Warehousing is the act of storing goods produced or bought in a place until they are needed. Warehousing ensures that there is a regular and
Author: Miss Joy
Wholesale trade (wholesaling) involves the buying of goods in large quantities from the producers or manufacturing and re-selling in small quantities to retailer. A wholesaler
Self-service: This is a method that allows customers to do their shopping in a shop with little or no assistance from sales attendants. The goods
TYPES OF LARGE SCALE RETAILING A MULTIPLE SHOPS OR CHAIN STORES These are large scale retail businesses consisting of a number of similar shops or
There are several types of size of retail outlets which for easy analysis can be grouped into two, namely: Small scale and Large scale retailing
Trade (Trading) is the buying and selling of goods and services. It is divided into Home Trade and Foreign Trade. Home Trade involves the exchange
Division of Labour is the breaking down of production processes into different stages so that each stage is undertaken or handled by an individual. For
Production is the changing of raw materials into finished goods and the distribution and provision of goods and services in order to satisfy human wants.
Occupation can be defined as any job that is legal in which people are engaged in order to earn a living. CLASSIFICATION OF OCCUPATIONS Occupations
DEFINITION OF COMMERCE Commerce is the study of production, distribution and exchange of goods and services aimed at satisfying human wants and in order to
SPECIAL TRADE TERMS AND MEANS OF PAYMENT TERMS OF QUOTING PRICE. CIF (Cost, Insurance and Freight): A price quoted CIF simply means that it includes
Documents used in buying and selling of goods. When business transactions occur, certain documents are drawn up and passed from one person to another. These
Commodity can be defined as food or other agricultural products such as wheat or cocoa and natural resources such as oil, or gas and metal
A cooperative society is any group found by individuals with common interest who contribute money in form of capital to promote the business interest of
A company is an artificial person which is recognized in law as a separate legal entity. It is also referred to as joint stock Company
These are special organization set up by the government. Through the act of parliament, managed and controlled by the government to perform essential services to
ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS) ECOWAS was established on May 28th , 1975 after the treaty establishing it was signed in Lagos, Nigeria.
PRIVATIZATION Privatization is the process whereby ownership and control of the businesses, companies, industries or co-operation are transferred from the Government (public sector) to private
INDIGENIZATION Indigenization is the policy initiated by the government to ensure and accelerate the participation of Nigerian citizens in the ownership and management of business
NATIONALIZATION This is the taking over (or transfer of ownership) of privately owned business enterprises by the government for economic, social and political reasons. Such