Commerce- 2018 Full paper | Revision

What Is Commerce?
Commerce is the exchange of goods or services among two or more parties. It is the subset of business that focuses on the sale of finished or unfinished products rather than their sourcing, manufacturing, transportation, or marketing.
Generally, commerce can refer to an exchange of goods or services for money or something of equal value.
From the broadest perspective, governments are tasked with managing the commerce of their nations in a way that meets the needs of their citizens by providing jobs and producing beneficial goods and services.
KEY TAKEAWAYS
Commerce began when prehistoric humans started exchanging goods and services for mutual benefit.
Today, commerce commonly refers to the large-scale purchases and sales of goods and services.
Commerce is a subset of business that focuses on the distribution of goods.
Selling a single item is a transaction. All transactions are collectively called commerce.
E-commerce is a variation of commerce that entails selling goods and services electronically via the Internet.
Understanding Commerce
Commerce has existed from the moment humans started exchanging goods and services with one another. From the early days of bartering to the creation of currencies and the establishment of trade routes, humans have sought ways to facilitate the exchange of goods and services by building a distribution process to bring together sellers and buyers.
Today, the term commerce normally refers to large-scale purchases and sales. The sale or purchase of a single item by a consumer is defined as a transaction, while commerce may refer to all transactions related to the purchase and sale of that item.
Most commerce in modern times is conducted internationally and represents the buying and selling of goods between nations.
Commerce is not synonymous with business but is a subset of it. Commerce does not relate to the sourcing, manufacturing, or production processes but only to the distribution of goods and services. That alone encompasses a number of roles, such as logistical, political, regulatory, legal, social, and economic.
Commerce vs. Business vs. Trade
These words are often used interchangeably but they are not the same.
Business
Business is any endeavor undertaken for the purpose of making a profit.
It includes selling goods and services, but everyone else involved in the process of creating the product and getting it to a consumer is engaged in business activity.
When you fill up your gas tank at a service station, you are completing a process that started with an oil exploration company locating an oil deposit, continued with a drilling company extracting crude oil, and then went through many stages of transportation, refining, and distribution before it got to your gas tank. A number of people conducted business to get it there.
Commerce
Commerce refers specifically to the exchange of products or services between two or more parties. In the above example, you engaged in commerce when you paid to fill up your gas tank.
Along the way, there were other examples of commercial activity. For example, the crude oil was sold in bulk to one or more oil companies. That was a commercial transaction as well.
Trade
The distinction between commerce and trade is pretty fine. Both are the direct exchange of goods and services for something of value between two parties. (In modern times, "something of value" means money.)
However, there are some differences in their usage:
Commerce, as in the above example, implies a series of commercial transactions for the purpose of producing a product. The last stage of the commercial process is the sale of a finished product to its consumer.
Trade suggests only the final transaction in which a seller provides a finished product and a consumer pays for it. In this sense, trade is a subset of commerce as commerce is a subset of business.
Regulating Commerce
When properly managed, commercial activity enhances the standard of living of a nation's citizens and increases its standing in the world. However, when commerce is allowed to run unregulated, large businesses can become too powerful and impose negative externalities on citizens for the benefit of the business owners.
Most nations have established government agencies responsible for promoting and managing commerce, such as the Department of Commerce in the United States.

[@AshleyKolala]

Am writing my exam on Monday I'll appreciate if u post more videos like this

[@knowstechacademy-m8f]

@@AshleyKolala no problem

[@MosesKaonga-p5f]

❤

[@MirriamMibenge-q5r]

Same here

[@JaneSamali-n5m]

Thank you so much sir, tomorrow l will be sitting for my exams this will really help me

[@knowstechacademy-m8f]

@@JaneSamali-n5m all the best tomorrow

[@chundwemkandawire7682]

Thank you 😊

[@knowstechacademy-m8f]

You're welcome

[@CosmigoWRLD-w3o]

Thank you am ready now to face commerce on Monday

[@knowstechacademy-m8f]

@@CosmigoWRLD-w3o you will make it 👊🤛

[@HellenZimba-e4d]

Thank you sir on Monday it's our turn to face the paper as well 😢

[@knowstechacademy-m8f]

@@HellenZimba-e4d just focus on past papers now

[@bornbrightmutemwa2644]

Thank you so much sir can you also revise in civic edcation and accounts

[@knowstechacademy-m8f]

@@bornbrightmutemwa2644 no problem

[@MosesKaonga-p5f]

Thank you sir much ❤

[@knowstechacademy-m8f]

@@MosesKaonga-p5f
You are welcome

[@EmmanuelSikanyika-c3x]

Good work sir and u should continue with the same spirit

[@knowstechacademy-m8f]

@@EmmanuelSikanyika-c3x thank you so much 🙏

[@cholamwambula140]

Thanks sir

[@knowstechacademy-m8f]

@@cholamwambula140 you are welcome

[@rox1-7]

I wrote section c in easy form not point form so are they going to mark me

[@knowstechacademy-m8f]

@@rox1-7 yes

[@rox1-7]

@chibwematepeta7298 okay thanks I was worried but is it like they are going to reduce some mark's for not writing in point form

[@cholamwambula140]

Thanks you sir

[@knowstechacademy-m8f]

@@cholamwambula140 you're welcome

[@knowstechacademy-m8f]

@@cholamwambula140 you're welcome

[@NatashaMukuka-h4z]

Thanks sir

[@knowstechacademy-m8f]

You're welcome