Question

Compare industry, commerce, and trade. 

Answer 1

INDUSTRY	COMMERCE	TRADE
1.Meaning: Extraction, reproduction, conversion, processing, and construction of useful products	Activities involving the distribution of goods and services	Purchase and sale of goods and services
2. Scope: Consists of all activities involving the conversion of materials and semi-finished products into finished goods.	Comprises trade auxiliaries to trade	Comprises exchange of goods and services
3. Capital: Generally large amount of capital is required.	The need for capital is comparatively less	Small capital is needed to maintain stock and to grant credit
4. Risk: The risk involved is usually high.	Relatively less risk is involved	Relatively less risk is involved
5. Side: It represents the supply side of goods and services.	It represents the demand side of goods and services	It represents both supply and demand
6. Utility creation: It creates form utility by changing the form or shape of materials.	It creates place utility by moving goods from producers to consumers	It creates possession utility through the exchange