Let’s start our discussion with defining terms “BUSINESS” and "COMMERCE"
Business in general terms refers to the activity one do to earn a livelihood. In lay men’s terms it is one’s activity with motive to earn a profit.
The word “Business” is defined in following words in Cambridge Dictionary:
“The activity of buying and selling goods and services, or a particular company that does this, or work you do to earn money.”
Next is “COMMERCE”…
Commerce is generally defined as “the activities involved in buying and selling things”. Normally people uses terms “Business” and “Commerce” interchangeably however there is a big difference between the two.
The term “COMMERCE” refers to a whole system that constitutes an environment for business. The system includes legal, economic, political, social, cultural, and technological systems.
