Junior Secondary School Business Studies JSS 1
Introduction to Business studies.
FIRST TERM E – LEARNING NOTES
SUBJECT: BUSINESS STUDIES
CLASS: JSS 1 (BASIC 7)
Introduction to commerce: meaning of commerce, importance of commerce and activities that aid commerce,
Previous lesson :
The pupils have previous knowledge of
,factors that causes people to lie ,consequence of not being truthful, meaning of fair play ,attributes of fair play such as equity, openness and impartiality
Behavioural objectives :
At the end of the lesson, the pupils should be able to
- EXPLAIN THE MEANING OF COMMERCE
- WRITE OUT THE IMPORTANCE OF COMMERCE
- LIST THE AIDS TO COMMERCE
Instructional Materials :
- Wall charts
- Related Online Video
- Flash Cards
Methods of Teaching :
- Class Discussion
- Group Discussion
- Asking Questions
- Role Modelling
- Role Delegation
Reference Materials :
- Scheme of Work
- Online Information
- 9 Year Basic Education Curriculum
INTRODUCTION TO COMMERCE
- Meaning and importance of commerce
- Activities which aids commerce.
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
- Commerce serves as a link between manufacturers, wholesalers and retailers
- Provides employment
- Creates awareness of goods and services through advertising
- Enhances a good banking system
- Revenue for the government
- Creates the need for road improvement and infrastructure which lead to development of economy
- Minimizes risk in business through agencies of insurance
- Encouraged friendship and international cooperation between nation
ACTIVITIES THAT AID TRADE/AIDS TO TRADE
There are various services which facilitate trade. These services are known as Aids to trade. These are:
1.Banking Services are provided by an institution set-up to help business transactions. Such banking services are:
2. Providing business with capital: Capital is the money a businessman needs to enable him carry on his business.
(b) Accepting money as deposits: Bank accepts to keep money made out of business safely until it is needed for business transaction.
(c) Helping business to transfer money: Banks help business to transfer money from one place to another.
(ii) Insurance: This is a measure taken to safeguard against risk of life or property. The insurance company is called the insurer while the person taking out the policy is called the insured. There are insurance coverage for fire hazards, theft of goods, goods under shipment and goods in the warehouse. In the event of any risk the insured will be indemnified (i.e. compensated the insured for the loss).
(iii) Communication: This is the passing of information from one person to another. Buying and selling of goods requires communication between two or more persons. To facilitate communication between the sellers and the buyers, there are organizations which provide aid to both parties. The Nigerian postal services (NIPOST) and the Nigerian Telecommunication Limited (NITEL) and Courier Organizations such as United Parcel Services (UPS) provide communication services to business.
iv). Advertising: This is the creating of awareness of the existence of new and old goods. This is done through the following means of advertising: Newspaper, magazines, radio, television, bill boards etc.
(v) Warehousing: This is the act of storing goods in a warehouse until they are needed. Goods are sometimes stored for future use. This storage function is performed by the warehouse.
(vi) Transportation: This is carrying of goods and persons from one place to another by land, air and sea. Transport helps persons and goods to reach where they are needed
The topic is presented step by step
The class teacher revises the previous topics
He introduces the new topic
The class teacher allows the pupils to give their own examples and he corrects them when the needs arise
The class teacher wraps up or conclude the lesson by giving out short note to summarize the topic that he or she has just taught.
The class teacher also goes round to make sure that the notes are well copied or well written by the pupils.
He or she does the necessary corrections when and where the needs arise.
- State three services provided by bank in order to facilitate trade.
- How does businesses safeguard against unforeseen events?
- Explain transportation as an aid to trade.
- Explain advertising as an aid to trade.
- The passing of information from one person to another is known as —–
(a) banking (b) communication (c) transportation
- The creating of awareness of the existence of old and new goods to the public is called –—— (a) advertising (b) insurance (c) transportation
- Where raw materials and finished goods are kept is known as ——–
(a) warehouse (b) banking (c) communication
- The person that takes insurance policy is called —
(a) insured (b) insurer (c) insurance
- The three methods of transportation are (a) road, bus and car (b) land, air and water (c) land , water and road
- What do you understand by the term Aids to trade?
- State the aids to trade.
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