QS Study

Commerce

From the ancient time, it came to happen that people will get facilities and benefits from business and commerce. Commerce has reduced the barriers to produce and distribute the products and services to the customers. It means an exchange of goods, services or commodities on a large scale. It refers to the exchange of goods, services or something of value, between businesses or entities.

M.C. Shukla said, “The process of buying and selling and all those activities which facilitate a trade such as storing, grading, packaging, financing, insuring, transporting, are called commerce.” Also, according to James Stephenson, “Commerce is the sum total of all those processes which are engaged in the removal of hindrances of persons, place, risk, time and finance in the exchange of commodities.” The principal function of commerce is to remove the hindrances of person, place, time, exchange, and knowledge in connection with the distribution of commodities until they reach to the ultimate consumers.