differentiate between trade, commerce and industry.
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Industry,Commerce and Trade are related with each other.Comparison between Industry,Trade and Commerce :1)MEANING: Industry- Extraction,reproduction,conversion,processing andconstruction of useful products.Commerce- Activities involving distribution of goods and services.Trade - Purchase and sale of goods and services.
2)SCOPE: Industry- Consistsof all activities involving conversion of materialsand semi-finished products into finished products.Commerce- Comprises trade and auxiliaries to trade.Trade - Comprises exchange of goods and services.
3)CAPITAL: Industry- Generally large amount of capital is required.Commerce- Need for capital is comparatively less.Trade - Capital is needed to maintain stock and grant credit.
4)RISK : Industry- Risk involved is usually high.Commerce- Relatively less risk is involved.Trade - Relatively less risk isinvolved.
5)SIDE : Industry-It represents supply side of goods and services.Commerce-It represents demand side of goods and services.Trade -It represents both supply and demand.
2)SCOPE: Industry- Consistsof all activities involving conversion of materialsand semi-finished products into finished products.Commerce- Comprises trade and auxiliaries to trade.Trade - Comprises exchange of goods and services.
3)CAPITAL: Industry- Generally large amount of capital is required.Commerce- Need for capital is comparatively less.Trade - Capital is needed to maintain stock and grant credit.
4)RISK : Industry- Risk involved is usually high.Commerce- Relatively less risk is involved.Trade - Relatively less risk isinvolved.
5)SIDE : Industry-It represents supply side of goods and services.Commerce-It represents demand side of goods and services.Trade -It represents both supply and demand.
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