Commerce refers to the activities involved in the buying and selling of goods and services. It encompasses various processes, including trade, distribution, and marketing. Commerce plays a crucial role in connecting producers and consumers, facilitating the flow of products in the economy. Economics, on the other hand, is the study of how societies allocate resources to meet their needs and wants. It examines the production, distribution, and consumption of goods and services. Key concepts in economics include supply and demand, market structures, and economic systems, which help explain how markets function and how governments influence economic activity.