JSS1 Business Studies Lesson Note on Division of Commerce

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DIVISION OF COMMERCE

CONTENT:

1. Classification of commerce into Division,
2. Types of trade –
   1. Home trade : wholesale and retail sales
   2. Foreign trade: Import and export

CLASSIFICATION OF COMMERCE/DIVISION OF COMMERCE

TRADE

MEANING OF TRADE: Trade could be defined as the exchange or buying and selling of goods and services.

Division of Trade: Trade is basically divided into two namely – Home Trade and Foreign Trade.

HOME TRADE:  This is the buying and selling of goods and services within the country.  Examples are trade between Calabar and Uyo, Lagos and Enugu.  One of the features of Home trade is that a common unit of money (naira) is accepted as a means of payment for the trade.  Home trade is further divided into Wholesale and Retail trade.

1. Wholesale Trade: This involves buying goods in large quantity from the manufacturer or producer and selling in small quantity to the retailer.
2. Retail Trade: This involves buying goods in small quantity from the wholesalers and selling in bits or units to the final consumers.

There are two types of retail traders in Nigeria namely large scale retailers and small scale retailers.  Large scale retailers are Department stores, supermarkets, mail order firm etc.  Small scale retailers are market stall owner, kiosk, hawkers etc.

Products in home trade: clothing materials, food items like garri, rice, maize, tomatoes; books and other writing materials, building materials and home furnishing: furniture appliances, etc.

SUB TOPIC:   FOREIGN TRADE

CONTENT

Foreign Trade:  This is the buying and selling of goods and services between two or more countries.  It is divided into Imports and Exports trade.

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