Industry:
Industry refers to all economic activities involved in converting raw materials into finished products which are ultimately consumed by consumers. It includes:
(a) Manufacturing of goods, i.e. connected with conversion of resources into useful goods.
(b) Growing, producing, processing, assembling, extracting, constructing, fabricating, breeding, etc. of products.
(c) Imparting utility to goods using mechanical appliances and technical skills.
(d) A group of firms producing similar or related goods, e.g. textile industry, film industry, etc.
Commerce:
(a) Commerce deals with activities which facilitate exchange of goods/services.
(b) It deals with transfer of goods from one place of production to ultimate consumers.
(c) It helps to break the barriers between producers and consumers.
(d) Time, place and possession utilities are created.
Trade:
(a) It is the nucleus of commerce.
(b) It facilitates the smooth and timely transmission of goods.
(c) It removes the hindrance of persons.
(d) It makes the goods available to the consumers.
(e) It facilitates the smooth and timely transmission of goods from the producers to the consumers.
