definition for commerce

comparison shopping

contacting (by telephone, internet or in person) a number of sellers to obtain the best deal

commerce

the buying and selling of goods and services between individuals and businesses

barter

the swapping or exchanging of one good for another

need

things that are necessary for survival, such as water and food

acceptance

when the offeree agrees to the proposal

what are the dangers of taking credit and falling into a debt trap

you may buy the expensive product by using credit and thats how you fall in a debt

book up

a charge account operated by a trader

budget

a list of income and likely expenditures

debtor

a person, country, or organization that owes money.

income

money received on a regular basis from work, property, business, investment or welfare payments

What does ASIC stand for?

Australian Securities and Investments Commission

acceptable quality

acceptable quality a product fit for purpose, acceptable in appearance and finish, free from defects, safe and durable

Budget

allow or provide a particular amount of money in a budget.

business

any organisation that produces and sells goods and services in order to make a profit

secured loan

is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.

goods

items that you can see or touch