Topics in CommerceDivision of Labour and the Conditions necessary for it Forms, Advantages and Disadvantages of Division of Labour Balance of Trade and Balance of Payments Meaning and Types of Production Deferred payment and its benefits Commodity market explained Marketing Explained Meaning, Scope, Functions and Characteristics of commerce
Academic Questions in Commerce
QUESTION: What does a bearer cheque mean?
.For instance, if Mr. Jibola presents a bearer cheque to the bank, such cheque may have a different name written on it; e.g James John. Regardless, the cheque will still be made payable to Mr. Jibola
A bearer cheque is a cheque that is made payable to whoever presents it. The cheque can be presented by anyone regardless the name written on it
QUESTION: What is an order cheque?
An order cheque is a cheque made payable either to the person whose name is written on it OR on the order of the one who wrote the cheque. This implies that:
Forms of division of labour relates the various ways through which division of labour may be carried out. Take for instance, in a country like America, one state may choose to specialize in the production of a cars while another state specializes in another different area, lets say agriculture. Before we delve into the forms, advantages and disadvantages of division of labour, it is ideal you get a good understanding of what division of labour really is. Please read on division of labour here.
Below are some forms of division of labour
This form of division of labour relates to process specialization. This means that the work an organization does will be divided into different and specific processes. For instance, in a bottled water company, one person may be required to carry out water generation, another does water purification, another for bottling the water, another for adding labels to the bottled water while another does the transportation and sales. Mass production industries embark on this form of division of labour.
This form of division of labour relates to the various occupation available in a society, country or state. For instance, in every society, some are teachers, while others may be bankers, doctors, lawyers, architects and so on. In this way, the societal jobs are shared among people who are experts with regards to their respective occupation.
The geographical location of industries will affect this form of division of labour. For instance, a region like Nigeria may be specialized in production and export of petroleum while another region or state may be responsible for importing the fractions of petroleum like petrol and kerosene into Nigeria. Please read on the fractions of petroleum here. Also, the city of Bombay is distinguished for its cotton production, while the Democratic Republic of Congo is widely know for cobalt mining.
1. There is an increased production of quality goods and services in the market.
2. It promotes a country’s economic growth through an increased manufacture and exportation of quality goods and services.
3. Production industry maximizes the use of machines and technology because experts/professionals are responsible for their management.
4. Production industries make more profit as a result of increased production of goods and services.
5. There is an increased product competition in the market since every industry will work towards employing the best workers in their respective department.
6. The consumers will have a wide range of options for various commodities since there is an increased production of goods and services.
7. Employment opportunities will be increased because more people will be gainfully employed.
8. Division of labour saves time and expenses of training since one becomes better at the job they do repeatedly over a period of time.
9. Division of labour fosters the spirit of co-operation among workers.
10. It encourages an efficient use of machinery and tools by the workers since they work on their area of specialty.
1. It may become difficult to hold any of the workers accountable for poor sales since they were all cooperative in the processes of production.
2. The job becomes monotonous and boring since the worker does the same work over and over again.
2. Special skills and potential of workers may not be harnessed since they always do the same job.
3. If dismissed from work, the worker faces risk of unemployment because he or she is not diversified in work experience.
4. Some sets of workers may be under appreciated due to the nature of their specialization.
5. Over-dependence on the various departments of production may prove disastrous especially when an unexpected negative event occurs to a vital department of production.
6. If a crucial institution in a society, for instance, medical institution embarked on strike, lives will be lost. Also, the breakdown of the transport industry may affect the economic activity of a society.
7. A worker cannot claim the glory that comes along with a great job even when he does the most important aspect of the job.
8. If there is a limitation in the size of the market, division of labour will not feasible.
Amazing facts in Commerce
Amazon is an e-commerce website launched in 1995. It did not make any profit for its first seven years.
Amazon's first profit was in 2003. Its founder "Jeff Bezos" is the richest man in the world as at 2018/2019
NOTABLE POINTS IN Commerce
Commerce can be defined as the exchange of goods and services, usually for money and on a large scale that will require the transportation of such goods and services.
Commerce is very important to the life of any Nation for the following reasons:
A public company is not owned by an individual. Usually, it is owned by groups or a very large number of people.
The shares of a public company are traded freely on the stock exchange.
Below are some features of a public company
The four elements of the marketing mix are usually referred to as the 4 “P”. These are:
Think of marketing mix as the set of marketing tools that an industry or company uses to drive or accomplish its marketing objectives in the target market