PRODUCTION
Production can simply be defined as the creation of utility or production is the creation of goods and services which satisfy human wants. All goods and services produced must possess utility, which means that they must be capable of satisfying…
DEVELOPMENT OF COMMERCE
HISTORY OF COMMERCE IN NIGERIA In the olden days, people engaged in subsistence production. This means they were producing goods for themselves and their families. Later they started interacting with one another because it was difficult for them to meet…
INTRODUCTION TO COMMERCE
MEANING OF COMMERCE Commerce can simply be defined as all the activities involved in the distribution and exchange of goods and services. In other words, commerce is a branch of production which is concerned with the distribution, exchange of goods…
CREDIT
MEANING OF CREDIT Credit occurs when a seller grants permission to a buyer to take possession and enjoy a commodity with a promise to pay in the future. It is the process by which goods and services are transferred to…
FOREIGN TRADE DOCUMENT AND MEANS OF PAYMENT
TYPES OF INTERNATIONAL TRADE DOCUMENTS There are various documents which facilitate international trade. These documents are as follows: Consular invoice. Bill of lading. Certificate of origin. Shipping note. Airway bills. Indent. Ship manifest. Mate receipt. Freight note. Customs specification. Dock…
STOCK EXCHANGE AND SECOND TIER SECURITIES MARKET
MEANING OF STOCK EXCHANGE Stock exchange market is a highly organised market where investors can buy and sell existing securities like shares, stocks, debentures, gilt edge etc. This is a market where those who are interested in purchase of securities…
MEANS OF PAYMENT
MEANING OF PAYMENT Payment can be defined as the process or means of settling financial or business transactions. It is also referred to as the settlement of outstanding debts between a creditor and a buyer. Payment can be made using…
WHOLESALE TRADE
Wholesaling is a business activity which entails buying of goods in bulk from the producer and selling in small quantities to the retailers and other merchants. A wholesaler is a merchant who purchases goods in large quantity from the manufacturer and…
SMALL SCALE RETAILING
Small scale retailing is retail trading with small scope of operations. Little capital can be used to set up small scale retailing trade such as: Hawking /itinerant/peddling. Mobile shops. Street or roadside trading. Market trader or stall holder. Unit stores/tied…
HOME TRADE
Home trade is the act of buying and selling goods within a geographical area, usually a country. It can be referred to as domestic or internal trade. In home trade, the same currency is used for exchange (buying and selling)…
EXCHANGE
Exchange is the process of giving out value in order to have something of value in return. In the olden days, barter was the main system of exchange, i.e ., goods for goods. But nowadays, one can exchange money for…
MODERN TRENDS IN RETAILING
New trends have been introduced in retailing business because of the dynamic nature of commercial activities. In order to enhance and facilitate business activities, new ideas and techniques have been introduced. These include: Branding. Self-service. After sale services. Vending machines.…
RETAIL CO-OPERATIVE SOCIETY
Retail co-operative society is a form of co-operative in which many small independent retailers pool their resources together to enable them make bulk purchases and then sell the goods at lower prices to their members. The major purpose of co-operative…
DISCOUNT HOUSES, FRANCHISING AND VARIETY STORES
Discount Houses A discount house is a retailing business unit that features a large variety of products which they sell on a low price basis and operate on a low markup with minimum customer services. This system of retailing is…
MAIL ORDER
Mail Order Mail order is a form of large retailing in which buying and selling is carried out by post. They contact prospective customers by mail, receive their order by mail and make their deliveries by mail. It involves the…
SUPER MARKET AND HYPERMARKET
Super Market A super market is a large retailing business unit selling mainly food and household items on the basis of high turnover, wide variety and assortment, self-services with much emphasis on merchandise appeal. In order to stimulate store traffic,…
DEPARTMENTAL STORES
The departmental store is a collection of shops under one roof with ownership of each shop or department specialising in selling a special range of goods. Each department normally buys separately, exercise its own stock control and sets its own…
LARGE SCALE RETAILING
Large scale retailers achieve their growth by increasing the physical size of their units to cater for more customers. Large scale retailing could exist as: Chain or multiple stores. Departmental stores. Super markets. Mail order. Discount Houses. Franchising. Hyper market.…
OCCUPATION
MEANING OF OCCUPATION Occupation can be defined as any economic or productive activities which people engage in to create and procure goods and services in order to make a living. Today, people engage in various activities to earn a living…
CONSUMER PROTECTION
A consumer is an individual who makes the final use of goods and services provided by a firm. Therefore, consumer protection can be defined as the various ways and methods adopted by the government and private organisations to ensure that…
INTRODUCTION TO BUSINESS MANAGEMENT
MEANING OF BUSINESS Business can be defined as the sum total of all economic activities which people engage in to create, procure or provide desired goods and services to the consumers in proper quantities at suitable times and at satisfactory…
PUBLIC RELATIONS AND CUSTOMER SERVICES
MEANING OF PUBLIC RELATIONS The British Institute of Public Relations defines public relations as: “a planned and sustained effort to establish and maintain mutual understanding between an organisation and the public.” Public relations is the maintenance of a favourable relationship…
MEANING OF ADVERTISING
Advertising can be defined as any paid form of non-personal communication which is directed to the customers or target audience through various media in order to present and promote products, services and ideas. It is a branch of commerce which…
CONTRACT OF EMPLOYMENT AND GOVERNMENT REGULATION OF BUSINESS
THE EMPLOYER The employer is somebody or an institution that hires or provides work for another person called, employee for an agreed remuneration. The employer can hire anybody he pleases and relieve any of his employees of work if he…
NEGOTIABLE INSTRUMENT
DEFINITION OF NEGOTIABLE INSTRUMENT A negotiable instrument is a document evidencing an obligation which is transferable by mere delivery or by delivery and endorsement. Such delivery, operating to transfer all legal rights to the obligation evidenced, free from defects in…
CONTRACT OF SALE OF GOODS
DEFINITION OF SALE OF GOODS The Sale of Goods Act 1893 defines sale of goods as: ” A contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called, the…
LAW OF AGENCY
DEFINITION OF AGENCY An agency can be defined as a legal relationship that exist between two parties, when one called the agent is employed by another called the principal to bring the principal into a legal relationship with the third…
LAW OF CONTRACT
DEFINITION OF CONTRACT A contract can be defined as: “An agreement between two or more parties which is intended by them to have legal backing.” It can also be defined as an agreement creating an obligation, i.e ., a legal…
TRADE ASSOCIATIONS AND OTHER ENTERPRISES
MEANING OF TRADE ASSOCIATION Trade association is an association of traders or producers engaged in the same line of trade, whose major aim is to protect and safeguard the interest of their members as well as their businesses. It is…
CARRIER, CONTAINERIZATION AND CHARTER PARTY
A carrier is a firm or organisation that specialises in transporting other people’s goods. Carriers can be classified into three, namely, private carrier, common carrier and contract carrier. 1) Common Carrier: A common carrier is a person or firm who…
REPRODUCTIVE SYSTEMS IN PLANTS
The flower is the reproductive structure of flowering plants. It contains the male and female sex organs which enable them to exhibit sexual reproduction. Fertilization inside the flower often leads to the production of seeds which are capable of germinating…
ADAPTATION
Adaptation is defined as the possession of the characteristics or traits or behaviour or structure or features that evolved over a period of time which enable an organism to survive and reproduce in response to changes in the environment or…
TOLERANCE
Tolerance is the ability of living organisms to withstand or tolerate little unfavourable changes in the environment which affect their survival. Living organisms can only live in a particular habitat if they can tolerate the ranges of the abiotic factors…
DECOMPOSITION IN NATURE
Decomposers Decomposers are fungi or bacteria which live saprophytically or feed on dead remains of plants, animals and organisms leading to or resulting in recycling of nutrients by breaking down organic matters to produce soluble nutrients which are absorbed by…
CERAMICS, PLASTIC AND RUBBER
Ceramics Earthen material exists in many forms such as sand, clay, mud, stone, rocks, and so forth. These various forms of soil can be used as material for making different objects. Such objects are collectively referred to as ceramics. In…
METALS
Identification of Metals There is a wide variety of metals. In fact about three-quarters of chemical elements are metals. Each metal has its own set of characteristics. Because of this wide variability, metals have been much used in technology. As…
WHAT IS DEMOCRACY?
Democracy is a system of government that allows all qualified citizens of a country to elect their representatives at the federal, state and local level in popular and periodic elections for a fixed period of time. In Nigeria, election is…
CHARACTERISTICS OF HUMAN RIGHTS
Human rights are “rights and freedom to which all humans are entitled”. Such entitlement can exist as shared norms of actual human moralities, as justified moral norms or natural rights supported by strong reason, or as legal rights at a…
TRAFFIC REGULATIONS
Meaning of Traffic Regulations Traffic regulations refer to motor vehicle traffic regulations (rules of the road). It is called the highway code in UK, traffic code in the United States and highway codes in Nigeria. Traffic on roads may consist…
INTERPERSONAL RELATIONS
Meaning of Interpersonal Relationships Interpersonal relationships are the mutual, reciprocal relationships or relatedness between and among people in the community. It is an association between two or more people that may range from fleeting to enduring. It may be based…
PUBLIC SERVICE
What is Public Service? This is the administrative unit of the government through which government’s day to day operations and activities are carried out for smooth operations of the government. It is responsible for policy formulation, advice and implementation of…
CIVIL SOCIETY AND PRESSURE GROUPS
Civil Society is composed of the totality of voluntary civic and social organisations and institutions that form the basis of a functioning society. Civil society is also known as non-governmental organisations. (NGO), It provides a way of describing the social…
IMPORTANCE OF THE RULE OF LAW
The concept of the rule of law was made popular by Professor A.V. Dicey in his book Enspirit De Law published in 1885. According to Dicey, rule of law means absence of arbitrary government. Rule of law also point out…
CONSTITUTIONAL DEMOCRACY
Constitutional democracy is a form of representative government. It is a form of government that is made up of individuals appointed or elected periodically by the people themselves to represent them at all levels of the governments for a fixed…
HUMAN TRAFFICKING
Slave trade was abolished in the late 18th century and early 19th (1807) century in the British Empire. Although, slave trade was abolished in the British Empire and later throughout the world, slavery itself still exists in a new form.…
RESPONSIBLE PARENTHOOD
Responsible parenthood suggests the responsibility of parents to guide, protect and provide for the basic needs of their children. It also means parenting with unconditional love which could last a life time. Responsible parenthood is no doubt costly, tasking and…
DRUGS AND DRUG ABUSE
Nigeria is a society in which the use of mind-altering substances is fast becoming a central part of the culture. On television, you are certain to see advertisement with successful, attractive people drinking beer, smoking cigarettes, swallowing malaria or pain-relieving…
LIMITATION OF HUMAN RIGHTS
Meaning of Human Rights Although, the earliest origin of human rights can be traced to the “magna carta” (often referred to as a great charter) of 1215, which later led to series of declaration of rights in different parts of…
ACHIEVING POPULAR PARTICIPATION IN POLITICS
Popular participation is defined as the act of taking active part in political activities publicly or in a way that is enjoyed by a large number of people. Popular participation in politics is a process whereby the ordinary citizens or…
DANGERS OF POLITICAL APATHY
Meaning of Political Apathy Apathy means the feeling of not being interested in or enthusiastic about anything. Therefore, political apathy is defined as lack of interest in taking active part in politics either by voting or being voted for or…
Study Guide
