[OBJECTIVE]

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Done and Dusted.......

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DONE AND DUSTED THE Waec Upper rooom TEAM LOVES YOU ALL

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[ESSAY]

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[PART A]

INSTRUCTIONS: CHOOSE ANY ONE IN THIS SECTION







[PART B]


(5)
(Choose any best Five)
(i) Provision Of Food:
(a) It is only through agriculture that man can feed. Agriculture provides food such as maize, rice, yam, meat, milk and egg for human consumption, either in fresh or processed form.
(b) Through the provision of food and importation of such food items like rice, milk and sugar, money accrue to the government thereby preventing the nation from bankruptcy.
(c) A nation that can feed its population can save a lot of money for other goods and services that are not provided through agriculture.

(ii) Sources Of Foreign Exchange Earnings:
(a) Through the export of agricultural produce like cocoa, kolanut, groundnut, kenaf, palm produce and cotton, a notion can earn foreign exchange.
(b) Foreign Exchange so earned can be used, in turn, to produce goods necessary for the improvement of agriculture.
(c) The development of agricultural exports will minimize dependences on crude oil with fluctuating prices.

(iii) Generation Of Revenue:
(a) Government receives a lot of revenue from the export of agricultural products through export duties and tax.
(b) The revenue is used to service other sectors of the economy.
(c) It also boosts internally generated revenue of the government.

(iv) Provision Of Raw Materials for Industries: Agriculture supplies several industries with raw materials for their continuous existence.
Industries which depend on agriculture for their raw materials are called agro-allied or agro-based industries.
(a) The beverage industry which depends on cocoa and coffee for the production of several food drinks such as Bournvita and Tea.
(b) Plastic industry which depends on natural rubber for the production of tyres, plastic buckets, plates etc.

(v) Provision of facilities for Recreation and Tourism:
(a) It leads to establishment of game reserve.
(b) Agriculture can also horse for horse racing and polo.

(vi) Provision For Shelter and Materials For Clothing:
(a) Agriculture provides fiber and cotton for textile production.
(b) Agriculture provides materials essential for building, such as poles, doors, windows, roofs, partitions and floor.
(c) It also provides materials required for furniture, such as chairs, tables, bed and cabinets.
(d) It also provides hides and skin for clothing, shoes, belts, cap and bags.

(vii) Employment for the working Population:
(a) Agriculture and other agro-based industries provide employment opportunities for 60-70% of the population.
(b) Agriculture which develops into a commercial venture ensures the ability of those employed in it to produce food to feed the country and also for export

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(6)
(i) Commercialisation: This is a policy that allows government owned enterprises to make profits. The major reason for commercialisation is to enable the management of such companies to be more focused and dedicated.

(ii) Privatization: This is a policy of selling the public sector to the private sector. It can also be called 'denationalisation'. This presence of competition in privatization also allows consumers to have a wide range of choices.

(iii) Nationalization: It indicates the transfer of ownership of private enterprises to government ownership for certain reasons.

(iv) Indigenization: Before the independence of the various west africa countries, their economies were dominated by the colonial governments. After independence, each government of these countries began to hold the view that their economy should be dominated, controlled and managed by their citizen.Thus in 1972 and 1977, the Nigerian government promulgated indigenization decrees in order to hasten industrialisation in the country. Indigenization also can be defined as the transfer of ownership and control of business enterprises from foreigners to the indigenes. It is a policy designed to ensure greater participation of indigenes in the ownership, control and management of business enterprise.

(v) Public Corporation: These are statutory established by Acts of Parliament. They are usually under the control of government either directly or through its agencies. Profit making is not their main objective but the supply of social goods and services. They of course can make reasonable profits. Public Corporation is defined as a large scale business organization that is set up, owned and financed by the Government of a country with the aim of providing services to the member of the public. Its aim is to cater for the welfare of the people. It is controlled by board of directors appointed by the government.

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(7a)
Money is anything that is generally acceptable as a medium of exchange and in the settlement of debts. Money can also be seen as anything that is generally acceptable as a means of payment

WHILE

Capital Market is a Market for medium term and long term loans. Capital market serves the need of Industry and the commercial sector. It comprises all the institutions which are concerned with either the supply f of demand for long term capital.

(7b)
(Pick Any Five)
(i) Acceptance of deposit: Commercial banks accept deposit from the public for safe keeping. This is the oldest function of commercial banks, which helps in taking care of people’s money. Money can be kept in current, fixed and savings account. They accept money deposits from people and organisations for safe keeping. The amount deposited is credited to the customer’s account. In the performance of this function,three types of accounts can be kept with commercial banks.

(ii)Lending of money: This is perhaps the most profitable function of commercial banks . Deposits from different customers are pooled together and given out as loans and overdrafts with interest to people and firms for profitable investment. They can give direct loans to borrowers who have the necessary collateral security such as stock and share certificate, life insurance policies and landed property.

(iii)Agent of payment: Commercial banks can act as agent of payment on behalf of their customers. They encourage and permit customers to have current accounts in which they can draw by cheque without notice. They can also be transferred from one account to another eg credit transfer. A customer cab instruct his bank to pay his creditors . commercial banks also collect cheques, bill of exchange and other instrument of credit on behalf of their customers.

(iv)Provision of financial and technical advice : Commercial banks encourage and advise businessmen on the type of projects they should invest their money in. They could advise their business customers on how best to carry out their business operations, how to raise capital for business, whether to start a new business of to expand an existing one, etc By so doing, they are helping in the progress of the economy.

(v)Foreign exchange transaction: commercial banks make foreign currencies available to their customers. They participate in foreign exchange market and help in solving any problems relating to foreign exchange. They facilitate foreign trade by selling foreign currencies to importers. One who wishes to travel abroad could purchase travellers cheques from commercial banks. These enables people and businessmen to settle their international indebtedness.

(vi)Safe keeping of valuables: One of the functions of commercial banks is to keep customers valuables. such valuables include costly jewellery and important documents such as wills, share certificates and educational certificates. They are able to perform this function effectively because they have facilities for safe keeping such as safes and vaults.

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(10a)
Internal Trade is defined as the exchange of goods and services within a particular country (geographical area in that country). All transactions is done only in that Country. Trade Take place within the same country.

WHILE

External Trade can be defined as the exchange of goods and services between one country and another. It can be bilateral trade when it refers to trade between two countries for examples Britain and Nigeria or Ghana And Nigeria. It is trade which cuts across national boundaries.

(10b)
Under Similarities
(i) Both forms of trade involve the activities of middlemen.
(ii) Both trades involves the buying and selling of goods and services.
(iii) Both internal and international trade involve the use of money as a medium of exchange

Under Difference
(pick any two)
(i) International Trade involves the exchange of goods and services across national frontiers WHILE Internal trade involves the exchange of goods within the borders of a country.
(ii) In International Trade buyers and sellers use different currencies WHILE Buyers and Sellers in internal trade use the same type of currency.
(iii) In international Trade there is possibility of restriction tariff, import duties, export duties, quotas, embargoes when goods are exchanged across national boundaries WHILE this doesn't occur in Internal Trade.


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