Industry, commerce and
trade are interrelated terms that are used to describe different aspects of the
business world. Although they are often used interchangeably, they have
distinct characteristics and are used to describe different aspects of the business
world.
- Industry: Industry refers to the production
of goods and services. It includes all activities related to the creation
of goods and services, including the manufacture, assembly, and
distribution of products.
- Commerce: Commerce refers to the exchange of
goods and services between two or more parties. This includes the buying
and selling of goods and services, as well as the transportation and
distribution of goods.
- Trade: Trade refers to the buying and selling
of goods and services between two or more parties. This includes both
wholesale and retail trade, as well as international trade.
In conclusion, industry
is concerned with the production of goods and services, commerce is concerned
with the exchange of goods and services, and trade is concerned with the buying
and selling of goods and services. Understanding the difference between these
three terms is important for businesses and individuals who want to succeed in
the business world.
