Category SS 3 Commerce Notes (1st, 2nd & 3rd Term)

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.…

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…

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…

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…

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…

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…

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…

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…

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…