The document discusses e-commerce, which is defined as the buying and selling of goods and services over the internet. It notes that e-commerce includes business-to-business, business-to-consumer, consumer-to-consumer, business-to-government, and government-to-government transactions. The benefits of e-commerce are listed as non-cash payments, improved sales, customer support, inventory management, improved communication and marketing, and 24/7 availability. However, disadvantages include security issues, need for scalable systems, ensuring data integrity, and lack of in-person interactions. Common business applications of e-commerce are also outlined.