What does the term 'commerce' refer to in legislative context?

In the legislative context, the term 'commerce' primarily refers to trade, which encompasses the activities of buying, selling, and exchanging goods and services. This broad definition is crucial in understanding how laws and regulations are established to facilitate trade both nationally and internationally. The term often implies the movement of products and services in a way that impacts the economy at various levels.

Commerce plays a significant role in shaping legislation that governs economic activities, including international trade agreements, tariffs, and domestic market regulations. Legislative bodies often create laws to regulate different aspects of trade, including the rights and responsibilities of trading parties, which is why the term is foundational in legal discussions surrounding economic policy. The other options—manufacturing, banking, and transportation—are related to commerce but do not capture its broader essence as trade does, since they represent specific sectors or activities within the larger framework of commercial activities.