Suresh is a layman who thinks that business and commerce are one and same. Do you think Suresh is right? If not, why? Explain. (See Lesson 1)
Answers
Answer:
The difference between commerce and business can be puzzling to some as the words commerce and business have a similar connotation. Also, there is a tendency of people to talk about these terms in the same breath as if both were the same. That is because both commerce and business are connected to trade. Trading involves buying and selling of items. Both commerce and business are based on this buying and selling process, but they have more to offer when we look at the two terms in different angles.
Explanation:
Commerce
Commerce is an abstract idea that refers to activities of buying and selling of goods and services.As commerce is an abstract idea, you cannot say that you own commerce. That is wrong. When it comes to the clients of a company, the company does business with the clients, not commerce though the activities of the company come within the purview of the broader term commerce.Commerce is just the buying and selling part of business thus being smaller in scope than business.
Business
Business is more physical in the sense that it can be owned by a person. A person can own a business, but he certainly does not own commerce. Similarly, a company does business with its clients. On the other hand, business is an activity that is undertaken with the sole motive of making profits.This shows that business is more than just buying and selling.
Answer:
The difference between commerce and business can be puzzling to some as the words commerce and business have a similar connotation. Also, there is a tendency of people to talk about these terms in the same breath as if both were the same. That is because both commerce and business are connected to trade.