Explain the difference between Industry- Commerce and Trade-

Question

Toppr Admin · Accepted Answer

Major differences between industry- commerce and trade are as follows-xA0-Basis-xA0-IndustryTrade-xA0-xA0-Commerce-xA0-MeaningIt-involves manufacturing activities such as extraction- construction and-production of goods-xA0-It involves transfer or exchange of products distributed by commerce-It involves distribution of products produced by industries-xA0-Capital RequirementRequires-huge amount of capital to establish industry-xA0-Requires-less capital than industry and commerce-Requires less amount of capital than industry but larger amount than trade to operate its activities-Level Of RiskRiskier-than commerce and trade-Relatively less riskier than industry and commerce-xA0-Less riskier than industry but involves high risk than-trade-xA0-SideSupply side of the product-xA0-xA0-Both-side -demand and supply- of the product-xA0-Demand-side of the product-xA0-Creation Of Utility-xA0-It-creates form utility-xA0-It creates processing utility-It creates time utility and place utility-xA0-Place-Of OperationIt is operated in workshop or factory-xA0-It is operated in the market-xA0-It-is operated from production center to distribution center-

Basis	Industry	Trade	Commerce
Meaning	It involves manufacturing activities such as extraction, construction and production of goods.	It involves transfer or exchange of products distributed by commerce.	It involves distribution of products produced by industries.
Capital Requirement	Requires huge amount of capital to establish industry.	Requires less capital than industry and commerce.	Requires less amount of capital than industry but larger amount than trade to operate its activities.
Level Of Risk	Riskier than commerce and trade.	Relatively less riskier than industry and commerce.	Less riskier than industry but involves high risk than trade.
Side	Supply side of the product.	Both side (demand and supply) of the product.	Demand side of the product.
Creation Of Utility	It creates form utility.	It creates processing utility.	It creates time utility and place utility.
Place Of Operation	It is operated in workshop or factory.	It is operated in the market.	It is operated from production center to distribution center.

Explain the difference between Industry, Commerce and Trade.