SOCIAL STUDIES(LOCALLY AND FOREIGN-MADE GOODS) YEAR 5 JUNE 30, 2020

LOCALLY AND FOREIGN-MADE GOODS

Trade means selling and buying.

 Currency:  It is a system of money in general use in a particular country. E.g. Naira, Dollar, Euro

 Export: This means goods and services taken to another country for sale.

 Import:  This means goods and services brought in from abroad for sale.

Revenue:  This means income accruing from taxation to a government during a specified period of time.

Local Trade

 The trade of locally produced goods such as yams, plantain and groundnuts between the north and south of Nigeria is a local trade. It is local because the local currency is used.

 International Trade

 When countries buy and sell from each other, it is called international trade. For example, Most of Nigeria's revenue comes from selling crude oil produced in the Niger Delta to companies in the United States and Europe.

 Trade by Barter

 This means exchanging goods for goods. For example, if a person

 wanted to buy some chickens, they would have to give the owner of

 the chicken something that they wanted, maybe a bag of beans.

SOME GOODS EXPORTED BY NIGERIA INCLUDE:

 

     Crude oil 2.  Yam 3.  Cocoa 4.  Leather 5. Plastic products etc

 

SOME GOODS IMPORTED INTO NIGERIA INCLUDE:

1.       Ships 2. Books 3. Aircrafts 4.  Appliances 5.  Drugs 6. Cars 

       7.  Wristwatch 8. Shoes, 9. Mobile phones 10. Clothes etc