Vocabulary Development: Commerce and Industry - JSS3 English language Lesson Note

Vocabulary Development: Commerce and Industry

 

Introduction

Commerce and industry are vital sectors of any economy. Understanding the vocabulary related to these fields is essential for grasping how businesses operate, how goods and services are traded, and how industrial activities contribute to economic growth. This guide will introduce key terms and concepts in commerce and industry.

 

Key Vocabulary Terms

 

1. Commerce

Definition: The activity of buying and selling, especially on a large scale.

Example: Online commerce has become increasingly popular.

 

2. Industry

Definition: Economic activity concerned with the processing of raw materials and manufacturing of goods in factories.

Example: The automobile industry is crucial for the economy.

 

3. Trade

Definition: The action of buying and selling goods and services.

Example: International trade involves exchanging goods between countries.

 

4. Market

Definition: A place where buyers and sellers meet to exchange goods and services.

Example: The stock market is where shares of companies are bought and sold.

 

5. Retail

Definition: The sale of goods to the public in relatively small quantities for use or consumption rather than for resale.

Example: Many small businesses operate in the retail sector.

 

6. Wholesale

Definition: The selling of goods in large quantities to be retailed by others.

Example: Wholesale markets supply goods to retailers.

 

7. Supply Chain

Definition: The sequence of processes involved in the production and distribution of a commodity.

Example: Efficient supply chain management can reduce costs and increase profitability.

 

8. Manufacturing

Definition: The process of converting raw materials into finished products.

Example: The manufacturing industry includes factories that produce electronics.

 

9. Distribution

 Definition: The action of sharing something out among a number of recipients.

Example: Effective distribution channels ensure products reach consumers efficiently.

 

10. Logistics

Definition: The detailed coordination of a complex operation involving many people, facilities, or supplies.

Example: Logistics companies handle the transportation and storage of goods.

 

11. Import

Definition: To bring goods or services into a country from abroad for sale.

Example: The country imports electronics from Japan.

 

12. Export

Definition: To send goods or services to another country for sale.

Example: The company exports its products to Europe.

 

13. Economy

Definition: The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

Example: A strong economy typically has a high GDP.

 

14. Revenue

Definition : Income, especially when of a company or organisation and of a substantial nature.

Example: The company's revenue increased by 20% last year.

 

15. Profit

Definition : A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

Example : The business made a significant profit this quarter.

 

16. Investment

Definition : The action or process of investing money for profit.

Example : Real estate investment can be very profitable.

 

17. Entrepreneur

Definition : A person who sets up a business or businesses, taking on financial risks in the hope of profit.

Example : Many entrepreneurs start their businesses with a small investment.

 

18. Enterprise

Definition : A project or undertaking, typically one that is difficult or requires effort.

Example : The new enterprise aims to develop sustainable energy solutions.

 

19. Capital

Definition : Wealth in the form of money or assets, used or accumulated in a business by a person, partnership, or corporation.

Example : The company raised capital by issuing shares.

 

20. Labor

Definition : Work, especially physical work.

Example : Skilled labor is essential for the manufacturing industry.

 

Importance of Commerce and Industry

 

Economic Growth: Commerce and industry are the backbones of economic development, creating jobs and generating wealth.

Innovation: These sectors drive technological advancements and innovation.

Global Trade: International commerce and industry foster global relationships and interdependence among countries.

Consumer Goods: They provide the goods and services that meet consumer needs and enhance quality of life.