Question

"Commerce is the sum total of activities that removes hindrance in the free flow of good from producers to consumers. Why commerce is considered a back bone of industry and other activities

Answer 1

Keeping in view that; "Commerce is the sum total of activities that removes hindrance in the free flow of good from producers to consumers." Commerce is considered the backbone of the country because;

(i) It eliminates the hindrances of persons.

(ii) It eliminates the hindrances of place.

(iii) It eliminates the hindrances of time.

(iv) It eliminates the hindrances of finance.

(v) It eliminates the hindrances of risk.

(vi) It eliminates the hindrances of information.