Commerce

Commerce embraces all those activities which ensure a free and smooth flow of goods and services from producers to consumers. It consists of trade and the activities which facilitate trade. According to Stephenson, “Commerce is concerned with the exchange of goods ; with all that is involved in the buying and selling of goods at any stage in their progress from materials to finished goods in the consumer’s hand. It covers not only the function of buying and selling and handling goods but also the many services which must be provided to finance, insure, store, and transport goods in course of these exchanges. ”² Commerce is thus an organized system for the exchange of goods and services between the members of the business world. It bridges the gap between producers and consumers.