What is the term for the buying and selling of goods and services?

The term that best describes the buying and selling of goods and services is commerce. Commerce encompasses all activities related to the exchange of goods and services, including trading, marketing, and logistics, which are fundamental to the functioning of economies. It includes not only the direct transactions between buyers and sellers but also all the supporting activities that facilitate these transactions.

Trade, while closely related, primarily refers to the act of exchanging goods and services directly, often focusing on international transactions. The term market usually refers to the physical or virtual space where these exchanges occur, rather than the broader concept of the entire process of buying and selling. Industry refers to the production side of the economy, involving the creation of goods and services rather than their exchange. Thus, while all these terms are interrelated, commerce specifically highlights the transactional aspect of the economy.