According to the renowned personality James Stephenson, “commerce embraces all those activities which help to break file harriers between produces and consumers. It is the sum total of all those processes which are engaged in the removal of hindrance of person, place or time”.
Following is the description how these hindrances get removed
(i) Hindrance of person refers to the problem of contact between producers and consumers commerce removes. This hindrance is removed by trade.
(ii) Hindrance of place refers to the problem of distribution of goods at distant places without loss. Commerce removes this hindrance by transportation.
(iii) Hindrance of time refers to the problem of existance of time gap between production and consumption of goods. This hindrance is solved by warehousing or storage.