Learn/WAEC WASSCE/Syllabus/CommerceStudy this course in LearnPractice opens in your WAEC WASSCE workspace after you sign in. Questions and lecture notes stay there.Practice this courseOpen lecture notesOfficial rules, eligibility, and dates stay on the WAEC WASSCE guide.course outlineINTRODUCTIONDefinition of Commerce and E-CommerceHistory/Background of CommerceScope of Commerce and E-CommerceFunctions of Commerce and E-CommerceOCCUPATIONMeaning of OccupationTypes of Occupation (Industrial, Commercial, Service)Factors that Determine Types of Occupation / Employment - Career OpportunitiesPRODUCTIONMeaning of ProductionFactors of Production (Land, Labour, Capital, Entrepreneurship)Types of Production (Primary, Secondary, Tertiary)Division of Labour/Specialization - MeaningDivision of Labour/Specialization - TypesDivision of Labour/Specialization - Advantages and DisadvantagesDivision of Labour/Specialization - LimitationInter-relationship Between Production and ExchangeBUSINESS UNITSMeaning and Objectives of BusinessForms of Business Units - Sole ProprietorshipForms of Business Units - PartnershipForms of Business Units - Co-operative SocietiesForms of Business Units - Credit Union and Thrift SocietiesForms of Business Units - Public EnterprisesForms of Business Units - CompaniesBusiness Units - Types, Formation, Characteristics, Comparison, Advantages and DisadvantagesSources of Capital of Each Form of BusinessAmalgamations - Meaning and PurposeMergers and Acquisitions - Meaning and PurposeTrust - Meaning and PurposeHolding Companies and Subsidiaries - Meaning and PurposeConsortium and Cartel - Meaning and PurposeDissolution/Liquidation of Companies/PartnershipTRADE ASSOCIATIONSAims and Functions of Trade AssociationsChamber of CommerceEmployers AssociationConsumer Association/ConsumerismBUSINESS CAPITAL AND PROFITSMeaning and Types of CapitalTypes of Capital - Authorized/Registered/Normal CapitalTypes of Capital - Called-up CapitalTypes of Capital - Paid-up CapitalTypes of Capital - Capital OwnedTypes of Capital - Liquid/Circulating CapitalCredit - Meaning, Sources, Instrument and FunctionsWorking Capital - Calculation and ImportanceProfits - Meaning, Types and CalculationTurnover - Meaning, Calculations and Factors AffectingTRADEHome Trade and Foreign Trade - Meaning and DifferencesRetail Trade - Functions of RetailerRetail Trade - Factors to Consider in Starting a Retail BusinessRetail Trade - Reasons for Success/FailureSmall Scale and Large Scale Retailing - Types of Retail OutletsRetail Outlets - Unit ShopsRetail Outlets - StallsRetail Outlets - HawkersRetail Outlets - KiosksRetail Outlets - Mobile ShopsRetail Outlets - SupermarketRetail Outlets - Chain StoresRetail Outlets - Department StoresRetail Outlets - Shopping MallsRetail Outlets - HypermarketsRetail Outlets - Mail Order BusinessSmall Scale and Large Scale Retailing - Main CharacteristicsSmall Scale and Large Scale Retailing - Advantages and DisadvantagesModern Trends in Retailing (Branding, Self-service, Vouchers, Vending Machines, Credit Cards)Wholesale Trade - Functions of WholesalersWholesale Trade - Types of WholesalersWholesale Trade - FactorsWholesale Trade - Merchant and Agent WholesalersFactors Making for Elimination and Survival of MiddlemenChannel of Distribution - Meaning and TypesChannel of Distribution - Factors for ChoiceForeign Trade - MeaningForeign Trade - Types (Import, Export, Entreport)International Trade - Basic Concepts (Terms of Trade)International Trade - Basic Concepts (Balance of Trade)International Trade - Basic Concepts (Balance of Payment - Favourable, Unfavourable, Visible/Invisible Items)International Trade - Basic Concepts (Bilateral and Multilateral Agreements)International Trade - Basic Concepts (Counter Trade)Foreign Trade - Advantages and DisadvantagesBarriers to Foreign Trade - Tariffs (Meaning and Reason)Functions of Port and Airport AuthoritiesFunctions of Customs and Excise AuthorityFunctions of Shipping, Clearing and Forwarding AgentsFunctions of Exports Promotion CouncilPURCHASE AND SALE OF GOODS IN HOME AND FOREIGN TRADEBusiness Documents - OrderBusiness Documents - IndentBusiness Documents - Consular InvoiceBusiness Documents - Ordinary InvoiceBusiness Documents - Credit/Debit NotesBusiness Documents - Proforma InvoiceBusiness Documents - Letter of HypothecationBusiness Documents - Documentary CreditBusiness Documents - Certificate of OriginBusiness Documents - Certificate of InspectionBusiness Documents - Insurance CertificatePrice Quotation - Trade DiscountPrice Quotation - Cash DiscountPrice Quotation - Quantity DiscountPrice Quotation - COD (Cash On Delivery)Price Quotation - CWO (Cash With Order)Price Quotation - CIF (Cost, Insurance, Freight)Price Quotation - FOB (Free On Board)Price Quotation - E & OE (Errors and Omissions Excepted)Price Quotation - Ex-worksPrice Quotation - LOCOPrice Quotation - FAS (Free Alongside Ship)Price Quotation - FOR (Free On Rail)Price Quotation - FrancoTerms of Payment (Cash/Spot, Purchase and Deferred Payment)Means of Payment - Legal Tender (Bank Notes and Coins)Means of Payment - ChequesMeans of Payment - Standing OrderMeans of Payment - Bank DraftMeans of Payment - StampsMeans of Payment - Postal OrdersMeans of Payment - Money OrdersMeans of Payment - Bills of Exchange and Promissory NoteMeans of Payment - Mail TransferMeans of Payment - Traveller's ChequesMeans of Payment - Telegraphic TransferMeans of Payment - E-paymentFINANCE AND FINANCIAL INSTITUTIONSMoney - MeaningMoney - Evolution/HistoryMoney - FormsMoney - Qualities and FunctionsTypes of Banks - Central BankTypes of Banks - Commercial BanksTypes of Banks - Development BankTypes of Banks - Mortgage BankTypes of Banks - Building SocietyTypes of Banks - Microfinance InstitutionsBureau-de-change - Meaning and FunctionsE-Banking - MeaningE-Banking - Forms (ATM, Money Transfer)E-Payment - Online TransferTypes of Accounts - Current Account (Main Features)Types of Accounts - Savings Account (Main Features)Types of Accounts - Fixed Deposit Account (Main Features)Insurance - MeaningInsurance Basic Principles - Utmost Good FaithInsurance Basic Principles - Insurable InterestInsurance Basic Principles - Indemnity and SubrogationInsurance Basic Principles - Contribution and Proximate CauseTypes of Insurance - Life Insurance (Whole Life Assurance, Endowment)Types of Insurance - Non-Life Insurance (Motor Vehicle, Fire, Fidelity, Burglary/Robbery/Theft, Accidents, Consequential Loss, Marine)Types of Risk - Insurable Risk (Fundamental, Pure, Particular)Types of Risk - Uninsurable Risk (Speculative Risk)Insurance - Importance to Business and IndividualInsurance - Procedure for Taking a PolicyUnderwriting - MeaningRe-insurance - Meaning and PurposeCapital Market - MeaningCapital Market - FunctionsMethods of Raising Funds by Companies - Offer for SaleMethods of Raising Funds by Companies - Offer for SubscriptionMethods of Raising Funds by Companies - Rights IssueMethods of Raising Funds by Companies - Private PlacementMethods of Raising Funds by Companies - Issue by TenderSecond Tier Security Market - Meaning and FunctionsSecond Tier Security Market - Advantages to Companies/PublicSecond Tier Security Market - Requirement for ListingStock Exchange (First Tier) - Meaning and FunctionsStock Exchange (First Tier) - ImportanceStock Exchange (First Tier) - TransactionsSpeculators - Meaning and TypesTypes of Security - SharesTypes of Security - StockTypes of Security - Bond Gilt EdgeTypes of Security - Debentures/Convertible LoansStock Exchange (First Tier) - Types of Tradable CommoditiesStock Exchange (First Tier) - Requirements for Trading (Grading, Standardizing, Warehousing, Clearing System)Stock Exchange (First Tier) - Method of Trading (Open Outcry and Electronic Mechanisms)Stock Exchange (First Tier) - BenefitsCommodity ExchangeTRANSPORT, TOURISM, COMMUNICATION and WAREHOUSINGTransport - MeaningTransport - ImportanceTransport - ChoiceTransport - Forms (Land, Water, Air, Pipeline)Transport - Advantages and Disadvantages of Each FormTransport Documents - WaybillsTransport Documents - Consignment NoteTransport Documents - TicketsTransport Documents - ManifestTourism - MeaningTourism - ImportanceTourism - FunctionsTourism - TypesTourism - AdvantagesCommunication - MeaningCommunication - Types (Oral, Written, Visual, Non-verbal, Non-visual, Traditional)Communication - Advantages and DisadvantagesPost Office - Importance and ServicesCourier Agencies and Other Communication Agencies (Telephone System, Satellite Services, Internet-Email)Computer Appreciation - MeaningComputer Appreciation - Component PartsComputer Appreciation - Advantages and DisadvantagesWarehousingADVERTISINGAdvertising - MeaningAdvertising - Roles, Advantages and DisadvantagesAdvertising - Types (Informative, Persuasive, Competitive, Mass/Specific)Advertising - Methods (Direct and Indirect)Advertising Media - Meaning, Choice and TypesINTRODUCTION TO MARKETINGMarketing - MeaningMarketing - ImportanceMarketing - FunctionsDifferences Between Market and MarketingDifferences Between Market and Marketing ResearchThe Marketing Mix (4Ps)Marketing Concept - MeaningMarketing Concept - Components (Products, Price, Place, Promotion)Customer Services - Types (Pre and After Sales Services)Sales Promotion - MeaningSales Promotion - Methods (Trade Fairs, Exhibitions, Gifts, Demonstration)Personal Selling - MeaningPersonal Selling - ImportanceLEGAL ASPECT OF BUSINESSAreas of Law Relating to BusinessContract - MeaningContract - Elements of a Valid ContractContract - DischargeAgency - MeaningAgency - CreationAgency - Duties and Responsibilities of Principals and AgentsAgency - TerminationSales of Goods ActHire Purchase ActRights and Obligations of Employer and EmployeeGovernment Regulation of Business (Patents, Copyright, Trademark)Registration of BusinessConsumer Protection - Meaning and UsesConsumer Protection - Need for ProtectionConsumer Protection - Means of ProtectionConsumerism - MeaningConsumerism - Means and Instruments of ProtectionGovernment Legislation (Food and Drugs Act, Standard Organization Act, Price Control Act, Factory, Shops and Offices Act, Product Quality)GOVERNMENT POLICIES RELATING TO BUSINESSCommercialisation - Meaning and ReasonsPrivatisation - Advantages and DisadvantagesDeregulation - Comparison/DifferencesINTRODUCTION TO BUSINESS MANAGEMENTBusiness Management - MeaningObjectives of BusinessBusiness Management - FunctionsBusiness Resources (Man, Money, Materials, Opportunities/Goodwill)Structure of Business Organizational Setup - Organizational ChartStructure of Business Organizational Setup - DepartmentsStructure of Business Organizational Setup - Functions of Each DepartmentOrganizational Setup - AuthorityOrganizational Setup - Delegation of AuthorityOrganizational Setup - ResponsibilityOrganizational Setup - Span of ControlBusiness and its Environment (Economical, Political, Competition, Technological)Social Responsibility of Business to SocietyImportance of Inter and Intra-departmental CommunicationsECONOMIC GROUPINGSHistory of Economic GroupingsECOWASNigerbasin Commission (NBC)Lakechadbasin Commission (LCBC)Mano-River UnionEuropean UnionWest African Clearing HouseMembership of Economic GroupingsObjectives of Economic GroupingsAchievements of Economic GroupingsProblems/Obstacles of Economic Groupings
