ECONS 101.

        BASIC CONCEPTS OF ECONOMICS CONTD.

Hey Guyz, HAPPY WORKERS DAY to the viewers in Nigeria. It’s a day to recognize the workers of all levels in Nigeria and I Pray for more strength and grace to work effectively and productively and most of all joyfully.

It’s a new day isn’t it; we are going to continue from where we stopped in Economics 101. Let’s get started.

CHOICE.

Choice can be defined as a system of selecting or choosing one out of a number of alternatives. Choice arises as a result of numerous human wants and the scarcity of the resources used in satisfying these wants. Human Wants are many and can’t all be satisfied.

OPPORTUNITY COST.

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COMMERCE 101.

                                     WAREHOUSING.

Hey Guyz, Sorry for the late posting. Sch and all kept me busy today; anyway we are here now-Praise God. It’s a new day to be glad and to jump for joy because God found us worthy to be alive and well, and ready to learn something new, so let’s get started.

Warehousing is the act of storing goods produced/ bought in a place until they are needed. It ensures that there is a regular and steady supply of goods.

In other words, it’s a place where goods are stored until they are demanded by customers.

Below are the External and Internal Pictures of a Warehouse.

TYPES OF WAREHOUSES.

1.     Bonded Warehouse- It is a place where goods whose customs duties have don’t been paid are kept, until the duties are settled. It is usually located around the seaport. In other words, goods brought (Imported) from other countries whose fee called custom duties have not been paid, are kept in this warehouse until the owners pay up.

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COMMERCE 101.

        TYPES OF WHOLESALERS.

Hey Guyz, It’s a Happy Tuesday to be Alive, Live, Learn and have Fun. I don’t know about you but I am glad to be alive and be well. I pray we are able to appreciate life more because there are sooooo many people who would do anything to have the Peace and life that we have. So be Grateful.

Today we are continuing from where we stopped in commerce 101, with the above topic.

Wholesalers can be classified into two board categories, namely:

1.     Merchant Wholesalers.

2.     Agent Middle Men.

MERCHANT WHOLESALERS

They buy and resell goods on their own account taking title to the product they handle, and convey the title directly to those they deal with.

The merchant Wholesalers are the middlemen who take little to goods (purchase) and sell them to retailers for further selling individual consumers on piece meal basis. They purchase the commodities in bulk, operate warehouse for storage, offer credit and goods to the retailers. They also sometimes offer advice to the market retailers as well as producers. They are also persons who buy and sell goods with their own account and the

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