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Tourism is the practice which involves the visiting of people to places of interest for recreational, leisure or business purposes.
Tourism refers to the activities of people traveling to and staying in places outside their usual environment for leisure, business, or other purposes
Tourism involves visiting various destinations, exploring their attractions, experiencing their culture, and engaging in recreational activities.
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(i) Tourism revenue leaks out of the local economy due to the presence of multinational companies or foreign-owned businesses.
(ii) Seasonality nature of tourism can lead to instability in local economies, making it challenging for businesses to sustain themselves throughout the year and causing fluctuations in employment opportunities.
(iii) Overly dependent on tourism as its primary source of income makes the place vulnerable to external factors such as economic downturns, political instability, natural disasters, or changes in travel patterns especiaccly when there is a decline in tourist arrivals.
(iv) Tourism can drive up the cost of living in popular destinations
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(i) Tourism development can lead to social disruptions within local communities
(ii) Rapid tourism development can erode traditional values, customs, and cultural practices.
(iii) Tourism can lead to the exploitation of local cultures and traditions.
(iv) The presence of tourists can sometimes lead to the emergence of negative social behaviors, such as an increase in crime rates, substance abuse, and prostitution.
(v) The benefits of tourism may not be equally distributed among the local population, resulting in unequal access to employment opportunities, income, and resources.
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(i) Tourism can contribute to various forms of pollution, including air, water, and noise pollution.
(ii) The development of tourism infrastructure such as hotels, resorts, roads, and recreational facilities can result in habitat destruction and fragmentation.
(iii) High tourist concentrations in water-stressed areas can strain local water resources due to excessive water extraction for hotels, swimming pools, golf courses, and other tourist amenities.
(iv) Tourism generates substantial amounts of waste, including packaging, food waste, and single-use items.
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(i) Tourism can be a significant driver of economic growth, contributing to increased business opportunities, job creation, and income generation.
(ii) Tourism can generate foreign exchange earnings through spending by international visitors.
(iii) Tourism offers opportunities for diversifying an economy beyond traditional industries.
(iv) Tourism provides a platform for small-scale businesses and entrepreneurs to thrive.
(v) To cater to the needs of tourists, destinations often invest in infrastructure development projects such as airports, roads, transportation networks, and public amenities.
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(i) Tourism provides opportunities for cultural exchange and interaction between visitors and local communities.
(ii) Tourism can play a crucial role in the preservation and promotion of cultural heritage
(iii) Well-managed tourism can empower local communities by involving them in decision-making processes, providing opportunities for entrepreneurship and income generation
(iv) Tourism can raise awareness about environmental issues and contribute to conservation efforts.
(v) ourism development often leads to improvements in infrastructure and public services in destinations
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(i) Tourism can create economic incentives for the conservation and preservation of natural areas, including national parks, wildlife reserves, and protected habitats.
(ii) Tourism can raise awareness about environmental issues and promote environmental education.
(iii) ourism can drive the adoption of sustainable practices by encouraging businesses and destinations to minimize their environmental footprint.
(iv) Tourism can contribute to the conservation of natural areas and biodiversity.
(v) Tourism development can facilitate the restoration and rehabilitation of degraded environments
(i)Stocks: Stocks represent ownership shares in a company. Investors can buy and sell stocks on the stock exchange, aiming to profit from price fluctuations or receive dividends based on the company’s performance.
(ii)Bonds: Bonds are debt securities issued by governments, municipalities, or corporations. Investors lend money to the issuer in exchange for periodic interest payments and the return of the principal amount at maturity.
(iii)Exchange-Traded Funds (ETFs): ETFs are investment funds traded on stock exchanges. They represent a basket of securities, such as stocks, bonds, or commodities. Investors can trade ETFs like stocks, offering diversification and flexibility in their investment portfolios.
(iv)Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Investors can buy or sell mutual fund shares at the net asset value (NAV) at the end of the trading day.
(v)Options: Options are derivative securities that provide the right, but not the obligation, to buy (call option) or sell (put option) an underlying asset at a predetermined price within a specific time period. Investors can trade options to speculate on price movements or manage risk in their investment positions.
(i)Loyalty: An agent has a duty to act in the best interests of the principal and to avoid conflicts of interest. They should prioritize the principal’s goals and not engage in activities that would harm the principal or benefit themselves at the principal’s expense.
(ii)Obedience: An agent is obligated to follow the lawful instructions and directives of the principal, as long as they are within the scope of the agency relationship. The agent should carry out the principal’s wishes and act in accordance with their expressed desires.
(iii)Skill and Competence: An agent has a duty to perform their tasks with a reasonable level of skill, care, and diligence. They should possess the necessary knowledge, qualifications, and experience to fulfill their obligations and responsibilities to the principal.
(iv)Disclosure of Information: An agent has a duty to provide accurate and complete information to the principal regarding all relevant matters related to the agency relationship. This includes disclosing any conflicts of interest, potential risks, or material information that may impact the principal’s decisions.
(v)Accounting and Financial Responsibility: An agent is responsible for managing the principal’s assets, funds, or resources entrusted to them. They have a duty to maintain accurate records, provide regular accounting statements, and handle the principal’s financial affairs in a responsible and transparent manner.
(i)Unlimited liability: The partners are liable to the debts of the business to no limit.
(ii) Difficulty in management: Decision-taking is going to be long and slow as every partner would want their voice to be heard, thus, creating disagreement.
(iii) Inability to raise sufficient capital: Partners cannot invite the public to raise capital, and because of its unlimited liability, members fear to invest in partnership.
(iv) Risk of dissolution: The partnership stands dissolved at the death, bankruptcy or insanity of a member
(v) Action of one partner on others: There is the danger that one reckless partner can ruin others
(i) Large amount of capital is necessary for the business as a limited company.
(ii) The success of the business requires the skill or knowledge of experienced members of the partnership/joint decision, for example, solicitors, doctors, etc.
(iii) The ownership and control should not be extended outside a family or friends.
(iv) Partnership is suitable for executing short term venture.
(v)Shared Resources the partnership would provide access to shared resources, including capital, expertise, networks, and assets.
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(i) Storage of goods
(ii) Protection of goods
(iii) Risk bearing
(vi) Grading and branding
(a) Chain store:
(i) Multiple store locations, often spread across different regions or even countries
(ii) Uses a standardized branding and store design across all locations, giving a consistent customer experience.
(b) Mobile shop:
(i) Operates out of a vehicle or a portable structure, allowing it to move to different locations.
(ii) Typically focuses on a specific product or niche, such as mobile phones or accessories.
(c) Mail order business:
(i) Uses catalogs, websites, or other printed and digital materials to advertise and sell products to customers who place orders remotely.
(ii) Often offers a wide range of products to cater to diverse customer needs and preferences.
(i)Slavery: The slave trade was a major hindrance to the growth of commerce in West Africa. It disrupted the social and economic structures of many African societies and led to a decline in trade.
(ii)Lack of infrastructure: The lack of roads, bridges, and other infrastructure made it difficult to transport goods from one place to another, which limited the growth of commerce.
(iii)Disease: The prevalence of diseases such as malaria and yellow fever made it difficult for traders to operate in West Africa.
(iv)Political instability: The frequent wars and conflicts between different ethnic groups and kingdoms in West Africa disrupted trade and made it difficult for traders to operate.
(v)Colonialism: The imposition of colonial rule by European powers in the late 19th and early 20th centuries disrupted traditional trade routes and practices and led to the exploitation of African resources for the benefit of European powers.
(i) Oil driller – Industrial worker
(ii) Potter – Artisan worker
(iii) Policeman – Civil servant worker
(iV) Brewer – Industrial/Service worker
(V) Stock broker – Professional worker
(vi) Mason – Construction worker
(Vii) Farmer – Agricultural worker