Question

What is the difference between trade and commerce? Answer as a 3 mark question.

Answer 1

Trade refers to mere exchange of goods,i.e., mere buying and selling of goods. but commerce refers not only buying and selling of goods, but also other activities,such as transport,insurance,warehousing, banking and advertising, which helps buying and selling of goods. .Trade is a branch of commerce,whereas commerce is a branch of business. The scope of commerce is wider than that of trade.