Explain how industry, trade and commerce are interrelated

cbse
natureofbusiness

#1

Industry, commerce and trade are closely related to each other in a number of ways :

  1. Industry is related to the production of goods and services and commerce helps to distribute the goods and services produced by the industry to the final consumer.
  2. Industry and commerce are inter dependent on each other. They cannot survive in isolation as both
    are vital for each other. Commerce will be of no use in the absence of industry and industry cannot survive in the absence of commerce. Commerce is a creator of place utility and time utility and serves the backbone of industry, while industry provides the base for commerce.
  3. Trade is an integral part of commerce. It refers to the sale and purchase of goods and services. It provides a ground for commerce to play. It not only provides support to industry but also maintains a smooth flow of commerce at the same time.