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 … Read more
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 … Read more
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. … Read more