Commerce

Business Structure & Organizational Structure

Structure of Business A business structure refers to the legal and organizational framework within which a business operates. It determines how the business is organized, managed, and owned. Different business structures have varying implications for factors such as taxation, liability, decision-making, and overall operational flexibility. The choice of the business structure depends on the nature […]

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TYPES OF CONTRACT

Formal and Informal Contract Formal contract are normally written contracts. They are usually effected by affixing a seal on a written agreement or document. Informal or simple contracts are contracts whether written or oral, which are not under seal. Oral or Written Contract Oral contracts are contract entered into by the use of spoken words.

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ADVERTISING

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 OF ADVERTISING Creation of demand for goods and services Informing customers about the existence of

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AGENCY

Agency is the relationship which arises whenever one person (the agent) acts on behalf of another person (the principal) and has power to affect the principal’s legal position with regard to a third party. In practice, the two most important function of an agent are: Making contracts on his principal’s behalf Disposing of his principal’s

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EMPLOYER / EMPLOYEE RELATIONSHIP

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 employee for any expense / loss incurred on behalf of the employee. Duty to provide

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Business Documents | Quotation, Price List, Receipt, Invoice, Order

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 wholesale trade. It contains articles on matters of interest

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SCHEME OF WORK FOR COMMERCE SS 1

COMMERCE SS 1 FIRST TERM 1. Introduction to Commerce 2. History of Commerce 3. Occupation 4. Production, Division of Labour, Specialization and Exchange COMMERCE SS 1 SECOND TERM 1. Trade 2. Home Trade 3. Foreign Trade (International) 4. Commodity Exchange COMMERCE SS 1 THIRD TERM 1. Sole Proprietorship 2. Partnership 3. Money Also See SCHEME

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MARKETING CONCEPT

This is a principle which states that a business merely exists to satisfy the needs (and wants) of its customers. Therefore all marketing activities are geared towards (or aimed at) identifying the needs of consumers, designing and producing goods to satisfy these needs while at the same time meeting the goals of the organization (i.e.

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CUSTOMER SERVICES

Customers’ services are services rendered free of charge by the seller to his customers in order to convince them to buy or to retain their patronage. Customer services can be divided into two categories. They are: Pre-sales services After sales services Pre-Sales Services: These are services provided to the customers before the goods are bought.

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CONTRACT

Definition of Contract 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 recognized by law as a valid contract E.g.     Landlord and Tenant

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INTRODUCTION TO DATA PROCESSING

Data Processing is the process of producing meaningful information from raw data.  It describes the series of actions taken to produce useful information by collecting all items of data together and performing operations on them.  The aim of data processing is to convert raw data into information. Data: Data represent the raw unprocessed input element

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THE ELECTRONIC COMPUTER

Characteristics of a Computer Speed – high speed of operation Storage – Large storage volume 3.  Versatility – Can be used to perform wide range of tasks 4. Diligence – It can perform similar operations at the same speed and accuracy at all times. 5. Automatic – Tasks are performed automatically based on the programme

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Capital Market, Stock Exchange & Second Tier Securities Market

Capital Market Capital Market refers to a platform designed for obtaining medium and long-term loans. Its primary purpose revolves around catering to the financial requirements of industries and the commercial sectors. Within this realm, it encompasses all establishments involved in either facilitating the supply of or catering to the demand for extended-duration loans. The overarching

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Privatization | Meaning, Advantages, Disadvantages & Reasons

MEANING OF PRIVATIZATION Privatization, a multifaceted economic concept, encapsulates the intricate transformation of ownership and governance structures within various sectors of an economy. This comprehensive phenomenon encompasses the systematic shift of assets, businesses, companies, industries, or cooperative entities away from the domain of public control, typically vested in government entities, towards the realm of private

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ECOWAS, Niger Basin Commission & Lake Chad Basin Commission

Economic Groupings in West Africa ECOWAS ECOWAS, which stands for the Economic Community of West African States, is a regional intergovernmental organization encompassing 15 countries in West Africa. Established on May 28, 1975, with the signing of the Treaty of Lagos, ECOWAS was formed with the overarching goal of promoting economic integration, political cooperation, and

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