(a) State the difference between industry and commerce.
(b) Mention and explain five types of commercial occupations and three types of industrial occupations.
Explanation
(a) Industry is a term used to denote activities concerned with the physical production of goods while commerce is the exchange and distribution of goods.
(b) Types of Commercial occupations are:
(i) Trading: This is concerned with the activities of all those engaged in buying and selling of goods, whether as wholesalers or retailers; importers or export-ers.
(ii) Banking: This is concerned with the activities of those engaged in the provision of credit, payment and saving facilities.
(iii) Warehousing: Warehousing is concerned with the activities of those who help to store goods, pending the time they are needed.
(iv) Advertising: Advertising shows the activities of those engaged in informing potential buyers and sellers of the existence of goods and services.
(v) Insurance: This is concerned with the activities of those who undertake the risk of businesses and individuals as insurers, insurance agents and brokers.
(vi) Transportation: This is the movement of people, goods and services from place to place.
(vii) Communication: This is concerned with the transmission of messages from place to place.
(c) Types of Industrial Occupation are:
(i).Extractive occupation: This is concerned with the activities of those engaged in primary production, extracting the gifts of nature from the soil, sea or earth as miners, fishermen or farmers.
(ii) Manufacturing: This is concerned with the activities of those engaged in processing of primary products as bakers, textile workers, etc.
(iii) Construction occupation: This is concerned with the activities of those who convert the products of the manufacturers into various uses as furniture makers, road builders, etc.