Commerce Scheme of Work for SSS1 First Term

SCHEME OF WORK

Week One: Introduction to Commerce

Week Two: Career Opportunities in Commerce

Week Three: Historical background of Commerce

Week Four: Factors affecting the growth of commerce in West Africa

Week Five: The Barter System

Week Six: Occupation

Week Seven: Production

Week Eight: Factors of Production

Week Nine: Inter-relationship among production, specialization and exchange

Week Ten: Trade

Week Eleven: Revision

Week Twelve: Examination

 

Below are the 2022 complete SS1 First Term Commerce Lesson Note 

First Term SS1 Commerce Lesson Note

 

Week One: Introduction to Commerce

INTRODUCTION:

Commerce is a branch of production that deals with the distribution; exchange of goods and

services and all activities that assist or facilitate trade. Commerce is defined as the study of

all the activities concerned with buying and selling and distribution of goods and series.

The central focus of commerce is the exchange in commercial activities since exchange would

concentrate on the transfer of goods and services from the producer to the final consumer.

Commerce, therefore, consists of trade and other activities that facilitate trade. To learn more,

click here.

Week Two: Career Opportunities in Commerce

INTRODUCTION:

There has been an increase, the quest for job placement in Government establishments because

of security and good fringe benefits. The salary has become more competitive with those

paid by business organisations,

The Federal Government is the largest employer of labour in Nigeria. There are various

categories of jobs available for graduates of polytechnics and universities. These include’

Budget Analyst, Chief Executive Officer, Higher Executive Officer. Principal Executive Officer

Personnel Officer, Administrative Assistant. Purchasing Officer, Secretary. Director of Finance,

Director of Administration, Accountant etc. School certificate holders also may work as

Clerical Officers, Secretary Grade IV. Office Assistants, Drivers, Cleaners, etc. To learn more,

click here.

 

Week Three: Historical background of Commerce

INTRODUCTION:

In the olden days people engaged in subsistence production. This means they were

producing goods for themselves and their families. Later they started interacting with one

another because it was difficult for them to meet all their daily requirements.

The system of exchanging goods for goods called trade by barter then came into existence.

This became apparent in order to meet their numerous wants. This is the genesis of

exchange and perhaps the beginning of commercial activities the world over. Trading

activities were however, limited to internal trade only. To learn more, click here.

Week Four: Factors affecting the growth of commerce in West Africa

INTRODUCTION:

Insufficient capital: African countries lack sufficient capital to cope with the expanding

nature of business activities; the level of capital formation is low.

Political instability: Constant change of government and war has hindered investment in

West-Africa. Foreign investors are afraid to invest in the sub-region.

Low savings: The culture of saving is very low in West Africa and Africa as a whole; hence

there is no money for commercial transactions. To learn more, click here.

Week Five: The Barter System

INTRODUCTION:

The direct exchange of one commodity or service for another without the use of money is

termed “Barter” in economics. Barter system is that in which no money exist. In other words it

is moneyless economy up to some extent it is still available in our villages. The village,

Blacksmith and Carpenter usually receive his reward in terms of wheat from the farmers.

For example, when a weaver gives cloth to the farmer in return for getting wheat from the

farmer, this is called barter exchange. Similarly, the farmer can get other goods of his

requirement like shoes, cow, plough, spade, etc. by giving his surplus wheat (or rice or

maize). Thus, the system of barter exchange fulfills to some extent the requirements of both

the parties involved in exchange. To learn more, click here.

Week Six: Occupation

INTRODUCTION:

Occupation can be defined as any economic or productive activities which people engage in

to create and produce goods and services in order to make a living.

In order to satisfy human numerous wants, people engage in one occupation or another, at

least to meet up with the three basic needs of man which are; food, shelter, and clothing in

addition to other needs to make life more comfortable. To learn more, click here.

Week Seven: Production

INTRODUCTION:

 

Production is a process of combining various material inputs and immaterial inputs (plans,

know-how) in order to make something for consumption (the output). It is the act of creating

output, a good or service which has value and contributes to the utility of individuals.

Production can also be defined as the creation of utility or the creation of goods and services

for the purpose of satisfying human wants. To learn more, click here.

Week Eight: Factors of Production

INTRODUCTION:

The Factors of Production are

1. Land

2. Labour

3. Capital

4. Entrepreneur

LAND: The land is refers to as the natural gift of nature, the land are resources or material

supplied by nature, it includes not only the earth surface but all other natural resources like

the rivers, the forests, the mineral resources, the atmosphere etc. The reward for land is

‘rent’. To learn more, click here.

Week Nine: Inter-relationship among production, specialization and exchange

INTRODUCTION:

Exchange is only possible because of production and specialization. Production which is

the creation of utility in the aspect of goods and services can be enhance through the

breaking down of jobs into different segments.

Division of labor and specialization therefore leads to increase or excess in production, this

excess therefore needs to be exchange for what others have also produced, for instance a

producer of shoes can exchange shoes for clothes through the means of money.

Specialization facilitates production and trade. To learn more, click here.

Week Ten: Trade

INTRODUCTION:

Trade is simply defined as the act of buying and selling of goods and services.

Trade is a basic economic concept involving the buying and selling of goods and services,

with compensation paid by a buyer to a seller, or the exchange of goods or services between

parties. The most common medium of exchange for these transactions is money, but trade

may also be executed with the exchange of goods or services between both parties,

referred to as a barter. To learn more, click here.

Week Eleven: Revision

This week, we would be doing a revision of all that we learned during the term.

Week Twelve: Examination

Afterwards, you would write an examination, which would test your knowledge of what has

been taught so far.