Economics
COMMERCE
SHORT ANSWER QUESTION:
CHAPTER#1 1. Using examples, distinguish between the primary and secondary industry. Ans: Primary industry is extracting from nature. It is concerned wit h obtaining or extracting natural resources such as farming, mineral, fuel or food. These natural resources usually need some processing or manufacturing to convert them into a useable form. Secondary industry changes the raw material into finished goods. Natural resources are taken from primary producer and their form is changed using labor, machines and technology. I.e. car manufacturing. It may also include building something from raw material, such as construction of a house.
2. Why is construction a small industry?
Ans: Construction is a secondary industry because this industry assembles manufactured parts into the final product and is building something from raw materials such as a ship. It is also constructing something from components.
3. How does a person providing a direct service differ from one providing a commercial service?
Ans: A person providing a direct service provides that service directly to the person needing that service and these services are of personal nature. The people who provide them do not make goods. They give them services to make people healthy, happy, and safe and to amuse them.
A provider of a commercial service helps goods to reach the consumer. This service provider does not necessarily meet the consumer. These are concerned with assisting the distribution of the output from both primary and secondary production. These services are also called indirect services.
CHAPTER#2 1. Explain the advantages of specialization of a manufacturing of shoes.
Ans: The advantages of specialization to a manufacturing of shoes are that * He will need to employ fewer workers as more work is done by machinery. * It increases the skill of workforce in one particular aspect of production. * It enables large quantity
SHORT ANSWER QUESTION:
CHAPTER#1 1. Using examples, distinguish between the primary and secondary industry. Ans: Primary industry is extracting from nature. It is concerned wit h obtaining or extracting natural resources such as farming, mineral, fuel or food. These natural resources usually need some processing or manufacturing to convert them into a useable form. Secondary industry changes the raw material into finished goods. Natural resources are taken from primary producer and their form is changed using labor, machines and technology. I.e. car manufacturing. It may also include building something from raw material, such as construction of a house.
2. Why is construction a small industry?
Ans: Construction is a secondary industry because this industry assembles manufactured parts into the final product and is building something from raw materials such as a ship. It is also constructing something from components.
3. How does a person providing a direct service differ from one providing a commercial service?
Ans: A person providing a direct service provides that service directly to the person needing that service and these services are of personal nature. The people who provide them do not make goods. They give them services to make people healthy, happy, and safe and to amuse them.
A provider of a commercial service helps goods to reach the consumer. This service provider does not necessarily meet the consumer. These are concerned with assisting the distribution of the output from both primary and secondary production. These services are also called indirect services.
CHAPTER#2 1. Explain the advantages of specialization of a manufacturing of shoes.
Ans: The advantages of specialization to a manufacturing of shoes are that * He will need to employ fewer workers as more work is done by machinery. * It increases the skill of workforce in one particular aspect of production. * It enables large quantity