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 MEANING, NATURE AND SIGNIFICANCE OF COMMERCE Chapters 1. COMMERCE AS A UNIQUE DISCIPLINE 2. CORRELATION OF COMMERCE WITH OTHER SUBJECTS COMMERCE MEANING OF COMMERCE Commerce is the exchange of goods and services on a large scale. Any transaction that uses the money to purchase goods or services is a part of the commerce. Commerce is the exchange of goods and services between businesses. DEFINITION • According to James Stephenson, “Commerce is concerned with exchange of goods, with all that is involved with the buying and selling of goods, at any stage in their progress from raw materials to finished goods in the consumers’ hands. It covers not only functions of buying, selling and handling of goods, but also the many services which must be provided to finance, insurance, store and transfer of goods in the course of this exchange.” • According to Dr. Evelyn Thomas, “Commerce is a term that embraces all those functions involved in the making, buying, selling and transport of goods. ...