Trade is the buying and selling of goods. Home trade: Consists of transaction made within a country. Home trade is divided into two – wholesale and retail business. Wholesale – The wholesaler is one of the middlemen that deal with bulk purchase.
The size of market. The existence of technological know-how. Effective nature of monetary system. The availability of labour and the nature of goods produced.
Here are Disadvantages of Division of labour: It makes work monotonous, and boredom. It declines craftsmanship and skills. It encourages greater risk of unemployment. It also promotes immobility of labour. It makes man become a tender to machines.
Here are the Advantages of Division of Labour: Division of labour encourages specialization It increases productivity. It saves time and reduces fatigue It increases the skills of workers. It creates employment opportunities. It Increases leisure time. …
By division of labour, we mean the splitting/breaking down of production process into different stages so that different individuals handle each stage. Specialization on the other hand is the concentration on one job or on a line of production. Note: Division of labour gives rise to specialization.
This is the resources or inputs used for producing goods and services for the satisfaction of consumers’ wants. The factors are: Land is a free gift of nature. Features. of land: (a) Land is fixed; it is not easily increased nor decreased in Supply. (b) Land s a gift of nature; it is not artificially …