WHY IS COMMERCE REGARDED AS THE LIFEBLOOD OF A NATION

Commerce is the lifeblood of a nation due to the following reasons:

First, We produce goods and services that are considered essential for our survival through commerce.

Through commerce, food and other essential items of life are produced. Remember that production is a commercial activity.

Secondly, We obtain income that allows us to buy goods and services through commerce.

This is because commerce involved the buying and selling of goods and services(trade) as well as other activities that facilitate trade( aids to trade).

All of these activities of commerce can help individuals earn income which can be used to purchase necessary goods and services.

The last reason commerce is referred to as the lifeblood of a nation is that it improves the standard of living of citizens by making quality goods and services through international trade.

If there was no international trade, every country will have to produce everything it consumes, which is very difficult, if not, impossible.

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