Explain FIVE reasons why commerce is important in the life of a nation – NABTEB QUESTION

Reasons, why commerce is important in the life of a nation, are:

(i) Commerce facilitates the exchange of goods and service through buying and selling

(ii) Commerce makes storage possible through warehousing

(iii) Commerce provides employment opportunities

(iv) Commerce assist in financing businesses through banks

(v) Commerce increase the standard of living of a people by bringing in a variety of goods from other countries

(vi) Commerce makes for interdependence of nations through international trade

(vii) Commerce facilitates specialization and mass production of goods and services

(viii) Commerce aids the movement of goods and services from areas of abundance to areas where they are scarce

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

(x) Commerce creates awareness for goods and businesses opportunities, through advertising

(xi) Commerce generates revenue for entrepreneur and for the nation