JAMB Commerce Past Questions & Answers - Page 102

Primary storage (also known as main memory ) is the component of the computer that holds data, programs, and instructions that are currently in use. It is accessed directly by the CPU. This includes several types of memory, such as the processor cache and system ROM.

Debugging is the process of identifying and removing errors from computer hardware or software. Debugging is simply remedying a code or mechanical issue that’s causing you difficulties in your computer, and this includes getting rids of a virus.

An industrial arbitration tribunal is a panel made up of representatives of employers and unions saddled with the responsibility of preventing or settling labor disputes that may arise between an industrial employer and a union, union member.

Sales of Goods Act, a contract of sale is one whereby a seller transfers or agrees to transfer the property in goods to the buyer for a  consideration, called price. The most important factor in this contract is the seller offering to sell goods and the buyer accepting to buy the goods for a price. Provide there is an offer and an acceptance, the contract becomes binding.

Market skimming is a pricing approach where a firm sets a high price for a new product in the market to attract buyers with a strong desire and financial ability for the product, and then the firm gradually reduces the price to attract the next and subsequent layers of the market. It is an example of the pricing policy.