Good morning guys! This is commerce lecture room.
TUTOR
Nelsizzy
yomieluv
BEST OF LUCKS

Welcome Jambites. I would be your commerce tutor. I just want to let you know that jamb isnt as hard as it looks, you just need to be determined, study hard, believe in yourself and most importantly look up to God. I hope to impact positively while also increasing my knowledge.

For extensive reading this syllabus should be followed.....
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JAMB syllabus for commerce.
1. Commerce
2. Occupation
3. Production
4. Trade
5. Trade Documents
6. Stock Market
7. Aids-to-trade
8. Element of Marketing
9. Contract
10. Business Management
11. Money
12. Trade association
13. Business Units
14. Business Financing

Letz begin. Sori i came late.

PRODUCTION
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.Production may be defined as transformation of raw materials or semi finished goods into finished. In other words production can be define as the creation of utility whereas utility is the satisfaction derived from the use or consumption of a particular products.
During production, the various factors of production (land, labour, capital n entreprenuer) must be combined to achieve a quality produce.

Types of production
There r basically three types of production which are:
Primary production: It mainly deals with the extraction or removal of minerals from the earth surface. Various activities that we are familiar with falls under it. Examples include fishing, minning etc.
Secondary production: This involves d manufacturing of goods or d construction of structures.
Teritary production: It involves the provision of servicies. Teritary production cant be consumed but seen or felt. Examples include services provided by barbers, banks, tourism etc.

Production could also be defines as the creation of utility.

Nelsizzy:
PRODUCTION
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.Production may be defined as transformation of raw materials or semi finished goods into finished. In other words production can be define as the creation of utility whereas utility is the satisfaction derived from the use or consumption of a particular products.
During production, the various factors of production (land, labour, capital n entreprenuer) must be combined to achieve a quality produce.

Types of production
There r basically three types of production which are:
Primary production: It mainly deals with the extraction or removal of minerals from the earth surface. Various activities that we are familiar with falls under it. Examples include fishing, minning etc.
Secondary production: This involves d manufacturing of goods or d construction of structures.
Teritary production: It involves the provision of servicies. Teritary production cant be consumed but seen or felt. Examples include services provided by barbers, banks, tourism etc.

This is simplicity at its peak. Ride on bro, I gat ur back.

Still on production..

Production can be divided into two forms- consumer goods,and capital goods.

Consumer goods- these are goods that are produced for immediate consumption..eg- bread,milk.etc.

Capital goods- these are goods that are produced to assist in further production of other goods.-machinery.etc.

Production can either be direct,or indirect..

Direct production is the production,usually on a small scale,not for sale,and usually the use of crude tools..

Indirect production is the production meant for sale,produced on a large scale,and it involves the use of machine,or machinery..

Yomieluv:
Still on production..

Production can be divided into two forms- consumer goods,and capital goods.

Consumer goods- these are goods that are produced for immediate consumption..eg- bread,milk.etc.

Capital goods- these are goods that are produced to assist in further production of other goods.- machinery.etc.

Production can either be direct,or indirect..

Direct production is the production,usually on a small scale,not for sale,and usually the use of crude tools..

Indirect production is the production meant for sale,produced on a large scale,and it involves the use of machine,or machinery..

thanks for the lecture bro *winks*

Factors of production.

These are inputs of production. There are four factors of production,namely:

1.Land.

2.Labor.

3.Capital.

4.Entrepreneur.

Am going to explain each of them.

Land-this is a free gift of nature,which has no cost of production. Its anything supplied freely by nature above the ground,and beneath the earth surface..the reward of land is rent..eg- gold,fishes,animal,coal,solar.etc. Land plays a very important role in production because of the following reasons:
A. It helps in supply of raw materials.
b. it helps in providing site for construction.

Land has the following characteristics-

It is immobile.

It is subject to depreciation.

It is a passive factor of production.

It is fixed in supply.

Its quality varies.

I stand to be corrected, how is land subject to depreciation? When you and I know that appreciate.

Yomieluv:
Factors of production.

These are inputs of production. There are four factors of production,namely:

1.Land.

2.Labor.

3.Capital.

4.Entrepreneur.

Am going to explain each of them.

Land-this is a free gift of nature,which has no cost of production. Its anything supplied freely by nature above the ground,and beneath the earth surface..the reward of land is rent..eg- gold,fishes,animal,coal,solar.etc. Land plays a very important role in production because of the following reasons:
A. It helps in supply of raw materials.
b. it helps in providing site for construction.

Land has the following characteristics-

It is immobile.

It is subject to depreciation.

It is a passive factor of production.

It is fixed in supply.

Its quality varies.

GoldenDr:
I stand to be corrected, how is land subject to depreciation? When you and I know that appreciate.

when an activity takes place on land,whatever it is producing Becomes less,and less in output..

This explains why farmers do crop-rotation to mention few.

GoldenDr:
I stand to be corrected, how is land subject to depreciation? When you and I know that appreciate.

Cn u buy a pice of land dat waz intially on sale for 5 million at that rate after erosion took place on that same land?

You can post your JAMB past questions and i will try to simplify the answers.......

Yomieluv:
when an activity takes place on land,whatever it is producing Becomes less,and less in output..

This explains why farmers do crop-rotation to mention few.

in the general sense, land doesn't depreciate. Even if the land is used for croping, I know the land may lose nutrients over time, but that still doesn't diminish its value. Nutrients of land can be rekindled through the use of manures. And if peradventure the land user cannot wait for the fatalizing period, considering the months it will take for it to give effective result, the land can be used for live-stock farming. That is the dynamism of land. I stand to be corrected.

smithsammy:
in the general sense, land doesn't depreciate. Even if the land is used for croping, I know the land may lose nutrients over time, but that still doesn't diminish its value. Nutrients of land can be rekindled through the use of manures. And if peradventure the land user cannot wait for the fatalizing period, considering the months it will take for it to give effective result, the land can be used for live-stock farming. That is the dynamism of land. I stand to be corrected.

You are right but this does not in any way negate the fact that land is subject to diminishing returns. Ur view z ryt as well as his and none is superior to the other

Gud m0rning. Lecture starts in a jiffy......

Martiyu:


You are right but this does not in any way negate the fact that land is subject to diminishing returns. Ur view z ryt as well as his and none is superior to the other

yea! Land is subject to depreciation, but it can be reversed!

Letz move over to MONEY for today.

smithsammy:
yea! Land is subject to depreciation, but it can be reversed!

The features of land necessitated that point. The poster was not wrong to have mentioned it . U shouldn't have quoted him, thereby making it look like his view was off-point. U could just have posted neutrally and it would seem like an added knowledge and not a counter-knowledge like u md it seem.

Hey! Come here, nobody is arguing with you... Y r u making this seem like an argument?

Pls choose a topic; discuss it and let everybody learn. The debate on land is becoming an eyesore

Nelsizzy:
Letz move over to MONEY for today.

I love money

MONEY
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Money is any item or material that is generally n legally accepted as payment for goods and services and repayment of debts in a particular country.
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The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and a standard of deferred payment. Any item that can fulfill these functions can be considered money.
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Functions of Money
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*Medium of exchange
When money is used to facilitate the exchange of goods and services, it is performing a function as a medium of exchange. It thereby avoids the problem of a barter system, such as the "double coincidence of wants" problemg.
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*Measure of value
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Unit of account
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It can be used measure numerical monetary unit of the market value of goods, services, and other transactions.
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Standard of deferred payment
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Is an accepted way to settle a debt.

Nelsizzy:
MONEY
.
.
.
Money is any item or material that is generally n legally accepted as payment for goods and services and repayment of debts in a particular country.
.
.
The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and a standard of deferred payment. Any item that can fulfill these functions can be considered money.
.
.
Functions of Money
.
*Medium of exchange
When money is used to facilitate the exchange of goods and services, it is performing a function as a medium of exchange. It thereby avoids the problem of a barter system, such as the "double coincidence of wants" problemg.
.
*Measure of value
.
Unit of account
.
It can be used measure numerical monetary unit of the market value of goods, services, and other transactions.
.
Standard of deferred payment
.
Is an accepted way to settle a debt.

I was thinking you would start from origin/evolution, then move to types before discussing functions. U know all those commodity money, fiduciary issue, bank note, coins, paper money et al

Martiyu:


I was thinking you would start from origin, then move to types before discussing functions. U know all those commodity money, fiduciary issue, bank note, coins, paper money et al

wuld work on dat nw

Nelsizzy:
wuld work on dat nw

M with you bumper to bumper

Yomieluv:
Still on production..

Production can be divided into two forms- consumer goods,and capital goods.

Consumer goods- these are goods that are produced for immediate consumption..eg- bread,milk.etc.

Capital goods- these are goods that are produced to assist in further production of other goods.-machinery.etc.

Production can either be direct,or indirect..

Direct production is the production,usually on a small scale,not for sale,and usually the use of crude tools..

Indirect production is the production meant for sale,produced on a large scale,and it involves the use of machine,or machinery..

Lol

different languages for the same thing.

over here in London we call it derived good i.e goods that can be used to produce other goods

smithsammy:
yea! Land is subject to depreciation, but it can be reversed!

how?

Martiyu:


I was thinking you would start from origin/evolution, then move to types before discussing functions. U know all those commodity money, fiduciary issue, bank note, coins, paper money et al

Am more concern about fiduciary money.

DEGREE2466:


Lol

different languages for the same thing.

over here in London we call it derived good i.e goods that can be used to produce other goods

hmmmmmm..... We learn, share and grow.

GoldenDr:
Am more concern about fiduciary money.

Our gallant prof will clear u on every grey area... Just don't absent yourself from class. #smiles

Martiyu:


The features of land necessitated that point. The poster was not wrong to have mentioned it . U shouldn't have quoted him, thereby making it look like his view was off-point. U could just have posted neutrally and it would seem like an added knowledge and not a counter-knowledge like u md it seem.

Hey! Come here, nobody is arguing with you... Y r u making this seem like an argument?

Pls choose a topic; discuss it and let everybody learn. The debate on land is becoming an eyesore

after seeing the "subject to," i retracted my assertions. the op was right. what i'm just trying to say is that depreciation of land can be ameliorated if some certain measures are put in place. the bottom line, i must restress is that land is subject to depreciation as rightly cited by the op. often times, scholars of the same field counters each others' work, and that is the beauty of education. my explanation and contribution does not warrant all this accusation.

smithsammy:
after seeing the "subject to," i retracted my assertions. the op was right. what i'm just trying to say is that depreciation of land can be ameliorated if some certain measures are put in place. the bottom line, i must restress is that land is subject to depreciation as rightly cited by the op. often times, scholars of the same field counters each others' work, and that is the beauty of education. my explanation and contribution does not warrant all this accusation.

I didn't mean to cast aspersion bro.. If that's how I sounded, I really am sorry. #one_love ✌