Category: Commerce

Commerce is the study of business activities.It is a division of trade or production which deals with the exchange of goods and services from the producers to the final consumers. A producer is someone who produces goods, while a consumer Read More …

Satisfies the increasing human wants. Human wants are never ending. They are classified as basic and secondary wants Has made distribution and has led to movement of goods from one part of the world to the other. Commerce has greatly Read More …

SCARCITY The term scarcity is used to describe the limited nature of economic resources. CHOICE Scarcity of economic resources makes choice essential such that human wants can’t be satisfied. The choice is made with a scale of preference. OPPORTUNITY COST Read More …

This is an order on which human wants are satisfied.at the top are the most pressing needs while at the bottom are the less pressing wants. NB. Different people differ in terms of preferences. When given the same resources at Read More …

They are classified into two groups. 1. Basic human needs – This are things one cannot do without  e.g.food. They always come at the top for the scale of preference and failure to satisfy them one can lead a miserable Read More …

One can’t do without them. They are felt needs Can’t be postponed They are satisfied before secondary wants. DIFFICULTIES IN SATISFYING HUMAN WANTS Although human wants are there to satisfy man with lives requirements, it is not always possible to Read More …

They are many, numerous and unlimited. They continually change with time and other factors. Some are repetitive e.g.supper, lunch etc. Wants are competitive Wants are complementary-Used together e.g. shoe polish and a shoe. Wants are habitual that they always occure.g.toothpaste, Read More …

Commerce is a social science associated to trade and aids to trade, involving distribution and exchanges. Trade is the exchange of goods (buying and selling) with the aim of making profit. Aids to trade -This are services that facilitate trade Read More …

Through regulation – this is mainly through licensing of businesses.the government licenses businesses for reasons such as; Ensuring traders engage in business activities for which they have licenses. Controlling of illegal business in the country. Ensuring those who engage in Read More …

To correct for market failure (this mainly arises where the buyers and sellers lack information and don’t understand the prevailing market conditions). i.e. to close the information gap. To achieve a more equitable distribution of wealth and income. To improve Read More …