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Simple English definitions for legal terms
trade and commerce
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A quick definition of trade and commerce:
Trade and commerce refers to any type of business activity that involves buying, selling, exchanging, or trading goods or services for profit or to meet basic needs. It includes all occupations that involve these activities, such as farming, manufacturing, retail, and transportation. Essentially, trade and commerce is the exchange of goods and services between people or businesses.
A more thorough explanation:
Trade and commerce refer to any business activity that involves buying, selling, exchanging, or trading goods or services for profit or subsistence.
Examples of trade and commerce include:
- A grocery store selling food items to customers
- A car dealership selling cars to customers
- A farmer trading crops with another farmer for livestock
- An online retailer selling products to customers worldwide
These examples illustrate the elements of bargain and sale, barter, exchange, or traffic that are involved in trade and commerce. In each case, there is a transaction taking place where goods or services are being exchanged for money or other goods/services.