Question

Define commerce, why is it of great importance in modern life?

Answer 1

According to James Stephenson, 'Commerce is an organised system for exchange of goods between members of the industrial world'

1. Importance of Commerce are as follow:

1. Commerce tries to satisfy increasing human wants

2. Commerce links producers and consumers

3. It creates employment opportunities

4. It helps in expansion of aids to trade

5. It helps in the growth of industrial development

6. It increases the standard of living

7. It encourages international trade

8. It hepls during emergencies like food, earthquake etc by making available essential requirement and relief to affected areas