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Unit 1 Trade and Commerce Notes

The document outlines the nature and scope of trade and commerce, emphasizing their roles in economic development, employment generation, and market expansion. It details various types of trade, including internal and external trade, and discusses the historical context of trade in India from ancient times to post-independence. Additionally, it highlights the growth and development across different sectors, including primary, secondary, and tertiary sectors.

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2 views3 pages

Unit 1 Trade and Commerce Notes

The document outlines the nature and scope of trade and commerce, emphasizing their roles in economic development, employment generation, and market expansion. It details various types of trade, including internal and external trade, and discusses the historical context of trade in India from ancient times to post-independence. Additionally, it highlights the growth and development across different sectors, including primary, secondary, and tertiary sectors.

Uploaded by

mousumiahmed87654
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Unit 1: Trade and Commerce

1. Nature and Scope of Trade and Commerce

- Trade refers to the buying and selling of goods and services with the aim of earning profit.

- Commerce is a broader term that includes all activities facilitating trade, such as transportation,

banking, insurance, advertising, warehousing, etc.

Nature:

- Involves exchange of goods and services.

- Promotes specialization and division of labor.

- Aims at economic development and value creation.

Scope:

- Encompasses both internal and international trade.

- Covers a wide network of intermediaries and support services.

- Extends to logistics, marketing, legal regulations, and e-commerce.

2. Significance of Trade and Commerce

- Economic Development: Trade boosts production and income levels.

- Employment Generation: Creates jobs in retail, logistics, transport, etc.

- Market Expansion: Helps producers reach wider consumer bases.

- Resource Distribution: Ensures availability of goods in various regions.

- Foreign Exchange Earnings: International trade enhances national income through exports.

3. Types of Trade and Business

a. Trade Types:

- Internal Trade:
- Wholesale Trade: Sale in large quantities to retailers.

- Retail Trade: Sale in small quantities to consumers.

- External Trade (International):

- Import Trade: Bringing goods into a country.

- Export Trade: Selling goods to foreign countries.

- Entrepot Trade: Importing goods for re-export.

b. Types of Business:

- Manufacturing: Production of goods.

- Service Business: Providing services (banking, insurance, etc.)

- Merchandising: Buying and selling of finished goods.

4. Trade and Commerce in Ancient India

- Flourished Trade Routes: Both land and sea (Silk Route, Spice Route).

- Urban Centers: Harappa, Mohenjo-Daro, Pataliputra were major trade centers.

- Coinage and Barter: Use of coins like punch-marked coins during Mauryan period.

- Guilds (Shrenis): Merchant associations regulated trade practices.

5. Trade and Commerce in Pre-independence India

- Colonial Policies: British policies favored raw material export and import of British goods.

- Destruction of Local Industries: Indian handicrafts declined due to industrial imports.

- Limited Industrial Growth: Industrialization was restricted to jute, cotton, and tea.

- Transportation and Infrastructure: Developed mainly to serve British interests.

6. Trade and Commerce in Post-independence India

- Planned Development: Five-year plans focused on self-sufficiency and industrialization.

- Liberalization (1991): Opened Indian markets to global competition.


- Digital Commerce: Growth of e-commerce platforms and digital payment systems.

- Start-up Culture: Emergence of entrepreneurship and MSMEs.

7. Growth and Development in Different Sectors

a. Primary Sector:

- Involves extraction of natural resources (agriculture, fishing, mining).

- Major employer in India, especially rural areas.

b. Secondary Sector:

- Includes manufacturing and industry.

- Converts raw materials into finished goods.

c. Tertiary Sector:

- Involves services like banking, transport, communication, education, healthcare.

- Fastest growing sector in post-liberalization era.

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