“Commerce is the sum total of all those activities which are engaged in the removal of person, place, time and exchange”. In the light of this statement, discuss the nature and scope of commerce

"Commerce is the sum total of all those activities which are engaged in the removal of hindrances of person, place, time and risk in the process of exchange”. This statement can be understood with the help of the following points that explain the various activities that help remove the mentioned hindrances.

1. Trade: Trade helps in removing the hindrances of persons by making available the goods to the consumers from the posession of the producers.
2. Transport: Transport helps in removing the hindrances of distance and place by carrying the goods from one place to another.
3. Storage: The hindrances of time are removed by the storage and warehousing facilities that hold the stock of goods before they are finally sold.
4. Insurance: Insurance of the goods helps in removing the hindrance of risk involved in terms of damage or loss to the goods.