Industry & Commerce — Flashcards

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Business activities are broadly classified into Industry and Commerce. Industry is concerned with the production of goods and materials, while commerce is mainly concerned with their distribution.

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Business is any enterprise which makes, distributes, or provides any article or service that other members of the community need and are able and willing to pay for. It includes activities done to ear…

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Industry is the part of business activity concerned with raising, producing, processing, or manufacturing products. It forms the production side of business activity and supplies goods to the market.

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Commerce is the part of business activity concerned with making goods available to those who need them. It mainly deals with distribution of goods and includes trade and aids to trade.

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Trade means buying and selling. A person who buys and sells goods is called a trader. A trader is a middleman between the producer and the consumer.

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Wholesale trade means buying goods in large quantities from producers and selling them in small quantities to retailers. Retail trade means buying from wholesalers or sometimes directly from producers…

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Aids to trade are activities that help the smooth flow of goods from manufacturing centres to consumption centres. The five aids to trade are transportation, warehousing, insurance, advertising, and b…

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Transportation moves men and materials from one place to another. Since goods are not always produced where they are demanded, transport helps goods reach different places and supports trade.