What it is:
Commerce is the exchange of goods, services or commodities on a large scale.
How it works (Example):
The financial industry often breaks down commerce into more specific categories. For example, international commerce takes place between countries, interstate commerce is done across state lines, and electric commerce (e-commerce) takes place via the Internet.
Why it Matters:
Commerce is the fundamental action that takes place in every transaction involving money and/or trade. It is the basic component of the business and financial world.
In most countries, commerce is regulated; the extent of the regulation is a reflection of monetary policy, fiscal policy and political conditions. In the U.S., the Department of Commerce has a broad mandate to advance economic growth and job opportunities for Americans. It has a broad range of responsibilities, a very small sample of which includes gathering and releasing data on GDP, performing the decennial census, and running the Patent and Trademark Office.