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SS1: COMMERCE - 2ND TERM

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  1. Modern Trends in Retail Business | Week 1
    2 Topics
    |
    1 Quiz
  2. The Wholesaler | Week 2
    5 Topics
    |
    1 Quiz
  3. Warehouse | Week 3
    3 Topics
    |
    1 Quiz
  4. Foreign Trade (International) | Week 4
    6 Topics
    |
    2 Quizzes
  5. Tariffs & Reasons for The Imposition of Tariffs | Week 5
    5 Topics
    |
    1 Quiz
  6. Functions of Customs & Exercise | Week 6
    4 Topics
    |
    2 Quizzes
  7. Commodity Exchange | Week 7
    7 Topics
  8. Sole Proprietorship | Week 8
    2 Topics
    |
    1 Quiz
  9. Partnership | Week 9
    5 Topics
    |
    6 Quizzes
  10. Money | Week 10
    3 Topics
    |
    2 Quizzes



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(i) Grading System: It is a systematic procedure and process involved in examining and sorting tradable commodities in order to meet up with the world standard. It is done by licensed agents who specialized in sorting, classifying, and refining tradable commodities.

(ii) Warehousing: This is a process and means whereby tradable commodities are stored or kept for a specified future time to satisfy trading purposes. To avoid the incidence of price fluctuation by farmers or miners, there has to be a warehouse of commodities. Warehousing also help to meet market demand at all seasons

(iii) Clearing Systems: This involves the movement of traded commodities from the warehouse to a specified market for the purpose of exchange.

(iv) Simplification: This enables only the volume of tradable commodities that can be exchanged for good values to be selected. So simplification is the process of reducing wasteful and irrelevant commodity which may not contribute to an effective exchange process.

(v) Quality Control: This a process of ensuring graded and simplified commodities to meet or conform to a predetermined standard. It is necessary to establish quality standards of a commodity in such areas as the weight, colour, appearance, performance, etc.

(vi) Fixing of Prices: This is a requirement which involves the determination of the prices of commodities at a particular period or season. Prices are determined due to the prevailing global standards and conditions of the market as a whole.

(vii) Commoditization: It helps to differentiate products whose prices vary due to some subjective factors like brand, design, image, deference in market condition, etc.

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