What is Commerce?
Definition of commerce
Commerce can simply be defined as all those activities involved in the distribution and exchange of goods and services. Commerce deals with the various activities which enables the produced goods to reach the final consumers.
GENERAL OVERVIEW OF THE COMMERCIAL SERVICE INDUSTRY
The service sector is the lifetime for the social economic growth of a country. It is today, the largest and fastest growing sector globally, contributing more to the global output and employing more people than any other sector of the economy.
The real reason for the growth of the service sector is due to the increase in urbanization, privatization and more demand for immediate and final consumer services. Availability of quality services is vital for the well-being of the economy.
In advanced economies, the growths in the primary and secondary sectors are directly dependent on the growth of services like banking, insurance, trade, commerce and entertainment.
In alignment with the global trends, the Nigerian service sector has witnessed a major boom and is one of the major contributors to both employment and national income in recent times. The activities under the preview of the service sector are quite diverse: trading, transportation, communication, financial, real estate and business services, community, social and personnel services come within the group of the service industry.
COMMERCIAL ACTIVITIES OF THE SERVICE INDUSTRY
One major branches of the service industry is commerce
- economic tools for nation building
- factors affecting the expansion of industries
- mineral resources and the mining industries
- demand and supply
- types of demand curve and used
- advertising industry
- factors of production
- joint stock company