UNDERSTAND DIVISON OF LABOR IN LABOR MARKET Division of labour involves dividing a job into smaller jobs each of which will be performed by different person/persons. Each individual or each group of individuals performs a small part necessary to complete total job. Division of labor can be seen when different people opt different occupations e.g. … Read more
PRINCIPAL ECONOMIC ACTIVITTIES DEFINED PRODUCTION is the making of goods and services. EXCHANGE is the sale and purchase of goods and services DISTRIBUTION is the channeling of goods and services from their point of production to the final consumers usually through wholesalers and retailers OR Is the bringing of goods and services to the notice … Read more
COMMERCE AS AN ECONOMIC ACTIVITY -Crude exchange is the earliest form of exchange which involved the exchange of goods for goods. This exchange is also known as barter system. -It was not until peaceful contact between different groups of people became possible that the first commercial transaction took place. -AS societies improved their means of … Read more