Commerce

Commerce relates to "the exchange of goods and services, especially on a large scale."[1] It includes legal, economic, political, social, cultural and technological systems that operate in a country or in international trade.

Etymology

The English-language word commerce has been derived from the Latin word commercium, from cum ("together") and merx ("merchandise").[2]

History

Caduceus
The caduceus - used today as the symbol of commerce,[3] and traditionally associated with the Roman god Mercury, patron of commerce, trickery and thieves.

Some commentators trace the origins of commerce to the very start of transactions in prehistoric times. Apart from traditional self-sufficiency, trading became a principal facility of prehistoric people, who bartered what they had for goods and services from each other (the barter system was popular in ancient times where one could get goods and services by offering the other person some other good and service according to their need instead of paying with monetary systems, which developed later). Historian Peter Watson and Ramesh Manickam date the history of long-distance commerce from circa 150,000 years ago.[4]

In historic times, the introduction of currency as a standardized money facilitated the wider exchange of goods and services. Numismatists have collections of tokens, which include coins from some Ancient-World large-scale societies, although initial usage involved unmarked lumps of precious metal.[5]

The circulation of a standardized currency provides a method of overcoming the major disadvantage to commerce through use of a barter system, the "double coincidence of wants" (which means if someone wants something from a person, that person should also be in need of a thing or a service which they can provide), necessary for barter trades to occur. For example, if a person who makes pots for a living needs a new house, he/she may wish to hire someone to build it for him/her. But he/she cannot make an equivalent number of pots to equal this service done for him/her, because even if the builder could build the house, the builder might not want many or any pots. Also, the barter system had a major drawback in that whatever goods a person get as payment may not necessarily store for long amounts of time. For example: if a person has got dozens of fruits as his payment, he/she can't store fruit for long or they may rot - which means a person will have to bear a huge loss. Currency solved this problem by allowing a society as a whole to assign values and thus to collect goods and services effectively and to store them for later use, or to split them among minions.

During the Middle Ages, commerce developed in Europe through the trading of luxury goods at trade fairs. Some wealth became converted into movable wealth or capital. Banking systems developed where money on account was transferred across national boundaries.[6] Hand-to-hand markets became a feature of town life, and were regulated by town authorities.[7]

Today commerce includes as a subset of itself a complex system of companies which try to maximize their profits by offering products and services to the market (which consists both of individuals and groups and other companies or institutions) at the lowest production cost. A system of international trade has helped to develop the world economy; but, in combination with bilateral or multilateral agreements to lower tariffs or to achieve free trade, has sometimes harmed third-world markets for local products (see Globalization.)

See also

References

  1. ^ "commerce". English: Oxford Living Dictionaries. Oxford University Press. n.d. Retrieved December 11, 2018. 1 The activity of buying and selling, especially on a large scale.
  2. ^ Wikisource Chisholm, Hugh, ed. (1911). "Commerce" . Encyclopædia Britannica. 6 (11th ed.). Cambridge University Press. p. 766.
  3. ^ Hans Biedermann, James Hulbert (trans.), Dictionary of Symbolism - Cultural Icons and the Meanings behind Them, p. 54.
  4. ^ Watson, Peter (2005). Ideas : A History of Thought and Invention from Fire to Freud. HarperCollins. ISBN 0-06-621064-X. Introduction......./
  5. ^ Gold served especially commonly as a form of early money, as described in "Origins of Money and of Banking" - Davies, Glyn (2002). Ideas: A history of money from ancient times to the present day. University of Wales Press. ISBN 0-7083-1717-0.
  6. ^ Martha C. Howell (12 April 2010). Commerce Before Capitalism in Europe, 1300-1600. Cambridge University Press. ISBN 978-0-521-76046-1.
  7. ^ Fernand Braudel (1982). Civilization and Capitalism, 15th-18th Century: The wheels of commerce. University of California Press. p. 30. ISBN 978-0-520-08115-4.
Bachelor of Commerce

A Bachelor of Commerce (baccalaureates commercii, abbreviated B.Com. or B.Comm.) is an undergraduate degree in commerce (or business) and related subjects, usually awarded in Canada, Australia, India, Ireland, New Zealand, Pakistan, South Africa and other Commonwealth countries; however, the degree is no longer offered in the United Kingdom.

Chamber of commerce

A chamber of commerce (or board of trade) is a form of business network, for example, a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to advocate on behalf of the business community. Local businesses are members, and they elect a board of directors or executive council to set policy for the chamber. The board or council then hires a President, CEO or Executive Director, plus staffing appropriate to size, to run the organization.

A chamber of commerce is a voluntary association of business firms belonging to different trades and industries. They serve as spokesmen and representatives of business community. They differ from country to country.

The first chamber of commerce was founded in 1599 in Marseille, France. Another official chamber of commerce would follow 65 years later, probably in Bruges, then part of the Spanish Netherlands.

The world's oldest English-speaking chamber of commerce is the Jersey Chamber founded in February 1768, the same year the New York City Chamber was founded, The oldest known existing chamber in the English-speaking world with continuous records, the Glasgow Chamber of Commerce, was founded in 1783. However, Hull Chamber of Commerce is the UK's oldest, followed by those of Leeds and of Belfast in present day Northern Ireland.As a non-governmental institution, a chamber of commerce has no direct role in the writing and passage of laws and regulations that affect businesses. It may however, lobby in an attempt to get laws passed that are favorable to businesses.

Commerce City, Colorado

The City of Commerce City is a Home Rule Municipality located in Adams County, Colorado, United States. Commerce City is a northern suburb of Denver and as of 2013 is the 18th most populous municipality in Colorado. The city population was 45,913 at the 2010 United States Census, a population increase of 118.7% in the ten years since the 2000 census.Commerce City is a mixed residential and industrial community that is known for an oil refinery with a capacity of 90,000 barrels per day (14,000 m3/d), operated by Suncor. Dick's Sporting Goods Park, a soccer stadium in Commerce City, hosts the Colorado Rapids of Major League Soccer.

Commerce Clause

The Commerce Clause describes an enumerated power listed in the United States Constitution (Article I, Section 8, Clause 3). The clause states that the United States Congress shall have power "To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes." Courts and commentators have tended to discuss each of these three areas of commerce as a separate power granted to Congress. It is common to see the individual components of the Commerce Clause referred to under specific terms: the Foreign Commerce Clause, the Interstate Commerce Clause, and the Indian Commerce Clause.

Dispute exists within the courts as to the range of powers granted to Congress by the Commerce Clause. As noted below, it is often paired with the Necessary and Proper Clause, and the combination used to take a broad, expansive perspective of these powers. However, the effect of the Commerce Clause has varied significantly depending on the US Supreme Court's interpretation.

During the Marshall Court era (1801 to 1835), Commerce Clause interpretation empowered Congress to gain jurisdiction over numerous aspects of intrastate and interstate commerce as well as non-commerce. During the post-1937 era, the use of the Commerce Clause by Congress to authorize federal control of economic matters became effectively unlimited. Since the latter half of the Rehnquist Court era, congressional use of the Commerce Clause has become slightly restricted again, being limited only to matters of trade or any other form of restricted area (whether interstate or not) and production (whether commercial or not).

The Commerce Clause is the source of federal drug prohibition laws under the Controlled Substances Act. In a recent medical marijuana case, Gonzales v. Raich, the Supreme Court rejected the argument that the ban on growing medical marijuana for personal use exceeded Congress' powers under the Commerce Clause. Even if no goods were sold or transported across state lines, the Court found that there could be an indirect effect on interstate commerce. The Court relied heavily on a New Deal case, Wickard v. Filburn, which held that the government may regulate personal cultivation and consumption of crops because the aggregate effect of individual consumption could have an indirect effect on interstate commerce.

Dormant Commerce Clause

The Dormant Commerce Clause, or Negative Commerce Clause, in American constitutional law, is a legal doctrine that courts in the United States have inferred from the Commerce Clause in Article I of the US Constitution. The Dormant Commerce Clause is used to prohibit state legislation that discriminates against interstate or international commerce.

For example, it is lawful for Michigan to require food labels that specifically identify certain animal parts, if they are present in the product, because the state law applies to food produced in Michigan as well as food imported from other states and foreign countries; the state law would violate the Commerce Clause if it applied only to imported food or if it was otherwise found to favor domestic over imported products. Likewise, California law requires milk sold to contain a certain percentage of milk solids that federal law does not require, which is allowed under the Dormant Commerce Clause doctrine because California's stricter requirements apply equally to California-produced milk and imported milk and so does not discriminate against or inappropriately burden interstate commerce.

E-commerce

E-commerce is the activity of buying or selling of products on online services or over the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.

Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction's life cycle although it may also use other technologies such as e-mail. Typical e-commerce transactions include the purchase of online books (such as Amazon) and music purchases (music download in the form of digital distribution such as iTunes Store), and to a less extent, customized/personalized online liquor store inventory services. There are three areas of e-commerce: online retailing, electric markets, and online auctions. E-commerce is supported by electronic business.E-commerce businesses may also employ some or all of the followings:

Online shopping for retail sales direct to consumers via Web sites and mobile apps, and conversational commerce via live chat, chatbots, and voice assistants

Providing or participating in online marketplaces, which process third-party business-to-consumer or consumer-to-consumer sales

Business-to-business buying and selling;

Gathering and using demographic data through web contacts and social media

Business-to-business (B2B) electronic data interchange

Marketing to prospective and established customers by e-mail or fax (for example, with newsletters)

Engaging in pretail for launching new products and services

Online financial exchanges for currency exchanges or trading purposes.

Florence

Florence ( FLORR-ənss; Italian: Firenze [fiˈrɛntse] (listen)) is the capital city of the Italian region of Tuscany. It is the most populous city in Tuscany, with 383,084 inhabitants in 2013, and over 1,520,000 in its metropolitan area.Florence was a centre of medieval European trade and finance and one of the wealthiest cities of that era. It is considered the birthplace of the Renaissance, and has been called "the Athens of the Middle Ages". A turbulent political history includes periods of rule by the powerful Medici family and numerous religious and republican revolutions. From 1865 to 1871 the city was the capital of the recently established Kingdom of Italy. The Florentine dialect forms the base of Standard Italian and it became the language of culture throughout Italy due to the prestige of the masterpieces by Dante Alighieri, Petrarch, Giovanni Boccaccio, Niccolò Machiavelli and Francesco Guicciardini.

The city attracts millions of tourists each year, and the Historic Centre of Florence was declared a World Heritage Site by UNESCO in 1982. The city is noted for its culture, Renaissance art and architecture and monuments. The city also contains numerous museums and art galleries, such as the Uffizi Gallery and the Palazzo Pitti, and still exerts an influence in the fields of art, culture and politics. Due to Florence's artistic and architectural heritage, it has been ranked by Forbes as one of the most beautiful cities in the world.Florence is an important city in Italian fashion, being ranked in the top 15 fashion capitals of the world; furthermore, it is a major national economic centre, as well as a tourist and industrial hub. In 2008, the city had the 17th highest average income in Italy.

Herbert Hoover

Herbert Clark Hoover (August 10, 1874 – October 20, 1964) was an American engineer, businessman, and politician who served as the 31st president of the United States from 1929 to 1933. A member of the Republican Party, he held office during the onset of the Great Depression. Prior to serving as president, Hoover led the Commission for Relief in Belgium, served as the director of the U.S. Food Administration, and served as the 3rd U.S. Secretary of Commerce.

Born to a Quaker family in West Branch, Iowa, Hoover took a position with a London-based mining company after graduating from Stanford University in 1895. After the outbreak of World War I, he became the head of the Commission for Relief in Belgium, an international relief organization that provided food to occupied Belgium. When the U.S. entered the war, President Woodrow Wilson appointed Hoover to lead the Food Administration, and Hoover became known as the country's "food czar". After the war, Hoover led the American Relief Administration, which provided food to the inhabitants of Central Europe and Eastern Europe. Hoover's war-time service made him a favorite of many progressives, and he unsuccessfully sought the Republican nomination in the 1920 presidential election.

After the 1920 election, newly-elected Republican President Warren G. Harding appointed Hoover as Secretary of Commerce; Hoover continued to serve under President Calvin Coolidge after Harding died in 1923. Hoover was an unusually active and visible cabinet member, becoming known as "Secretary of Commerce and Under-Secretary of all other departments". He was influential in the development of radio and air travel and led the federal response to the Great Mississippi Flood of 1927. Hoover won the Republican nomination in the 1928 presidential election, and decisively defeated the Democratic candidate, Al Smith. The stock market crashed shortly after Hoover took office, and the Great Depression became the central issue of his presidency. Hoover pursued a variety of policies in an attempt to lift the economy, but opposed directly involving the federal government in relief efforts.

In the midst of an ongoing economic crisis, Hoover was decisively defeated by Democratic nominee Franklin D. Roosevelt in the 1932 presidential election. Hoover enjoyed one of the longest retirements of any former president, and he authored numerous works. After leaving office, Hoover became increasingly conservative, and he strongly criticized Roosevelt's foreign policy and New Deal domestic agenda. In the 1940s and 1950s, Hoover's public reputation was rehabilitated as he served for Presidents Harry S. Truman and Dwight D. Eisenhower in various assignments, including as chairman of the Hoover Commission. Nevertheless, Hoover is generally not ranked highly in historical rankings of presidents of the United States.

Hollywood Walk of Fame

The Hollywood Walk of Fame comprises more than 2,600 five-pointed terrazzo and brass stars embedded in the sidewalks along 15 blocks of Hollywood Boulevard and three blocks of Vine Street in Hollywood, California. The stars are permanent public monuments to achievement in the entertainment industry, bearing the names of a mix of musicians, actors, directors, producers, musical and theatrical groups, fictional characters, and others. The Walk of Fame is administered by the Hollywood Chamber of Commerce and maintained by the self-financing Hollywood Historic Trust. It is a popular tourist destination, with a reported 10 million visitors in 2003. The Hollywood Chamber of Commerce holds trademark rights to the Hollywood Walk of Fame.

National Oceanic and Atmospheric Administration

The National Oceanic and Atmospheric Administration (NOAA, like Noah) is an American scientific agency within the United States Department of Commerce that focuses on the conditions of the oceans, major waterways, and the atmosphere.

NOAA warns of dangerous weather, charts seas, guides the use and protection of ocean and coastal resources, and conducts research to provide understanding and improve stewardship of the environment.

NOAA was officially formed in 1970 and in 2017 had over 11,000 civilian employees. Its research and operations are further supported by 321 uniformed service members who make up the NOAA Commissioned Corps.Since October 2017, NOAA has been headed by Timothy Gallaudet, as acting Under Secretary of Commerce for Oceans and Atmosphere and NOAA interim administrator.

Royal Society of Arts

The Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA) is a London-based, British organisation committed to finding practical solutions to social challenges. Founded in 1754 by William Shipley as the Society for the Encouragement of Arts, Manufactures and Commerce, it was granted a Royal Charter in 1847, and the right to use the term Royal in its name by King Edward VII in 1908. The shorter version, The Royal Society of Arts and the related RSA acronym, are used more frequently than the full name.

Notable past fellows include Charles Dickens, Benjamin Franklin, Stephen Hawking, Karl Marx, Adam Smith, Nelson Mandela, David Attenborough, William Hogarth, John Diefenbaker, and Tim Berners-Lee. Today, the RSA has Fellows elected from 80 countries worldwide.

The RSA award three medals, the Albert Medal, the Benjamin Franklin Medal (following a decision by the Board in 2013, the Benjamin Franklin Medal is now overseen by the RSA US, although the final nomination is ratified by the UK Board) and the Bicentenary Medal. Medal winners include Nelson Mandela, Sir Frank Whittle, and Professor Stephen Hawking. The RSA members are innovative contributors to the human knowledge, as shown by the Oxford English Dictionary, which records the first use of the term "sustainability" in an environmental sense of the word in the RSA Journal in 1980.

The Times of India

The Times of India (TOI) is an Indian English-language daily newspaper owned by The Times Group

It is the third-largest newspaper in India by circulation and largest selling English-language daily in the world according to Audit Bureau of Circulations (India). It is the oldest English-language newspaper in India still in circulation, albeit under different names since its first edition published in 1838. It is also the second-oldest Indian newspaper still in circulation after the Bombay Samachar.

Near the beginning of the 20th century, Lord Curzon, the Viceroy of India, called The Times of India "the leading paper in Asia". In 1991, the BBC ranked The Times of India among the world's six best newspapers.It is owned and published by Bennett, Coleman & Co. Ltd. (B.C.C.L.), which is owned by the Sahu Jain family. In the Brand Trust Report 2012, The Times of India was ranked 88th among India's most-trusted brands. In 2017, however, the newspaper was ranked 355th.

Trade

Trade involves the transfer of goods or services from one person or entity to another, often in exchange for money. A system or network that allows trade is called a market.

An early form of trade, barter, saw the direct exchange of goods and services for other goods and services. Barter involves trading things without the use of money. Later, one bartering party started to involve precious metals, which gained symbolic as well as practical importance. Modern traders generally negotiate through a medium of exchange, such as money. As a result, buying can be separated from selling, or earning. The invention of money (and later credit, paper money and non-physical money) greatly simplified and promoted trade. Trade between two traders is called bilateral trade, while trade involving more than two traders is called multilateral trade.

Trade exists due to specialization and the division of labor, a predominant form of economic activity in which individuals and groups concentrate on a small aspect of production, but use their output in trades for other products and needs. Trade exists between regions because different regions may have a comparative advantage (perceived or real) in the production of some trade-able commodity—including production of natural resources scarce or limited elsewhere, or because different regions' sizes may encourage mass production. In such circumstances, trade at market prices between locations can benefit both locations.

Retail trade consists of the sale of goods or merchandise from a very fixed location (such as a department store, boutique or kiosk), online or by mail, in small or individual lots for direct consumption or use by the purchaser. Wholesale trade is defined as traffic in goods that are sold as merchandise to retailers, or to industrial, commercial, institutional, or other professional business users, or to other wholesalers and related subordinated services.

United States Census Bureau

The United States Census Bureau (USCB; officially the Bureau of the Census, as defined in Title 13 U.S.C. § 11) is a principal agency of the U.S. Federal Statistical System, responsible for producing data about the American people and economy. The Census Bureau is part of the U.S. Department of Commerce and its director is appointed by the President of the United States.

The Census Bureau's primary mission is conducting the U.S. Census every ten years, which allocates the seats of the U.S. House of Representatives to the states based on their population. The Bureau's various censuses and surveys help allocate over $400 billion in federal funds every year and it helps states, local communities, and businesses make informed decisions. The information provided by the census informs decisions on where to build and maintain schools, hospitals, transportation infrastructure, and police and fire departments.In addition to the decennial census, the Census Bureau continually conducts dozens of other censuses and surveys, including the American Community Survey, the U.S. Economic Census, and the Current Population Survey. Furthermore, economic and foreign trade indicators released by the federal government typically contain data produced by the Census Bureau.

United States Department of Commerce

The United States Department of Commerce is the Cabinet department of the United States government concerned with promoting economic growth. Among its tasks are gathering economic and demographic data for business and government decision-making, and helping to set industrial standards. This organization's main purpose is to create jobs, promote economic growth, encourage sustainable development and improve standards of living for all Americans. The Department of Commerce headquarters is the Herbert C. Hoover Building in Washington, D.C.

Wilbur Ross is the current Commerce secretary.

United States House Committee on Energy and Commerce

The Committee on Energy and Commerce is one of the oldest standing committees of the United States House of Representatives. Established in 1795, it has operated continuously—with various name changes and jurisdictional changes—for more than 200 years. The two other House standing committees with such continuous operation are the House Ways and Means Committee and the House Rules Committee. The Committee has served as the principal guide for the House in matters relating to the promotion of commerce and to the public’s health and marketplace interests, with the relatively recent addition of energy considerations among them.

United States Secretary of Commerce

The United States Secretary of Commerce (SecCom) is the head of the United States Department of Commerce. The Secretary is appointed by the President of the United States with the advice and consent of the United States Senate and serves in the President's Cabinet. The Secretary is concerned with promoting American businesses and industries; the Department states its mission to be "to foster, promote, and develop the foreign and domestic commerce".Until 1913 there was one Secretary of Commerce and Labor, uniting this department with the Department of Labor, which is now headed by a separate Secretary of Labor.The current Commerce Secretary is Wilbur Ross, who was nominated by President Donald Trump and approved by the Senate on February 28, 2017.

United States Senate Committee on Commerce, Science, and Transportation

The United States Senate Committee on Commerce, Science, and Transportation is a standing committee of the United States Senate. It is empowered with legislative oversight of the Coast Guard and Merchant Marine, interstate commerce, communications, the Internet, highways, aviation, rail, shipping, transportation security, oceans, fisheries, climate change, natural disasters, science, sports, tourism, consumer protection, economic development, technology, competitiveness, product safety, insurance, and standards and measurement. The committee also has jurisdiction over coastal zone management, inland waterways (except construction), the Panama Canal and other interoceanic canals, and commerce aspects of Continental Shelf lands.The Committee is one of the largest in the Senate with 27 members in the 115th Congress. It is composed of seven subcommittees, and the Committee Chairman is Sen. John Thune (R-SD) and its Ranking Member is Sen. Maria Cantwell (D-WA). The majority office is housed in the Dirksen Senate Office Building, and the minority office is located in the Hart Senate Office Building.

University of Mumbai

The University of Mumbai, informally known as (MU), is one of the earliest state universities in India and the oldest in Maharashtra. It offers Bachelors, Masters and Doctoral courses, as well as diplomas and certificates in many disciplines like the Arts, commerce, Science, Medical and Engineering. The language of instruction for most courses is English. The University of Mumbai has three campuses across Mumbai (Kalina Campus, Thane Sub Campus and Fort Campus) and one outside Mumbai. The Fort campus carries out administrative work only. Several institutes in Mumbai previously affiliated to the university are now autonomous institutes or universities. The University of Mumbai is one of the largest universities in the world. In 2011, the total number of enrolled students was 549,432. The University of Mumbai currently has 711 affiliated colleges.

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