Question

State whether the following statements are True or False:
(a) Industry and commerce are interchangeable terms.
(b) Commerce is a wider term than trade.
(c) Trade between two countries is known as internal trade.
(d) Conversion of cotton into cloth is an example of genetic industry.

Answer 1

(a) False. Industry deals with production of goods and services whereas commerce deals with its distribution.

(b) True.

(c) False. Trade between two countries is known as external trade.

(d) True