The Historical Background of Money Explain the historical background of money Commerce plays a fundamental role in the satisfaction of human wants. In primitive societies, the producers themselves were the consumers. Hence; they were compelled to provide themselves with foods, shelter and clothes. Under such circumstances, the question of commercial transactions or exchange of goods … Read more
Meaning of the Term Market from “Marketing” Define the term “market” from “marketing” Marketing are activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using … Read more
Communication Mining of the Term Communication Define the term communication Communication is the transmission of information from one point or person to another point or person. Involves two-way process of reaching mutual understanding, in which participants not only exchange (encode-decode) information, news, ideas and feelings but also create and share meaning. In general, communication is … Read more
The Meaning of the Term Transportation Define the term transportation Transport or transportation is the movement of people, animals and goods from one location to another. Modes of transport include air, rail, road, water, cable, pipeline and space. The field can be divided into infrastructure, vehicles and operations. Transport is important because it enables trade between persons, … Read more
Meaning of the Term Administration Define the term stock administration Are the overseeing and controlling of the ordering, storage and use of components that a company will use in the production of the items it will sell as well as the overseeing and controlling of quantities of finished products for sale. A business’s inventory is … Read more
Ware-Housing Management Ware-housing Management Meaning of the Terms Ware-housing and Ware-house Define the terms ware-housing and ware-house Warehousing is the institutional arrangement for the storage of goods i.e. receiving, storing and dispatching the goods to the uses. It is a very important aids to trade and through it trade can be operated efficiently. A warehouse is … Read more
Meaning of Wholesale Trade Define wholesale trade Wholesale trade is a form of trade in which goods are purchased and stored in large quantities and sold, in batches of a designated quantity, to resellers, professional users or groups, but not to final consumers. Also wholesale trade may be defined as marketing and selling merchandise to retailers, to … Read more
Meaning of Retail Trade Define Retail Trade Retail trade is the sale of goods in small quantities to consumers. OR is a business activity involving buying goods and retailing them to ultimate consumers without changing the physical and chemical form of goods. Retailer: One who sells goods or commodities directly to consumers. These items are … Read more
Theory of Supply The Meaning of Supply Explain the meaning of supply What Is Supply? In economics, we have two forces: the producer, who makes things, and the consumer, who buys them. Supply is the producer’s willingness and ability to supply a given good at various price points, holding all else constant. An increase in … Read more
Theory of Demand Demand is willingness (desire) and the ability to buy a certain quantity of a commodity at the going price at a specific period of time. Condition for effective Demand Willingness to buy Ability to buy Specific period of time Given price level Community Demand Schedule and Curves Draw demand schedule and curves … Read more