JSS1: BUSINESS STUDIES - 1ST TERM
Introduction to Business Studies | Week 14 Topics|1 Quiz
The Office | Week 24 Topics|1 Quiz
The Clerical Staff | Week 34 Topics|1 Quiz
Right Attitude to Work | Week 45 Topics|1 Quiz
The Departments in an Office or Organisation | Week 53 Topics|1 Quiz
Introduction to Commerce | Week 63 Topics|1 Quiz
Division of Commerce | Week 75 Topics|1 Quiz
Production | Week 85 Topics|1 Quiz
Factors of Production | Week 92 Topics|1 Quiz
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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.