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Department of Commerce

Definition

The Department of Commerce is a branch of the U.S. federal government that manages various areas related to economic growth, including trade, economic development, technology, entrepreneurship and business development, environmental stewardship, and statistical research and analysis.

Analogy

Think of the Department of Commerce as a coach for a sports team. Just like how a coach helps their team perform at their best by providing strategies and resources, the Department of Commerce provides support and resources to businesses to help them grow and succeed in both domestic and international markets.

Related terms

Bureau of Economic Analysis (BEA): This agency within the Department of Commerce collects data on national economic indicators such as GDP (Gross Domestic Product), personal income and outlays, corporate profits etc., which are used by policymakers for making decisions.

International Trade Administration (ITA): Another part of the Department of Commerce that promotes U.S. exports abroad while also ensuring fair trade practices domestically.

National Oceanic and Atmospheric Administration (NOAA): An agency under the Department of Commerce that conducts research on climate change, weather forecasting, fisheries management etc., with an aim to understand and predict changes in Earth's environment.