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Economics Asked by a SnapAndSolve user · about 2 hours ago

Define tourism (2marks) b. List four (4) tourist centres in Nigeria (4marks) c. State four (4) functions of...

6. Define tourism (2marks)
b. List four (4) tourist centres in Nigeria (4marks)
c. State four (4) functions of Customs and excise duty (4marks)
7. a. Define market (2marks)
b. Mention three types of market (3marks)
c. List five (5) career opportunities in stock markets (5marks)
8. a. What is distribution? (2 marks)
b. Draw a channel of distribution (2 marks)
c. Explain the following terms: (i) Producer (ii) Wholesale (iii) Retailer (2 marks each = 6 marks)
9. Write short note on the following terms: (i) Buying (ii) Selling (iii) Cash sales (iv) Credit sales (v) Turnover

Answer

  1. Tourism is the activity of traveling to and staying in places outside one's usual environment for leisure, business, or other purposes.

  2. Four tourist centres in Nigeria include: Yankari National Park, Olumo Rock, Obudu Mountain Resort, and Zuma Rock.

  3. Functions of Customs and Excise Duty include: revenue generation, protection of local industries, regulation of goods entering and leaving the country, and prevention of smuggling.

  4. Market is a place or system in which commercial dealings are conducted.

  5. Three types of market are: Perfect competition, Monopoly, and Oligopoly.

  6. Five career opportunities in stock markets include: Stockbroker, Financial Analyst, Portfolio Manager, Investment Banker, and Compliance Officer.

  7. Distribution is the process of making a product or service available for the consumer or business user who needs it.

  8. Channel of distribution typically includes: Manufacturer → Wholesaler → Retailer → Consumer.

  9. Producer is an individual or organization that creates goods or services.

  10. Wholesale refers to the sale of goods in large quantities, typically to be retailed by others.

  11. Retailer is a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.

  12. Buying is the act of acquiring goods or services in exchange for money.

  13. Selling is the act of offering goods or services in exchange for money.

  14. Cash sales involve transactions where payment is made immediately in cash.

  15. Credit sales involve transactions where payment is deferred to a later date.

  16. Turnover refers to the total sales made by a business in a certain period.

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