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What is the difference between industry and commerce?
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What is the difference between industry and commerce?
Industry vs Commerce
Industry: Industry refers to the production of goods or services. It is a branch of business that deals with the manufacturing or production of goods using machines, tools, and labor. It involves turning raw materials into finished products to meet the needs of consumers.
Commerce: Commerce refers to the exchange of goods and services between buyers and sellers. It is a branch of business that involves the buying and selling of goods and services. It involves trade, transportation, and distribution of goods.
Differences between Industry and Commerce
- Industry involves the production of goods or services while commerce involves the exchange of goods and services between buyers and sellers.
- Industry requires heavy investment in machinery, tools, and equipment, while commerce requires less investment in comparison.
- Industry involves the manufacturing of goods using raw materials, while commerce involves buying and selling of already manufactured goods.
- Industry creates employment opportunities for skilled and unskilled workers, while commerce creates employment opportunities for traders, retailers, and distributors.
- Industry is a primary sector of the economy, while commerce is a secondary sector of the economy.
- Industry is a source of revenue for the government through taxes and duties, while commerce generates revenue through trade and commerce.
Conclusion
In summary, industry and commerce are two different branches of business that play a vital role in the economy. While industry involves the production of goods and services, commerce involves the exchange of goods and services between buyers and sellers. Understanding the differences between the two is essential for business owners and policymakers to make informed decisions.
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What is the difference between industry and commerce?
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What is the difference between industry and commerce?
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What is the difference between industry and commerce? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about What is the difference between industry and commerce? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the difference between industry and commerce?.
What is the difference between industry and commerce? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about What is the difference between industry and commerce? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the difference between industry and commerce?.
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