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. Â RETAIL TRADE Retail trade involves buying in small quantities from […]
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
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Export trade: the selling of goods/service of a country abroad. It includes goods and services sold to other countries. Nigeria’s export products are cocoa, crude oil, rubber, cassava, etc. Export can be visible and invisible. Visible export are tangible goods and invisible are services rendered abroad. Exeter port: is the re-exporting of goods that have
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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
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
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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
A co-operative society is a voluntary association of persons, businessmen, traders or organization with common needs and interests. The resources of members of are pooled together to promote the economic and welfare interest of the members. PRINCIPLES OF CO-OPERATIVE SOCIETIES Co-operative societies are based on the following principles. Open and Voluntary membership Democratic management and
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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. Â
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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
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COMMERCE POST JAMB PAST QUESTIONS AND ANSWERS Practice the COMMERCE POST JAMB Past Questions with Answers. The questions are answered by our experts and you will get the correct answers to the COMMERCE POST JAMB questions. Prepare yourself for the exam ahead and test your knowledge and readiness.
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Marketing may be defined as the process of assessing consumer needs, wants, preferences and demands; designing and producing goods and services that will satisfy such wants and moving such goods and services to the final consumer at a profit to an organisation. It encompasses several key elements of the marketing process. Here’s a breakdown of
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