File Name: difference between trade commerce and industry .zip
International trade , economic transactions that are made between countries.
Business activities may broadly be classified into two categories namely A Industry and B Commerce. Industry involves production of goods and services whereas commerce is concerned with the distribution of goods and services. Industry is concerned with the making or manufacturing of goods. It is that constituent of production which is involved in changing the form of goods at any stage from raw material to the finished product, e. The production of plant, machinery equipment etc. The examples of such goods are cloth, bread, groceries, drugs, etc.
The element of risk is also involved in it. Following are the main characteristics of a business : 1. Every business deals in goods and services. The profit motive in the business is essential. Element of risk is also involved in business. In a business there should be a series of deal. People should do the business for money.
Post a Comment. Industry is related to production of goods and services. There are several differences between them according to their meaning, capital, risk, operation etc. Major differences between industry, commerce and trade are as follows:. 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.
The main difference between Industry and Commerce is that the Industry is circularly or all over the manufacture of products and Commerce emphases on its delivery of products and services. The industry is concerned with raising producing processing or fabrication of goods and services, whereas Commerce comprises of all those activities which are concerned with the distribution of goods and services so they may reach the consumers with a minimum of inconvenience. The origin and development of the industry is a result of international economic competition; on the other hand, the origin and development of commerce are the results of the continuous development of trade and industries. The higher risk is there in the industry, whereas the risk is comparatively less in commerce.
Trade can be a key factor in economic development. The prudent use of trade can boost a country's development and create absolute gains for the trading partners involved. Trade has been touted as an important tool in the path to development by prominent economists. However trade may not be a panacea for development as important questions surrounding how free trade really is and the harm trade can cause domestic infant industries to come into play. The current consensus is that trade, development, and poverty reduction are intimately linked.
International trade , economic transactions that are made between countries. Among the items commonly traded are consumer goods, such as television sets and clothing; capital goods, such as machinery; and raw materials and food. Other transactions involve services, such as travel services and payments for foreign patents see service industry. International trade transactions are facilitated by international financial payments, in which the private banking system and the central banks of the trading nations play important roles. Much of the modern history of international relations concerns efforts to promote freer trade between nations.
In , the United States, Mexico and Canada created the largest free trade region in the world with the North American Free Trade Agreement NAFTA , generating economic growth and helping to raise the standard of living for the people of all three member countries. If you have questions or comments about this modernized agreement, we would like to hear from you. Please contact Global Affairs Canada at the following address:.
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Business Activities are grouped into two broad categories, i.Reply
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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. Industry: Requires huge amount of capital to establish industry.Reply