Introduction to Commerce Business Studies JSS 1 First Term Lesson Notes Week 8

Business Studies JSS 1 First Term Lesson Notes

Subject: Business Studies
Class: JSS 1
Term: First Term
Week: 8
Age: 10-12 years
Topic: Introduction to Commerce
Sub-topic: Definition, Importance, and Activities that Aid Commerce
Duration: 40 minutes

Behavioural Objectives:

By the end of the lesson, students should be able to:

1. Define commerce.
2. List and explain the importance of commerce.
3. Identify activities that aid commerce.

Keywords: Commerce, trade, exchange, goods, services, economy, aids to trade

Set Induction:

The teacher asks students how their parents or guardians buy goods like food, clothes, and furniture, leading to a discussion about trade and commerce.

Entry Behaviour:

Students likely have experience with buying and selling goods in their homes and communities.

Learning Resources and Materials:

• Whiteboard/Chalkboard
• Markers/Chalk
• Business Studies textbooks
• Pictures showing examples of commerce activities (e.g., shops, markets)

Building Background/Connection to Prior Knowledge:

Students are familiar with trade and the process of buying and selling goods in their environment. They understand that goods and services are exchanged in markets.

Embedded Core Skills:

• Critical thinking
• Communication
• Teamwork

Learning Materials:

• Lagos State Scheme of Work (JSS 1 Business Studies)
• Business Studies textbooks

Instructional Materials:

• Flashcards with definitions of commerce-related terms
• A diagram showing various commerce activities like transportation, banking, and communication

Content:

1. Definition of Commerce:
   Commerce is the exchange of goods and services between people or businesses. It involves buying, selling, and other activities that help to move goods from the producer to the consumer. Commerce ensures that goods and services are available where and when they are needed.
2. Importance of Commerce:
   Commerce plays an essential role in the economy. Some of its importance includes:
   • Facilitates Trade: Commerce helps to move goods from one place to another, ensuring that people can buy products they need, even if they are not produced locally.
   • Creates Jobs: Many people work in businesses that are involved in commerce, such as banking, transportation, and retail.
   • Promotes Economic Growth: Commerce contributes to the development of the economy by encouraging production, distribution, and consumption of goods and services.
   • Ensures Availability of Goods and Services: Through commerce, people can access goods and services, making life more comfortable and convenient.
   • Promotes International Relations: Commerce helps in trading with other countries, leading to economic cooperation and growth.
3. Activities that Aid Commerce:
   Commerce involves several activities that help to move goods and services from the producer to the consumer. These activities include:
   • Transportation: Moving goods from one location to another using vehicles, ships, airplanes, etc.
   • Banking: Providing financial services like loans, savings, and money transfers to support trade.
   • Advertising: Promoting products and services to attract buyers.
   • Insurance: Protecting businesses and goods against losses.
   • Warehousing: Storing goods until they are needed for sale.
   • Communication: Facilitating the exchange of information between buyers and sellers, which helps in making trade decisions.
   • Retailing: Selling goods directly to consumers.
   • Wholesaling: Buying goods in bulk and selling them to retailers.

Evaluation (Fill in the Blank):

1. Commerce involves the exchange of __.
   a) ideas
   b) goods and services
   c) food
   d) information
2. The main purpose of commerce is to __ goods and services.
   a) destroy
   b) produce
   c) exchange
   d) advertise
3. Commerce helps to move goods from the __ to the consumer.
   a) teacher
   b) producer
   c) bank
   d) warehouse
4. One of the activities that aid commerce is __.
   a) sleeping
   b) advertising
   c) resting
   d) communication
5. A person who buys in bulk and sells to retailers is called a __.
   a) wholesaler
   b) consumer
   c) banker
   d) transporter
6. The role of __ is to promote products and services.
   a) advertising
   b) transportation
   c) insurance
   d) wholesaling
7. __ stores goods until they are needed for sale.
   a) Transportation
   b) Warehousing
   c) Communication
   d) Retailing
8. The __ department provides financial services to support trade.
   a) education
   b) banking
   c) advertising
   d) insurance
9. A __ sells goods directly to consumers.
   a) producer
   b) wholesaler
   c) retailer
   d) warehouse
10. Insurance is used to protect __ against losses.
    a) schools
    b) goods
    c) banks
    d) transport
11. The passing of information from one person to another is known as —–(a) banking (b) communication (c) transportation
12. The creating of awareness of the existence of old and new goods to the public is called –—— (a) advertising (b) insurance (c) transportation
13. Where raw materials and finished goods are kept is known as ——–(a) warehouse (b) banking (c) communication
14. The person that takes insurance policy is called —(a) insured (b) insurer (c) insurance
15. The three methods of transportation are (a) road, bus and car (b) land, air and water (c) land , water and road

Class Activity Discussion (FAQs):

1. What is commerce?
   Commerce is the exchange of goods and services between people or businesses.
2. Why is commerce important?
   Commerce helps to move goods from one place to another, creates jobs, and promotes economic growth.
3. How does transportation aid commerce?
   Transportation helps to move goods from one location to another, making it easier for people to access them.
4. What role does banking play in commerce?
   Banking provides financial services like loans, savings, and money transfers that help businesses trade.
5. Why is advertising important in commerce?
   Advertising promotes products and services to attract more customers.
6. How does warehousing help commerce?
   Warehousing stores goods until they are ready to be sold, ensuring they are available when needed.
7. What is the difference between a wholesaler and a retailer?
   A wholesaler buys goods in bulk and sells them to retailers, while a retailer sells directly to consumers.
8. How does communication aid commerce?
   Communication helps buyers and sellers exchange information, leading to better trade decisions.
9. What is insurance in commerce?
   Insurance protects businesses and goods from potential losses.
10. How does commerce promote international relations?
    By enabling trade between countries, commerce promotes economic cooperation and growth.

Presentation:

• Step 1: The teacher revises the previous topic on departments in an organization.
• Step 2: The teacher introduces the new topic by defining commerce and explaining its importance and activities that aid commerce.
• Step 3: The teacher allows the students to give examples of how commerce is practiced in their communities.

Teacher’s Activities:

• Defines commerce and explains its importance in the economy.
• Lists the activities that aid commerce, such as transportation, banking, and advertising.
• Uses examples to show how different activities contribute to the movement of goods and services.
• Commerce is the study of trade and aids to trade. It is concerned with the exchange of goods and services and the agencies that facilitate the exchanges. Branches of Commerce

  These are the two areas of commerce: Trade and Aids to Trade. Trade refers to the act of buying and selling of goods and services. Aids to trade refer to that other activities that help facilitate trade.

  IMPORTANCE OF COMMERCE

  1. Commerce serves as a link between manufacturers, wholesalers and retailers
  2. Provides employment
  3. Creates awareness of goods and services through advertising
  4. Enhances a good banking system
  5. Revenue for the government
  6. Creates the need for road improvement and infrastructure which lead to development of economy
  7. Minimizes risk in business through agencies of insurance
  8. Encouraged friendship and international cooperation between nation

Learners’ Activities:

• Participate by giving examples of commerce activities they are familiar with.
• Take notes on the importance of commerce and its aiding activities.
• Answer questions and ask for clarification where needed.

Assessment (Short Answer Questions):

1. What is the meaning of commerce?
2. List three activities that aid commerce.
3. What is the function of advertising in commerce?
4. How does banking help in commerce?
5. Explain the role of transportation in commerce.
6. Why is warehousing important for trade?
7. What does insurance do in commerce?
8. What is the difference between a wholesaler and a retailer?
9. How does communication support trade?
10. List two ways commerce benefits the economy.
11. State three services provided by bank in order to facilitate trade.
12. How does businesses safeguard against unforeseen events?
13. Explain transportation as an aid to trade.
14. Explain advertising as an aid to trade.
15. What do you understand by the term Aids to trade?
16. State the aids to trade.

Conclusion:

The teacher moves around the class, reviewing the students’ work, providing necessary corrections, and ensuring that they understand the meaning and importance of commerce and the activities that support it.