What is Difference between industry and commerce?

1 ANSWERS

1. Jacob
   

   Industry refers to the production of an economic good (either material or a service) within an economy.
   Commerce means the whole system of an economy that constitutes an environment for business. The system includes legal, economic, political, social, cultural, and technological systems that are in operation in any country. While "business" refers to the value-creating activities of an organization for profit. Thus, commerce is a system or an environment that affects the business prospects of an economy or a nation-state. We can also define it as a second component of business which includes all activities, functions and institutions involved in transferring goods from producers to consumers.
   According to my understanding, Business is the value creating activities of an organization, where as industry refers to the smaller part which deals with the manufacturing, building or production of a product (which can be tangible or intangible in nature). While commerce has a broader scope, it includes the entire system which means the industry and business is included in it as well. This is how I understand the difference between the two terms industry and commerce. I hope you found my answer as satisfactory and it fulfilled your requirements.

    

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