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Commerce is the exchange and distribution of goods and services which involves the making of profits. The scope of commerce includes trade and aids to trade.
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COMMERCE
Trade Aids to trade
• Insurance
• Advertising
• Transport
• Communication
• Warehousing
• Banking and finance
Home
• Wholesale
• Retail
Foreign
• Import
• Export
• Re-export
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TRADE
Within a country Across country
Wholesaler
Retailer
CONSMER
Retailer
Wholesaler
Importer
Exporter
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Aids to Trade
• Insurance: providing compensation for risks they have to take
• Advertising: providing information and promoting sales of goods and services
• Transport: moves raw materials, equipment and finished product whenever they are needed
• Communication: helps traders to exchange information and maintain contacts with one another
• Warehousing: providing storage for goods until needed
• Banking and finance: making money available at all stages of production of goods
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Types of Production
Primary: involves the direct extraction of natural resources from the earth. E.g. farming, fishing
Secondary: concerned with all industries which change raw materials into semi-finished goods and finished goods. E.g. garment industry
Tertiary: includes all industries that provide services to consumers or producers. E.g. teaching