{"id":323,"date":"2023-09-25T11:02:39","date_gmt":"2023-09-25T11:02:39","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=323"},"modified":"2023-09-25T11:05:51","modified_gmt":"2023-09-25T11:05:51","slug":"week-6-jss-1-second-term-business-studies-lesson-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-6-jss-1-second-term-business-studies-lesson-notes\/","title":{"rendered":"Week 6 &#8211; Jss 1 Second Term Business Studies Lesson Notes"},"content":{"rendered":"<p>\u00a0WEEK SIX<br \/>\n<strong>TOPIC: PUBLIC CORPORATION<br \/>\n<\/strong>Public corporation is a business organisation set up, financed and managed by government not necessarily to make profit but to provide essential services for the members of the public.<br \/>\n<strong>FEATURES OF PUBLIC CORPORATION<br \/>\n<\/strong><\/p>\n<ul>\n<li>It is owned by government\n<\/li>\n<li>It is financed by the tax payers money\n<\/li>\n<li>It is set up to render essentials services to the public.\n<\/li>\n<li>It does not complete with any organisation\n<\/li>\n<li>It is established by the act of parliament\n<\/li>\n<\/ul>\n<p><strong>ADVANTAGES OF PUBLIC CORPORATION<br \/>\n<\/strong><\/p>\n<ul>\n<li>It has enough and sufficient capital\n<\/li>\n<li>It ensures fair and equal distribution of the services provided\n<\/li>\n<li>It serves as a means of controlling monopolies\n<\/li>\n<li>It raises the standard of living of the people\n<\/li>\n<li>It is owned by government\n<\/li>\n<\/ul>\n<p><strong>DISADVANTAGES OF PUBLIC CORPORATION<br \/>\n<\/strong><\/p>\n<ul>\n<li>It is very hard to set up\n<\/li>\n<li>It requires large amount of money\n<\/li>\n<li>There is delay in decision making\n<\/li>\n<li>Over production and wastages are common among them\n<\/li>\n<li>It lacks privacy\n<\/li>\n<li>Interference from government affects the efficient management of the corporation\n<\/li>\n<\/ul>\n<p>Public corporation is also known as Enterprise or statutory corporation.<br \/>\n<strong>FULL MEANING OF SERVICES PERFORMED BY PUBLIC CORPORATION<br \/>\n<\/strong>1. NIPOST \u2013 Nigeria Postal Services<br \/>\n2. NPA \u2013 Nigeria Port Authority<br \/>\n3. NRC \u2013 Nigeria Railway Corporation<br \/>\n4. NWC \u2013 Nigeria Water Corporation (Water board)<br \/>\n5. NITEL \u2013 Nigeria Telecommunication Limited<br \/>\n6. NEPA \u2013 Nigeria Electric Power Authority (Now PHCN)<br \/>\n7. PHCN \u2013 Power Holding Company of Nigeria PLC <\/p>\n<p>\u00a0<strong>CO \u2013 OPERATIVE SOCIETY<br \/>\n<\/strong>Co-operative society is a business organisation formed by people who have common interest in owning and running business for the benefit of their members.<br \/>\n<strong>TYPES OF CO-OPERATIVE SOCIETY<br \/>\n<\/strong><\/p>\n<ul>\n<li>Producer co-operative society\n<\/li>\n<li>Consumer co-operative society\n<\/li>\n<li>Multi-purpose co-operative society\n<\/li>\n<li>Credit co-operative society\n<\/li>\n<\/ul>\n<p><strong>PRODUCER CO-OPERATIVE SOCIETY<\/strong>: This is normally formed by group of farmers who produce agricultural products of the same kind e.g. cocoa, rice, beans etc.<br \/>\nThe farmers who want to take advantage of cheap seeds and grains supplied by government marketing board.<br \/>\n<strong>CONSUMER CO-OPERATION SOCIETY<\/strong>: Is a society formed by a group of customers who contributes their money to buy goods in bulk for the benefits of their members.<br \/>\n<strong>MULTI-PURPOSE CO-OPERATION SOCIETY<\/strong>: This combines the activities of both the producers and consumers co-operative society types in carrying out its operation.<br \/>\n<strong>CREDIT AND THRIFT <\/strong>\u2013 Is a type of co-operative in which the members contribute money on regular basis to the purse of the society.<br \/>\n<strong>FEATURES OF CO-OPERATIVE SOCIETY<br \/>\n<\/strong><\/p>\n<ul>\n<li>It is the union of persons and not capital\n<\/li>\n<li>It provides services for the benefits of its members\n<\/li>\n<li>It is easy to form\n<\/li>\n<li>Every member is involved in running the business\n<\/li>\n<\/ul>\n<p><strong>SOURCES OF FINANCE<br \/>\n<\/strong><\/p>\n<ul>\n<li>Voluntary contribution from the members\n<\/li>\n<li>Fine and other special fees\n<\/li>\n<li>Plough back profit to the business\n<\/li>\n<li>Loan from government and banks\n<\/li>\n<\/ul>\n<p>\u00a0<strong>ADVANTAGES<br \/>\n<\/strong><\/p>\n<ul>\n<li>It encourages their members to form saving habit\n<\/li>\n<li>They gives loan to their members\n<\/li>\n<li>They purchase goods on behalf of the members\n<\/li>\n<li>It can be used to reduce exploitation\n<\/li>\n<\/ul>\n<p><strong>DISADVANTAGES<br \/>\n<\/strong><\/p>\n<ul>\n<li>Insufficient capital for the business\n<\/li>\n<li>Misunderstanding among members may affect the smooth running of the business\n<\/li>\n<li>Unfaithfulness of the management may put the business to an end\n<\/li>\n<li>Most of the management are not well experienced financially\n<\/li>\n<li>Most members are illiterate.\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0WEEK SIX TOPIC: PUBLIC CORPORATION Public corporation is a business organisation set up, financed and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,62],"tags":[],"class_list":["post-323","post","type-post","status-publish","format-standard","hentry","category-posts","category-second-term-jss1-business-studies"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=323"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/323\/revisions"}],"predecessor-version":[{"id":324,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/323\/revisions\/324"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}