Commerce Is A System Or An Environment That Affects The Business Prospects Of Economics

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UNIT – I INTRODUCTION In an old age people exchanged their products and services to obtain what they needed (such as foods, dress, and tools) from another people. This system of bartering compensated for the lack of money. People offered goods/ services and return back another kind of goods/ services. Now a days the existence of multiple currencies and the progress of humanity from the old age to the byte age, people still barter but in a different kind of way. Mainly people use money to pay for the goods. They purchase and the services they obtain DEFINITION OF COMMERCE:- Commerce is the activity of buying and selling; especially on a large scale. The system includes legal, economics, political, social cultural and technological systems, that are in operation in any country at internationally. Thus, commerce is a system or an environment that affects the business prospects of economics. It can also be defined as a component of business which includes, an activities, functions and institutions involved in transferring goods from producers to consumers. According to James Stephenson, “Commerce is an organized system for the exchange of goods between the members of the industrial world”. IMPORTANCE OF COMMERCE:- 1. To satisfy increasing consumer wants. Consumer wants are never ending they can be classified as “Basic wants”, and “Secondary wants”. Commerce has made distribution and movement of goods possible from one part of the world to the other. Today we can buy

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