ECONS 101

 BASIC ECONOMIC PROBLEMS IN THE SOCIETY

Hey Guyz, Happy Friday. We made it to the last Friday of the month of February!!!. It’s such an honour to be ALIVE, don’t you think? So we didn't conclude the Topic- Basic Economic Problems- below is the conclusion of that topic. Pls Enjoy !!!.

FACTORS DETERMINING WHAT TO PRODUCE:

1.     Market Demand- The demand of a particular set of goods and services by customers may encourage producers to produce more of these goods and services. No producer will ever produce what is not demanded by the market.

2.     Type of Economy- This goes a long way in determining the type of goods and services produced in a country. For Example, In a Capitalist Economy, the Price System determines the type and quantity of goods and services produced bearing in mind that, profit is the major determinant of what to produce, whereas in a Socialist Economy the state controls and directs the allocation of resources.

3.     Availability of Resources- When resources for production are available and affordable. Producers will be encouraged to produce, but when resources are not available there will be no production. Since resources are limited producers may not always have enough to produce

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FINANCIAL ACC 101

SUBSIDIARY BOOKS CONTD

Hey Guys Welcome, hope you tried out what we learnt on your own? The key to being the best is practice, so practice as much as you can. Today we are going to continue from where we stopped.

                    RETURNS INWARD JOURNAL.

It is otherwise called SALES RETURN JOURNAL, and is used to record goods previously sold but later returned to the supplier or seller by the customer, for wrong color, wrong type, inferior quality or breakage. In the Ledger the Returns inwards account is debited, while the customer’s account is credited. I t looks like this.

Date	Particulars	F	Details	Total

                     RETURNS OUTWARD JOURNAL.

It is otherwise called PURCHASES RETURN JOURNAL, and is used to record goods returned to the supplier by a seller as a result of one reason or the other, like damages to the goods etc. In the Ledger, the Returns outwards account is credited, while the suppliers account is debited. It looks like this.

Date	Particulars	F	Details	Total

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COMMERCE 101

       TYPES OF INDUSTRIAL OCCUPATION

Hey Guyz, Happy New Week, this is the last week in the month of February 2015, so congrats for making it. God Loves You. So today we are focusing on the continuation of what we did last week. Let's get started.

# Constructive Industrial Occupation- This involves assembling of different parts together to get one product. It may be an Automobile or a Bridge or even a shoe. It deals with bring different parts together to form one thing.

2. SERVICE

This has to do with providing anything that is not a good or product. it many times is intangible. Services like Telecommunication, Teaching, Barbing, Manicure, Pedicure etc. These are services.

TYPES OF SERVICE OCCUPATIONS:

# Direct Services- These are personal services rendered directly to the clients. Services like Barbing, Manicure, Pedicure etc. These are services that deal with personal contact.

# Indirect Services- These has to do with services that are not rendered directly or personally. For example, The activities of the Civil Servants, The activities of the Custom Officers etc.

3. COMMERCE

This is a process of Buying, Selling and Distribution of Goods and Services. It involves the combination of all occupations that are grouped under Trade and Aids-to-Trade.

This is the end of the Topic we began last week and the beginning of a new topic. Pls Enjoy!

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