Meaning and Types of Trade
The lesson explains the concept of trade as the buying and selling of goods. It describes the types of trade, including own trade and foreign trade, and outlines the services that facilitate trade. The role of Customs and Excise in foreign trade is also discussed.
- 04:43 “It is the buying and selling of goods or exchange of services between one country to another. Exchange of goods. So a trader that sells, for example, myths is residing in legal's Nigeria here. He cannot carry myths to ab...”
- 05:29 “And also, school shoes. There are some very good letters in Italy. So an Italian man can decide to produce good shoes, good school shoes. We used to remember this company called Batta. They bring shoes from abroad to Nig...”
- 07:06 “globalization. In business globalization is where countries can exchange treats, can exchange like we understood in our last class transaction liquidity, even foreign exchange. For example, in the Nigeria stock exchange,...”
Chemical Industries Overview
This lesson covers the definition of chemical industries and the raw materials used in their production. It explains the classification of chemical industries into heavy and fine chemicals, along with examples of each type. The lesson also discusses the importance of these industries to individuals
- 11:04 “earnings from foreign trade. Foreign exchange, we are able to transfer some of these products to other countries to make estimates, to make exchange, and to make money. Also, by virtue of the products produced from chemi...”
- 10:15 “do a job by themselves, or be employed by good chemical industries. So by a version of that, there's an employment opportunities for that individual, either for himself, or to even create for all of us, to the nation. A...”
- 09:29 “They always, all of these of any of these three, iron aluminum, copper, pipes, wires, copper, and aluminum, majorly. And so on that we can't even mention here. The nests are the industries that makes of them. They also p...”
Factors of Production
The lesson covers the concept of production and its types. It explains the factors of production, division of labor, and specialization. The advantages and disadvantages of division of labor and large scale production are also discussed.
- 33:30 “goods that is internal economies. The things that happen on the inside that brings about, what would I call it now, a shortfall to that internal, these economies. The things that happen on the outside that brings about g...”
- 11:19 “be a state, it could be a country, it could be a continent. So you can have people moving from, you can have doctors moving from Nigeria to Europe. You can have lawyers moving from Nigeria to Asia, sort of like that. So...”
- 04:04 “goods. That is the secondary production. So the extractive industries provide the raw materials with which secondary production is carried out. Now we said the primary production industries are referred to as the extract...”
Channels of Distribution
This lesson covers the channels through which goods move from producers to consumers. It explains the roles of wholesalers and retailers, the functions of cooperative societies and government agencies in distribution, and identifies problems in distribution along with possible improvements.
- 07:34 “makes it easy for them to buy a small quantity. Transportation services. Like I said earlier, after getting those goods into his warehouse from the manufacturer, he also transports them to the retailers to distribute it...”
- 10:56 “when they don't have money to pay immediately, for payments to be made later. He talks variety of goods. That is, it makes a valuable variety of goods to the consumers. He supplies information to the whole seller and man...”
- 04:24 “keeping those goods and he gives them out as they are being demanded. That is called warehousing. That is, the practice of storing large amounts of goods in a warehouse or in a large store. Advertisements. He helps in ad...”