Question

Why commerce is consider as the back bone of industry and other business activities

Answer 1

Unlike industry, commerce does not involve manufacturing or production. It basically involves trading and its related activities. Commerce includes exchange of goods and services. It primarily aims at the circulation of these goods and services so as to keep them within the reach of the final consumers. The major commercial activities are transportation, advertisement, packaging, warehousing, banking, communication, etc. Hence, it can be said that commerce bridges the gap between the producers and the consumers. Industrial production is meaningless without the distribution of goods and services by commerce. Commerce provides support to industry by maintaining a smooth flow of goods from producers to consumers. Industry cannot function without commerce and trade. Commerce serves as the backbone or lifeline of industry.

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Answer 2

Commerce or trade between sellers and buyers and the related activities is certainly the reason why industries are set up to produce goods as per demand. Without the basic activity of buying and selling, which is known as trade or commerce, all other activities would come to a standstill because in such a case there would be no need to manufacture goods and transport them to the point of sale. So, it is safe to call commerce the backbone of business.