TOPIC 4: MONEY Money The Historical Background of Money Expalin the historical background of money Commerce plays a fundamental role in the satisfaction of human wants. In primitive societies, the producers themselves were the consumers. Hence; they were compelled to provide themselves with foods, shelter and clothes. Under such circumstances, the question of commercial transactions or exchange of goods and services did not arise. But slowly heir wants started to increase in size and in number. They were no longer able to satisfy all their wants, so they began exchanging he commodities produced with those produced by others. Meaning of…
Author: Msomi Bora
TOPIC 3: MARKETING Marketing is a very important process in the development of any country. We have to be able to understand what is marketing before we start exploring more about it. Lets watch this video below, you can give out your opinions on the discussion forum. Please use a regular YouTube link. Marketing Meaning of the Term Market from “Marketing” Define the term “market” from “marketing” Marketing are activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try…
TOPIC 2: COMMUNICATION Communication Meaning of the Term Communication Define the term communication Communication is the transmission of information from one point or person to another point or person. Involves two-way process of reaching mutual understanding, in which participants not only exchange (encode-decode) information, news, ideas and feelings but also create and share meaning. In general, communication is a means of connecting people or places. In business, it is a key function of management–an organization cannot operate without communication between levels, departments and employees. See also communications. Communication is a function that is indispensable for commerce. All types of trade…
TOPIC 1: TRANSPORTATION Transportation The Meaning of the Term Transportation Define the term transportation Transport or transportation is the movement of people, animals and goods from one location to another. Modes of transport include air, rail, road, water, cable, pipeline and space. The field can be divided into infrastructure, vehicles and operations. Transport is important because it enables trade between people, which is very essential for the development of civilizations. Transport infrastructure consists of the fixed installations including roads, railways, airways, waterways, canals and pipelines and terminals such as airports, railway stations, bus stations, warehouses, trucking terminals, refuelling depots (including fuelling docks and…
COMMERCE NOTES FOR FORM TWO Click the links below to view the notes: TOPIC 1 – THEORY OF DEMAND TOPIC 2 – THEORY OF SUPPLY TOPIC 3 – RETAIL TRADE TOPIC 4 – WHOLESALE TRADE TOPIC 5 – WARE-HOUSING MANAGEMENT TOPIC 6 – STOCK ADMINISTRATION
TOPIC 6: STOCK ADMINISTRATION Stock Administration Meaning of the Term Administration Define the term stock administration Are the overseeing and controlling of the ordering, storage and use of components that a company will use in the production of the items it will sell as well as the overseeing and controlling of quantities of finished products for sale. A business’s inventory is one of its major assets and represents an investment that is tied up until the item is sold or used in the production of an item that is sold. It also costs money to store, track and insure inventory.…
TOPIC 5: WARE-HOUSING MANAGEMENT Ware-housing Management Meaning of the Terms Ware-housing and Ware-house Define the terms ware-housing and ware-house Warehousing is the institutional arrangement for the storage of goods i.e. receiving, storing and dispatching the goods to the uses. It is a very important aids to trade and through it trade can be operated efficiently. A warehouse is a commercial building for storage of goods. Warehouses are used by manufacturers, importers, exporters, wholesalers, transport businesses, customs, etc. They are usually large plain buildings in industrial areas of cities, towns and villages. A warehouse is an establishment for the storage or accumulation of goods.…
TOPIC 4: WHOLESALE TRADE Wholesale Trade Meaning of Wholesale Trade Define wholesale trade Wholesale trade is a form of trade in which goods are purchased and stored in large quantities and sold, in batches of a designated quantity, to resellers, professional users or groups, but not to final consumers. Also wholesale trade may be defined as marketing and selling merchandise to retailers, to other wholesalers, or to industrial,commercial,professional or other institutional users in contract to selling to household consumers, to individuals for personal use or farmers. Wholesaler: A Person or firm that buys large quantity of goods from various producers or vendors, warehouses…
TOPIC 3: RETAIL TRADE Retail Trade Before introducing a concept of retail trade, lets explore the difference between a wholesaler and a retailer first. This will help you to understand the relationship between the two concepts and catch up on the other concepts. Below is a summary that explains their differences. Meaning of Retail Trade Define Retail Trade Retail trade is the sale of goods in small quantities to consumers. OR is a business activity involving buying goods and retailing them to ultimate consumers without changing the physical and chemical form of goods. Please click the link below to find…
TOPIC 2: THEORY OF SUPPLY Theory of Supply The Meaning of Supply Explain the meaning of supply What Is Supply? In economics, we have two forces: the producer, who makes things, and the consumer, who buys them. Supply is the producer’s willingness and ability to supply a given good at various price points, holding all else constant. An increase in price will increase producer’s revenues, so they’ll be willing to supply more; a decrease in price will reduce revenues, and so producers will supply less. The Law of Supply: The law of supply states that, ceteribus paribus (Latin for ‘assuming all else…
