JSS1: BUSINESS STUDIES - 1ST TERM
Introduction to Business Studies | Week 14Topics|1 Quiz
The Office | Week 24Topics|1 Quiz
The Clerical Staff | Week 34Topics|1 Quiz
Right Attitude to Work | Week 45Topics|1 Quiz
The Departments in an Office or Organisation | Week 53Topics|1 Quiz
Introduction to Commerce | Week 63Topics|1 Quiz
Division of Commerce | Week 75Topics|1 Quiz
Production | Week 85Topics|1 Quiz
Factors of Production | Week 92Topics|1 Quiz
Definition of Trade
What is Trade?
Trade is the buying and selling of goods and services, in order to satisfy human wants. Before the introduction of money which serves as a medium of exchange, trade was carried out in the form of barter.
Trade by barter is a system where goods are exchanged for other goods. For example, a maize farmer exchanging his maize for the yam of another farmer.
Those who buy and sell to other people are called traders.
Trade can be broadly divided into two:
1. Home Trade.
2. Foreign Trade.