SS 3 Commerce (1st, 2nd & 3rd Term)

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

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

Meaning of Indigenization Indigenization refers to a government policy aimed at promoting and increasing the involvement of Nigerian citizens in the ownership and management of business organizations previously owned by foreigners. The objective is to transfer ownership of certain foreign businesses operating in Nigeria to indigenous entrepreneurs, thereby reducing foreign control over the economy. In

Meaning of Deregulation Deregulation, a multifaceted and often contentious policy approach, signifies the deliberate and systematic dismantling or relaxation of government-imposed regulations within a designated industry or sector of the economy. These governmental regulations encompass a wide spectrum of controls, encompassing measures such as price controls, entry barriers, quality standards, and numerous others, all intended

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

When business transactions occur, certain documents are drawn up and passed from one person to another. These documents are used to effect transactions between buyers and sellers. The documents are explained below; TRADE JOURNAL: This is a publication devoted to a particular branch of retail and wholesale trade. It contains articles on matters of interest

A consumer refers to an individual who utilizes goods and services for their final purposes. Protection, in this context, signifies safeguarding. Consumer protection is a concept encompassing diverse strategies employed by both governmental bodies and private entities. Its objective is to prevent consumers from being deceived by producers and intermediaries, while also ensuring that consumers

Definition of Marketing: Marketing can be described as the process of evaluating consumer needs, desires, preferences, and demands. It involves crafting and manufacturing products and services that cater to these needs and facilitating the distribution of these products and services to end consumers with the goal of generating profits for an organization. Importance of Marketing

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

Business Law Business law encompasses all aspects of legal regulations governing business transactions. Business laws consist of a set of rules that oversee business transactions. These rules pertain to the functioning of business activities. Categories of Commercial Law. The different branches of commercial law include: Law of Contract. Agency Sales of goods. Law of Employment.

Capital Certainly! The term “capital” has different meanings and implications depending on the context in which it is used, such as economics, accounting, and in everyday language. Economics Definition: In economics, “capital” refers to the assets, resources, or financial wealth that can be used to generate income or production. It can be broadly categorized into

This refers to the various ways by which government controls the activities of business organization to ensure social and economic order in the society.  REASONS FOR GOVERNMENT REGULATION OF BUSINESS To raise money through taxes e.g. V.A.T. Education tax etc To protect consumers against exploitation by producers and middle-men eg by ensuring quality products or

DUTIES OF THE EMPLOYER To pay wages – i.e. enumeration To provide work which the employee will handle To give holidays to the employee Duty to take reasonable care for his employee’s safety Indemnity – The employee must reimburse the employee for any expense / loss incurred on behalf of the employee. Duty to provide

SALE OF GOODS A contract of sale of goods is a contract whereby the seller transfer the property in goods to the buyer for a money consideration called the price. The parties to this contract are known as the seller (vendor or transferor) and the buyer (vendee or transferee). The seller must be either the

An agent could belong to one of the following classification: Universal Agent – An agent given unlimited or unrestricted power to enter into any type of business contract on behalf of the principal. General Agent – An agent that has authority to act in all matters relating to a particular business. A Commissioned Agent –

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

A Contract is an agreement between two or more parties which creates legal rights and obligations as between the parties involved.  Parties to a Contract This is the identity given to the persons who have made an agreement that is recognized by law as a valid contract e.g. Landlord and Tenant Insurer and Insured Bank

Public relation is the image building done by an organization to give the public favourable impression about its aims and policies.  FUNCTIONS OR IMPORTANCE OF PUBLIC RELATIONS It ensures the maintenance of a favourable relationship between an organisation and the general public It helps to increase the goodwill of a company or business It is

Advertising is the branch of commerce which deals with promoting sales of goods, services or ideas through messages that are meant to inform, educate and persuade the general public by means of various methods such as newspaper, radio, television.  FUNCTIONS OF ADVERTISING Creation of demand for goods and services Informing customers about the existence of

Marketing may be defined as the process of assessing consumer needs, wants, preferences and demand; designing and producing goods and services that will satisfy such wants and moving such gods and services to the final consumer at a profit to an organisation.  Importance of Marketing to the Economy It encourages mass- production which leads to