COMMERCE 101.

               OCCUPATION & CLASSIFICATIONS.

Hey Guys, Hope you all had a Wonderful weekend? Cos I did, it’s still good to be back today. So let’s get started on our topics for today.

OCCUPATION:

      Occupation is any Economic Activity which people engage in, to create Goods & Services in order to make a Living. In Order words, what a person engages in, to make money as a Salary or Wage. For example, Teaching by Teachers, Banking by Bankers, Selling by Traders and Business People etc.

CLASSIFICATIONS OF OCCUPATION.

Occupation can be classified into three main groups namely:

1.     Industry

2.     Commerce

3.     Services.

INDUSTRY.

This is all the Segments involved in Producing a Good or Service housed under one Umbrella. In Order words, it can be defined as all that concerns the Physical Production of Goods & Services, which include-Extracting Raw Materials and the
Processes of Conversion into Finished Goods.

Types of Industrial Occupation:

1.     Extractive Occupation is any job that has to do with obtaining raw materials from the sea or soil. For example, the Extraction of Cassava from the soil for the production of Garri and other Goods, the Extraction of Fish from the sea called Fishing for sale or the making of Sardine and other fish related Products.

2.     Manufacturing Occupation is any job concerned with the Processing of Raw Materials into Finished Goods. The Turning of Raw Materials into Finished Goods. For example, Shoe Making, Plastic Making, Textiles etc.

3.     Constructive Occupation is any job/work that has to do with Assembling Parts together to Form something Useful. In Order words, it has to do with Building of Structures.  For example, the Construction of Roads, Bridges, Rail Lines etc.

COMMERCE.

 It is the Process of Buying, Selling and Distribution of Goods & Services, till they get to the Final Consumer. In Order words, all Occupations that involves Trade & the Aids to Trade. For example, Advertising, Communication, Transportation etc.

We have treated this earlier so I refer you back to our Previous Sessions to further understand this.

SERVICE.

These are Occupations that serve a purpose. It involves being paid to render a service to a person. A major difference between Service and Industry is that Service majorly involves Direct Contact with the Customer/Consumer, While Industry doesn’t.

Types of Service Occupations:

 They are divided into two:

1.     Direct Services as I mentioned earlier, it has to do with Physical Contact with the Customers and Consumers and payment is made directly by the Customer. For example, Lawyers, Doctors, House Helps etc.

2.     Indirect Services are services rendered to the general public but payment isn’t made by the customer. For example, Police, Civil Servants.

NOTE: People Engaged in Indirect Services are paid from the Taxes and Levies paid by the public to the Government, that’s why it’s called Indirect because you pay but indirectly.

This concludes our session today, hope it was fun and Simplified. For your Questions and comments send an email to dividiamond@gmail.com. Until we meet again, remain ever blessed.