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Question
Justify the following statement.
Commerce is a wider term than trade.
Solution
- Commerce is a part of the business. Business is divided into two parts; industry and commerce.
- Commerce is concerned with the distribution of goods.
- Commerce is divided into two parts. One is a trade and the other is auxiliaries to trade.
- Trade is concerned with the buying and selling of goods and services.
- Trade is a part of commerce.
- Along with trade, commerce also includes auxiliaries or services to trade.
- These services help in the smooth running of trade. Thus, it clearly indicates that commerce is a wider term than trade.
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