Commerce is the process of exchange of goods and services i.e buying and selling between business entities within the country or outside the country .all this involves the process of commerce in our daily life.
Production is the process by which input factor are transmitted into useful product (is the process of creating goods and services in order to satisfy the needs or human wants of other living things or organisms.
There are two types of production which are primary production and secondary production.the primary production is the provision of good and services for personal use only.secondary production involves process of material into finished goods
It involves manufacturing and construction industry.tertiary production this is distribution of goods and services to areas where are needed with the help of commerce.
It also involves the direct process services provided by personell such as director nurses teacher lawyer and the police .also the are factors of production which are land ,labour enterprenuership and capital.
Land is basic factor of production must be utilized either in the form of dry surface of earth or in the natural resources such as water.labour is made by human being effort physical or mentally that is required for the factor of production.
Capital is an assets that is used to produce other goods and services.the capital can be used to acquires something like land building stock labor and other things .
Organization are also known as management is the owner of business.it is a factor of production which organizes other factors of production.these are ability who are able to conceive ideas and transformation into business.