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Commerce OBJ

(i) Insufficient capital: African countries lack sufficient capital to cope with the expanding nature of business activities; the level of capital formation is low.
(ii) Political instability: Constant change of government and war has hindered investment in West-Africa. Foreign investors are afraid to invest in the sub-region.
(iii) Low savings: The culture of saving is very low in West Africa and Africa as a whole; hence there is no money for commercial transactions.
(iv) Low per capital income: Per capita income is very low. Majorly of people in this region are living below the poverty line. The low level of income leads to low purchasing power for the people.
(v) Lack of adequate commercial facilities: The various aids to trade, such as banks’, insurance, warehouses, and tourism are not well developed and this has greatly hindered commerce.

(i) Oke's school result could be a determinant to the type of job he could secure
(ii) Oke's behavior or attitude is another factor.
(iii) His communication skills
(iv) Oke's insight could determine the type of job he will get
(v) Creativity is another factor that can determine the type of job Oke could get


(i) Obtaining a proposal form after due consultation by the insurer
(ii) Payment of premium to the insurance company based of consideration in the form depending on the agreement
(iii) Issuance of cover note by the insurance company while the insurance is being processed
(iv) Issuance of insurance policy by the insurance company to the insured after processing which gives detailed terms of the insurance.

(i) Risk reduction: Insurance helps to reduce loss or liabilities of a businessman
(ii) Provide safety and security: Insurance provide financial support and reduce uncertainties in business and human life.
(iii) Enhancement of Credit: The business can obtain a loan by pledging the policy as collateral for the loan. The insured persons are getting more loans due to the certainty of payment at their deaths. The amount of loan that can be obtained with such pledging of policy, with interest, thereon will not exceed the cash value of the policy.
(iv) Business Efficiency is Increased: When the owner of a business is free from the botheration of losses, he will certainly devote much time to the business. The carefree owner can work better for the maximization of the profit.


A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.

[Choose Any SIX]
(i) Active/Managing Partner.
(ii) Dormant/Sleeping Partner.
(iii) Nominal Partner
(iv) Partner by Estoppel.
(v) Partner in Profits only.
(vi) Minor Partner.
(vii) Secret Partner.
(viii) Outgoing partner.

[Choose Any SIX]
(i) Change in the existing profit sharing ratio.
(ii) Admission of a new partner
(iii) Loss of profits or declaration of bankruptcy
(iv) The retirement of an existing partner
(v) Death of an existing partner
(vi) Insolvency of a partner as he becomes incompetent to contract. Thus, he can no longer be a partner in the firm.
(vii) On completion of a specific venture in case, the partnership was formed specifically for that particular venture.
(viii) On expiry of the period for which the partnership was formed


(i) Toursim attracts foreigners which results in Increase in foreign exchange revenue
(ii) Tourism helps in development of infrastructure and services which helps in the growth of commerce
(iii) Tourism brings foreign investors
(iv) Through Tourism, countries earns money
(v) Tourism creates market awareness to tourists.

(i) Inflation: If a country’s inflation rate increases relative to the countries with which it trades, its current account will be expected to decrease, other things being equal. Consumers and corporations in that country will most likely purchases more goods overseas (due to high local inflations), while the country’s exports to other countries will decline.

(ii) National Income: If a country’s income level (national income) increases by a higher percentage than those of other countries, its current account is expected to decrease, other things being equal. As the real income level (adjusted for inflation) rises, so does consumption of goods. A percentage of that increase in consumption will most likely reflect an increased demand for foreign goods.

(iii) Government Policies: A country’s government can have a major effect on its balance of trade due to its policies on subsidizing exporters, restrictions on imports, or lack of enforcement on piracy.

(iv) Subsidies for Exporters: Some governments offer subsidies to their domestic firms, so that those firms can produce products at a lower cost than their global competitors. Thus, the demand for the exports produced by those firms is higher as a result of subsidies.

(v) Restrictions on Imports: If a country’s government imposes a tax on imported goods (often referred to as a tariff), the prices of foreign goods to consumers are effectively increased. Tariffs imposed by the U.S. government are on average lower than those imposed by other governments. Some industries, however, are more highly protected by tariffs than others. American apparel products and farm products have historically received more protection against foreign competition through high tariffs on related imports.


(i) The European Union helps in establishing an area of freedom, security and justice without internal borders.
(ii) Developing an internal market where competition is free, within the framework of a social economy market whose aim is full employment.
(iii) Creating a sustainable development with an economic growth capable of fulfilling the well-being needs of our society in the short, medium and, especially, long term.
(iv) Promoting social justice and protection, equality between women and men, solidarity between generations and, protection of children’s rights.
(v) Promoting economical, social and territorial cohesion and solidarity among Member States.

(i) The West African Clearing House promotes the use of members' currencies for sub-regional trade and other transactions.
(ii) It encourage members to liberalize trade among their respective countries and promote monetary cooperation and consultation among them.
(iii) It brings about economics in the use of the foreign reserves of the member countries.
(iv) It brings about savings in the use of members' foreign reserves.
(v) It also engages in collecting, storing and disseminating statistical information for member Central Banks


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