SCHEME OF WORK
WEEK TOPIC
1. Introduction to commerce (a)Meaning(B)Scope(C)Functions
2. Introduction to commerce(d)Characteristics of commerce(e) e commerce-(i)Meaning (ii)Functions
3. History of commerce(a)Historical background(b)Factors affecting the growth of commerce(c)The barter system
4. Occupation:(a)Meaning of occupation(b)Classification of occupation(i)industrial occupation(ii)commercial occupation(iii)services occupation
5. Occupation:(a)Factors that determine types of occupation and employment1
6. Production, Division of Labour, Specialization and Exchange(a) Meaning(i)production and Division of labour(ii)Specialization(iii)Exchange
7. Production, Division of Labour, Specialisation and Exchange(b)Classification of production(i)Primary-industry,extractive,manufacturing,construction;(ii)Secondary-Trade,Aids to trade(iii)Tertiary-Direct and direct.
8. Trade(a)Types of trade(i)Home trade(ii)Foreign trade(iii)Entre pot Trade.(b)Relationship between/among the different, types of trade.
9. Home Trade:(a) Meaning of Home trade(b) Characteristics and functions of retail trade.
10. Home Trade(c)Factors to be considered in setting up retail trade(d)Discuss small scale retailers, mobile shops, etc
11. Revision
1ST TERM
WEEK 1
TOPIC: INTRODUCTION TO COMMMERCE
CONTENT:(a)Meaning of Commerce
(b)Scope of Commerce
(c)Functions of Commerce
SUB-TOPIC 1: MEANING OF COMMERCE
MEANING OF COMMERCE
Commerce simply refers to all the activities involved in the distribution and exchange of goods and services. Put in another way, commerce is a branch of production which is concerned with the distribution ,exchange of goods and services and all the activities which facilitate or promote trade, e.g. banking, insurance, Transportation, communication, tourism etc. Commerce can also be referred to as the process of buying, selling, and distributing goods and services.
DEFINITION OF COMMERCE
Commerce is concerned with the change of ownership of goods from the time they leave the producer till they reach the consumer. It comprises the trading of something of economic value such as goods, services, information or money between two or more entities, Commerce as such is the driving force behind the process of exchange.
Commerce is situated between producers (who make goods) and consumers (who buy goods). So, we can say that Commerce consists of the businesses that exist between the producers and consumers. The position of Commerce can be shown in a simple diagram.
Producers --------> Commerce -----------> Consumer
EVALUATION
1(a).Define the term ‘commerce’
(b) Commerce is concerned with the change of ownership of goods ’Explain the statement’.
2. What is the position of Commerce in the chain of supply?
SUB-TOPIC 2: SCOPE OF COMMERCE
The scope of commerce may be seen as embracing the totality of all the activities which ensure the distribution and exchange of goods and services for the satisfaction of the people. In all ramifications, commerce embraces trade and the auxiliaries or aids to trade.
The scope of commerce can therefore be referred to, as the different activities engaged in by people in commercial occupation. These activities include;
(i) Trading
(ii) Transporting
(Iii) Warehousing
(iv) Banking
(v) Insurance
(vi) Advertising
(vii) Communication
(viii) Tourism
The scope of Commerce can also be illustrated with a diagram as shown below
Commerce
Trade Aids to trade
Home Foreign
Retail Wholesale Export Import Entreport
Commerce is sometimes referred to as tertiary production, because in a way it is a form of production. Even services have to be ‘produced’ because when goods leave the producers, they do not usually pass directly to the consumer, they have to be stored (warehousing) transported, insured, advertised and sold by traders. These and many other commercial activities that make up tertiary production assist in the change in ownership of goods from the producer to the consumer. Tertiary production is also sometimes called the service industry, but more often, it is referred to as commerce and direct services. Aids to trade include all the commercial activities that facilitate buying and selling.
EVALUATION
1a.With the aid of a diagram, illustrate the scope of commerce
b. Explain four commercial activities that which facilitate buying and selling.
2. Commerce sometimes referred to as ‘tertiary production’ explain.
SUB-TOPIC 3: FUNCTIONS OF COMMERCE
FUNCTIONS OF COMMERCE
(i) Mass production of goods and services: Commerce facilitates mass production thereby enabling people all over the world to enjoy goods and services produced both within and outside their countries
(ii) Raising of capital: It makes available the necessary fund for individual needs and investment through the services of banks and other financial institutions.
(iii) Employment opportunities: It offers employment opportunities to a large number of people such as traders, bankers, insurance brokers, etc.
(iv) Warehousing: Commerce facilitate the storage of goods until they are needed, thus bridging the gap between demand and supply in the market.
(v) Exchange of goods and services: It facilitate the exchange of goods and services through transportation (road, rail, sea, air) and telecommunication.
(vi) Improvement in standard of living: The availability of variety of goods and services leads to improvement in the standard of living and the quality of life.
(vii) Linkage of buyers and sellers: Commerce through communication links buyers and sellers together to do business without physical contact.
(viii) Risk bearing: The availability of insurance companies encourages entrepreneur to venture into various business activities.
(ix) Transport: Commerce assist in moving people, raw material and finished goods from production points to consumption points through transport.
(x) Unity among nations: It fosters unity among nations thus, nations become interdependent as they engage in trading activities.
(xi) Creation of wealth for nations: Commerce helps to create wealth for nations, as duties are charged on goods and service either imported or exported.
(xii) Creation of public awareness: It makes the public aware of the availability of goods and services through advertising.
EVALUATION
1. Explain five functions of commerce in an economy.
2. State in a single sentence, what you see as the main function of commerce.
GENERAL EVALUATION
OBJECTIVE TEST
1. Which of the following is an example of someone employed in aids to trade?
a. Engineer
b. Miner
c. Travel Agent
d. Farmer
2. Which of the following is not a service to trade?
a. Transport
b. Banking
c. Insurance
d. Retailing
3. Which of the following is not a commercial service?
a. Insurance Agent
b. Factory worker
c. Shop Assistant
d. Warehouse Clerk
4. Which of the following best describes the function of Commerce?
a. acting as an intermediary
b. manufacturing
c. paying for goods
d. mass production
5. Commerce is sometimes referred to as-------
a. tertiary production
b. primary production
c. secondary production
d. information production
ESSAY QUESTIONS:
1. (a) With the aid of a diagram, illustrate the scope of commerce
(b) Explain four commercial activities that facilitate buying and selling.
2. Why is Commerce referred to as ‘tertiary production?
3. ‘The Scope of Commerce is wide. ‘Explain this state
WEEKEND ASSIGNMENT
Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 1-4
Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai
Olusegun pages 2-5
PRE – READING ASSIGNMENT
Read about the Characteristics of Commerce and e-Commerce
WEEKEND ACTIVITY
1. Write a short note on the types of e-commerce
2. Mention five characteristics of commerce.
REFERENCE TEXTS
1. Essential Commerce for Senior Secondary School by O.A.LONGE
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai
Olusegun
3. Comprehensive Commerce for Senior Secondary School by Johnson Anyaele.
CONTENT:(a)Meaning of Commerce
(b)Scope of Commerce
(c)Functions of Commerce
SUB-TOPIC 1: MEANING OF COMMERCE
MEANING OF COMMERCE
Commerce simply refers to all the activities involved in the distribution and exchange of goods and services. Put in another way, commerce is a branch of production which is concerned with the distribution ,exchange of goods and services and all the activities which facilitate or promote trade, e.g. banking, insurance, Transportation, communication, tourism etc. Commerce can also be referred to as the process of buying, selling, and distributing goods and services.
DEFINITION OF COMMERCE
Commerce is concerned with the change of ownership of goods from the time they leave the producer till they reach the consumer. It comprises the trading of something of economic value such as goods, services, information or money between two or more entities, Commerce as such is the driving force behind the process of exchange.
Commerce is situated between producers (who make goods) and consumers (who buy goods). So, we can say that Commerce consists of the businesses that exist between the producers and consumers. The position of Commerce can be shown in a simple diagram.
Producers --------> Commerce -----------> Consumer
EVALUATION
1(a).Define the term ‘commerce’
(b) Commerce is concerned with the change of ownership of goods ’Explain the statement’.
2. What is the position of Commerce in the chain of supply?
SUB-TOPIC 2: SCOPE OF COMMERCE
The scope of commerce may be seen as embracing the totality of all the activities which ensure the distribution and exchange of goods and services for the satisfaction of the people. In all ramifications, commerce embraces trade and the auxiliaries or aids to trade.
The scope of commerce can therefore be referred to, as the different activities engaged in by people in commercial occupation. These activities include;
(i) Trading
(ii) Transporting
(Iii) Warehousing
(iv) Banking
(v) Insurance
(vi) Advertising
(vii) Communication
(viii) Tourism
The scope of Commerce can also be illustrated with a diagram as shown below
Commerce
Trade Aids to trade
Home Foreign
Retail Wholesale Export Import Entreport
Commerce is sometimes referred to as tertiary production, because in a way it is a form of production. Even services have to be ‘produced’ because when goods leave the producers, they do not usually pass directly to the consumer, they have to be stored (warehousing) transported, insured, advertised and sold by traders. These and many other commercial activities that make up tertiary production assist in the change in ownership of goods from the producer to the consumer. Tertiary production is also sometimes called the service industry, but more often, it is referred to as commerce and direct services. Aids to trade include all the commercial activities that facilitate buying and selling.
EVALUATION
1a.With the aid of a diagram, illustrate the scope of commerce
b. Explain four commercial activities that which facilitate buying and selling.
2. Commerce sometimes referred to as ‘tertiary production’ explain.
SUB-TOPIC 3: FUNCTIONS OF COMMERCE
FUNCTIONS OF COMMERCE
(i) Mass production of goods and services: Commerce facilitates mass production thereby enabling people all over the world to enjoy goods and services produced both within and outside their countries
(ii) Raising of capital: It makes available the necessary fund for individual needs and investment through the services of banks and other financial institutions.
(iii) Employment opportunities: It offers employment opportunities to a large number of people such as traders, bankers, insurance brokers, etc.
(iv) Warehousing: Commerce facilitate the storage of goods until they are needed, thus bridging the gap between demand and supply in the market.
(v) Exchange of goods and services: It facilitate the exchange of goods and services through transportation (road, rail, sea, air) and telecommunication.
(vi) Improvement in standard of living: The availability of variety of goods and services leads to improvement in the standard of living and the quality of life.
(vii) Linkage of buyers and sellers: Commerce through communication links buyers and sellers together to do business without physical contact.
(viii) Risk bearing: The availability of insurance companies encourages entrepreneur to venture into various business activities.
(ix) Transport: Commerce assist in moving people, raw material and finished goods from production points to consumption points through transport.
(x) Unity among nations: It fosters unity among nations thus, nations become interdependent as they engage in trading activities.
(xi) Creation of wealth for nations: Commerce helps to create wealth for nations, as duties are charged on goods and service either imported or exported.
(xii) Creation of public awareness: It makes the public aware of the availability of goods and services through advertising.
EVALUATION
1. Explain five functions of commerce in an economy.
2. State in a single sentence, what you see as the main function of commerce.
GENERAL EVALUATION
OBJECTIVE TEST
1. Which of the following is an example of someone employed in aids to trade?
a. Engineer
b. Miner
c. Travel Agent
d. Farmer
2. Which of the following is not a service to trade?
a. Transport
b. Banking
c. Insurance
d. Retailing
3. Which of the following is not a commercial service?
a. Insurance Agent
b. Factory worker
c. Shop Assistant
d. Warehouse Clerk
4. Which of the following best describes the function of Commerce?
a. acting as an intermediary
b. manufacturing
c. paying for goods
d. mass production
5. Commerce is sometimes referred to as-------
a. tertiary production
b. primary production
c. secondary production
d. information production
ESSAY QUESTIONS:
1. (a) With the aid of a diagram, illustrate the scope of commerce
(b) Explain four commercial activities that facilitate buying and selling.
2. Why is Commerce referred to as ‘tertiary production?
3. ‘The Scope of Commerce is wide. ‘Explain this state
WEEKEND ASSIGNMENT
Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 1-4
Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai
Olusegun pages 2-5
PRE – READING ASSIGNMENT
Read about the Characteristics of Commerce and e-Commerce
WEEKEND ACTIVITY
1. Write a short note on the types of e-commerce
2. Mention five characteristics of commerce.
REFERENCE TEXTS
1. Essential Commerce for Senior Secondary School by O.A.LONGE
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai
Olusegun
3. Comprehensive Commerce for Senior Secondary School by Johnson Anyaele.
WEEK 2
TOPIC: INTRODUCTION TO COMMMERCE
CONTENT: 1. Characteristics of commerce.
2. e-Commerce (I)Meaning (ii)Functions
SUB TOPIC 2: CHARACTERISTICS OF COMMERCE
The main characteristic of Commerce includes;
1. Commerce is regarded as a social science subject like Government, Economics sociology etc which study human beings and their unpredictable behavior within their social, political and legal environment.
2. Commerce entails only the exchange of goods and services which is trade and aids to trade.
3. Commerce involves creation of time and place utility for goods. The goods produced may not be consumed at the place of production. They will be needed in other places. Commerce takes them to the places where they are needed through transportation.
4. The scope of Commerce centers on distribution and exchange to ensure equitable supply of goods and services.
5. Commerce is regarded as an advanced stage of trade but an integral part of business activities.
6. Commerce is concerned with the enhancement of man’s survival and the growth of a nation through various commercial activities.
EVALUATION
1. List and briefly explain each of the characteristics of commerce.
SUB TOPIC II: MEANING E-COMMERCE
E commerce (electronic Commerce or EC) is the buying and selling of goods and services on the internet, especially on the World Wide Web. In practice e- commerce and a newer term e business is often used interchangeably.
DEFINITION OF E-COMMERCE
E –commerce can be defined as an activity of buying and selling, marketing, delivery, servicing and paying for products and services over the medium of internet. The idea of e-commerce came into being due to the fact that the world has been experiencing globalization and technological advancement.
FUNCTIONS OF E-COMMERCE
1. Provision of cost effective business: One of the most tangible function of e commerce is the lowered cost of production, it does not require employees, advertisement etc. A part of the lowered cost comes to the consumer as discount.
2. Absence of geographical limitation: A physical store at a particular location is limited to the geographical area. With e –commerce website, the whole world is your playground.
3. Quick location of product: On e-commerce website customers can locate their desired product quickly by using the search box.
4. It eliminates travel time and cost: With the advent of e-commerce, customers are allowed to visit the same store virtually with a mouse.
5. It allows for comparison shopping: E –commerce provides for comparison shopping opportunities due to the fact that there are several on line services.
6. It provides accession information: E- commerce makes it possible for customers to obtain information about product which may not be easily obtained from the physical store.
7. Provide all the time services: E –commerce website can run all the times. From the customer’s point of view an ‘always open’ store is more convenient
8. E-Commerce enables business and customers to make sales and purchases through the global market.
TYPES OF E-COMMERCE
There are basically five types of e-commerce
1. Business to consumer commerce (B2C): It is a pattern of e-commerce in which manufacturers or marketers sell their products to the retailers who in turn sell them to the consumer.
2. Business to business commerce (B2B): This is one of the high level businesses involving heavy capital. Under this form of e-commerce, the buying and selling takes place between two businesses or companies without involving the consumer.
3. Consumer to consumer commerce (C2C): This is a very simple transaction which takes place between two consumers. C2C is commonly used in the present day business transaction whereby consumers can directly make purchases on line and have the goods shipped down.
4. Peer to peer commerce (P2P): This form of e-commerce does involve the exchange of tangible goods but it involves the transfer of information in terms of electronic files e.g movies, music etc
5. Mobile commerce (M-commerce): This is also a very effective way of transferring information or even conducting a business transaction. It involves downloading an application on the mobile phone. Almost all service providers offer m- commerce transaction such as mobile banking, airline booking, transportation etc.
EVALUATION
1. What is e commerce?
2. Why do you think e-commerce has become an important aspect of modern commerce?
3. Outline the types of e- commerce.
GENERAL EVALUATION
OBJECTIVE TEST
1. In practice e- commerce and a newer term --------------- is often used interchangeably.
a. e business
b. e mail
c. e buying
d. e finance
2. The idea of e-commerce came into being due to
a. trade
b. globalization
c. e finance
d. advertising
3. WWW means ------------in e commerce
a. web wide world
b. world wide web
c. world ware web
d. Web world wide
4. What does the ‘e’ in e Commerce stand for?
a. element
b. electronic
c. e mail
d. entreport
5. E-Commerce allows for --------- comparison
a. information
b. shopping
c. trade
d. shop
ESSAY QUESTIONS
1. List and briefly explain each of the characteristics of commerce.
2. What is e commerce?
3. Why do you think e -commerce has become an important aspect of modern commerce?
WEEKEND ASSIGNMENT
1. Read Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A pages 12-17
2. Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun page 5
PRE – READING ASSIGNMENT
Read about the history of Commerce in Nigeria and the problems of trade by barter
WEEKEND ACTIVITY
1. Identify the kind of things that have been used as ‘money substitute’
2. Give a brief history of commerce in Nigeria
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B,
2. Mohammed B.A
3. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
CONTENT: 1. Characteristics of commerce.
2. e-Commerce (I)Meaning (ii)Functions
SUB TOPIC 2: CHARACTERISTICS OF COMMERCE
The main characteristic of Commerce includes;
1. Commerce is regarded as a social science subject like Government, Economics sociology etc which study human beings and their unpredictable behavior within their social, political and legal environment.
2. Commerce entails only the exchange of goods and services which is trade and aids to trade.
3. Commerce involves creation of time and place utility for goods. The goods produced may not be consumed at the place of production. They will be needed in other places. Commerce takes them to the places where they are needed through transportation.
4. The scope of Commerce centers on distribution and exchange to ensure equitable supply of goods and services.
5. Commerce is regarded as an advanced stage of trade but an integral part of business activities.
6. Commerce is concerned with the enhancement of man’s survival and the growth of a nation through various commercial activities.
EVALUATION
1. List and briefly explain each of the characteristics of commerce.
SUB TOPIC II: MEANING E-COMMERCE
E commerce (electronic Commerce or EC) is the buying and selling of goods and services on the internet, especially on the World Wide Web. In practice e- commerce and a newer term e business is often used interchangeably.
DEFINITION OF E-COMMERCE
E –commerce can be defined as an activity of buying and selling, marketing, delivery, servicing and paying for products and services over the medium of internet. The idea of e-commerce came into being due to the fact that the world has been experiencing globalization and technological advancement.
FUNCTIONS OF E-COMMERCE
1. Provision of cost effective business: One of the most tangible function of e commerce is the lowered cost of production, it does not require employees, advertisement etc. A part of the lowered cost comes to the consumer as discount.
2. Absence of geographical limitation: A physical store at a particular location is limited to the geographical area. With e –commerce website, the whole world is your playground.
3. Quick location of product: On e-commerce website customers can locate their desired product quickly by using the search box.
4. It eliminates travel time and cost: With the advent of e-commerce, customers are allowed to visit the same store virtually with a mouse.
5. It allows for comparison shopping: E –commerce provides for comparison shopping opportunities due to the fact that there are several on line services.
6. It provides accession information: E- commerce makes it possible for customers to obtain information about product which may not be easily obtained from the physical store.
7. Provide all the time services: E –commerce website can run all the times. From the customer’s point of view an ‘always open’ store is more convenient
8. E-Commerce enables business and customers to make sales and purchases through the global market.
TYPES OF E-COMMERCE
There are basically five types of e-commerce
1. Business to consumer commerce (B2C): It is a pattern of e-commerce in which manufacturers or marketers sell their products to the retailers who in turn sell them to the consumer.
2. Business to business commerce (B2B): This is one of the high level businesses involving heavy capital. Under this form of e-commerce, the buying and selling takes place between two businesses or companies without involving the consumer.
3. Consumer to consumer commerce (C2C): This is a very simple transaction which takes place between two consumers. C2C is commonly used in the present day business transaction whereby consumers can directly make purchases on line and have the goods shipped down.
4. Peer to peer commerce (P2P): This form of e-commerce does involve the exchange of tangible goods but it involves the transfer of information in terms of electronic files e.g movies, music etc
5. Mobile commerce (M-commerce): This is also a very effective way of transferring information or even conducting a business transaction. It involves downloading an application on the mobile phone. Almost all service providers offer m- commerce transaction such as mobile banking, airline booking, transportation etc.
EVALUATION
1. What is e commerce?
2. Why do you think e-commerce has become an important aspect of modern commerce?
3. Outline the types of e- commerce.
GENERAL EVALUATION
OBJECTIVE TEST
1. In practice e- commerce and a newer term --------------- is often used interchangeably.
a. e business
b. e mail
c. e buying
d. e finance
2. The idea of e-commerce came into being due to
a. trade
b. globalization
c. e finance
d. advertising
3. WWW means ------------in e commerce
a. web wide world
b. world wide web
c. world ware web
d. Web world wide
4. What does the ‘e’ in e Commerce stand for?
a. element
b. electronic
c. e mail
d. entreport
5. E-Commerce allows for --------- comparison
a. information
b. shopping
c. trade
d. shop
ESSAY QUESTIONS
1. List and briefly explain each of the characteristics of commerce.
2. What is e commerce?
3. Why do you think e -commerce has become an important aspect of modern commerce?
WEEKEND ASSIGNMENT
1. Read Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A pages 12-17
2. Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun page 5
PRE – READING ASSIGNMENT
Read about the history of Commerce in Nigeria and the problems of trade by barter
WEEKEND ACTIVITY
1. Identify the kind of things that have been used as ‘money substitute’
2. Give a brief history of commerce in Nigeria
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B,
2. Mohammed B.A
3. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
WEEK 3
TOPIC: HISTORY OF COMMERCE
CONTENT: (a) Historical background of Commerce
(b) Factors affecting the growth of commerce in West Africa.
(c)The barter system
SUB-TOPIC1: HISTORICAL BACKGROUND
In the olden days, people engaged in subsistence production. This means they were producing goods for themselves and their family. Later they started interacting with one another because it was difficult for them to meet their entire daily requirement. The system of exchanging goods for goods, called trade by barter then came into existence. This is the genesis of exchange and perhaps the beginning of commercial activities the world over. Trading activities were however limited to internal trade only.
The first form of foreign trade in Nigeria was the Trans Sahara trade in which camels were used as means of transportation. The development of caravan routes across the desert linked Nigeria with the North African Traders. The Arab merchants brought goods like salt, cowries, copper, cloth, books, etc which were exchanged for kola nuts, slaves, gold, hides, etc. important town like Kano, Borno ,Zaria, kastina played crucial role during this period.
Afterwards, another contact was made with the Europeans and that actually boosted commercial activities in Nigeria. This started in the 15th century when the missionary came to Africa. The European traders brought weapons, books, cloths etc and exchanged them for slaves and palm oil. The initial commercial towns that served as important trading routes to the sea were Badagry, Bonny, Opobo and calabar. King Jaja of Opobo played a great role in the development of commerce in Nigeria.
After the abolition of slave trade by the British Government, the first breakthrough in commercial activities in Nigeria was the establishment of United African Company (UAC) and Royal Niger Company. By 1960, Nigeria had become a force to be reckoned with in the export of palm oil, cocoa, groundnut and later crude oil.
Also, in 1960 the exploration of crude oil brought businessmen from all over the world to Nigeria. The process of exploration changed the face of commercial activities in Nigeria. Huge revenue was generated to develop the infrastructural facilities, e.g. communication system, roads, flyovers, railways airport, modern seaports, etc.
At present, commercial activities have reached a crucial stage in Nigeria with the introduction of sophisticated modern technology such as computer, e-mail, internet, etc to facilitate trade. Many commercial centers have developed in many cities and towns like Lagos, Ibadan, Kano, Port Harcourt, Warri, Kaduna, and IIorin among others.
EVALUATION
1. Trace the history of Commerce in Nigeria.
2. List towns that are commercial centers in Nigeria
SUB-TOPIC2: FACTORS AFFECTING THE GROWTH OF COMMERCE IN WEST AFRICA
1. Insufficient Capital: African countries lack sufficient capital to cope with the expanding nature of business activities, the level of capital formation is also low.
2. Political instability: constant change of government and war has hindered investment in West Africa. Foreign investors are afraid to invest in the sub-region.
3. Low saving: The culture of savings is very low in West Africa as a whole; hence there is no money for commercial transaction.
4. Low Per Capita Income: Per Capita Income is very low. Majority of people in this region are living below the poverty line. The low level of income leads to low purchasing power the people.
5. Lack of Adequate Commercial facilities: The various aids to trade. Such as banks, insurance, warehouse, tourism are not well developed and this has greatly hindered commerce.
6. Predominance of primary production: Majority of people in this region engage in primary agricultural production which does not favor speedy commercial growth.
7. Poor transportation and communication system: The region has very poor road network as well as poor communication systems. Most of the people have no access to telephone or internet services.
8. Low level of education and illiteracy: The high level of illiteracy in this region has affected the growth of commerce. Many of the people are not educated and consequently cannot interact with foreign traders in a business transaction.
9. Absence of well developed market: Markets in West Africa are not well developed to accommodate large scale commercial activities.
EVALUATION
1. Explain five factors that have affected the growth of Commerce in Nigeria.
SUB-TOPIC3: TRADE BY BARTER
MEANING OF TRADE BY BARTER
Trade by barter simply refer to a form of trading in which goods are exchanged directly for other goods without the use of money as a medium of exchange. For example someone has beans and is in need of garri, must locate someone who has garri and is in need of beans.
PROBLEMS OR DISADVANTAGES OF TRADE BY BARTER
1. Problem of double coincidence of wants: This involves looking for someone who is in need of what you have and at the same time has what you need. To do this amounts to a very serious problem.
2. No fixed rate of exchange: There is the problem of exchange rate determination between two products. Different exchange rate has to be determined to cover every transaction before it can take place e.g how much of garri will exchange for beans.
3. Wastage of time and effort: Trade by Barter leads to waste of time and energy because one has to search for someone to exchange the goods with.
4. Problem of indivisibility: Many goods cannot be divided into small convenient units because they are heavy and indivisible so it does not encourage divisibility.
5. Bulkiness of some goods: some of the goods to be exchanged are so bulk that one finds it difficult to carry them about.
6. No room for deferred payment: In trade by barter, one cannot collect certain goods and hope to pay another day. It requires immediate settlement.
7. It discourages borrowing and lending: Borrowing and lending is practically impossible under trade by barter as there is no standard unit of measurement.
8. It discourages large scale production: As a result of the difficulty in the system of exchange by barter, it therefore leads to people producing goods only for themselves and that of the immediate family. In other words, trade by barter encourages self sufficiency hence it limits specialisation of the labour.
9. Difficulty of storing wealth: The barter system unlike money, does not encourage storage of wealth or, especially where perishable goods are involved
EVALUATION
1a.what is trade by barter?
b. List and explain five problems of trade by barter
GENERAL EVALUATION
OBJECTIVE TEST
1. Double coincidence of wants refers to
a. buying what you want
b. selling what you have
c. getting what you need with money
d. using what you have to get what you need
2. Trade by barter was the earliest form of ;
a. buying
b. trading
c. selling
d. farming
3. Which of the following is the odd one out in relation to barter
a. money was necessary
b. an exchange rate has to be negotiated
c. it was difficult to divide some goods
d. it acted as a substitute
4. In the olden days, people engaged in --------------------production
a. mass
b. subsistence
c .commercial
d. primary
5. The first form of foreign trade in Nigeria was the---------------
a. Trans Sahara trade
b. subsistent trade
c. entreport trade
d. commercial trade
ESSAY QUESTIONS
1a.why does barter needs a ‘double coincidence of wants?
b. List and explain five problems of trade by barter
2. Trace the history of Commerce in Nigeria
WEEKEND ASSIGNMENT
Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 5-7
Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun page 7-9
PRE – READING ASSIGNMENT
Read the definition of occupation and the classification of occupation
WEEKEND ACTIVITY
1. List four different commercial occupations
2. Give three contrasting examples of industrial occupation
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A.
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun.
3. Essential Commerce for Senior Secondary School by O.A.LONGE
CONTENT: (a) Historical background of Commerce
(b) Factors affecting the growth of commerce in West Africa.
(c)The barter system
SUB-TOPIC1: HISTORICAL BACKGROUND
In the olden days, people engaged in subsistence production. This means they were producing goods for themselves and their family. Later they started interacting with one another because it was difficult for them to meet their entire daily requirement. The system of exchanging goods for goods, called trade by barter then came into existence. This is the genesis of exchange and perhaps the beginning of commercial activities the world over. Trading activities were however limited to internal trade only.
The first form of foreign trade in Nigeria was the Trans Sahara trade in which camels were used as means of transportation. The development of caravan routes across the desert linked Nigeria with the North African Traders. The Arab merchants brought goods like salt, cowries, copper, cloth, books, etc which were exchanged for kola nuts, slaves, gold, hides, etc. important town like Kano, Borno ,Zaria, kastina played crucial role during this period.
Afterwards, another contact was made with the Europeans and that actually boosted commercial activities in Nigeria. This started in the 15th century when the missionary came to Africa. The European traders brought weapons, books, cloths etc and exchanged them for slaves and palm oil. The initial commercial towns that served as important trading routes to the sea were Badagry, Bonny, Opobo and calabar. King Jaja of Opobo played a great role in the development of commerce in Nigeria.
After the abolition of slave trade by the British Government, the first breakthrough in commercial activities in Nigeria was the establishment of United African Company (UAC) and Royal Niger Company. By 1960, Nigeria had become a force to be reckoned with in the export of palm oil, cocoa, groundnut and later crude oil.
Also, in 1960 the exploration of crude oil brought businessmen from all over the world to Nigeria. The process of exploration changed the face of commercial activities in Nigeria. Huge revenue was generated to develop the infrastructural facilities, e.g. communication system, roads, flyovers, railways airport, modern seaports, etc.
At present, commercial activities have reached a crucial stage in Nigeria with the introduction of sophisticated modern technology such as computer, e-mail, internet, etc to facilitate trade. Many commercial centers have developed in many cities and towns like Lagos, Ibadan, Kano, Port Harcourt, Warri, Kaduna, and IIorin among others.
EVALUATION
1. Trace the history of Commerce in Nigeria.
2. List towns that are commercial centers in Nigeria
SUB-TOPIC2: FACTORS AFFECTING THE GROWTH OF COMMERCE IN WEST AFRICA
1. Insufficient Capital: African countries lack sufficient capital to cope with the expanding nature of business activities, the level of capital formation is also low.
2. Political instability: constant change of government and war has hindered investment in West Africa. Foreign investors are afraid to invest in the sub-region.
3. Low saving: The culture of savings is very low in West Africa as a whole; hence there is no money for commercial transaction.
4. Low Per Capita Income: Per Capita Income is very low. Majority of people in this region are living below the poverty line. The low level of income leads to low purchasing power the people.
5. Lack of Adequate Commercial facilities: The various aids to trade. Such as banks, insurance, warehouse, tourism are not well developed and this has greatly hindered commerce.
6. Predominance of primary production: Majority of people in this region engage in primary agricultural production which does not favor speedy commercial growth.
7. Poor transportation and communication system: The region has very poor road network as well as poor communication systems. Most of the people have no access to telephone or internet services.
8. Low level of education and illiteracy: The high level of illiteracy in this region has affected the growth of commerce. Many of the people are not educated and consequently cannot interact with foreign traders in a business transaction.
9. Absence of well developed market: Markets in West Africa are not well developed to accommodate large scale commercial activities.
EVALUATION
1. Explain five factors that have affected the growth of Commerce in Nigeria.
SUB-TOPIC3: TRADE BY BARTER
MEANING OF TRADE BY BARTER
Trade by barter simply refer to a form of trading in which goods are exchanged directly for other goods without the use of money as a medium of exchange. For example someone has beans and is in need of garri, must locate someone who has garri and is in need of beans.
PROBLEMS OR DISADVANTAGES OF TRADE BY BARTER
1. Problem of double coincidence of wants: This involves looking for someone who is in need of what you have and at the same time has what you need. To do this amounts to a very serious problem.
2. No fixed rate of exchange: There is the problem of exchange rate determination between two products. Different exchange rate has to be determined to cover every transaction before it can take place e.g how much of garri will exchange for beans.
3. Wastage of time and effort: Trade by Barter leads to waste of time and energy because one has to search for someone to exchange the goods with.
4. Problem of indivisibility: Many goods cannot be divided into small convenient units because they are heavy and indivisible so it does not encourage divisibility.
5. Bulkiness of some goods: some of the goods to be exchanged are so bulk that one finds it difficult to carry them about.
6. No room for deferred payment: In trade by barter, one cannot collect certain goods and hope to pay another day. It requires immediate settlement.
7. It discourages borrowing and lending: Borrowing and lending is practically impossible under trade by barter as there is no standard unit of measurement.
8. It discourages large scale production: As a result of the difficulty in the system of exchange by barter, it therefore leads to people producing goods only for themselves and that of the immediate family. In other words, trade by barter encourages self sufficiency hence it limits specialisation of the labour.
9. Difficulty of storing wealth: The barter system unlike money, does not encourage storage of wealth or, especially where perishable goods are involved
EVALUATION
1a.what is trade by barter?
b. List and explain five problems of trade by barter
GENERAL EVALUATION
OBJECTIVE TEST
1. Double coincidence of wants refers to
a. buying what you want
b. selling what you have
c. getting what you need with money
d. using what you have to get what you need
2. Trade by barter was the earliest form of ;
a. buying
b. trading
c. selling
d. farming
3. Which of the following is the odd one out in relation to barter
a. money was necessary
b. an exchange rate has to be negotiated
c. it was difficult to divide some goods
d. it acted as a substitute
4. In the olden days, people engaged in --------------------production
a. mass
b. subsistence
c .commercial
d. primary
5. The first form of foreign trade in Nigeria was the---------------
a. Trans Sahara trade
b. subsistent trade
c. entreport trade
d. commercial trade
ESSAY QUESTIONS
1a.why does barter needs a ‘double coincidence of wants?
b. List and explain five problems of trade by barter
2. Trace the history of Commerce in Nigeria
WEEKEND ASSIGNMENT
Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 5-7
Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun page 7-9
PRE – READING ASSIGNMENT
Read the definition of occupation and the classification of occupation
WEEKEND ACTIVITY
1. List four different commercial occupations
2. Give three contrasting examples of industrial occupation
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A.
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun.
3. Essential Commerce for Senior Secondary School by O.A.LONGE
WEEK 4
TOPIC: OCCUPATION
CONTENT: (a) Meaning of occupation
(b) Classification of Occupation
SUB TOPIC 1: MEANING OF OCCUPATION
The term Occupation refers to what someone does for a living i.e the work people do, example include teaching, barbing, trading etc.
Definition of Occupation
The word Occupation has received different definition from scholars.
Occupation was defined by an author as any legal, Economic and Commercial activities engaged in by people of legal age in order to earn a living and satisfy their needs. Another author defined Occupation as any economic or productive activities which people engage in to create and procure goods and services in order to make a living.
People engage in different occupation ranging from primary, secondary and tertiary occupation such as banking, medical services teaching, factory occupation, mining, farming etc. Occupation can be categorised into industrial, commercial and services as it is diagrammatically presented below;
DIAGRAM SHOWING CLASSIFICATION OF OCCUPATION.
EVALUATION
1a. define occupation
b. Show with the aid of a diagram the classification of occupation.
SUB TOPIC 2: CLASSIFICATION OF OCCUPATION
There are various ways of classifying (grouping) occupations. Businesses are classified according to the nature of the work involved. Therefore occupation can be classified into three main groups, namely: Industrial occupation, Commercial occupation and Services.
INDUSTRIAL OCCUPATION
Industrial occupation is used to describe all activities concerned with the production of goods. These are people that engage in extracting raw materials from the sea or soil and changing them into finished components.
TYPES OF INDUSTIAL OCCUPATION
1. Extractive occupation: The extractive industries are those who engage in obtaining raw materials and natural resources from the soil or sea. They include all kinds of farming, fishing, mining, quarrying, forestry and hunting. It is referred to as the primary stage of production.
2. Manufacturing occupation: Manufacturing occupation are concerned with the activities of those who engage in processing and turning raw materials produced in the primary industry into finished products e.g food processing, textile, plastic making etc
3. Constructive occupation: Constructive occupation is concerned with all activities of those who engage in assembling of goods manufactured into usable form. They convert manufactured into various uses e.g. bricklayer, road builder, and goldsmith, carpenter etc
COMMERCIAL OCCUPATION
Commercial occupation includes all occupation that are concerned with trade and other activities that will ensure effective and efficient distribution of goods and services. These services are referred to as auxiliaries to trade and they are transportation, insurance, advertising, banking and tourism. Those who belong to this category help to distribute goods and services produced by the industries.
TYPES OF COMMERCIAL OCCUPATION
1. Trading: trading is concerned with the activities of all the people who engage in the act of buying and selling of goods and services. For home trade it involves wholesalers and retailers while foreign trade involves import and export.
2. Insurance: Insurance is concerned with the activities of people who undertake to protect individuals or business against risk. Examples of people in this occupation are the insurance brokers, underwriters and Agents.
3. Banking: Banking as a commercial occupation includes people who assist others to have money for their daily needs. They also provide capital for embarking on business e.g bankers.
4. Advertising: adverting involves the business of providing information about the existence of products to the potential buyer. They create awareness for the product e.g advertising agent.
5. Transportation: Transportation is concerned with the movement of goods and services to where they are needed. Those who engage in this occupation are drivers, pilot, sailors etc.
6. Warehousing: Those who engage in this occupation are concerned with ensuring that goods produced are stored until they are needed for consumption. The people involved include warehouse managers, clerks etc.
7. Tourism: Tourism is concerned with all the activities of those who engage in creating tourist attraction in different tourist centres e.g guides in national park.
8. Communication: Communication includes all activities which promote rapid transmission of messages between senders and receivers e.g courier service producers, telephone operator.
SERVICES
Service occupations are sometimes classified as tertiary occupation. These are occupations that render services to the people. The people pay for the services directly or indirectly.
TYPES OF SERVICE OCCUPATION
1. Direct service: Direct service includes personal services rendered for direct consumption and are paid for directly by those who enjoy the services. Those who engage in this form of occupation are barbers, stewards, family doctors, housemaid, lawyers etc.
2.Indirect service: Indirect services includes service includes services rendered to the general public but they are not paid for by the member of the public directly e.g doctor working in the public hospital, police, soldiers, custom officers civil servants, law makers etc.
EVALUATION
1a.Define the term ‘industry’
b. Explain five types of commercial occupation and three industrial occupations.
GENERAL EVALUATION
OBJECTIVE TEST
1. A hairdresser is an example of an occupation within the category of
a. direct service
b. industry
c. commercial services
d. indirect services
2. A fisherman is involved in ------occupation
a. retailing
b. direct services
c. extractive industry
d. manufacturing
3. Which of the following is not a commercial occupation?
a. shop keeper
b. truck driver
c. miner
d. banker
4. The industrial occupation applicable to a farmer would be
a. trade
b. extractive
c. commercial
d. constructive
5. Which of the following activities would be most likely to involve the occupation of teaching?
a. oil production
b. retailing
c. manufacturing
d. direct services
ESSAY QUESTIONS:
1a.Define the term ‘Occupation’
b. show the classification of occupation with the aid of a diagram
2. Describe five types of commercial occupation
WEEKEND ASSIGNMENT
1. Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 8-9
2. Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun page11-14
PRE – READING ASSIGNMENT
1. Read about the factors that determine employment and the factors that influence the type of occupation people engage in
WEEKEND ACTIVITY:
1. State two factors that influence employment.
2. Describe four factors that influence the availability of labour
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
CONTENT: (a) Meaning of occupation
(b) Classification of Occupation
SUB TOPIC 1: MEANING OF OCCUPATION
The term Occupation refers to what someone does for a living i.e the work people do, example include teaching, barbing, trading etc.
Definition of Occupation
The word Occupation has received different definition from scholars.
Occupation was defined by an author as any legal, Economic and Commercial activities engaged in by people of legal age in order to earn a living and satisfy their needs. Another author defined Occupation as any economic or productive activities which people engage in to create and procure goods and services in order to make a living.
People engage in different occupation ranging from primary, secondary and tertiary occupation such as banking, medical services teaching, factory occupation, mining, farming etc. Occupation can be categorised into industrial, commercial and services as it is diagrammatically presented below;
DIAGRAM SHOWING CLASSIFICATION OF OCCUPATION.
EVALUATION
1a. define occupation
b. Show with the aid of a diagram the classification of occupation.
SUB TOPIC 2: CLASSIFICATION OF OCCUPATION
There are various ways of classifying (grouping) occupations. Businesses are classified according to the nature of the work involved. Therefore occupation can be classified into three main groups, namely: Industrial occupation, Commercial occupation and Services.
INDUSTRIAL OCCUPATION
Industrial occupation is used to describe all activities concerned with the production of goods. These are people that engage in extracting raw materials from the sea or soil and changing them into finished components.
TYPES OF INDUSTIAL OCCUPATION
1. Extractive occupation: The extractive industries are those who engage in obtaining raw materials and natural resources from the soil or sea. They include all kinds of farming, fishing, mining, quarrying, forestry and hunting. It is referred to as the primary stage of production.
2. Manufacturing occupation: Manufacturing occupation are concerned with the activities of those who engage in processing and turning raw materials produced in the primary industry into finished products e.g food processing, textile, plastic making etc
3. Constructive occupation: Constructive occupation is concerned with all activities of those who engage in assembling of goods manufactured into usable form. They convert manufactured into various uses e.g. bricklayer, road builder, and goldsmith, carpenter etc
COMMERCIAL OCCUPATION
Commercial occupation includes all occupation that are concerned with trade and other activities that will ensure effective and efficient distribution of goods and services. These services are referred to as auxiliaries to trade and they are transportation, insurance, advertising, banking and tourism. Those who belong to this category help to distribute goods and services produced by the industries.
TYPES OF COMMERCIAL OCCUPATION
1. Trading: trading is concerned with the activities of all the people who engage in the act of buying and selling of goods and services. For home trade it involves wholesalers and retailers while foreign trade involves import and export.
2. Insurance: Insurance is concerned with the activities of people who undertake to protect individuals or business against risk. Examples of people in this occupation are the insurance brokers, underwriters and Agents.
3. Banking: Banking as a commercial occupation includes people who assist others to have money for their daily needs. They also provide capital for embarking on business e.g bankers.
4. Advertising: adverting involves the business of providing information about the existence of products to the potential buyer. They create awareness for the product e.g advertising agent.
5. Transportation: Transportation is concerned with the movement of goods and services to where they are needed. Those who engage in this occupation are drivers, pilot, sailors etc.
6. Warehousing: Those who engage in this occupation are concerned with ensuring that goods produced are stored until they are needed for consumption. The people involved include warehouse managers, clerks etc.
7. Tourism: Tourism is concerned with all the activities of those who engage in creating tourist attraction in different tourist centres e.g guides in national park.
8. Communication: Communication includes all activities which promote rapid transmission of messages between senders and receivers e.g courier service producers, telephone operator.
SERVICES
Service occupations are sometimes classified as tertiary occupation. These are occupations that render services to the people. The people pay for the services directly or indirectly.
TYPES OF SERVICE OCCUPATION
1. Direct service: Direct service includes personal services rendered for direct consumption and are paid for directly by those who enjoy the services. Those who engage in this form of occupation are barbers, stewards, family doctors, housemaid, lawyers etc.
2.Indirect service: Indirect services includes service includes services rendered to the general public but they are not paid for by the member of the public directly e.g doctor working in the public hospital, police, soldiers, custom officers civil servants, law makers etc.
EVALUATION
1a.Define the term ‘industry’
b. Explain five types of commercial occupation and three industrial occupations.
GENERAL EVALUATION
OBJECTIVE TEST
1. A hairdresser is an example of an occupation within the category of
a. direct service
b. industry
c. commercial services
d. indirect services
2. A fisherman is involved in ------occupation
a. retailing
b. direct services
c. extractive industry
d. manufacturing
3. Which of the following is not a commercial occupation?
a. shop keeper
b. truck driver
c. miner
d. banker
4. The industrial occupation applicable to a farmer would be
a. trade
b. extractive
c. commercial
d. constructive
5. Which of the following activities would be most likely to involve the occupation of teaching?
a. oil production
b. retailing
c. manufacturing
d. direct services
ESSAY QUESTIONS:
1a.Define the term ‘Occupation’
b. show the classification of occupation with the aid of a diagram
2. Describe five types of commercial occupation
WEEKEND ASSIGNMENT
1. Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 8-9
2. Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun page11-14
PRE – READING ASSIGNMENT
1. Read about the factors that determine employment and the factors that influence the type of occupation people engage in
WEEKEND ACTIVITY:
1. State two factors that influence employment.
2. Describe four factors that influence the availability of labour
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
WEEK 5
TOPIC: OCCUPATION
CONTENT: (a) Factors that determine types of occupation
(b) Factors that determine employment
SUB TOPIC 1: FACTORS THAT DETERMINE TYPES OF OCCUPATION
1. Climatic and weather condition: The climatic and weather condition will determine the type of occupation people engage in. e.g fishermen in riverine area.
2. Natural resources: The availability of natural resources affects the choice of employment e.g miners
3. Education and skill: The Education and skill an individual acquire will influence the type of occupation he is involved in. e.g doctors
4. Salary and Wages: The remuneration and condition of service will affect the choice of occupation.
5. Industrial hazards: The risk of a job also determines people’s involvement in the job.
6. Other factors are interest, policies of the government etc.
EVALUATION
1a. Enumerate any four factors affecting employment.
b. Explain two of the factors listed above
SUB TOPIC 2: FACTORS THAT DETERMINE EMPLOYMENT
Two broad factors that influence employment are
1. Demand for Labour
2. Supply of Labour (Availability of labour and the quality of labour)
DEMAND FOR LABOUR
The demand for labour comes from the employer and the employer of labour will be influenced by;
(i) Labour intensive: The extent to which labour is used in the production of goods and services will determine the demand for labour. Where labour is relatively cheap compared to capital, firms will prefer to employ labour in the production of goods and services.
(ii)Wage rate: The wage rate that a business needs to pay for each additional worker employed will influence how many workers the business will demand. If the wage rate is high, it will be more costly to hire extra worker and as such it will affect the demand for labour.
(iii) Economic climate: A general improvement in the economic climate of the country will have effect on industrial output, causing a need for more labour.
(iv) Technology: Technological advancement tends to reduce demand for labour. So if a business uses more of technological equipment, the demand for labour will decrease.
2. SUPPLY OF LABOUR
The availability of labour (labour supply) is influenced by many factors which include;
(i).The size and structure of the population: A large population will provide a greater supply of labour.
(ii)The number of women at work: The economic situation in the country, wages paid to women and attitude towards working mothers will affect the supply of labour.
(iii)Hours of work: Shorter working hours will affect the supply of labour because workers will prefer working for fewer hours.
(iv)Quality of the labour force: If the required skills are not available, this will affect the supply of labour.
(v).Adequacy of health: It is important to provide adequate health care to keep the population healthy.
(vi).Mobility of labour: The ability and willingness of workers to move to new jobs and new areas will affect the supply of labour.
(vii).Government policies: Government commitment to education and training will influence the supply of labour.
EVALUATION
1. Explain the following terms;
(i)Demand for labour
(ii)Supply of labour
2. Mention two factors that affect the supply of labour
GENERAL EVALUATON
OBJECTIVE TEST
1. Technological advancement tend to----------
a. increase the demand for labour
b. reduce the supply of labour
c. reduce the demand for labour
d. increase production.
2. Example of occupation affected by natural resources is
a. retailing
b. mining
c. barbing
d. banking
3. Which of the following does not determine the type of occupation?
a. salary and wages
b. education and skills
c. government policies
d. purchases
4. The industrial occupation applicable to a farmer would be
a. trade
b. extractive
c. commercial
d. constructive
5. Which of the following activities would be most likely to involve the occupation of teaching?
a. oil production
b. retailing
c. manufacturing
d. direct services
ESSAY QUESTIONS:
1. Discuss five factors that can affect the supply of labour
2. Itemise two factors that affect the Demand for labour
WEEKEND ASSIGNMENT
Read Essential Commerce for Senior Secondary School by O.A.LONGE page 6-8
Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun pages 12-13
PRE – READING ASSIGNMENT
Read the definition of production by different authors and the classification of production
WEEKEND ACTIVITY
1. State one way that secondary production helps to meet the basic needs of people
2. Describe three ways that tertiary production helps both consumers and producers.
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
CONTENT: (a) Factors that determine types of occupation
(b) Factors that determine employment
SUB TOPIC 1: FACTORS THAT DETERMINE TYPES OF OCCUPATION
1. Climatic and weather condition: The climatic and weather condition will determine the type of occupation people engage in. e.g fishermen in riverine area.
2. Natural resources: The availability of natural resources affects the choice of employment e.g miners
3. Education and skill: The Education and skill an individual acquire will influence the type of occupation he is involved in. e.g doctors
4. Salary and Wages: The remuneration and condition of service will affect the choice of occupation.
5. Industrial hazards: The risk of a job also determines people’s involvement in the job.
6. Other factors are interest, policies of the government etc.
EVALUATION
1a. Enumerate any four factors affecting employment.
b. Explain two of the factors listed above
SUB TOPIC 2: FACTORS THAT DETERMINE EMPLOYMENT
Two broad factors that influence employment are
1. Demand for Labour
2. Supply of Labour (Availability of labour and the quality of labour)
DEMAND FOR LABOUR
The demand for labour comes from the employer and the employer of labour will be influenced by;
(i) Labour intensive: The extent to which labour is used in the production of goods and services will determine the demand for labour. Where labour is relatively cheap compared to capital, firms will prefer to employ labour in the production of goods and services.
(ii)Wage rate: The wage rate that a business needs to pay for each additional worker employed will influence how many workers the business will demand. If the wage rate is high, it will be more costly to hire extra worker and as such it will affect the demand for labour.
(iii) Economic climate: A general improvement in the economic climate of the country will have effect on industrial output, causing a need for more labour.
(iv) Technology: Technological advancement tends to reduce demand for labour. So if a business uses more of technological equipment, the demand for labour will decrease.
2. SUPPLY OF LABOUR
The availability of labour (labour supply) is influenced by many factors which include;
(i).The size and structure of the population: A large population will provide a greater supply of labour.
(ii)The number of women at work: The economic situation in the country, wages paid to women and attitude towards working mothers will affect the supply of labour.
(iii)Hours of work: Shorter working hours will affect the supply of labour because workers will prefer working for fewer hours.
(iv)Quality of the labour force: If the required skills are not available, this will affect the supply of labour.
(v).Adequacy of health: It is important to provide adequate health care to keep the population healthy.
(vi).Mobility of labour: The ability and willingness of workers to move to new jobs and new areas will affect the supply of labour.
(vii).Government policies: Government commitment to education and training will influence the supply of labour.
EVALUATION
1. Explain the following terms;
(i)Demand for labour
(ii)Supply of labour
2. Mention two factors that affect the supply of labour
GENERAL EVALUATON
OBJECTIVE TEST
1. Technological advancement tend to----------
a. increase the demand for labour
b. reduce the supply of labour
c. reduce the demand for labour
d. increase production.
2. Example of occupation affected by natural resources is
a. retailing
b. mining
c. barbing
d. banking
3. Which of the following does not determine the type of occupation?
a. salary and wages
b. education and skills
c. government policies
d. purchases
4. The industrial occupation applicable to a farmer would be
a. trade
b. extractive
c. commercial
d. constructive
5. Which of the following activities would be most likely to involve the occupation of teaching?
a. oil production
b. retailing
c. manufacturing
d. direct services
ESSAY QUESTIONS:
1. Discuss five factors that can affect the supply of labour
2. Itemise two factors that affect the Demand for labour
WEEKEND ASSIGNMENT
Read Essential Commerce for Senior Secondary School by O.A.LONGE page 6-8
Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun pages 12-13
PRE – READING ASSIGNMENT
Read the definition of production by different authors and the classification of production
WEEKEND ACTIVITY
1. State one way that secondary production helps to meet the basic needs of people
2. Describe three ways that tertiary production helps both consumers and producers.
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
WEEK 6
TOPIC: PRODDUCTION
CONTENT: (i) Meaning of Production
(ii) Classification of Production
SUB-TOPIC 1: MEANING OF PRODUCTION AND CLASSIFICATION PRODUCTION
The term production refers to the creation of goods and services. Production also means the transformation of raw materials into finished goods and their distribution to the consumer to satisfy human wants. It can also be referred to as the creation of utility. Production is not complete until the goods and services get to the final consumer.
DIAGRAM SHOWING CLASSIFICATION OF PRODUCTION
EVALUATION
1a.What is production?
b. With the aid of a diagram show the classification of production.
SUB TOPIC 2: CLASSIFICATION OF PRODUCTION
STAGES OR TYPES OF PRODUCTION
Production is grouped into two major categories. These are direct and indirect production.
(a)Meaning of Direct Production
Direct Production is the type of production in which an individual produces goods and services only for the family use or consumption. The goods produced are not for sale and usually family labour is employed in the production process. Direct production is in small scale.
(b)Meaning of Indirect Production
Indirect Production is the type of production in which goods and services are produced in large scale mainly for sale or exchange for other needs. This type of production involves the use of modern equipment and skilled labour to be able to make surplus goods and services.
Indirect production is sub divided into three major groups. These are primary, secondary, and tertiary production.
(i) Primary production (industry): Primary production refers to the extraction of raw materials provided by nature. Primary production forms the basis for further production. Examples of primary production include agriculture, mining, fishing lumbering etc.
(ii)Secondary Production (commerce): Secondary production involves the transformation or conversion of basic raw material or semi-finished goods into final forms that are acceptable to the consumer. Secondary production embraces all forms of manufacturing and construction. The raw materials from the extractive sector are transformed into finished products such as cars, food, roads, houses etc.
(iii)Tertiary production (services): Tertiary production is concerned with the provision of commercial and professional services to people. The goods produced at the primary and secondary production levels are distributed to the people for consumption. People involved in this aspect of production include those in commercial services like wholesalers, retailers, transporters etc as well as professional services like soldiers, bankers, doctors, hairdressers, teachers, lawyers etc.
The scare resources which are used to produce the commodities we need and want to consume are collectively called the factors of production. They are; Land, Labour, Capital and Entrepreneur
EVALUATION
1. Write short notes on;
(i) Primary production
(ii) Secondary production
(iii) Tertiary production
GENERAL EVALUATON
OBJECTIVE TEST
1. Which of the following is not a factor of production?
a. land
b. labour
c. food
d. capital.
2. Farmers, fishermen and miners are examples of people who work in;
a. tertiary
b. primary
c. commerce
d. secondary production
3. Which of the following workers is employed in tertiary sector?
a. builder
b. miner
c. shopkeeper
d. farmer
4. The collective name used for the scare resources used to produce commodities is
a. capital
b. factors of production
c. materials for production
d. raw material
5. Indirect production is sub divided into
a. mining, fishing, farming.
b. retailers, wholesalers, hawkers
c. primary, secondary, tertiary.
d. commerce, services and trade
ESSAY QUESTIONS:
1. Primary production is sometimes referred to as the extractive industries. Why?
2.’Tertiary production is very different from the other forms of production, but it is just as important’ explain this statement
WEEKEND ASSIGNMENT
Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 9-10
Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun pages 16-19
PRE – READING ASSIGNMENT
Read the meaning of production, division of labour, specialisation and exchange
WEEKEND ACTIVITY
1. Why do you think division of labour is sometimes referred to as specialisation?
2. Why is exchange necessary for specialisation to take place?
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
CONTENT: (i) Meaning of Production
(ii) Classification of Production
SUB-TOPIC 1: MEANING OF PRODUCTION AND CLASSIFICATION PRODUCTION
The term production refers to the creation of goods and services. Production also means the transformation of raw materials into finished goods and their distribution to the consumer to satisfy human wants. It can also be referred to as the creation of utility. Production is not complete until the goods and services get to the final consumer.
DIAGRAM SHOWING CLASSIFICATION OF PRODUCTION
EVALUATION
1a.What is production?
b. With the aid of a diagram show the classification of production.
SUB TOPIC 2: CLASSIFICATION OF PRODUCTION
STAGES OR TYPES OF PRODUCTION
Production is grouped into two major categories. These are direct and indirect production.
(a)Meaning of Direct Production
Direct Production is the type of production in which an individual produces goods and services only for the family use or consumption. The goods produced are not for sale and usually family labour is employed in the production process. Direct production is in small scale.
(b)Meaning of Indirect Production
Indirect Production is the type of production in which goods and services are produced in large scale mainly for sale or exchange for other needs. This type of production involves the use of modern equipment and skilled labour to be able to make surplus goods and services.
Indirect production is sub divided into three major groups. These are primary, secondary, and tertiary production.
(i) Primary production (industry): Primary production refers to the extraction of raw materials provided by nature. Primary production forms the basis for further production. Examples of primary production include agriculture, mining, fishing lumbering etc.
(ii)Secondary Production (commerce): Secondary production involves the transformation or conversion of basic raw material or semi-finished goods into final forms that are acceptable to the consumer. Secondary production embraces all forms of manufacturing and construction. The raw materials from the extractive sector are transformed into finished products such as cars, food, roads, houses etc.
(iii)Tertiary production (services): Tertiary production is concerned with the provision of commercial and professional services to people. The goods produced at the primary and secondary production levels are distributed to the people for consumption. People involved in this aspect of production include those in commercial services like wholesalers, retailers, transporters etc as well as professional services like soldiers, bankers, doctors, hairdressers, teachers, lawyers etc.
The scare resources which are used to produce the commodities we need and want to consume are collectively called the factors of production. They are; Land, Labour, Capital and Entrepreneur
EVALUATION
1. Write short notes on;
(i) Primary production
(ii) Secondary production
(iii) Tertiary production
GENERAL EVALUATON
OBJECTIVE TEST
1. Which of the following is not a factor of production?
a. land
b. labour
c. food
d. capital.
2. Farmers, fishermen and miners are examples of people who work in;
a. tertiary
b. primary
c. commerce
d. secondary production
3. Which of the following workers is employed in tertiary sector?
a. builder
b. miner
c. shopkeeper
d. farmer
4. The collective name used for the scare resources used to produce commodities is
a. capital
b. factors of production
c. materials for production
d. raw material
5. Indirect production is sub divided into
a. mining, fishing, farming.
b. retailers, wholesalers, hawkers
c. primary, secondary, tertiary.
d. commerce, services and trade
ESSAY QUESTIONS:
1. Primary production is sometimes referred to as the extractive industries. Why?
2.’Tertiary production is very different from the other forms of production, but it is just as important’ explain this statement
WEEKEND ASSIGNMENT
Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 9-10
Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun pages 16-19
PRE – READING ASSIGNMENT
Read the meaning of production, division of labour, specialisation and exchange
WEEKEND ACTIVITY
1. Why do you think division of labour is sometimes referred to as specialisation?
2. Why is exchange necessary for specialisation to take place?
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
WEEK 7
TOPIC: PRODUCTION, DIVISION OF LABOUR, SPECIALIZATION AND EXCHANGE
CONTENT: (i) Meaning of Division of Labour and specialisation
(ii) Advantages and disadvantages of division of labour and Specialization
(iii) Limitation to division of labour and specialisation
(iv) Meaning of exchange and the interrelationship between production, division of
labour, specialisation and exchange.
SUB TOPIC 1: MEANING OF DIVISION OF LABOUR AND SPECIALISATION
Meaning of division of labour
Division of labour is the systematic breaking down of production processes into different stages so that each stage is handled or undertaken by an individual or a group of people.
Definition of Division of labour
Division of labour have been defined by various people. An author defines division of labour as a complex process mainly practised in industrialised communities where a worker specialises in the production of a small portion of a product. Division of labour was defined by another author as the system of breaking down the production processes into segments and tasks, which can be performed by different individuals or machines
Meaning of Specialization
Specialization simply means the concentration of the productive effort of an individual, organization or country towards the production of certain commodities or line of production where it has greater comparative advantage over others.
DEFINITION OF SPECIALISATION
Specialisation can be defined as the permanent engagement of people in one aspect of the production process or in one type of occupation resulting in better and faster production.
Specialisation can also be defined as the act of an individual or a country concentrating his/her or its resources and efforts in the production of relatively few commodities because of training, ability, experience or comparative locational advantages.
EVALUATION
1a.What is division of labour?
b. Define the term ‘specialisation’
2. What is comparative advantage in terms of specialization?
SUB TOPIC 2: ADVANTAGES AND DISADVANTAGES OF DIVISION OF LABOUR AND SPECIALIZATION
1. Time saving: It helps to save time that would have been wasted in moving from one operation to another.
2. Increase in production: Division of labour and specialisation will lead to increase in production because the various experts work together to boost production.
3. Less fatigue: In division of labour, a worker concentrate on only a portion of production and since he makes use of machine, he does not get tired easily
4. Increase in the skill of workers: It enables workers to develop greater skills through repetition.
5. Leads to specialisation: It makes people to specialise in the performance of a particular job.
6. Create employment opportunities: It creates employment opportunities or people because the production process is divided into stages.
7. Lead to innovation and invention: It enables people to discover a better way of doing things
8. Improve quality of goods: It helps in the production of quality goods.
Disadvantages or Demerit of Division of labour and specialization
1. Makes the work to be Monotonous: In division of labour and specialization a worker
performs the same job on a daily basis, the job will become monotonous and boring.
2. Decrease Craftsmanship: People no longer make use of their skill because of the use
of machine.
3. Reduces employment opportunities: It makes use of more machine than human
being.
4. Result in immobility of Labour: It makes it difficult for people to move from one
profession to another.
5. Increase interdependence among industries: Division of labour and specialization
makes industries to depend one another; absence of a worker can distort the
production process.
6. Ineffective in agriculture: It is not very effective in agriculture.
EVALUATION:
1 List and explain five advantages of division of labour and specialisation
2. Identify five demerits of division of labour and specialization.
SUB –TOPIC 3: LIMITATION TO DIVISION OF LABOUR AND SPECIALISATION
There are factors that limit the importance of division of labour and specialization.
These factors may encourage or discourage division of labour and specialisation depending on the prevailing situation. They include;
1. The size of the market: The size of the market will determine whether goods produced can be absorbed or not.
2. The nature of the product: Some production process cannot be divided e.g barbing
3. The level of technology: The level of technology sets a limit to the extent of specialisation.
4. Availability of capital: The availability of capital matters a lot because provision has to be made for workers salary.
5. Availability of labour: The availability of workers will determine the stages of to which production is divided
6. Government policy: The policy of government can determine whether division of labour and specialisation can operate or not.
7. The extent of development of the commercial sector: This will determine the volume of goods to be produced
EVALUATION
1. List and explain five factors that can limit division of labour and specialisation.
SUB TOPIC 4: MEANING OF EXCHANGE AND THE INTERRELATIONSHIP BETWEEN PRODUCTION,
DIVISION OF LABOUR, SPECIALISATION AND EXCHANGE.
Meaning of Exchange
Exchange is the process of giving out certain valuable goods and services in order to have something valuable in return. Exchange arises because of excess production of goods and services. INTERRELATIONSHIP BETWEEN PRODUCTION, DIVISION OF LABOUR, SPECIALISATION AND EXCHANGE,
Production, division of labour, specialisation and exchange are interrelated, in the sense that production is the process of creating goods and services which is enhanced by breaking processes into stages (division of labour) and concentrating productive effort on a particular thing (specialisation).Division of labour and specialisation leads to mass production and this necessitate exchange.
EVALUATION
1a. briefly explain what you understand by the term
‘Exchange’
b. ‘Division of labour is limited by the market’ explain.
2. What do you understand by’ specialisation necessitates exchange’.
GENERAL EVALUATON
OBJECTIVE TEST
1. _________is the process of breaking down production process into stages.
a. specialisation
b. exchange
c. division of labour
d. production
2. The act of concentrating productive effort on the production of a particular thing is_______
a. tertiary
b. specialisation
c. commercialisation
d. Industrialisation.
3._______ necessitate exchange
a. production
b. specialisation
c. division of labour
d. trade
4._________ is the transformation of goods into finished goods
a. capital
b. production
c. exchange
d. consumption
5. Giving out something valuable to get a valuable thing in return is___
a. consumption
b. production
c. exchange
d. specialisation
ESSAY QUESTIONS:
1a.’ Specialization necessitates exchange’ Discuss
b. ‘Division of labour is limited by the market’ explain.
2. What do you understand by specialisation necessitates exchange.
WEEKEND ASSIGNMENT
1. Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 14-16
2. Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun pages 16-19
3. Read Comprehensive commerce for Senior Secondary School by Johnson Anyaele pages 30-31
PRE – READING ASSIGNMENT
Read the meaning of trade, types of trade.
WEEKEND ACTIVITY
1. Why do you think a firm will re-export a product already imported?
2. Why is trade important to a nation?
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
4. Comprehensive commerce for Senior Secondary School by Johnson Anyaele
CONTENT: (i) Meaning of Division of Labour and specialisation
(ii) Advantages and disadvantages of division of labour and Specialization
(iii) Limitation to division of labour and specialisation
(iv) Meaning of exchange and the interrelationship between production, division of
labour, specialisation and exchange.
SUB TOPIC 1: MEANING OF DIVISION OF LABOUR AND SPECIALISATION
Meaning of division of labour
Division of labour is the systematic breaking down of production processes into different stages so that each stage is handled or undertaken by an individual or a group of people.
Definition of Division of labour
Division of labour have been defined by various people. An author defines division of labour as a complex process mainly practised in industrialised communities where a worker specialises in the production of a small portion of a product. Division of labour was defined by another author as the system of breaking down the production processes into segments and tasks, which can be performed by different individuals or machines
Meaning of Specialization
Specialization simply means the concentration of the productive effort of an individual, organization or country towards the production of certain commodities or line of production where it has greater comparative advantage over others.
DEFINITION OF SPECIALISATION
Specialisation can be defined as the permanent engagement of people in one aspect of the production process or in one type of occupation resulting in better and faster production.
Specialisation can also be defined as the act of an individual or a country concentrating his/her or its resources and efforts in the production of relatively few commodities because of training, ability, experience or comparative locational advantages.
EVALUATION
1a.What is division of labour?
b. Define the term ‘specialisation’
2. What is comparative advantage in terms of specialization?
SUB TOPIC 2: ADVANTAGES AND DISADVANTAGES OF DIVISION OF LABOUR AND SPECIALIZATION
1. Time saving: It helps to save time that would have been wasted in moving from one operation to another.
2. Increase in production: Division of labour and specialisation will lead to increase in production because the various experts work together to boost production.
3. Less fatigue: In division of labour, a worker concentrate on only a portion of production and since he makes use of machine, he does not get tired easily
4. Increase in the skill of workers: It enables workers to develop greater skills through repetition.
5. Leads to specialisation: It makes people to specialise in the performance of a particular job.
6. Create employment opportunities: It creates employment opportunities or people because the production process is divided into stages.
7. Lead to innovation and invention: It enables people to discover a better way of doing things
8. Improve quality of goods: It helps in the production of quality goods.
Disadvantages or Demerit of Division of labour and specialization
1. Makes the work to be Monotonous: In division of labour and specialization a worker
performs the same job on a daily basis, the job will become monotonous and boring.
2. Decrease Craftsmanship: People no longer make use of their skill because of the use
of machine.
3. Reduces employment opportunities: It makes use of more machine than human
being.
4. Result in immobility of Labour: It makes it difficult for people to move from one
profession to another.
5. Increase interdependence among industries: Division of labour and specialization
makes industries to depend one another; absence of a worker can distort the
production process.
6. Ineffective in agriculture: It is not very effective in agriculture.
EVALUATION:
1 List and explain five advantages of division of labour and specialisation
2. Identify five demerits of division of labour and specialization.
SUB –TOPIC 3: LIMITATION TO DIVISION OF LABOUR AND SPECIALISATION
There are factors that limit the importance of division of labour and specialization.
These factors may encourage or discourage division of labour and specialisation depending on the prevailing situation. They include;
1. The size of the market: The size of the market will determine whether goods produced can be absorbed or not.
2. The nature of the product: Some production process cannot be divided e.g barbing
3. The level of technology: The level of technology sets a limit to the extent of specialisation.
4. Availability of capital: The availability of capital matters a lot because provision has to be made for workers salary.
5. Availability of labour: The availability of workers will determine the stages of to which production is divided
6. Government policy: The policy of government can determine whether division of labour and specialisation can operate or not.
7. The extent of development of the commercial sector: This will determine the volume of goods to be produced
EVALUATION
1. List and explain five factors that can limit division of labour and specialisation.
SUB TOPIC 4: MEANING OF EXCHANGE AND THE INTERRELATIONSHIP BETWEEN PRODUCTION,
DIVISION OF LABOUR, SPECIALISATION AND EXCHANGE.
Meaning of Exchange
Exchange is the process of giving out certain valuable goods and services in order to have something valuable in return. Exchange arises because of excess production of goods and services. INTERRELATIONSHIP BETWEEN PRODUCTION, DIVISION OF LABOUR, SPECIALISATION AND EXCHANGE,
Production, division of labour, specialisation and exchange are interrelated, in the sense that production is the process of creating goods and services which is enhanced by breaking processes into stages (division of labour) and concentrating productive effort on a particular thing (specialisation).Division of labour and specialisation leads to mass production and this necessitate exchange.
EVALUATION
1a. briefly explain what you understand by the term
‘Exchange’
b. ‘Division of labour is limited by the market’ explain.
2. What do you understand by’ specialisation necessitates exchange’.
GENERAL EVALUATON
OBJECTIVE TEST
1. _________is the process of breaking down production process into stages.
a. specialisation
b. exchange
c. division of labour
d. production
2. The act of concentrating productive effort on the production of a particular thing is_______
a. tertiary
b. specialisation
c. commercialisation
d. Industrialisation.
3._______ necessitate exchange
a. production
b. specialisation
c. division of labour
d. trade
4._________ is the transformation of goods into finished goods
a. capital
b. production
c. exchange
d. consumption
5. Giving out something valuable to get a valuable thing in return is___
a. consumption
b. production
c. exchange
d. specialisation
ESSAY QUESTIONS:
1a.’ Specialization necessitates exchange’ Discuss
b. ‘Division of labour is limited by the market’ explain.
2. What do you understand by specialisation necessitates exchange.
WEEKEND ASSIGNMENT
1. Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 14-16
2. Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun pages 16-19
3. Read Comprehensive commerce for Senior Secondary School by Johnson Anyaele pages 30-31
PRE – READING ASSIGNMENT
Read the meaning of trade, types of trade.
WEEKEND ACTIVITY
1. Why do you think a firm will re-export a product already imported?
2. Why is trade important to a nation?
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
4. Comprehensive commerce for Senior Secondary School by Johnson Anyaele
WEEK 8
TOPIC: TRADE.
CONTENT: 1. Meaning of trade and types
2. Relationship between/among the different, types of trade.
SUB TOPIC 1: MEANING OF TRADE AND TYPES OF TRADE MEANING OF TRADE
Trade is the act of buying and selling of goods and services. people trade with the aim of making profit in order to cater with their needs.
DEFINITION OF TRADE
Trade is defined as the ‘distribution and exchange of of all surplus goods produced in the factories, land or sea so that they reach the final consumer at the right time, price and in the right quantity and condition. Another author defined trade as the exchange of goods, services and financial securities between buyers and sellers.
DIAGRAM SHOWING THE DIVISION OF TRADE
Trade
Home trade Foreign trade
Retail wholesale import export entre-port
TYPES OF TRADE
(1) Home /Local/Internal/Domestic Trade
(2) Foreign/external/International Trade
(3) Entre-port
1. Home /Local/Internal/Domestic Trade: This is the buying and selling of goods and services within a country. Buying of goods and services that take place in from Lagos to Port Harcourt, Onitsha and Aba is home trade. It is within Nigeria.
Type of Home /Local/Internal/Domestic Trade
i. Retail Trade: Retail trade is when the retailer buys goods in small quantity from the wholesaler or the manufacturer and sells them to the final user (consumer).
ii. Wholesale Trade
This is trade in which the purchaser buys goods in bulk or large quantity from the producer or
manufacturer.
2. Foreign/external/International Trade
Foreign trade is buying and selling of goods and services involving countries of the world. Foreign trade is the exchange, buying and selling of goods and services between two or more countries. When Nigeria sells crude oil and gas to Japan, China or the United Kingdom, it is international trade.
Types of Foreign/external/International Trade
i. Export trade: This is the selling of goods and services produced in one country(Say Nigeria) to other countries.
ii. Import trade: This is when businessmen in Nigeria buy goods from foreign countries for the purpose of selling them within the country. Whether goods are bought from overseas by individuals, governments, schools or business organisations, import has taken place. Items such as electronics, video games, computers, motor vehicles and machines are imported from other countries.
3. Entre-port: This is the re-selling of imported goods by one country to another without changing or transforming the goods. Entre-port is also known as re-exporting. For example a businessman imports computers games from Japan to Nigeria, instead of selling them in Nigeria; he sends them to Ghana where he is paid in foreign currency. It is called entre-port.
Relationship among home, foreign and entre-port trade.
1. Currency is the medium of exchange. May be local or foreign currency.
2.Profit is the motive behind any form of trade.
3.Revenue is earned for the government.
4.Warehouses are used to keep goods.
5.Middlemen are involved in the trading activities.
6.Trade leads to economy growth.
7. The needs or wants of consumers are met.
Difference among Home, Foreign and Entre-port trade
S/N Home Trade Foreign Trade Entre-port Trade
1 The same language is used as a medium of communication among traders E.g. Lagos – Aba Language used by traders as means communication may be the same or different. E.g. Nigeria – USA or Nigeria – China or Germany Different languages are used as means of communication among buyers and sellers. Nigeria – Ghana or Nigeria – Cameroon,
2. Trading activities are done in the same country Trading activities are done between two countries or among countries. It involves reselling imported goods to another country.
3. The same money or currency is the medium of exchange. E.g. Naira and kobo Different money or currency is the medium of exchange. E.g. Nigeria( Naira) – USA (Dollars) Different money or currency is the medium of exchange. E.g. France (Euro)- Nigeria(Naira)-Benin Republic (West African CFA franc)
4. There are no barriers to free trading activities. There are many barriers to free trading activities The trader exploits the trading barriers to his profit.
5 Trading activities is subject to government regulation Government regulation is restricted to one country. Government regulation is restricted to one country.
6 The climate and weather condition is the same E.g. Rainy and dry season The climate and weather condition is the same E.g. Winter, Summer, Spring and Autumn Climate and weather condition may be the same or different
7. The revenue earned is in local currency The revenue earned is in foreign currency The revenue earned is in foreign currency
8. The risk involved is minimal The risk involved is high The risk involved is high
9. The political situation is the same. The political situation is not the same. The political situation is not the same.
10. The culture is the same The culture is different The culture is different
11 It meets the needs of the consumer. It leads to comparative advantages for the exporting nation. The trader makes more money.
12. Factors of production are freely used and sometimes moved e.g. Labour, capital, and entrepreneur Factors of production are not freely used and restricted based on the Law and government regulation. e.g. Labour, capital, and entrepreneur Factors of production are not freely used and restricted based on the Law and government regulation. e.g. Labour, capital, and entrepreneur
EVALUATION
1. Define the term trade
2. With the aid of a diagram show the division of trade
SUB TOPIC2: RELATIONSHIP BETWEEN/ AMONG THE DIFFERENT, TYPES OF TRADE.
Home trade is the buying and selling of goods and services within a geographical area of a nation. This type of trade takes place within the boundaries of the country.
Foreign trade is the exchange of goods and services between two or more countries. This type of trade takes place outside the boundaries of the country. It is also known as international trade.
Entre-port trade is a form of international trade where goods are temporarily imported into a country and then subsequently re-exported to other countries. It is mainly confined to commodities like rice, sugar, coffee, copper wheat and agricultural products. This is possible with countries that have free trade zone .The free trade zone is an area in which goods can be imported without incurring import or custom duties.
EVALUATION
1. What is entre-port?
2. Having imported a product, why would a firm want to re-export?
3. How does home trade differ from foreign trade?
GENERAL EVALUATON
OBJECTIVE TEST
1. All of the following are aspects of trade, expect one
a. exporting
b. importing
c. retailing
d. production
2. Which of the following is the best definition of trade
a. exchange of goods and services
b. aids to trade
c. direct services
d. Industrial output
3._______ means re-exporting goods that were imported temporarily
a. production
b. specialisation
c. foreign trade
d. entre-port
4. trade is divided into
a. home trade, export and import
b. home trade, foreign trade and entre-port
c. exchange, retail and wholesale
d. import, entre-port and home trade
5. Foreign trade is also referred to as
a. entre trade
b. international trade
c. free zone area
d. specialisation
Essay
1a. what is entreport trade?
b. Having imported a product, why would a firm want to re-export?
2. How does home trade differ from foreign trade?
3. Discuss the similaries between home foreign and entreport trade
WEEKEND ASSIGNMENT
1. Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 17
2. Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun pages 22-24
3. Extension Modern commerce for Senior Secondary School by Bello A.A Echegile G.B Mohammed B.A page 60
PRE-READING ASSIGNMENT:
Read about Home Trade, its Characteristics and its functions of retail trade.
WEEKEND ACTIVITY:
1. Define Home Trade.
2.List five characteristics of Home trade.
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
4.Comprehensive commerce for Senior Secondary School by Johnson Anyaele
CONTENT: 1. Meaning of trade and types
2. Relationship between/among the different, types of trade.
SUB TOPIC 1: MEANING OF TRADE AND TYPES OF TRADE MEANING OF TRADE
Trade is the act of buying and selling of goods and services. people trade with the aim of making profit in order to cater with their needs.
DEFINITION OF TRADE
Trade is defined as the ‘distribution and exchange of of all surplus goods produced in the factories, land or sea so that they reach the final consumer at the right time, price and in the right quantity and condition. Another author defined trade as the exchange of goods, services and financial securities between buyers and sellers.
DIAGRAM SHOWING THE DIVISION OF TRADE
Trade
Home trade Foreign trade
Retail wholesale import export entre-port
TYPES OF TRADE
(1) Home /Local/Internal/Domestic Trade
(2) Foreign/external/International Trade
(3) Entre-port
1. Home /Local/Internal/Domestic Trade: This is the buying and selling of goods and services within a country. Buying of goods and services that take place in from Lagos to Port Harcourt, Onitsha and Aba is home trade. It is within Nigeria.
Type of Home /Local/Internal/Domestic Trade
i. Retail Trade: Retail trade is when the retailer buys goods in small quantity from the wholesaler or the manufacturer and sells them to the final user (consumer).
ii. Wholesale Trade
This is trade in which the purchaser buys goods in bulk or large quantity from the producer or
manufacturer.
2. Foreign/external/International Trade
Foreign trade is buying and selling of goods and services involving countries of the world. Foreign trade is the exchange, buying and selling of goods and services between two or more countries. When Nigeria sells crude oil and gas to Japan, China or the United Kingdom, it is international trade.
Types of Foreign/external/International Trade
i. Export trade: This is the selling of goods and services produced in one country(Say Nigeria) to other countries.
ii. Import trade: This is when businessmen in Nigeria buy goods from foreign countries for the purpose of selling them within the country. Whether goods are bought from overseas by individuals, governments, schools or business organisations, import has taken place. Items such as electronics, video games, computers, motor vehicles and machines are imported from other countries.
3. Entre-port: This is the re-selling of imported goods by one country to another without changing or transforming the goods. Entre-port is also known as re-exporting. For example a businessman imports computers games from Japan to Nigeria, instead of selling them in Nigeria; he sends them to Ghana where he is paid in foreign currency. It is called entre-port.
Relationship among home, foreign and entre-port trade.
1. Currency is the medium of exchange. May be local or foreign currency.
2.Profit is the motive behind any form of trade.
3.Revenue is earned for the government.
4.Warehouses are used to keep goods.
5.Middlemen are involved in the trading activities.
6.Trade leads to economy growth.
7. The needs or wants of consumers are met.
Difference among Home, Foreign and Entre-port trade
S/N Home Trade Foreign Trade Entre-port Trade
1 The same language is used as a medium of communication among traders E.g. Lagos – Aba Language used by traders as means communication may be the same or different. E.g. Nigeria – USA or Nigeria – China or Germany Different languages are used as means of communication among buyers and sellers. Nigeria – Ghana or Nigeria – Cameroon,
2. Trading activities are done in the same country Trading activities are done between two countries or among countries. It involves reselling imported goods to another country.
3. The same money or currency is the medium of exchange. E.g. Naira and kobo Different money or currency is the medium of exchange. E.g. Nigeria( Naira) – USA (Dollars) Different money or currency is the medium of exchange. E.g. France (Euro)- Nigeria(Naira)-Benin Republic (West African CFA franc)
4. There are no barriers to free trading activities. There are many barriers to free trading activities The trader exploits the trading barriers to his profit.
5 Trading activities is subject to government regulation Government regulation is restricted to one country. Government regulation is restricted to one country.
6 The climate and weather condition is the same E.g. Rainy and dry season The climate and weather condition is the same E.g. Winter, Summer, Spring and Autumn Climate and weather condition may be the same or different
7. The revenue earned is in local currency The revenue earned is in foreign currency The revenue earned is in foreign currency
8. The risk involved is minimal The risk involved is high The risk involved is high
9. The political situation is the same. The political situation is not the same. The political situation is not the same.
10. The culture is the same The culture is different The culture is different
11 It meets the needs of the consumer. It leads to comparative advantages for the exporting nation. The trader makes more money.
12. Factors of production are freely used and sometimes moved e.g. Labour, capital, and entrepreneur Factors of production are not freely used and restricted based on the Law and government regulation. e.g. Labour, capital, and entrepreneur Factors of production are not freely used and restricted based on the Law and government regulation. e.g. Labour, capital, and entrepreneur
EVALUATION
1. Define the term trade
2. With the aid of a diagram show the division of trade
SUB TOPIC2: RELATIONSHIP BETWEEN/ AMONG THE DIFFERENT, TYPES OF TRADE.
Home trade is the buying and selling of goods and services within a geographical area of a nation. This type of trade takes place within the boundaries of the country.
Foreign trade is the exchange of goods and services between two or more countries. This type of trade takes place outside the boundaries of the country. It is also known as international trade.
Entre-port trade is a form of international trade where goods are temporarily imported into a country and then subsequently re-exported to other countries. It is mainly confined to commodities like rice, sugar, coffee, copper wheat and agricultural products. This is possible with countries that have free trade zone .The free trade zone is an area in which goods can be imported without incurring import or custom duties.
EVALUATION
1. What is entre-port?
2. Having imported a product, why would a firm want to re-export?
3. How does home trade differ from foreign trade?
GENERAL EVALUATON
OBJECTIVE TEST
1. All of the following are aspects of trade, expect one
a. exporting
b. importing
c. retailing
d. production
2. Which of the following is the best definition of trade
a. exchange of goods and services
b. aids to trade
c. direct services
d. Industrial output
3._______ means re-exporting goods that were imported temporarily
a. production
b. specialisation
c. foreign trade
d. entre-port
4. trade is divided into
a. home trade, export and import
b. home trade, foreign trade and entre-port
c. exchange, retail and wholesale
d. import, entre-port and home trade
5. Foreign trade is also referred to as
a. entre trade
b. international trade
c. free zone area
d. specialisation
Essay
1a. what is entreport trade?
b. Having imported a product, why would a firm want to re-export?
2. How does home trade differ from foreign trade?
3. Discuss the similaries between home foreign and entreport trade
WEEKEND ASSIGNMENT
1. Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 17
2. Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun pages 22-24
3. Extension Modern commerce for Senior Secondary School by Bello A.A Echegile G.B Mohammed B.A page 60
PRE-READING ASSIGNMENT:
Read about Home Trade, its Characteristics and its functions of retail trade.
WEEKEND ACTIVITY:
1. Define Home Trade.
2.List five characteristics of Home trade.
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
4.Comprehensive commerce for Senior Secondary School by Johnson Anyaele
WEEK 9
TOPIC: HOME TRADE
CONTENT: 1. Meaning of Home Trade
2. Characteristics and functions of retail trade.
SUB TOPIC 1: MEANING OF HOME TRADE
Home trade is the buying and selling of goods and services within a geographical area of a nation. This type of trade takes place within the boundaries of the country. It is also called internal or domestic trade.
DIAGRAM OF HOME TRADE
Home Trade
Retail trade Wholesale trade
Large scale small scale Merchant Agents wholesaler
EVALUATION
1a.Define home trade
(b)With the aid of a diagram, illustrate the branch of home trade
SUB TOPIC 2 CHARACTERISTICS AND FUNCTIONS OF RETAIL TRADE
Meaning of Retail trade
Retail trade is the business activity of selling goods and services to the final consumer. Retailing is the final link in the chain of distribution. The person who engages in retail trade is called a retailer. Retail activities can be classified into small scale and large scale retail trade.
CHAIN OF DISTRUBUTION
Manufacturer---Wholesaler------Retailer-----Consumer
CLASSIFICATION OF RETAIL TRADE
CHARACTERISTICS OF RETAIL TRADE
1. Retail trade buys goods in small quantity from the wholesaler or Producer and sells in smaller unit to the final consumer.
2. Retail trade deals with variety of goods.
3. It brings the goods closer to the consumer.
4. It deals with consumer goods.
5.Retail trade deals directly with the consumer.
6.Retail trade requires small capital for its establishment.
FUNCTIONS OF RETAIL TRADE
Retail trade performs a number of functions to both wholesalers and producer. The functions include;
1. Sells in small unit: Retail trade buys in small quantity form the wholesaler or producer and sale in smaller quantities to the final consumer.
2. Variety of goods: A retail trade provides the consumer with variety of goods.
3. Allows credit: It sells goods on credit to its customer who is credit worthy.
4. Gives advice to both wholesaler and consumer: The retailer gives advice to the consumer and the wholesaler.
5. Offers after sales service: The retailer sometimes offer after sales service to the consumer in order to increase patronage.
6. Convenient time: The retailer makes goods available at convenient hour e.g opening the shop early and closing late.
7. Advertisement: Retailers create awareness about new products and existing ones.
EVALUATION
1aList and explain two characteristics of retail trade
b. Identify five functions of retail trade
GENERAL EVALUATON
OBJECTIVE TEST
1. _________ is the final link in the chain of distribution.
a. retailing
b. wholesaling
c. trading
d. production
2. _______ provide consumer with variety of goods
a. producers
b. traders
c. retailer
d. wholesaler
3. Retailer buy in _______quantities
a. large
b. small
c. tangible
d. moderate
4. Home trade is divided into
a. export and import
b. home trade and foreign trade
c. retail and wholesale
d. entreport and home trade
5. Another name for Home trade is
a. entre trade
b. international trade
c. internal trade
d. specialisation
ESSAY QUESTIONS
1a. What is Home trade ?
b. List and explain two characteristics of retail trade
2. Identify five functions of retail trade
3. How does home trade differ from foreign trade?
WEEKEND ASSIGNMENT
1. Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 18
2. Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun page 26
3. Extension Modern commerce for Senior Secondary School by Bello A.A Echegile G.B Mohammed B.A pages 62
PRE – READING ASSIGNMENT
Read about the factors one should consider in setting up a retail trade and the reasons for the survival of small scale retailers.
WEEKEND ACTIVITY
1. In view of the competition from the larger forms of retailer, how are smaller types of retailer still able to exist
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
4. Comprehensive commerce for Senior Secondary School by Johnson Anyaele
CONTENT: 1. Meaning of Home Trade
2. Characteristics and functions of retail trade.
SUB TOPIC 1: MEANING OF HOME TRADE
Home trade is the buying and selling of goods and services within a geographical area of a nation. This type of trade takes place within the boundaries of the country. It is also called internal or domestic trade.
DIAGRAM OF HOME TRADE
Home Trade
Retail trade Wholesale trade
Large scale small scale Merchant Agents wholesaler
EVALUATION
1a.Define home trade
(b)With the aid of a diagram, illustrate the branch of home trade
SUB TOPIC 2 CHARACTERISTICS AND FUNCTIONS OF RETAIL TRADE
Meaning of Retail trade
Retail trade is the business activity of selling goods and services to the final consumer. Retailing is the final link in the chain of distribution. The person who engages in retail trade is called a retailer. Retail activities can be classified into small scale and large scale retail trade.
CHAIN OF DISTRUBUTION
Manufacturer---Wholesaler------Retailer-----Consumer
CLASSIFICATION OF RETAIL TRADE
CHARACTERISTICS OF RETAIL TRADE
1. Retail trade buys goods in small quantity from the wholesaler or Producer and sells in smaller unit to the final consumer.
2. Retail trade deals with variety of goods.
3. It brings the goods closer to the consumer.
4. It deals with consumer goods.
5.Retail trade deals directly with the consumer.
6.Retail trade requires small capital for its establishment.
FUNCTIONS OF RETAIL TRADE
Retail trade performs a number of functions to both wholesalers and producer. The functions include;
1. Sells in small unit: Retail trade buys in small quantity form the wholesaler or producer and sale in smaller quantities to the final consumer.
2. Variety of goods: A retail trade provides the consumer with variety of goods.
3. Allows credit: It sells goods on credit to its customer who is credit worthy.
4. Gives advice to both wholesaler and consumer: The retailer gives advice to the consumer and the wholesaler.
5. Offers after sales service: The retailer sometimes offer after sales service to the consumer in order to increase patronage.
6. Convenient time: The retailer makes goods available at convenient hour e.g opening the shop early and closing late.
7. Advertisement: Retailers create awareness about new products and existing ones.
EVALUATION
1aList and explain two characteristics of retail trade
b. Identify five functions of retail trade
GENERAL EVALUATON
OBJECTIVE TEST
1. _________ is the final link in the chain of distribution.
a. retailing
b. wholesaling
c. trading
d. production
2. _______ provide consumer with variety of goods
a. producers
b. traders
c. retailer
d. wholesaler
3. Retailer buy in _______quantities
a. large
b. small
c. tangible
d. moderate
4. Home trade is divided into
a. export and import
b. home trade and foreign trade
c. retail and wholesale
d. entreport and home trade
5. Another name for Home trade is
a. entre trade
b. international trade
c. internal trade
d. specialisation
ESSAY QUESTIONS
1a. What is Home trade ?
b. List and explain two characteristics of retail trade
2. Identify five functions of retail trade
3. How does home trade differ from foreign trade?
WEEKEND ASSIGNMENT
1. Read Essential Commerce for Senior Secondary School by O.A.LONGE pages 18
2. Read Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun page 26
3. Extension Modern commerce for Senior Secondary School by Bello A.A Echegile G.B Mohammed B.A pages 62
PRE – READING ASSIGNMENT
Read about the factors one should consider in setting up a retail trade and the reasons for the survival of small scale retailers.
WEEKEND ACTIVITY
1. In view of the competition from the larger forms of retailer, how are smaller types of retailer still able to exist
REFERENCE TEXTS
1. Extension modern Commerce for Senior Secondary School by Bello.A.A ,Echegile. G.B, Mohammed B.A
2. Complete Commerce for Senior Secondary School by Alan Whitcomb and Adekoya Fatai Olusegun
3. Essential Commerce for Senior Secondary School by O.A.LONGE
4. Comprehensive commerce for Senior Secondary School by Johnson Anyaele
