Commercial Activities in Nigeria - SS2 Geography Past Questions and Answers - page 2
What role do major commercial areas play in Nigeria's economy?
They have no impact on the economy
They create job losses
They contribute to economic growth and income generation
They lead to isolation from global markets
Why is it essential for people to have access to a wide range of products and services?
It creates economic instability
It improves living standards
It decreases wealth
It causes unemployment
Why is it essential for people to have access to a wide range of products and services?
It creates economic instability
It improves living standards
It decreases wealth
It causes unemployment
Which Nigerian city is known for its financial institutions and a thriving port?
Kano
Onitsha
Lagos
Ibadan
What does trade involve?
Buying and selling of goods and services
Inventing new products
Producing goods for personal use
Storing goods indefinitely
Explain the concept of trade in your own words.
Trade is the process of buying and selling things, like products or services, usually in exchange for money or something else of value. It's a way people and businesses get the things they need or want.
Name one major commercial area in Nigeria and describe what kinds of businesses are prevalent there
Lagos is a major commercial area in Nigeria. It has bustling markets, banks, and a busy port where businesses involved in trade, finance, and shipping are prevalent.
Why do you think commercial activities are important for a country's economy?
Commercial activities are important because they create jobs, generate income, and help businesses grow. This, in turn, boosts the country's economy and improves the living standards of its people.
How can commercialization benefit both businesses and consumers?
Commercialization can benefit businesses by turning ideas into profitable products. Consumers benefit by having access to a wide range of innovative and useful products and services.
In your view, what are the key advantages of being involved in international trade for a country like Nigeria?
Being involved in international trade allows Nigeria to access a larger market, increase revenue, and foster global connections, which can lead to economic growth and cultural exchange.