if industry is the backbone of commerce, commerce serves as the lifeline of industry justify this statement
Answers
Commerce is considered as the backbone of industry because of two reasons one is trade in which there is internal trade and external trade.Internal trade includes wholesale and retail.External trade includes import, export and entrepot. And second reason is auxiliaries to trade which includes transportation, insurance, advertising, warehousing and banking and finance
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Industry, commerce and trade are closely related to each other.
Industry produces goods which are distributed through commerce. No commercial activity is possible in the absence of industry. At the same time, industrial production is meaningless without the distribution of goods through commence. If industry is the backbone of commerce, commerce serves as the lifeline of industry.
Trade provides the necessary support to industry and maintains a smooth flow of commerce.
Thus, there is a high degree of interdependence between industry, commerce and trade.
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