• The first known trading between humans took place in Guinea around 17,000 BCE, where locals would exchange Obsidian for other needed goods like tools, skins and food.
• This continued for millennia. Hunters would trade goods from different parts of their perspective regions to provide an overall benefit for their tribe.
• The first big shift took place during the agricultural revolution which occurred about 12.000 years ago.
• Humans started to domesticate plants and animals.
• Instead of roaming and hunting for their food in different regions throughout the year human population could remain stationary in one location and farm the land.
• By specializing in different professions members of the community could trade valuable goods for food. Areas of specialization include:
2. Tool making
3. Clothe making
5. Hunting .
• Farmers grew food than they needed for their families therefore they would sell food at the market.
• As the time went on new areas of specialization began to emerge in areas like:
3. Wool making
• The standards of living continued to increase because there were consant innovations.
• Cities started to appear around the world where early areas of civilization concentrated around rivers, particularly Nile.
• The right international trade route could make an entrepreneur very wealthy.
• Weapon trading was particularly important in the early times.
• Trading technologies like chinese paper making around the world also took place.
• Trading complex ideas such as Arabic numbers system into Europe .
• Civilization that controlled iron dominated other civilizations.
• Discovery of money gave people some important things such as:
I. Facilitating long distance trade,
II. Acted as a medium of exchange.
III. Way of Entrepreneurs store values.
• Here are some of the important development took place during the period:
• Banking grew to new heights and complexities as small business owners had greater financing needs.
• The guild system expanded giving skilled craft men a way to organize their businesses and regulate the quality of goods produced and develop the reputation for certain goods in town.
• Purchasing goods from abroad and turn those goods into finished products and sell those goods for a profit at a wider scale.
• There are several fundamentals that changed the world of work which are:
o Availability of energy production
o Availability of labor high population began to move to industrial revolution cities.
• Work has always been ruled by the market forces known as supply and demand.
• They met the needs of farmers by providing them with tools and shelter and in exchange they received food that could feed their families.
• To realize more opportunities there are some challenges that need to be dealt with. Such challenges include;
o Land availability
o Skills and capabilities
o Quality of inputs
o Cost of operation
o Access to markets
o Investor friendly policies.
• There are several strategies that can be used to capture these opportunities:
o Launch sector specific flagship projects in agro processing, textiles, leather, construction services and materials and mining services that build on our comparative advantages.
o Develop small and medium enterprises by supporting rising star and building capabilities with model factories.
o Creating an enabling environment to accelerate industrial development through industrial parks supporting infrastructure and ease doing business.
o Create an industrial development fund
o Drive results through the newly formed ministerial delivery unit.
• There are several challenges facing work today ;
o Low technology
o Stiff competition
o Lack of raw materials
o Lack of finances to support industrial development
o Low domestic market
o Location of some industries
o Unfriendly policies in multinational companies.
• Even though there are several disadvantages and challenges there are several advantages of work today which include:
o Encouraging cultural interactions through industrial activities
o Encouraged international cooperation and understanding due to need of external markets.
o Enhanced urban development and growth
o Increased employment thus lifting living standards of many
o Improved infrastructure
o Enhanced maximum exploitation of local resources such as minerals
o Enhanced self- reliance in some products such as soft drinks
• Work in this era provides market to other sectors. Industries provide a market for both producer and consumer goods from other sectors of the economy. Producer goods and industries buy raw materials from the primary sectors.
• Provide inputs to other sectors. For instance it provides agriculture with farm inputs such as tractors, fertilizers and drugs.
• Provides consumer goods to other sectors workers from other sectors require consumer goods such as clothes, food, vehicles and furniture that are provided by manufacturing industry. This raises the living standards of workers as well as their productivity.
• Creates employment opportunities. The industrial sectors is an important employer for both skilled and unskilled labor.
• Conserves and earns foreign exchange through the industrialization of the country. This can be done by reducing on imports. This is basically when industries are established to produce goods that were previously imported.
• Adds value to primary products. They can benefit more by processing their products before export. This is because processing adds value to a product.
• Facilitates technological change. Its conducive to development of ideas and facilitates invention and innovation.