The concept of business was developed with the primary aim of making a profit. Business is a human activity as it relates to the production and marketing of goods and services. Humans are constantly engaged in one activity or another in order to fulfill their infinite desires and desires. Business has become an integral part of the modern world. We all need food, clothing, and shelter, and many household necessities need to be satisfied in our daily lives. We met these requirements from the shopkeeper. The shopkeeper receives from the wholesaler. Accepted from wholesalers and manufacturers. Therefore, the actions taken by the shopkeeper, wholesaler, and manufacturer are called business, and they are called merchants.
History of Commerce in India
Trade refers to the activities required to bring goods and services from the point of origin to the point of consumption. This includes assistance to trade and commerce. Trade is a broad organization that has evolved over the longest period of human history, going through the following stages.
i) Home Economy: This is the first stage of economic development. At this point, the working class is a concept unknown at the family level. Self-sufficiency within the family is the basis of the economy and there is no commercial relationship between families. While men were engaged in hunting, fishing, and hunting weapons making, women were engaged in the collection and cultivation of fruits. And families increased
ii) Ancient Barter Economy: Gradually the need for households began to gain expertise in different industries and the need for exchange of goods between different families and different races increased. Thus the trade introduced the barter system. In barter mode, only the goods are delivered to the bar. Currency was not used as a medium of exchange during this period, so the barter system was considered a popular component of trade.
iii) Increase in trade: Over time, the demand for people has increased and so has the demand for exchange. Initially, goods were delivered at certain locations, but gradually trade appeared at the scene. The home business began to grow, gaining prominence and becoming an exchange tool for money. In addition, weighing and measuring systems appeared.
- Define State and discuss its Essential Features.
iv) Urban Economy: At this stage, trade began to cater to the needs of the local markets and it gradually grew into a large city. Moreover, merchants were divided into wholesalers and retailers. As the labor force became more active, commodity prices continued to fluctuate and merchants used credit in their transactions.
V) International Trade: At this stage, goods were produced for sale not only in local markets but also in foreign markets. The expansion of this trade made it possible to produce large quantities of goods due to the Industrial Revolution. In addition, intermediaries between manufacturers and consumers began to function, and several specialized companies began to be established, including commercial banks, insurance companies, transport companies, and warehousing companies. These intermediaries and specialized firms played an important role in developing trade not only within the country but also abroad.
vi) E-Commerce: This is an innovative business concept in the modern economy. E-Commerce is e-commerce. It is the process of buying and selling goods and services through an electronic medium. Electronic commerce was the latest development in the business sector in the early 1990s, and its use grew rapidly. In this system, buying and selling of goods or services is done online using the Internet or other electronic means. Today, most companies have an online presence. In fact, the ability to run a business over the Internet is essential. Everything from food and clothing to entertainment and other household items can be purchased online.
Modern commerce is a well-developed transfer system with well-organized transportation, insurance, banking, warehouse and other services. Today’s business is a complex operating system that seeks to maximize profits by bringing products and services to market, including two other individuals with low production costs. The International Trade Organization (WTO) has worked with bilateral or multinational agreements to improve the global economy, reduce tariffs, or facilitate free trade.