Industry is an
economic
activity, concerned with the procurement and processing of raw materials into finished products, that reaches the customer. Commerce is a business activity, wherein exchange for goods and services for value, is done on a large scale.
What are the three points of difference between industry and commerce?
| Basis Industry Commerce | Side Supply side of the product. Demand side of the product. | Creation Of Utility It creates form utility. It creates time utility and place utility. | Place Of Operation It is operated in workshop or factory. It is operated from production center to distribution center. |
|---|
Is commerce a part of industry?
Industry is concerned with the production of goods and materials, while
commerce is mainly concerned with their distribution
. The production side of business activity is referred as industry. It is a business activity, which is related to the raising, producing, processing or manufacturing of products.
What is meant by trade commerce and industry?
Industry: It involves manufacturing activities such as extraction, construction and production of goods. Commerce: It involves distribution of products produced by industries, Trade: It
involves transfer or exchange of products distributed by commerce
.
What do you mean by an industry?
An industry is
a group of companies that are related based on their primary business activities
. … Individual companies are generally classified into an industry based on their largest sources of revenue.
What are the types of industry?
- Primary industry. The primary industry includes the economy that utilises the natural resources of the environment like forestry, agriculture, fishing, and mining. …
- Secondary industry. …
- Tertiary industry.
What are the two type of primary industry?
Primary industry
It may be divided into two categories:
genetic industry
, including the production of raw materials that may be increased by human intervention in the production process; and extractive industry, including the production of exhaustible raw materials that cannot be augmented through cultivation.
What are the branches of commerce?
- Trade. Trade refers to the actual trading of goods and services for something of value. …
- Transport. There is often great distance between a product’s supply and its demand. …
- Storage and warehousing. …
- Distribution. …
- Advertisement. …
- Insurance. …
- Communication. …
- Banking.
What keeps trade and commerce alive in the world?
Activities related to production and processing as well as activities related to rearing and reproduction of animals or others
keep trade and commerce alive.
Industry is related to
the production of goods and services and commerce
helps to distribute the goods and services produced by the industry to the final consumer. … Commerce is a creator of place utility and time utility and serves the backbone of industry, while industry provides the base for commerce.
What are functions of commerce?
The importance (functions) of commerce
1. It
provides employment opportunities for people
. 2. It makes production and exchange of goods and services possible.
What are the main characteristics of commerce?
- PURELY ECONOMIC AND BUSINESS ACTIVITY: …
- PRODUCTION AND MARKETING: …
- CONTINUITY: …
- AIMS AT PROFIT: …
- CHALLENGING AND UNCERTAIN: …
- CREATIVE AND EVER EVOLVING: …
- CUSTOMER CENTERED: …
- SOCIALISATION:
What is the scope of commerce and industry?
Scope of commerce includes the
role played by trade and aids to trade, banks and insurance companies
; transport and advertising agencies which have contributed to a large extent for widening the scope of commerce. Scope of commerce includes the roles played by the following: Trade. Aids to trade.
What are the 4 types of industries?
There are four types of industry. These are
primary, secondary, tertiary and quaternary
. Primary industry involves getting raw materials e.g. mining, farming and fishing. Secondary industry involves manufacturing e.g. making cars and steel.
What is short for industries?
There is one common way to abbreviate industry. It is,
ind
.
What is an industry very short answer?
Define industry. Answer: The industry refers to
economic activity
that is concerned with the production of goods, extraction of minerals, or the provision of services. … Industries are classified according to the raw material used, size, and ownership.
