ECONS 101

LAWS OF DIMINISHING RETURNS

Holla Everyone, wats popping today. Hope today is HEAVEN for you and all your loved ones. JESUS IS LORD 4EVER. Let's get started!!!

The Law of Diminishing Returns states that as successive units of a variable factor is applied to a given fixed factor, output will increase at first but it will get to a point at which the addition of one more unit of the variable factor will result in less additional units of output. In order words, The variable Factor here can be Labour or capital and the fixed factor can be land.

The Law of Diminishing Returns, sometimes called the law of variable proportions, is applicable to both the agricultural and industrial sectors that use both the fixed and variable factors of production.

This Law can be illustrated in the table below

Fixed Factor (Land)	Variable Factor (Labour Unit)	Total Output (kg)	Average Output (kg)	Marginal Output (kg)
1	1	10	10
1	2	30	15	20
1	3	60	20	30
1	4	120	30	60
1	5	100	20	20
1	6	90	15	10

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FINANCIAL ACC 101

THREE COLUMN CASHBOOK

Hey Guys, it’s a new day to live and learn. Let’s get straight to work.

Three Column Cashbook is a book that shows or combines Cash, Bank, and Discount on the debit and credit sides. On the debit side of the cashbook is the Discount Allowed column while Discount Received column is on the credit side.

Discount is the reduction in the price of Goods in order to encourage Bulk Purchases and Prompt Payment.

Types of Discount:

1.     Trade Discount is an Allowance made by Manufacturers or Wholesalers, to retailers in form of Reduction from price of goods supplied.

2.     Cash Discount is a percentage allowance for prompt payment of an account or for payment within a specified period of time.

Classification of Cash Discount:

1.     Discount Allowed is the discount given to the customers for prompt payment of their account. It will be entered on the debit side of the three column cashbook and be credited to the personal account

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COMMERCE 101

CLASSIFICATION OF RETAIL TRADE

Happy Monday Everyone, we are here again, wow March has been nice. Hasn't it ? Hope you have enjoyed March so far, anyway we are continuing on the topic we started Last week, pls Enjoy!!!

                                             

                                             RETAIL TRADE

         

      SMALL SCALE TRADE                    LARGE SCALE TRADE

       

         - HAWKING                                           - CHAIN STORE

         - MOBILE SHOP                                    - DEPARTMENTAL

         - TRADING                                           - SUPERMARKET   

         - MARKET TRADE                               - DISCOUNT HOUSE

         - STREET/ ROAD                                  - VARIETY STORES

         - STORES (URBAN & RURAL)           - HYPER MARKET

                                                                        - RETAIL COOPERATIVE.

                    METHOD OF CLASSIFICATION OF RETAIL STORE

1.     Type of Good offered for Sale.

2.     By Location for example Rural or Urban Areas.

3.     By Ownership for example Independent or Cooperative.

4.     Number of Employee’s.

5.     By the Size of Employee’s.

SMALL SCALE TRADE

As the name implies, it involves types of trading that are small in nature. For example:

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