Topic | Amplification |
1- Production | |
1.1 The chain of production | Production of goods and services to satisfy human wants and needs. Process of production from primary through secondary to tertiary production showing how value increases at each stage of production. |
1.2 Extractive, manufacturing and construction industries and tertiary activities | Meaning of these types of industries with examples |
1.3 Specialisation and division of labour | Meaning and use of the terms specialisation and division of labour. Forms of specialisation: by country, by region, by town, by firm, by factory, by individual. |
1.4 Commerce | Process of exchange of goods and services. |
1.5 Trade | Nature, purposes and importance of trade, both at home and overseas. |
1.6 Aids to trade | Banking and finance, communications, advertising, transport, warehousing, insurance. |
1.7 The relationship between industry, commerce and direct services | Ways in which industry, commerce and direct services are inter-related and interdependent. |
2- Retail Trade | |
2.1 Role of the retailer in the chain of distribution | Services of the retailer as the middleman between manufacturer and consumer, responses to changes in customer requirements and expectations. |
2.2 Types of retailer | Types: large and small (hypermarkets, supermarkets, multiples, specialty shops, unit/independent retailers); their characteristics; advantages and disadvantages. |
2.3 Selling techniques, trends in retailing and the implications of e-commerce | E.g. branding, packaging, self-service, after-sales service, bar-coding, EPOS, shopping centres, loyalty cards, implications of e-commerce on retailing. |
2.4 Home shopping | Mail order, telesales, television shopping, online shopping (e-tailing). Characteristics and reasons for the use of each. |
2.5 Large scale retailing | Advantages and disadvantages of large scale retailing; effects on wholesalers, other retailers and consumers. Reasons for the survival of the small scale retailer, e.g. personal service, opening hours, additional services. |
3- Consumer Credit | |
3.1 Use of credit | Concept of credit. Increased use of credit. Advantages and disadvantages of credit to the buyer and the seller. |
3.2 Types of credit | (i) Hire Purchase: main features; advantages and disadvantages; finance of Hire Purchase; comparison with Extended Credit (see 15.1). |
(ii) Extended Credit (Deferred Payments): main features; advantages and disadvantages. | |
(iii) Store Cards: main features; advantages and disadvantages. | |
(iv) Credit Cards: main features; advantages and disadvantages (see 13.2). | |
(v) Informal Credit. Suitability of methods of credit in certain circumstances with reasons for choice. | |
4- Consumer Protection | |
4.1 Safeguarding the consumer | Reasons for consumer protection. |
4.2 Methods of safeguarding the consumer | E.g. laws, organisations, codes of practice, other means. (A detailed knowledge of specific legislation is not required.) |
5- Wholesale Trade | |
5.1 The role of the wholesaler in the chain of distribution | Different patterns of distribution. Trends in wholesaling: forces making for the elimination and the survival of the independent wholesaler. (See also 11 Warehousing.) |
5.2 Functions and services of the wholesaler | Services provided for the manufacturer, retailer, consumer. |
5.3 Intermediaries | Role of merchants and agents (including brokers and factors). Forwarding agents (freight forwarders). |
6- Documents Of Trade | |
6.1 Documents of home trade | Main documents used in home trade: enquiry, quotation, catalogue, price list, order, invoice, advice and delivery notes, credit notes, statement of account, receipt. Key information and purposes of these documents. |
6.2 Terms of payment | Cash and trade discounts, mark-up. |