Education

OBJECTIVES OF BUSINESS RECENTLY DEVELOPMENTS The following are social economic and human objectives of business; ECONOMIC OBJECTIVES -To earn profit through production and selling of goods and services -To have fair dealings with business financiers including trade creditors, debenture holders, commercial banks and other financial institutions by paying them accordingly. -To expand the market size through creation of more customers …

COMMERCIAL ACTIVITIES UNDERTAKEN BY INDUSTRIALISTS How industrialists engage in commerce? All those, then who produce raw materials or who make goods are employed in industry, whereas those who buy, or sell or distribute them, or who facilitate their purchase, sale or distribution, are employed in commerce. In buying raw materials from a producer, in storing them and the finished goods, …

BARTER SYSTEM IN MODERN TIMES EXPLAINED IN DETAILS Although barter system is not common nowadays, to some extent is applied mostly in international transactions whereby countries opt to exchange goods for goods in some situations. Also such system is still prevailing in very backward societies especially those found in third world countries where people are forced to exchange goods to …

FACTORS INFLUENCING DIVISION OF LABOUR   MARKET SIZE-If the market is large enough to absorb all produced goods and services, the division of labour will be big and opposite. FIRM SIZE-If the firm is small the number of workers in various processes will be few and division of labour as well will be limited and vice versa. THE LEVEL OF TECHNOLOGY-If …

ADVANTAGES OF DIVISION OF LABOUR/SPECIALIZATION 1) INCREASE EFFICIENCY-A person who performs the same job everyday becomes more efficient in his operations. 2) TIME SAVING-No time is wasted by moving from one task to another. 3) MECHANIZED PRODUCTION-Makes it possible the greater use of machinery. Complex process can be broken down into simple operations each conducted with use of different machines …