JSS2: BUSINESS STUDIES – 1ST TERM
Reception Office | Week 18Topics|1 Quiz
Office Correspondence | Week 25Topics|1 Quiz
Office Documents | Week 32Topics|1 Quiz
Trade | Week 42Topics
Aids to Trade | Week 53Topics|1 Quiz
Market | Week 64Topics|1 Quiz
Buying and Selling | Week 75Topics|1 Quiz
Distribution I | Week 84Topics|1 Quiz
Distribution II | Week 95Topics|1 Quiz
The Forms of Trade
Trade can be carried out in different forms, while some are carried out within the territorial boundaries of a country, others involve more than one country.
Trade can be broadly classified into two, namely:
1. Home trade.
2. Foreign trade.
1. Home Trade:
Home trade is concerned with the buying and selling of goods and services, produced within a country, to satisfy the wants of consumers. Home trade is also referred to as internal or domestic trade.
Home Trade can be sub-divided into two; wholesale trade and retail trade.
a. Wholesale Trade: Wholesale trade involves buying in bulk/large quantities from producers or manufacturers, and selling in small quantities to retailers.
b. Retail Trade: Retail trade involves buying in small quantities from the wholesaler, for resale to the final consumers.
Foreign trade, otherwise called international trade, is a trade involving two or more countries.
Foreign trade can be sub-divided into three;
a. Import: This involves buying goods produced in foreign countries and bringing them into our own country. Nigeria imports goods like cars, television sets, laptops, etc.
b. Export: This is the direct opposite of import. It involves selling locally produced goods and services, to other countries in need of them. Nigeria is a major exporter of crude oil. Other exported goods include cocoa, cassava, groundnut, etc.
c. Entrepot: This involves the re-exporting of goods already imported into a country.
The diagram below illustrates the two main types of trade and their subdivisions.