Commerce Obj

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Commerce Theory
1a. I. Lack of Double

Coincidence of Wants. 

Ii. Lack of a Common

Measure of Value. 

Iii. Indivisibility of Certain

Goods. 

Iv. Difficulty in Storing Value

V. Difficulty in Making

Deferred Payments.

1b. I. Computer allows for higher levels of accuracy for functions

previously performed by staff. 

Ii. Computers also help the businessman save time. 

Iii. Computers in business allow for greater interaction among employees, agencies, clients and customers.  

Iv. Worker productivity is also enhanced through the use of computers. 

V. Companies also

save on paper costs when interacting through their computers.

2a. I. Livestock Farmers Association

Ii. Tractor Hiring Farmers’ Cooperatives

Iii. Fish Farmers Cooperatives

Iv. Agro Input Farmers’ Cooperative

V. Agro Processing Farmers’ Cooperative 

vi. Cocoa Farmers’ Cooperative.

2a)

i)Housing Building Society

ii)Land Society

iii)Finance Society

iv)Agricultural Credit Society

v)Non-agricultural credit Society.

2bi)

Survival – a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis. 

ii)Profit maximization theory is based on profits and profits are a must for the survival of any business. 

Various studies have been carried out to explain with empirical evidence, the factors driving profit and loss in a business enterprise 

iii)Growth – Industries experience cycles of economic growth and contraction based on many factors. These include the overall health of the markets, consumer preferences and even seemingly unrelated 

iv)Innovation is the invention, improvement, and commercialization of new products, processes, and services. Innovation is the primary driver of U.S. competitiveness, wage and job growth.

v)Social responsibility is the idea that businesses should balance profit-making activities with activities that benefit society; it involves developing businesses with a positive relationship to the society in which they operate

3a)i)BILL OF EXCHANGE: A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date (a term bill), for payment of goods and/or services received

ii)A bank draft is more likely to be accepted when purchasing goods abroad because the foreign exporter knows that even if the company purchasing the goods goes bankrupt, it will still be paid off. 

iii) A traveler’s cheque is a medium of exchange that can be used in place of hard currency. … They were generally used by people on vacation in foreign countries instead of cash, as many businesses used to accept traveler’s cheques as currency.

iv) Electronic transfer is Any transfer of funds from one account to another that occurs electronically. An electronic transfer can take various forms, including a transfer made between an individual’s various accounts (move from savings to checking), from one individual’s account to a corporation’s account for an automatic reoccurring bill payment, or via a credit or debit card swiped at a retail location to pay for a purchase.