Commerce Form 1

Indice

1. 1. Production

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   Lezioni sugli argomenti

   • Human wants, goods and services
   • Factors of production and their rewards
   • Types and levels of production
   • Division of labour and specialisation
   • Value added in the chain of production
   • Summary

   What is production? Production is the creation of goods and services that satisfy human wants. In commerce, production is not only making things in a factory. It includes every activity that adds value to a product until it reaches the final consumer. A farmer growing maize in Mbeya, a miller grinding it into flour, a…

2. 2. The Scope of Commerce

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   Lezioni sugli argomenti

   • Meaning of commerce
   • Barter trade and the coming of money
   • Trade: home trade and foreign trade
   • Aids to trade
   • Commerce, trade and industry; importance of commerce
   • Summary

   Meaning of commerce Commerce is the part of production that deals with the exchange of goods and services and all the activities that help this exchange to take place. Commerce links producers with consumers. Without commerce, a farmer in Ruvuma could not sell rice to a family in Dar es Salaam, and a factory could not…