Meaning of Buying and Selling - JSS2 Business studies Lesson Note

Buying and selling refer to the exchange of goods or services for money or other goods and services. It is a fundamental aspect of economic activity where individuals, businesses, or entities engage in transactions to satisfy their needs or desires.

 

By Cash:

Transactions conducted by cash involve the immediate exchange of physical currency for goods or services. This method offers simplicity and immediacy but may lack security and leave no paper trail for record-keeping purposes.

 

By Credit:

Buying and selling by credit involves the use of credit instruments such as credit cards, lines of credit, or installment plans. It allows for deferred payment, providing flexibility and convenience to buyers. However, sellers may incur additional costs due to credit card processing fees or risk non-payment.