Since this was a research assignment most of the answers were found by keen

researching.

Jaydeen Martin
Form 5BG

5)A) i) Identify 3 different types of transportation.

 Roads
 Air
 Pipelines

ii) State two advantages and two disadvantages of each form of

transportation identified in (a) (i).
Roads:
 Advantages
- it is the only type of transportation that can reach all destinations in a country.
- It is flexible, especially where door to door deliveries after concerned.
 Disadvantages
- There is a limit to the weight that can be carried.
- Goods in transit can be held up by congestion.
Air:
 Advantages
- Quickest form of transportation.
- Suitable for light and perishable goods.
 Disadvantages
- Can be expensive for bulky goods.
- There can be a weight limit on cargo.
Pipelines:
 Advantages
- Convenient for transporting oil, water and gas.
- Cheaper for consumers.
 Disadvantages
- It is costly to build pipelines.
- Broken lines can lead to leakage and waste of resources.

B) what means of transportation would be best to use for the following

goods?
 i. Freshly cut flowers from Jamaica to the USA- air transportation is the best to be used
for transporting the flowers because flowers perish very easy and since air
transportation is the quickest form of transportation, they can be transported quickly
without being perished fast.
ii. A shipment of bauxite from Guyana to the USA- Due to the bauxite being very bulky
and costly to transport, it is easier to use ships because they are cheaper to use for
bulkier items.
iii. Daily newspaper from Port of Spain, Trinidad to Couva Trinidad- Since the distance
in a relatively short distance roads would be the best options for it would be timely
and effects. Road’s transportation uses cars, bikes, or trucks, but in this situation a car
or bike would be the most suitable options.
iv. Cement from Kingston, Jamaica to Old Harbour, Jamaica- Roads would be the best
transportation option for cement using trucks, since trucks can carry the loads of
cements and be able to carry the cement in reasonable time.

C) Discuss the benefits of a good transportation system for both goods and
people.
 Having a good transportation system benefits the consumers by providing a faster and
more accurate delivery of the goods and services making the deliveries quicker and
hence forth customers have to wait less, they also benefit the goods and services being
transported such as goods that are easy to be perished a good transport system
transports them quickly so that they can reach the consumer without being perished.

6) Explain the following terms and give an example of each.

a) Hire Purchase- A hire purchase (HP) agreement is a credit agreement. You hire an
item (for example, a car, laptop or television) and pay an agreed amount in monthly
payments. You do not own the item until you have made the final payment. Personal
Contract Plans (PCPs) are a type of hire purchase agreement. {Example: Purchase a
laptop from Electric LTD on the following terms: (a) cash price 2200 (b) 15% cash
down payment (c) monthly installments of 200 for 12 months}
b) Credit Sales- Credit sales mean sales in which the customer or purchaser can make
payment later rather than at the purchase time. In this sale, the customer has sufficient
time to make the payment. {Example: Mrs. Jane goes to Electric LTD and purchase a
phone on January 1 2023 and purchases the laptop with a promise to pay on February
1 2023}
c) Cash Discount- A cash discount occurs when a company reduces the price of a
product or service by a certain amount or percent in exchange for immediate payment
in cash or payment within a certain period. {Example: I bought a computer from
Electric LTD and was given one month to pay, but I paid in 2 weeks and received a
3% cash discount}
d) Trade Discount- Trade discounts are used to incentivize customers to buy in bulk,
purchase products during off-peak periods, or take advantage of other favourable
conditions. {Example: a supplier may offer a 5% trade discount to customers who
purchased 25 of one of his product or service.}
e) Commission- Commission refers to the compensation paid to an employee after
completing a task, which is, often, selling a certain number of products or services.
 {Example: An employee works at a jewelry store and for every product sold he
receive 7% commission so if he sells and 1400 jewelry, he receives a 98-dollar
commission}
f) Bonus- A bonus is a financial reward that is given to an employee beyond their
normal salary or wages. It can be given as an incentive to encourage certain behaviour
or to reward good performance. {Example: A employee stay late the entire week to
help clean up when it isn’t her job to so, she can receive a 50-dollar bonus}
g) Containers- A container is a standard reusable method used to transport goods by the
different modes of transportation such as ships and trains etc. They provide secure
ways to pack and transport goods. {Example: Jaydene sent a bike in a container for
his sons Christmas gifts}

7) What is the difference between a salesperson and a salesclerk?

- A salesclerk is someone who sells goods in a store. A salesclerk serves customers,
operates a cash register, and aids in maintaining the cleanliness of the shop. They
welcome clients, handle transactions, replenish shelves, get order shipments, and keep
the shop tidy, they largely stay at the cash register and rings people up. While a
salesperson while salespeople are more focused on the customer experience and have
more freedom and autonomy to work with customers on a deal. Salesclerks are
genuinely going to be cheaper, but a salesperson has higher upside in terms of
revenue.

8) A) Distinguish between a wholesaler and a retailer.

- A wholesaler is a person that earns money by purchasing goods in large quantities on
their own account and thus take on some of the risk as manufacturers. They would
then sell these goods in bulk at low prices to small business, typically retailers. While
a retailer buys goods from wholesalers, manufacturers, or other retailers and then sell
them to consumers for a profit, they directly sell goods and services to customers.
They sell them in smaller quantities for the consumer use and not for resale like
wholesalers.

B) i) List four Functions of a retailer and four functions of a wholesaler.

 Wholesaler:
- Finance- producers do not have to wait until goods are sold to consumers before
collecting cash and increasing cash flow.
- Provision of Warehousing- providing warehouse to store goods and services until
they are needed.
- Marketing- to promote sales of goods for producers
- Delivery- provide delivery service to retailers thus saving producers the expense of
transporting goods.

 Retailer:
 - Provides delivery services
- Provides advice to consumers
- Provides variety of goods
- May make credit available to customers

ii) State how the manufacturer benefits from any two of the functions listed
above.
 Wholesaler:
- Finance- Wholesalers benefit from this because they don’t have to wait until
consumers consume their product or services to make money. They can make money
even if consumers don’t buy their product or services.
- Delivery- When goods are purchased by retailers in bulk wholesalers have delivery
services, so they do not have to pay for transportation of the bulky goods.

 Retailer:
- Provides advice to consumers- when retailers advise their customers the customers
find trust in them and become loyal to that business, so they benefit from this by
gaining loyal customers.
- May make credit available to customers- if retailers decide to credit their customers
they benefit from this because the customer now becomes a debtor to them and owes
them and more customers will start to buy goods on credit.

C) Comment on the changing role of wholesalers in today’s business world.

 The role of wholesale has undergone a significant transformation in recent years.
Traditionally, wholesalers acted as intermediaries between manufacturers and
retailers, buying goods in bulk and selling them on to smaller retailers for a profit.
However, the rise of e-commerce and the direct-to-consumer model has disrupted this
traditional model, forcing wholesalers to adapt to changing market demands. the
development of e-commerce platforms, which has made it possible for wholesalers to
offer their goods directly to customers and reach a larger market. Bypassing
conventional retail channels, this has given wholesalers access to new revenue
streams.
 Additionally, there is growing demand on wholesalers to adopt more ethical and
environmental operations. This entails lowering waste, supporting ethical employment
practices, and utilizing eco-friendly materials. Wholesalers must modify their
operations to fulfill these needs as consumers grow more aware of the effects of their
purchase choices.
 The growing significance of data and analytics in the wholesale market is one
significant trend. Wholesalers may now obtain deeper understanding of consumer
behavior and demand patterns thanks to the development of big data, which enables
them to decide which products to carry and how much to charge for them. As a result,
more advanced supply chain management systems have been created.
  Information from https://batenborch.com/the-changing-role-of-wholesale/

9)A)
i) Define the term “Consumer Rights”
 Consumer rights is the right of consumers to be protected from defective goods and
services and unscrupulous or illegal traders and the right of consumers to be informed
about what they are buying, the price, quality, contents, and guarantees for the product
or service.

ii) List FIVE of these rights

 Consumer's rights to enforce terms about goods.
 Right to reject.
 Partial rejection of goods.
 Time limit for short-term right to reject.
 Right to repair or replace.

B) Explain four reasons why consumers need protection

1. To protect them from consuming low- or poor-quality goods, i.e., sale of spoilt goods
(instead of the original goods) that do not meet the set standards and can make them
ill.
2. Misleading/false information advertising about the product which may give wrong
idea of the product. For example: someone may be selling a used iPad with cracks or
damaged parts, but the product was advertised falsely claiming it’s a brand-new
product and has never been touched and the person can purchase it based on the false
advertisement.
3. Unsafe structures or construction of substandard structures and buildings that
endanger or threaten the life of consumers and do not meet minimum safety standards.
For example: if a building is not built properly but was sold to someone even due to
the poor quality and condition of it.
4. They need protection from being sold illegal or stolen goods that can label them as
thieves or get them imprisoned. For example: the seller might have stolen goods from
a random person such as an iPhone and sold it online and someone buys the iPhone,
they are being scammed and if the person tracks the phone back to the buyer they can
be unfairly charged for theft.

C) Discuss four measures which government can put in place to protect

consumers
Measures the government can put in place are:
 Illegal rights act- this act helps those consumers who have purchases products not
knowing its illegal, so they won’t be the ones getting in trouble for it. For example, if
a person purchases an iPhone from a seller not knowing it was stolen, they won’t be
the one getting in trouble since they were unaware.
  Rights to return act- Most business don’t allow buyers to return goods after they have
bought them and due to this, the sellers can decide not to give refunds and sell fake, or
counterfeit or false products and the customer won’t be able to return it, so this act
helps protect them in situations like this.
 Providing knowledge act- this act allows the customers to be informed about every
detail of the product so they can know about the product, and they are buying and
won’t be scammed.
 Reasonable pricing act- this act allows buyers to give the right price for the product
with be scamming. For example, if a product cost 50 dollar’s but the seller sells it for
200 dollars this act protects them from it.

D) State three ways in which consumers may protect themselves.

 Pay the safest way. When purchasing goods or services that will be delivered later,
pay with a credit card so you can dispute the charges if they don’t arrive or aren’t
what you were promised.
 Get all promises in writing. Verbal agreements are hard to prove. Carefully read
contracts or finance agreements and make certain you understand them before you
sign.
 Don’t pay in full upfront. If you are asked for a deposit for home improvement or
other services, pay a small amount, never the full price until the service is completed
to your satisfaction.