Explain the difference between industry commerce …

Industry

Commerce

Trade

1. Refers to the production of goods and services.

Refers to the distribution of goods and services supplied by industries.

Refers to the actual exchange or and of purchase and sale.

2. It represents supply side of goods and services.

It represents demand side of goods and services.

It represents the exchange of goods and services.

3. It requires huge fixed and working capital in production

It requires limited fixed capital, but huge working capital.

It requires limited fixed capital. Limited working capital is enough if turnover is quick.

4. It includes genetic, extractive, manufacturing and construction industries.

It includes trade and auxiliaries to trade.

It includes domestic and international trade.

5. It may be carried on at home, workshop, factory or mine.

It involves movement of goods from the place of production to the place of consumption.

It is carried on where buyers and sellers exist.

6. It creates form utility by changing the form or shape of materials.

It creates place utility and time utility through preservation of goods and their movement from one place to another.

It creates place utility through exchange of goods and services.