Explain five ways in which commerce is important in the life of a nation

Explanation

Ways in which Commerce is important in life of a nation:

(i) Commerce promotes rapid transfer of both oral and written messages through communication.

(ii) Commerce facilitates exchange of goods and services which people all over the nation enjoy produced within or outside their own nation.

(iii) Commerce creates revenue/wealth for the nation through collection of tariff duties royalties and tourism.

(iv) Commerce makes for the protection against risk in the day-to-day business operations through insurance.

(v) Commerce creates awareness of the existence of goods and services through advertising.

(vi) Commerce ensures that goods and produced are stored until needed, thus making sure that there is steady supply of goods for the nation through warehousing.

(vii) Commerce offers employment to a large number of people in a nation such as traders, retailers, wholesalers, bankers brokers.

(viii) Commerce provides money and banking facilities through creation of means of payment, loans and advances.

(ix) Commerce assist in movement of people, materials and finished goods from production point to consumption point.

(x) Commerce encourages cooperate and friendliness among nations.

(xi) Commerce improves peoples standard of living through provision of varieties of goods and services.