Communication
Communication is the process of exchanging ideas, feelings, emotions, knowledge and information between two or more persons.
Introduction to Commerce
Definition of Commerce
Commerce is defined as representing those activities involved in the distribution and exchange of goods and services.
The importance of benefits of commerce in the life of a nation are include the following:
1. Commerce promotes rapid transfer of both oral and written messages through communication.
2. Commerce facilitates exchange of goods and services which people all over the nation enjoy produced within or outside their own nation.
Marketing
What is Marketing?
Marketing involves all business activities carried out to direct the flow of goods and services from the producers to the consumers to satisfy customer needs and wants and to accomplish organisational goals.
The importance of marketing to an economy include:
1. Facilitates economic development: Marketing acts as a catalyst in the provision of infrastructures.
2. Stimulates demand for goods and services: Any active marketing leads to expansion of production or economics of large scale and efficiency/Marketing leads to enlargement of market size.
Production
What is production?
Production is the creation of utility. In other words, it is the creation of goods and services that satisfy human wants.
The four main factors of production are land, labour capital and entrepreneur.
Transportation
What is Transportation?
Transportation involves the movement of goods and services from one location to another which is usually from a sender and a receiver.
The factors to be considered when choosing an effective transportation channel include:
1. Nature of the product: Perishable goods need shorter channels of distribution.
2. Competitor’s channels: Producers should consider channels used by other producers.
3. Cost of the channel: The cost of using a particular channel of distribution should be considered.
Stress Rhythm and Intonations
The way we sound words and sentences when we speak is essentially called phonology or pronunciation. It involves a combination of stress, rhythm and intonation. Students also need to be understood when they speak. Therefore, clear pronunciation is important.
Syllables
Introduction:
Words are made up of letters and those letters create syllable sounds. You can recognize a syllable by remembering that each one contains a vowel sound.
For example, in the word computer, there are three syllables: com / pu / ter. The word bike, however, has only one syllable.
A single syllable may contain as little as just one letter, or as many as five.
For example, idea – i / de / a (three syllables)
cough – cough (one syllable)
Common Insurance Terminologies
The frequently used insurance terms are: Surrender Value, Days of Grace, Ex-gratia Payment, Endorsement, Disclosure, etc.
Insurance Regulators
Roles of National Insurance Commission:
1. To establish standard for conduct of insurance business in Nigeria.
2. To approve rates of insurance premium to be paid in respect of all classes of insurance business.
3. To approve rates of commission to be paid in respect of all classes of insurance business.
4. To approve standards, conditions and warrantees to all classes of insurance business.
Non Life Insurance Products
Policy holder and insurable interest include the following:
1. Burglary insurance: This refers to forced entrance and exit.
2. Marine Insurance: In marine insurance the person has an insurable interest who benefit safely or due arrival of a property or prejudice by his loss or damaged thereto.
3. Life Insurance: In life insurance, the insured person must derive a finance or other kind of benefit from the continuous existence without damage of the insured life.