Payment can be made before or after purchase using physical cash, cheques, bills of exchange, promissory notes, money orders, post […]

Recording Stock When goods are handed to the store keeper, they are recorded and signed on a stock, tally, or […]

What is Credit? Credit is an arrangement by which a buyer can take possession of something now and pay for […]

Credit sales (extended credit/deferred payment): the customer becomes owner of the goods immediately after signing an agreement to pay at […]

What is a Middleman? Trade involves many intermediaries between the producer and consumer. A middleman is a person who buys […]

The Wholesaler A wholesaler is a trader who buys in bulk from the manufacturer and sells to the retailer in […]

Department Store A retail business with many departments, each run separately by an experienced manager but all under one roof, […]

Reasons for Recent Growth in Firm Size Increased individual income: encourages retailers to grow larger to capture more profit. Improved […]

What is an Agent? An agent is appointed by a principal (the owner of the goods) to trade on their […]

Self-Service Self-service is when a shopper moves around the store, selects goods, places them in a receptacle, and pays at […]