Question

Business include both industry and commerce. Explain in above 500 words

Answer 1

Dear Student

Business is a wider term than the commerce. Business activities are classified into two sub groups i.e. Industry and Commerce.
Industry is concerned with production or processing of goods and materials.It includes all the activities relating to the conversion of raw materials or semi-finished goods into the finished or final goods.It includes all the activities relating to the conversion of raw materials or semi-finished goods into the finished or final goods. Industry includes various sectors of economy such as Primary sector, Secondary sector and tertiary sector.
Commerce includes the exchange of goods and services with a motive to earn higher profits by transferring them from their place of production to the market place. It requires less capital than industry.It includes Trade and aids to trade such as transportation, insurance etc.

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