Comparison between Industry,Commerce and Trade
This resource contain the difference between Industry,commerce and trade.
Industry,Commerce and Trade are related with each other.
Comparison between Industry,Trade and Commerce :
1)MEANING: Industry- Extraction,reproduction,conversion,processing and
construction of useful products.
Commerce- Activities involving distribution of goods and services.
Trade - Purchase and sale of goods and services.
2)SCOPE: Industry- Consists of all activities involving conversion of materials
and semi-finished products into finished products.
Commerce- Comprises trade and auxiliaries to trade.
Trade - Comprises exchange of goods and services.
3)CAPITAL: Industry- Generally large amount of capital is required.
Commerce- Need for capital is comparatively less.
Trade - Capital is needed to maintain stock and grant credit.
4)RISK : Industry- Risk involved is usually high.
Commerce- Relatively less risk is involved.
Trade - Relatively less risk is involved.
5)SIDE : Industry-It represents supply side of goods and services.
Commerce-It represents demand side of goods and services.
Trade -It represents both supply and demand.
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