In this post, we shall look into the meaning and classification of occupations. At the end of this lesson, students are expected to be able: Meaning of Occupations Occupations refer to the various activities in which individuals engage to earn a livelihood. These activities play a significant role in shaping economies, societies, and individuals’ lives….
In this post, we shall look briefly into who an entrepreneur is, their functions and importance. At the end of this lesson, students should be able to: Who is an Entrepreneur? An entrepreneur is a crucial factor of production in the economic system, and they play a central role in the process of wealth creation….
There are six divisions of commerce that help facilitate economic activities. They are trade, transport and communication, banking,
Capital is the wealth that is reserved or set aside for the purpose of generating more wealth through productive activities.
Labour is the combined physical and mental efforts of individuals directed towards production. It is a vital factor of production
Commerce is the study of the various processes involved in the production, distribution, and exchange of goods and services with the primary objectives to satisfy human wants and needs
A sole proprietorship is a business organisation established, owned, financed and controlled by one person with the aim of making profits.
Production is the processing of raw materials into finished goods, and the distribution and provision of goods and services to satisfy human wants.