Lesson Notes, Audio Lessons, Exam Questions
Lesson Notes, Audio Lessons, Exam Questions
This section covers comprehensive Commerce topics for students from SS1 to SS3. It is designed to align with the current WAEC and NECO syllabuses, which provides detailed explanations, examples, and practice exercises to build a solid foundation in commerce studies.
Students will learn about key areas such as trade, banking, insurance, business organizations, transportation, marketing, and international trade.
The lessons are structured to make complex commercial concepts easy to understand, helping students prepare effectively for internal and external examinations.
Use this resource to boost your knowledge, improve your exam performance, and master the principles of commerce throughout your senior secondary school journey.
Learn Commerce from SS1 to SS3 with syllabus-based topics covering trade, banking, marketing, insurance, and more. Perfect for WAEC and NECO preparation.
This refers to the various ways by which government controls the activities of business organization to ensure social and economic order in the society. REASONS FOR GOVERNMENT REGULATION OF BUSINESS To raise money through taxes e.g. V.A.T. Education tax etc…
DUTIES OF THE EMPLOYER To pay wages – i.e. enumeration To provide work which the employee will handle To give holidays to the employee Duty to take reasonable care for his employee’s safety Indemnity – The employee must reimburse the…
SALE OF GOODS A contract of sale of goods is a contract whereby the seller transfer the property in goods to the buyer for a money consideration called the price. The parties to this contract are known as the seller…
An agent could belong to one of the following classification: Universal Agent – An agent given unlimited or unrestricted power to enter into any type of business contract on behalf of the principal. General Agent – An agent that has…
What is an agency? An agency is a relationship which arises whenever one person (the agent) acts on behalf of another person (the principal) and has the power to affect the principal’s legal position with regard to a third party.…
A Contract is an agreement between two or more parties which creates legal rights and obligations as between the parties involved. Parties to a Contract This is the identity given to the persons who have made an agreement that is…
Public relation is the image building done by an organization to give the public favourable impression about its aims and policies. FUNCTIONS OR IMPORTANCE OF PUBLIC RELATIONS It ensures the maintenance of a favourable relationship between an organisation and the…
Advertising is the branch of commerce which deals with promoting sales of goods, services or ideas through messages that are meant to inform, educate and persuade the general public by means of various methods such as newspaper, radio, television. FUNCTIONS…
Marketing may be defined as the process of assessing consumer needs, wants, preferences and demand; designing and producing goods and services that will satisfy such wants and moving such gods and services to the final consumer at a profit to…
Wholesale trade (wholesaling) involves the buying of goods in large quantities from the producers or manufacturing and re-selling in small quantities to retailer. A wholesaler is a trader who purchases goods in large quantities from the manufacturing and sell in…
Self-service: This is a method that allows customers to do their shopping in a shop with little or no assistance from sales attendants. The goods are conspicuously displayed and arranged on the shelves of shops with price tags. The customers…
TYPES OF LARGE SCALE RETAILING A MULTIPLE SHOPS OR CHAIN STORES These are large scale retail businesses consisting of a number of similar shops or branches spread or located in different towns/ cities all over a country. They sell the…
There are several types of size of retail outlets which for easy analysis can be grouped into two, namely: Small scale and Large scale retailing TYPES OF SMALL SCALE RETAILING Itinerant Traders: The common feature of itinerant traders is…
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…
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…
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…
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…
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…
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;…
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…