Trade (Trading) is the buying and selling of goods and services. It is divided into Home Trade and Foreign Trade. Home Trade involves the exchange (i.e. buying and selling) of goods and services within a country and sub-divided into wholesale trade and retail trade. RETAIL TRADE Retail trade involves buying in small quantities from…
Division of Labour is the breaking down of production processes into different stages so that each stage is undertaken or handled by an individual. For example, division of labour occurs in a textile factory where separate processes like spinning, weaving and dyeing are undertaken by separate workers in each case. Specialization is the process…
Production is the changing of raw materials into finished goods and the distribution and provision of goods and services in order to satisfy human wants. Production is also referred to as the creation of utility. (Utility is the ability of any commodity or services to satisfy human wants). TYPES OF GOODS CAPITAL GOODS (PRODUCER GOODS):…
Occupation can be defined as any job that is legal in which people are engaged in order to earn a living. CLASSIFICATION OF OCCUPATIONS Occupations are classified into six major divisions namely: Extractive Occupation Manufacturing Occupation Constructive Occupation Commercial Occupation Direct Services Indirect Services EXTRACTIVE OCCUPATION: This involves all kinds of works concerned with…
DEFINITION OF COMMERCE Commerce is the study of production, distribution and exchange of goods and services aimed at satisfying human wants and in order to earn a living. THE IMPORTANCE (FUNCTIONS) OF COMMERCE It provides employment opportunities for the people. It makes production and exchange of goods and services possible. It improves the standard…
SPECIAL TRADE TERMS AND MEANS OF PAYMENT TERMS OF QUOTING PRICE. CIF (Cost, Insurance and Freight): A price quoted CIF simply means that it includes the cost of goods insurance, carriage to the port of destination but exclude delivery from the dock to the purchaser’s premises. The importer is responsible for other charges. FOB (Free…
Documents used in buying and selling of goods. When business transactions occur, certain documents are drawn up and passed from one person to another. These documents are used to effect transactions between buyers and sellers. The documents are explained below; TRADE JOURNAL: This is a publication devoted to a particular branch of retail and…
Commodity can be defined as food or other agricultural products such as wheat or cocoa and natural resources such as oil, or gas and metal such as gold or silver. It can also be standardized goods which are traded in bulk and whose units are interchangeable. They are mostly output of the primary sector that…
A cooperative society is any group found by individuals with common interest who contribute money in form of capital to promote the business interest of members. A cooperative society is a form of voluntary self-help business organization in which individuals, sole proprietors, traders or producers unite to foster their good and individual business interest. FEATURES…
A company is an artificial person which is recognized in law as a separate legal entity. It is also referred to as joint stock Company that makes profit by producing or selling goods and services. It can only act though its organs like the board of directors and shareholders. NOTE: A company is an artificial…
These are special organization set up by the government. Through the act of parliament, managed and controlled by the government to perform essential services to the citizens of the county. OR Public enterprises/corporation are businesses owned and run by the government in the public interest. OR Public corporation, also known as public enterprises or statutory…
ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS) ECOWAS was established on May 28th , 1975 after the treaty establishing it was signed in Lagos, Nigeria. The member countries of ECOWAS are: Sierra Leone 2. Gambia 3.Cape verde 4. Guinea 5. Guinea Bissaau Cote D’ivoire 7. Liberia 8.Burkina Faso 9.Mali 10. Mauritania Niger 12. Nigeria 13.Senegal …
PRIVATIZATION Privatization is the process whereby ownership and control of the businesses, companies, industries or co-operation are transferred from the Government (public sector) to private individual (private sector) ADVANTAGES OF PRIVATIZATION It promotes efficiency in the business that are commercialized or privatized. Government generates more revenue during the implementation of policies. It leads to…
INDIGENIZATION Indigenization is the policy initiated by the government to ensure and accelerate the participation of Nigerian citizens in the ownership and management of business organizations hitherto owned by foreigners. Indigenization transfers ownership of some foreign business operating in Nigeria to indigenous entrepreneurs. The major objective is to reduce the power of control of the…
NATIONALIZATION This is the taking over (or transfer of ownership) of privately owned business enterprises by the government for economic, social and political reasons. Such industries involved are known as NATIONALISED INDUSTRIES and the individual owners of the affected industries are paid compensation by the government. REASONS WHY GOVERNMENT NATIONALIZE INDUSTRY To prevent the…
AUTHORITY Authority is defined as the right to give orders or command (directive) and enforce compliance (obedience) to the order.Authority may be used directly or delegated. Delegation of Authority: This is a practice whereby decision making powers and authority to handle a particular assignment is transferred to a subordinate by a superior officer.The superior…
Organizational structure is the framework by which tasks are divided, grouped and co-ordinated. It entails the division of the activities of a business organization into departments, division, units and sub-units and the allocation of positions, responsibilities and authorities to the official of a business. USES (PURPOSES) OF AN ORGANISATION CHART It shows the line…
DEPARTMENTS IN A BUSINESS ORGANISATION Business organizations are usually divided into different departments on the basis of their functions. The typical departments to be found in a business organization include: Personnel Department. Accounts / Finance Department Training & Manpower Development Department Production Department Sales Department Marketing Department Administration Department Maintenance Department Mails Department etc. …
Management has been variously defined as follows: The organ of leadership, direction and decision in a business enterprise. The process of preparing, directing, planning and organizing people and material in order to attain business objectives. DUTIES OF A MANAGER He is the departmental head. He is responsible for planning and executing work in his…
Business can be defined as the sum of all activities involved in the creation and distribution of goods and services for profit. Business management is the act of planning, organizing, directing and controlling business resources in order to attain some set objectives. CLASSES OF BUSINESS Primary/Extractive Business Processing/Conversion Business Distributive/Commercial Business Services Business –…