Distinguish between commerce and industry

Commerce:

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1. Definition: Commerce refers to the exchange of goods and services, including all the activities related to buying and selling on a large scale.
2. Nature: It involves trade and aids in the distribution of goods. Commerce is more about facilitating transactions and managing the flow of products from producers to consumers.
3. Components: Commerce includes various activities such as trade, transportation, warehousing, advertising, banking, and insurance.
4. Objective: The primary objective of commerce is to ensure the smooth flow of goods and services between producers and consumers, maximizing efficiency in distribution.

Industry:

1. Definition: Industry refers to the production of goods or the provision of services through systematic and organized means, involving manufacturing or processing activities.
2. Nature: It involves the creation or transformation of raw materials into finished products or the delivery of specific services. Industries are engaged in productive and manufacturing processes.
3. Components: Industries can be classified into different sectors like manufacturing, construction, mining, and service industries, each focusing on specific types of production or services.
4. Objective: The primary objective of industry is to produce goods or services efficiently, meeting the demand of the market and contributing to economic growth.

In summary, commerce is more concerned with the distribution and exchange of goods and services, encompassing activities like trade and transportation, while industry is centered around the production or creation of goods and services through manufacturing or systematic processes. Both commerce and industry are crucial components of the economic system, working together to meet the demands of consumers.