commerce.
(b) List and explain four activities of those engaged in commercial occupations
Explanation
(a) Industry consists of the activities geared towards the production of goods through extraction, manufacturing and construction while commerce deals with the various activities which enables the produced goods to reach the final consumer.
(b)Activities of those engaged in commercial occupation
(i) Trading: This involves the activities of those who engage in buying and selling both within and outside the country or the activities of those who engage in exchange of goods and services.
(ii) Transportation: Those in this occupation provide the means by which goods and people are moved from one location to another.
(iii) Communication: This consists of people engaged in enabling producers and consumers be in close contact without meeting physically.
(iv) Banking: Those working as bankers provide facilities for saving, borrowing, investing and payments.
(v) Advertising: Advertising practitioners inform potential buyers and sellers about the existence, nature, use, price of goods and services through various advertising media.
(vi) Warehousing: This involves the activities of keeping custody of goods and making them available on demand. (vii) Insurance: Insurers provide cover for business and compensate in case of loss.