(a) Explain each of the following: (i) Chamber of Commerce (ii) Trade Association. (b) Give any four functions each of a Chamber of Commerce and a Trade Ass...

Answer Details

(a) Explanation of terms

1. Chamber of Commerce: A voluntary association of business people, traders, manufacturers and firms in a town, region or country, formed to protect and promote the common commercial and industrial interests of its members.
2. Trade Association: An organization formed by firms or persons engaged in the same trade or industry to protect and advance the particular interests of that trade, for example an association of bakers or of textile manufacturers.

(b) Four functions of a Chamber of Commerce

1. It protects and promotes the general commercial interests of its members.
2. It provides trade information and advice to members on markets, prices and business opportunities.
3. It represents the views of the business community to government and negotiates on their behalf.
4. It organizes trade fairs and exhibitions and settles disputes among members through arbitration.

Four functions of a Trade Association

1. It regulates and maintains standards of quality within the particular trade.
2. It fixes common prices and guards against unhealthy competition among members.
3. It bargains collectively with government, workers and suppliers on behalf of members.
4. It provides technical advice, research and information for the improvement of the trade, and settles disputes among its members.