SS 3 Commerce

ECOWAS ECOWAS, the Economic Community of West African States, was established on May 28th, 1975, following the signing of the treaty in Lagos, Nigeria. The member countries of ECOWAS are Sierra Leone, Gambia, Cape Verde, Guinea, Guinea Bissau, Cote d’Ivoire, Liberia, Burkina Faso, Mali, Mauritania, Niger, Nigeria, Senegal, Benin, and Togo. The Objectives of ECOWAS […]

What is 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.

What is 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

What is Deregulation? Deregulation refers to the process of reducing or eliminating government regulations and restrictions in a specific industry or sector. These regulations could include price controls, entry barriers, quality standards, and more. Deregulation aims to promote market-driven competition, innovation, and efficiency by allowing market forces to dictate prices, quality, and access to services.

What is Privatization? Privatization refers to the process of transferring ownership and control of businesses, companies, industries, or cooperatives from the public sector (government) to private individuals or the private sector. Advantages of Privatization Enhanced efficiency: Privatization promotes efficiency in commercialized or privatized businesses. Increased government revenue: Implementation of privatization policies generates more revenue for

Commercialization involves operating government enterprises with profit motives, transitioning them from a service-oriented approach to a profit-oriented one. The ownership and control of these enterprises remain under the government, and subsidies, grants, or subventions are partially or completely removed. Advantages of Commercialization Enhanced efficiency: Commercialization promotes efficiency in the operation of government-owned enterprises. Generation of

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 to generate profits for an organization. Significance of Marketing in the Economy:

Meaning of Business: Business refers to the organized effort of individuals to produce, sell, or buy goods and services with the aim of generating a profit. It involves various activities such as production, marketing, sales, finance, and operations, all geared towards achieving financial success and sustaining the enterprise. Meaning of Management: Management involves the coordination

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 of the business,

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. Hire purchase.

This refers to the total net sales during a period.  The turnover is variously referred to as the stock turn, sales turnover or stock turnover. The Rate of Turnover (or Rate of Stock – turn) This refers to the number of times average stock is sold during a given period, usually a year. It is

Profit refers to the financial gain or positive difference between the revenue generated from a business’s activities and the expenses incurred in running that business. It is essentially the amount left over after deducting all costs and expenditures from the total revenue. Profit is a key indicator of a business’s financial performance and success, as

Loan refers to borrowed money from financial institutions or individuals, repaid over an agreed period at a set interest rate. An overdraft is a type of credit provided by banks, permitting customers to withdraw more than the funds available in their accounts. Book-me-down: Common among low-income earners, particularly in underdeveloped countries like Nigeria, book-me-down entails