DESCRIPTIVE ANALYSIS 0F PRODUCTION DEFINITIONS Production is the process by which human beings creates goods and services which consumers are prepared to purchase in order to satisfy their wants. DESCRIPTIVE ANALYSIS 0F PRODUCTION DEFINITIONS Production may be defined in several approaches; A) PRODUCTION AS THE SATISFACTION OF EFFECTIVE DEMAND Production is the satisfaction of effective demand. .-Production comprises a variety …
Read More »SIGNIFICANCE OF COMMERCE TOWARDS SOCIAL-ECONOMIC DEVELOPMENT
SIGNIFICANCE OF COMMERCE TOWARDS SOCIAL-ECONOMIC DEVELOPMENT Commerce creates utility which is the ability of a commodity to satisfy a human want. Commerce creates such utilities as; -Time utility, -Place utility, -Ownership utility, and -Possession utility. By taking the goods to the consumers where and when they want them. COMMERCE AND ACCOUNTANCY -As far as general analysis, classification, recording and control …
Read More »PRODUCTION, COMMERCE AND CONSUMPTION
PRODUCTION, COMMERCE AND CONSUMPTION -Production, commerce and consumption are three main parts of one continuous chain of events whose aim is to satisfy human wants. -Commerce is a part of production. Goods produced may be produced to consumers only after they have been manufactured or put in a form in which they can be consumed. -Production process is not complete …
Read More »SIMILARITIES OF COMMERCE AND ECONOMICS
SIMILARITIES OF COMMERCE AND ECONOMICS -Commerce is an important sub-division of the broader subject matter of the social sand analytical science –ECONOMICS. -Commerce is also referred to as DESCRIPTIVE OR PRACTIAL OR BUSINESS ECONOMICS since it deals with factual or practical element in economics. -In other words, business refers to the aggregate of economic activities carried on with a view …
Read More »OBJECTIVES OF BUSINESS RECENTLY DEVELOPMENTS
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 …
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