Role of Commerce in the economy development
The role of Commerce in economic development is very important and our goal is to define career opportunities in commerce. If we define Commerce, Commerce is the organization that deals with exchanging goods between industries and the industrial world. But in a broader sense, Commerce is the subject related to the exchange of goods and services and activities directly and indirectly associated with the exchange.
Benefits of Commerce in economic development:
There are countless benefits of Commerce in economic development:
1.Commerce tries to satisfy human requirements:
As the world is changing, human needs and wants are also increasing. They are some needs that are called essential, and some called secondary wants. Commerce is one of the fields that brings the enhancement to exchange one product into another. But now, because of the advancement, we can get the opportunity to grab anything from anywhere in the world. Thus, the increase in people’s desires increases this field’s scope, and people study human wants and desires and therefore promote social welfare.
2.Commerce is the best option to increase the standard of living.
Commerce increases the standard of living of people. In simple words, if we define the standard of living, it means the quality of living enjoyed by society members. When people add more products to their lives, it will enhance their standard of living. To use a variety of products, it is first essential to secure them. Commerce also helps us plan things at the right time, right place, and at the right price, which improves the standard of living.
3.Commerce builds a connection with producers and consumers:
Commerce bridges the gap between producers and consumers because production is meant for ultimate consumption. Consumers build a connection between producers and consumers and among retailers and wholesalers. Consumers get information about any product through advertisements, commercials,s, and salesmanship. The producers of the products get information about goods through marketing research. Therefore, Commerce builds connections between the centers of production and consumption and makes connections between them.
4.Commerce building employment opportunity:
The growth of the commerce industry brings a lot of employment options for people. It opens the doors of banking, transport, warehousing, and advertising, etc. These agencies need people to look after their functioning increase in production results in boosting employment opportunities. Therefore, the development of Commerce generates thousands of earning resources for people.
5.Commerce generates income and wealth for the nation:
When the production of any economy increases, it will automatically increase the wealth of any country. .In developing companies, manufacturing industries and Commerce go together nearly 80% of total national income. It is the best source to generate foreign exchange by way of exports and duties levied by imports. Thus, Commerce increases the national income and brings wealth to the nation.
6.Commerce also quite helpful in expanding aids for trade:
With the increase in the growth of trade and commerce, there is also a need to expand and modernize aids to businesses such as banking, transport, advertising, and insurance are best for the smooth conduct of Commerce.
7.Commerce also encourage industrial development :
Commerce looks after the smooth transaction of goods and services available by industry. Without the involvement of Commerce, the industry finds it difficult to maintain the flow of industry production. It helps in the industry by increasing the production of goods on the one hand. On the other hand, Commerce also helps in exposure to the necessary raw material and other services. Therefore, Commerce helps in making proper division of labour and quite beneficial for industrial progress.
8.Commerce promoted international trade:
Commerce secures and makes a fair distribution of goods throughout the world. By using transport, countries do exchange their commodities and earn foreign exchange which promotes international trade. This is also useful for importing machinery and also enhancing sophisticated technology. Thus, it shows the faster economic growth of any country.
9.Commerce role in underdevelopment countries:
The financial ratio of underdeveloped countries is relatively low. Underdeveloped countries can import more technical know-how from any developed country and in return, advanced countries can import raw materials from undeveloped countries.
10.Commerce is the best options during emergencies:
Commerce helps a lot, especially in the phase of emergencies such as earthquakes and wars. Commerce helps reach essential requirements such as medicines, foods, and other goods critical to the affected areas. Therefore, Commerce brings advancement to the world. It is all about the exchange of goods and services. It includes all those activities which directly or indirectly facilitate that exchange.
Subjects of commerce offered by different universities in Pakistan:
The importance of Commerce in economic development shows that Commerce is the best subject for students to start or to build a career in the industry. If we specifically discuss the career options in Commerce.So these are the career opportunities available for you if students pursue this degree.
Career opportunities for students of Commerce:
- Capital Market
- Accounting and Taxation
- Company Secretary
- Cost and Work Accountant
- Cost and Management Accountant
- Certified Financial Planner
Pakistan has many universities that are offering Commerce as subjects in their university. . the University of Faisalabad is also one of them, which has professional experts faculty to teach students to make them competent enough to serve the industry.
The University Of Faisalabad offers :
Bachelor of business administration:
This program is designed to develop students’ intellectual ability and executive and managerial skills, enabling them to serve in the industry and pursue higher education.
This program offers students dynamic and comprehensive knowledge of commerce, enabling them to pursue higher education in any specialized field of commerce such as accounting, audit, banking, and finance.
This program designs to facilitate students with a comprehensive understanding of the tax issues of Pakistan.
Master in business administration (regular):
This program teaches the students about technical and functional skills such as accounting, finance, marketing, production operations, and human resources.
Master in business administration (executive):
This program is designed for in-service people, who want to boost their careers in their current jobs or want to get new or better portions.
Master of Commerce:
This program equips the student with technical and detailed knowledge of commerce and trade. This program makes students use or implement different techniques and expertise to do financial management.
Ph.D. management sciences:
This degree aims to develop students to pursue a research-oriented professional career in industry or serve academia.+