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Academic Questions in Commerce

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In commerce, the concept of paying in advanced is termed _.

A. Advanced payment

B. Up payment

C. Forward payment

D. Prepayment

E. Uphill payment

F. Adpayment

In commerce, the concept of 'buy now, pay later' is termed _.

A. Unadventurous payment

B. Buy on credit payment

C. Deferred payment

D. Postponed payment

E. Owed payment

F. Future payment

In commerce, which of the following is false with regards to a commodity?

A. A commodity must always have a market value

B. Rendered services are also instances of commodities

C. Products applicable to commodities can be bought or sold with money

D. A commodity must be standardized

E. A commodity must be usable upon delivery

F. Commodities can be traded in the futures market

Whatever is being marketed must always provide value to its potential consumers.

A. True

B. False

Which of the following is not a branch of marketing?

A. Merchandising

B. Promotions

C. Forex

D. Search Media Optimization

E. Social Media Optimization

F. Copywriting

Commerce

Types of specialization Specialization and Exchange Historical background of commerce in Nigeria Disadvantages of barter system Contract of Employment: Terms of employment contract Principle of Marketing: People as a marketing mix and their importance Principle of Marketing: Positioning as a marketing mix Principle of Marketing: Packaging as a marketing mix Elements of promotion in marketing mix Principle of Marketing: Promotion as a marketing mix Principle of Marketing: Place as a marketing mix Principle of Marketing: Price as a marketing mix Principles of Marketing: The seven principles of marketing mix Factors necessary for division of labour Disadvantages of division of labour Advantages of division of labour Concept of Outbound Marketing Inbound Marketing explained Types of production in commerce Commerce: Definitions and Scopes of Commerce Differences between balance of trade and balance of payments Balance of payment deficit and balance of payment surplus Disadvantages of foreign trade Divisions of foreign trade Advantages of foreign trade What is foreign trade? Types of foreign trade Scheme of Work for Commerce, SS1, First Term Scheme of work for Commerce, SS1, Second Term Scheme of work for Commerce, SS1, Third Term What is division of labour? Forms of division of labour Balance of Trade and Balance of Payments Production: Definitions and examples of production Deferred payment explained with its advantages Commodity Market: Types and Importance of Commodity Market What is Marketing? Branches of Marketing Functions and Characteristics of Commerce

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NOTABLE POINTS IN Commerce

The theory of international trade is guided by the principle of comparative cost. This principle was propounded by David Richards.

The principle of comparative cost states that a country should specialize in the production of goods and services in which they have a greater comparative advantage or the least comparative disadvantage.

Below is an instance on the principle of comparative cost.

Now, let us assume we have two countries producing and exporting rice and beans respectively.

On a daily basis, If country A produces 100 grams of rice and 300 grams of beans daily and country B produces 50 grams of rice and 150 grams of beans, then according to this principle, country A has an advantage over country B with regards rice and beans production; but better still, country A has a greater comparative advantage in the production of beans.

From the above instance, it can also be said that country B is at a disadvantage with regards to the production of rice and beans. Infact, it has a bigger comparative disadvantage with regards to beans production.

The point to note here is this: A country utilizing the principle of comparative cost will always produce quality goods and services at a cheaper cost.