SIGNIFICANCE OF COMMERCE TOWARDS SOCIAL-ECONOMIC DEVELOPMENT Commerce creates utility which is the ability of a commodity to satisfy a human want. Commerce creates such utilities as; -Time utility, -Place utility, -Ownership utility, and -Possession utility. By taking the goods to the consumers where and when they want them. COMMERCE AND ACCOUNTANCY -As far as general … Read more
PRODUCTION, COMMERCE AND CONSUMPTION -Production, commerce and consumption are three main parts of one continuous chain of events whose aim is to satisfy human wants. -Commerce is a part of production. Goods produced may be produced to consumers only after they have been manufactured or put in a form in which they can be consumed. … Read more
SIMILARITIES OF COMMERCE AND ECONOMICS -Commerce is an important sub-division of the broader subject matter of the social sand analytical science –ECONOMICS. -Commerce is also referred to as DESCRIPTIVE OR PRACTIAL OR BUSINESS ECONOMICS since it deals with factual or practical element in economics. -In other words, business refers to the aggregate of economic activities … Read more