Commerce can be defined as the exchange of goods and services, usually for money and on a large scale that will require the transportation of such goods and services.
Commerce is very important to the life of any Nation for the following reasons:
- Commerce facilitates the exchange of goods and services which everyone can enjoy, regardless their location or whether the goods is produced within or outside their country.
- Commerce creates an awareness of the existence of goods and services through advertising.
- Commerce offers employment to a very large number of people in a Nation.
- Commerce promotes rapid transfer of both oral and written messages through communication.
- Commerce determines the standard of living in a Nation. This is because the extent of commercial activities is crucial to wealth of a nation.
- Commerce makes for the protection against risk in day to day business operations.
- Through commerce, there is a steady supply of goods in a Nation. This is because commerce ensures that goods produced are stored until needed.