Okoth Douglas

Internal sources are sources within the business or funds provided by the entrepreneur. They are often preferable to a firm as they are usually cheaper and perhaps easier to arrange at short notice. However, the potential for arranging large amounts…

Any government policy that is aimed at reducing aggregate output (income) (Y) is said to be contractionary. Where the expansionary policy is used to boost the economy, the contractionary policy is used to slow the economy. Why the government would…

Any government policy aimed at stimulating aggregate output (income) (Y) is said to be expansionary. An expansionary fiscal policy is an increase in government spending (G) or a reduction in net taxes (T) aimed at increasing aggregate output (income) (Y).…

Means of payment are the methods or ways the buyer may use to settle debts arising from a business transaction. There are various means of payment cash being one of them. Cash refers to the use of notes and coins…

To Hire means to use someone else’s property for payment for a duration of time. Goods sold on higher purchases are durable and expensive such as; vehicles, furniture, electronics, buildings etc. Hire purchase is a method of hiring property with…

Mobile shops, like itinerant traders, move from town to town or village to village selling their goods. They have vehicles that they have converted into a shop from which customers can buy their goods. They visit different towns at regular…

Tied shops are a type of small-scale retailer with shops These are shops that mainly sell the products of one particular manufacturer or are owned by a specific supplier of certain goods. The shops are owned or controlled by the…

Open-air market Traders are a type of small-scale retailer without shops  Open-air markets are places set aside by the government through the local authorities where people meet to buy and sell goods.  Traders selling similar commodities are allocated a special…

Itinerant traders are retailers who move from place to place selling their goods either on foot, by bicycles or on motorcycles They move from town to town, door to door and from village to village selling their goods. Their goods…

In traditional communities, people produced various goods and services which they would exchange for other goods and services which they did not have. some communities exchanged salt for food crops while Barter trade refers to the exchange of goods and…