2024 WAEC COMMERCE: 2024 WAEC GCE commerce answers (3927)

G(6a)
(i)To enhance the agricultural potentials of the lake chad
(ii)to provide water for rural and urban areas
(iii)to undertake scheme to control erosion and flood of the border areas
(iv)to control the pollution of the lake
(v)to ensure economic cooperation and development among its members

(6b)
(i) Ideological differences creating tension between some member states.
(ii) Divided loyalty and commitment,as a result of participation in other organizations by member states.
(iii)Suspicion abounds among member states .
(iv)Poor transport and communication network.
(v)Border conflicts among member states and political Instability

(3a)
Commerce: is the process which  relates to "the exchange of goods and services, especially on a large scale." It includes legal, economic, political, social, cultural and technological systems that operate in a country or in international trade.
(3aii)
(i)faster buying and selling procedure
(ii)more reach to customers
(iii)low operational costs
(iv)better quality of services

(3b)
(i)political instability
(ii)technological environment
(iii)social environment
(iv)economic environment
(v)legal environment

5a)
(i) There should be a partnership deed
(ii) There should be equal contributions by the partners
(iii) The partners should agree on a mutual business
(iv) The business should be well-known by the partners

(5b)
(i) Liability: General partners are 100% liable for the actions of other partners. If one general partner makes a mistake, all general partners are liable for that mistake and any accompanying debt or other obligations that go along with that mistake.
(ii) Raising capital: It is difficult to raise capital in general partnerships since all general partners have unlimited liability. Choosing an LP or LLP may be more attractive to investors, as it allows a limited partner to invest without taking on any liability. As stated above, however, there are restrictions to LPs and LLPs that must be taken into consideration. Additionally, LPs and LLPs are more expensive to form than a general partnership.
(iii) Poor feasibility study: Not all business that can survive without overcastting and knowing the future of that business that is how it can survived and whether it is gainful
(iv) Lack of lay down rules: Most partnership business do not have a laydown rule as a guide to the business and ownership and most of the time, the terms of agreement which will lead to quarrying and winding up.
(v) Inability to differentiate between business and personal affair: This happen personally where the partners take up the business property as their personal property
(vi) Negligence on the part of some partners: Being a partner means sharing profits and sharing decisions with other partners. Most of their workers because of the numerous engagements easily show a non challant attitude toward define responsibilities.

4b.
1Finding the Best Distribution Channels
Distribution is about deciding how you'll get the goods or services you want to s ell to the people who want to buy them. Having an idea for a product is great, but if you aren't able to get that product to the customers you aren't going to make money. Distribution can be as easy as setting up shop in the part of a city where your target customers are – but in an increasingly interconnected world, distribution more often than not now means that you'll need to take your products or services to the customers.

2. Financing an Enterprise
It takes money to make money. As a business owner, an important function of marketing a product is finding the money through investments, loans, or your personal capital to finance the creation and advertising of your goods or services.

3. Deep Market Research
Market research is about gathering information concerning your target customers. Who are the people you want to sell to? Why should they buy from you as opposed to a rival business? Answering these questions requires that you do some on-the-ground observation of the market trends and competing products.

4. Setting Prices
Setting the correct price for your product or service can be a challenge. If you price it too high, you might lose customers – but if you price it too low you might be robbing yourself of profits. The "right" price normally comes through trial and error and doing some market research.

2a)
(i) shopping mall:- spacious, parking facilities
(ii) mail order business:- Sale by post, Non-store retailing
(iii)

2b)
(i) bilateral agreement:- An exchange agreement between two nations or trading groups that gives each party favored trade status pertaining to certain goods obtained from the signatories.
(ii) Multilateral agreements are commerce treaties between three or more nations. The agreements reduce tariffs and make it easier for businesses to import and export. Since they are among many countries, they are difficult to negotiate.
(iii) tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services.
(iv) letter of hypothecation:- a written agreement, which authorizes a bank or lender to repossess and sell the pledged item in case of a default. In international trade, a letter of hypothecation enables an accepting bank to sell the shipment in case of the non-acceptance or non-payment of the associated bill of exchange by the buyer.

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