Question

Distinguish between the following.

Business and commerce

Answer 1

Basis of Difference	Business	Commerce
Meaning	It is an economic activity which deals with the production and distribution of goods and services	It is a part of business and deals only in the distribution of goods and services
Scope	Scope is wider than commerce	Scope is narrower than business
Classified	It is classified into two categories: industry and commerce	It is classified into two categories: trade and auxiliaries to trade
Skills	Technical skills are required for producing goods and services, while marketing skills are required for distributing them	Only marketing skills required
Branch	It is a branch of economic activity	It is a branch of business