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Importance of Intermediaries in the Chain of distribution.Reduce the number of transactions between manufacturers and buyers.They assist in breaking bulk.They assist in storage of goods.They assist in transportation of goods.They assist in product promotion.They assist in customs clearance.They assist in accumulation of stock and hence stabilizing prices.They assist in documentation in international trade.They assist in debt collection on their principals behalf e.g. auctioneers.They assist in establishing contracts between buyers and sellers e.g. brokers.Assist in preparation of goods for sale e.g. packing, grading, branding, sorting, blending etc.Assist in availing variety of goods to consumers.Help in sharing risks involved in the process of distribution
Disadvantages of free trade to a country are;Loss of government revenue in form of import and export duty on the goods being imported or exported.Closing down of local industry as a result of cheap imported goods from member communities.May cause unemployment where more qualified people move into the country from their countries.Limited consumer choice that lead to lower standard of living.Compromising a country's political ideology if pursuing different political ideology in order to fit in the bloc.Loss of opportunity to obtain cheaper commodities from non member countries that forces consumer to buy goods produced in the bloc.Importation of inferior goods
Ways in which an entreprenuer contributes to the production of goods include;Identified viable business opportunitiesProvides guidelines on how production should be organizedCo- ordinates other factors of production should be organizedProvides capital necessary to cater for productionHe assembles / marshals other factors of productionHe is the major decision makerHe rewards all the factors of productionHe bears all risks / incurs all losses and enjoys all profits
Disadvantages of using a cheque are;Requires the payee to go to the bankThey may be dishonouredCan only be issued by an account holderThe drawer pays some bank chargesNot readily acceptable by everybody
Disadvantages of oral traditions as a source of History and Government are;ExaggerationInformation may be forgottenDoes not provide sequence of events