Commerce is a process of buying and selling of goods and services on a large and small scale. The commerce activities includes other activities such as legal, political, social, economic, cultural, and technological. Commerce affects economy of any country. According to the James Stephenson, “Commerce is an organized system for the exchange of goods between the members of the industrial world”. The commerce includes all transaction associated to the buying and selling of goods and services in an economy and a single transaction is the exchange of a single item.
In the business organization, commerce has a major role. Commerce is one of the field that always tries to satisfy the increasing demands of the human being. At present, it is helping to increase the standard of living, establishing the relationship between the producer and consumers, generating the employment opportunities, increasing the national income and wealth, helping in the growth of industrial development, and encouraging international trade. Along this, commerce also facilitating another services. Many countries regulates the commerce that reflects their monetary policy, fiscal policy, and political conditions.
E-commerce, M-commerce, Social commerce, and International commerce are some types of the commerce. Due to the development of the information technology, the E-commerce and M-commerce are also become popular. E-commerce or electronic commerce is a type of commerce using internet. M-commerce or Mobile commerce is type of commerce done by mobile. Social commerce is a type of commerce where people doing transaction using social media such as Facebook. Nowadays with the help of mobile, everyone who has no knowledge of business but using their smart phones, they are trying to start their own online startup business using mobile.
The ICSE board define use a single subject Commerce for the formal education of the commerce to the commerce students. The single subject includes all other sub field of the commerce such as accounting, business studies, and similar.