(a) State five functions of a… | Commerce

Question 1 Report

(a) State five functions of a chamber of commerce.

(b) Explain five functions of a trade association.

Answer

(a) Five functions of a chamber of commerce

It protects and promotes the common interests of its member traders and businesses.
It advises the government on trade and commercial matters and makes representations on behalf of members.
It gathers and provides trade information and statistics to members.
It settles trade disputes among members through arbitration.
It promotes trade by organising trade fairs, exhibitions and business contacts, and issues certificates of origin.

(b) Five functions of a trade association

It regulates the conduct and practices of firms within a particular trade or industry.
It fixes standard prices and quality for the products of its members.
It represents members' interests in dealings with government and other bodies.
It provides information, research and training for members in the industry.
It settles disputes among members and negotiates on their behalf with trade unions and suppliers.

Answer Details

(a) Five functions of a chamber of commerce

It protects and promotes the common interests of its member traders and businesses.
It advises the government on trade and commercial matters and makes representations on behalf of members.
It gathers and provides trade information and statistics to members.
It settles trade disputes among members through arbitration.
It promotes trade by organising trade fairs, exhibitions and business contacts, and issues certificates of origin.

(b) Five functions of a trade association

It regulates the conduct and practices of firms within a particular trade or industry.
It fixes standard prices and quality for the products of its members.
It represents members' interests in dealings with government and other bodies.
It provides information, research and training for members in the industry.
It settles disputes among members and negotiates on their behalf with trade unions and suppliers.

(a) State five functions of a chamber of commerce. (b) Explain five functions of a trade association.