Many candidates used the knowledge of Economics to answer the question on market, but they did not describe it very well. They stopped at where buying and selling takes place. On distributed most of them said distributors distribute goods to consumers.
Many candidates did not get the explanation of market survey. Some candidates talked about just going to the market to buy goods and know their prices.
Hire purchase was described by most candidates as hiring something to use and return later.
They expected answers are as follows:
(a) Market
The market is a place where business activities are carried out. Goods and services from the producers are channeled to the user or consumer in the market. It can be said that the market brings the buyer and the seller together to exchange their goods and services.
There are various forms of market such as local, state, regional, national and international. There are also kinds of market such as retail, wholesale, stock, money etc.
(b) Distributors
Distributors serve as outlets from the producers to the retailers. They are referred to as middlemen. They help the consumer to know where the goods are to be found and how much money can be budgeted for them.
(c)Market Survey
This is when the consumer searches for information about the goods and/or services he is about to take a decision on. !t affords the consumer the opportunity to know where the goods can be found and how much money can be budgeted for them.
Market can be surveyed through the print media, electronics and personal visits to the goods market.
(d) Hire Purchase
it is an act of buying and using producUservices to be paid for an agreed date.
It allows the consumer to possess and use the producUservice while he is paying for it. The seller charges a high interest distributed over the payment period. Item does not belong to the consumer until full payment is made.