Explain any five reasons why commerce is important in the life of a nation

Explain any five reasons why commerce is important in the life of a nation

Explanation

Commerce is very important in the life of any nation because of the following reasons:

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

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

(iii) The extent of commercial activities determines the wealth/standard of living of a nation.

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

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

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

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

(viii) Commerce assists people to have money through financial institutions.