What is the difference between Commerce and Industry?
All kinds of activities that form link between producers of goods and consumers of these goods and maintain a smooth and uninterrupted flow of goods between them fall under commerce. Commerce fulfill the requirements of making goods available to the consumers at right place, time, quantity, price and manner. A smooth flow of goods and services may face many hindrances.
Hindrance of person takes place when the goods produced by one may be consumed by some other person. Hindrance of knowledge occurs when proper knowledge about the product, its features etc, is not given to the consumers.
Hindrance of time arises out of the time gap between the time of production and consumption. Hindrance of place takes place when the goods are produced at one place and consumed at other place. In other words, we can say that commerce is mainly concerned with the purchase and sale of goods and it helps in eliminating all these hindrances.
Whereas industry is connected to that part of business activities which works for the production of goods that satisfy wants by using the material resources efficiently. The work of the industry into use the natural resources and bring them into a form that is useful for further use. It creates form utility of goods. Goods that cater to the needs and are convenient to people are often produced. E.g.factories, farms, mines etc. Humans are engaged in activities of extraction, production, processing, construction and fabrication of products.