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Warehousing is the act of storing goods produced or bought in a place until they are needed. Warehousing ensures that there is a regular and steady supply of goods. A warehouse is a place where goods are kept until they are needed. IMPORTANCE OF WAREHOUSING It provides protection and security for goods. It encourages […]
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 small quantities to the retailers. FUNCTIONS OF THE WHOLESALER To the Manufacturer He gives […]
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 goes about in the shop, examines the good displayed, compares them, tries them on, where […]
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 same type of goods and all the shops are controlled from the head office e.g. […]
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 that they move from place to place to sell, thereby making goods handy for customers […]
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 […]
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