![]() ![]() Just as you need to use the correct gear when driving a car, you need to use the correct activity when managing a project. On the other hand, commerce looks after the movement of product from the source location through distribution channels (such as wholesalers, retailers, distributors, etc.), to the final consumer.If project management is like a car, then the project activities that take place within it are like gears. Industry looks after production, procurement, fabrication, extraction, construction activities of business. Industry and Commerce cover all the aspects of business. Industry involves high risk in comparison to commerce.Unlike commerce which deals with the making goods available to the customers,i.e. The industry is an indicator of production part of business activities.As opposed to, commerce which involves activities that are essential for facilitating the buying and selling of goods. Industry involves the conversion of resources into useful goods.On the other hand, commerce requires comparatively less capital investment. A huge capital investment is required to start an industry.Commerce is described as a business activity, wherein exchange for goods and services for value is done on a large scale. ![]() The industry is defined as an economic activity, concerned with the procurement and processing of raw materials into finished products, that reaches the customer.The significant differences between industry and commerce are discussed in detail, in the points given below: Key Differences Between Industry and Commerce It includes transportation, warehousing, banking & finance, advertising, insurance and so on. Auxiliaries to trade: All the activities which assist trade directly or indirectly are auxiliaries to trade.Trade: The process of buying and selling of goods and services for money.It is broadly classified into two activities: Therefore, it ensures the availability of goods and services to the customers, at the right time and place. it facilitates consumption process by providing proper distribution channel. It covers the distribution aspect of business, i.e. When there is a purchase or sale of a particular item, it is known as a transaction, but commerce refers to all the transactions associated with the buying and selling of that item in an economy.Īll the economic activities which are in some way or the other related to exchange comes under commerce. The term ‘commerce’ means a business activity that involves buying and selling of goods or services for value (cash or kind) and that too, on a large scale, between businesses or entities, from one place to another. Tertiary Industry: Industry that provides support services to the primary and secondary industry.converting raw material provided by primary industry, into finished products. Secondary Industry: Industry engaged in conversion activities, i.e.Primary Industry: Industry concerned with obtaining and providing natural raw materials like mining, agriculture or forestry. ![]() The different types of industries are as under: The industry represents a group of factories, specialized in a specific product line.
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