Welcome great EduPodian, here is your First Term SS1 Commerce Scheme of Work and the excerpt of the First Term SS1 Commerce Lesson Note.
Scheme of Work:
1 Meaning, Scope and Functions of Commerce.
2 Occupation
3 Production
4 Division of Labour, Specialization and Exchange
5 Retail Trade
6 Small Scale Retailing
7 Large Scale Retailing
8 Modern Trends in Retailing
9 Wholesale Trade
10 Warehousing
11 Revision
12 Examination
WEEK ONE
TOPIC: MEANING, SCOPE AND FUNCTIONS OF COMMERCE
CONTENT
• The Importance of Commerce
• History of Commerce in Nigeria /West Africa
• Divisions of Commerce
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 earn a living.
THE IMPORTANCE (FUNCTIONS) OF COMMERCE
1. It provides employment opportunities for the people.
2. It makes production and exchange of goods and services possible.
3. It improves the standard of living of people by making modern goods available.
4. It aids national and international co-operation by ensuring inter-dependence of nations
5. It facilitates division of labour and specialization.
6. It brings technological innovation and aids infrastructural development.
STAGES IN THE HISTORY AND DEVELOPMENT OF COMMERCE
(i) Earliest time: – Production was subsistent in nature.
(ii) Exchange of goods and services by barter.
(iii) Exchange of goods and services through the use of commodity money.
(iv) Introduction of money – notes and coins as a medium of exchange
(v) Improvement in aids to trade.
EVALUATION
1. What is Commerce?
2. State four functions of Commerce .
FACTORS THAT DELAYED THE DEVELOPMENT OF COMMERCE IN NIGERIA/ WEST AFRICA
1. Political instability
2. Low savings
3. Absence of developed markets
4. Poor communication system
5. Illiteracy
6. Inadequate capital
7. Low level of technology
8. Inadequate infrastructural facilities / poor infrastructural facilities
9. Low National income
FACTORS THAT HAVE CONTRIBUTED TO THE GROWTH OF COMMERCE IN NIGERIA/WEST AFRICA
1. Development of modern techniques of production
2. Political stability
3. Development of financial institutions
4. Development of efficient means of transportation and communication
5. Availability of warehousing facilities
6. Improvements in aids to trade e.g. Insurance, Advertising etc
7. Advancement in levels of education / literacy
DIVISIONS OF COMMERCE
Commerce can be grouped into two main branches or divisions namely:
1. Trade
2. Aids to trade
The aids to trade can be subdivided into:
(a) Transport (b) Insurance (c) Banking and Finance (d) Advertising
(e) Warehousing (f) Communication (g) Tourism
EVALUATION
1. Why is Commerce so essential to modern Society?
2. Set out carefully the principal divisions of Commerce and give an idea of the relative importance of each division.
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