Final answer:
The buying or selling of goods and services using a wireless, handheld device is called mobile commerce, often abbreviated as m-commerce. It allows for transactions using smartphones and has a profound impact on social behaviors and businesses by facilitating trade from virtually anywhere.
Step-by-step explanation:
The buying or selling of goods and services using a wireless, handheld device such as a cell phone or tablet computer is called mobile commerce or m-commerce. This type of commerce has become increasingly popular as smartphones and tablets have become more prevalent and capable. With these devices, people can perform a variety of transactions, from ordering flowers for delivery in another city to accessing online marketplaces for business-to-business transactions. The rise of mobile phones with internet capability has significantly impacted social customs and marketplace dynamics by allowing fluid communication and trade from nearly any location. Small farmers and traders in remote areas can use mobile commerce for banking and to connect with customers, which previously was not possible without traditional infrastructure like landlines.