Differentiate among industry commerce and trade?
Answers
Answer:
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Answer:
Major differences between industry, commerce and trade are as follows:
Basis Industry Trade Commerce
Meaning
It involves manufacturing activities such as extraction, construction and production of goods. It involves transfer or exchange of products distributed by commerce.
It involves distribution of products produced by industries.
Capital Requirement
Requires huge amount of capital to establish industry. Requires less capital than industry and commerce.
Requires less amount of capital than industry but larger amount than trade to operate its activities.
Level Of Risk
Riskier than commerce and trade. Relatively less riskier than industry and commerce.
Less riskier than industry but involves high risk than trade.
Side
Supply side of the product. Both side (demand and supply) of the product. Demand side of the product.
Creation Of Utility
It creates form utility. It creates processing utility.
It creates time utility and place utility.
Place Of Operation It is operated in workshop or factory.
It is operated in the market.
It is operated from production center to distribution center
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