Commerce is the study of business activities.It is a division of trade or production which deals with the exchange of goods and services from the producers to the final consumers.
A producer is someone who produces goods, while a consumer is the person who uses the goods or buys the goods.
Basically, international trade is also known as the foreign trade with the following sub-sections; bilateral trade-trade between two countries, and multilateral trade-trade among many countries.
a. Home trade -This is trade that is carried out within the country and is also called domestic trade.it is divided into two:
- Whole sale-This is a trader who buys goods in bulk(large quantities )from the producers and sells it in small quantities to the retailers or straight to consumers.
- Retailers-this is a trader who buys in smaller quantities from wholesalers or producers and sells it to consumers.
b.Foreign trade/international trade -This is the exchange of goods and services across the national borders and is divided into ;
- Imports -This is the buying of goods from foreign countries and selling them within the country e.g.cars, mobile phones, flowers etc.
- Exports -This is the selling of local goods to foreign countries e.g. gas, tobacco, tea coffee etc.