SS1 First Term Commerce Lesson Note – Trade

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WEEK 8

SUBJECT: COMMERCE

CLASS: SS1

TOPIC: TRADE.

CONTENT:

• Meaning of trade and types
• Relationship between/among the different, types of trade.

SUB TOPIC 1: MEANING OF TRADE AND TYPES OF TRADE MEANING OF TRADE

Trade is the act of buying and selling of goods and services. People trade with the aim of making profit in order to cater with their needs.

Types of Trade

• Home /Local/Internal/Domestic Trade
• Foreign/external/International Trade
• Entre-port

1. Home /Local/Internal/Domestic Trade: This is the buying and selling of goods and services within a country. Buying of goods and services that take place in from Lagos to Port Harcourt, Onitsha and Aba is home trade. It is within Nigeria.

Type of Home /Local/Internal/Domestic Trade

1. Retail Trade: Retail trade is when the retailer buys goods in small quantity from the wholesaler or the manufacturer and sells them in bits to the final user (consumer).
2. Wholesale Trade: This is trade in which the purchaser buys goods in bulk or large quantity from the producer or Manufacturer and sells in small quantity to the retailer.

2. Foreign/external/International Trade

Foreign trade is buying and selling of goods and services involving countries of the world. Foreign trade is the exchange, buying and selling of goods and services between two or more countries. When Nigeria sells crude oil and gas to Japan, China or the United Kingdom, it is international trade.

Types of Foreign/external/International Trade

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