JSS3 Second Term Social Studies Lesson Note – National Economy

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WEEK FIVE

TOPIC: NATIONAL ECONOMY

National Economy can be defined as a nations financial resources and its financial managements with a view towards its production. It consists of economic agencies that takes part in production, exchange, distribution and consumption.

ECONOMIC ACTIVITIES

Examples of economic activities as trade.

Trading: it is an act of buying and selling of goods and services

Trade can be divided into two (i) Home trade (ii) Foreign trade

TRADE

Home Trade: (a) Wholesale trade   (b) Retail trade                     

Foreign Trade: (a) Import (b) Export

Home Trade: This is the trade which operates within a country. It can also be referred to as internal trade. This trade can be practiced into two ways which are (i) Wholesales trade and (ii) Retail trade.

Wholesale Trade: This involves buying of goods in large quantities from the produces and sell directly to the retailers or consumers.

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