Difference between Business, commerce,Industry and Trade

What is Business ?
According to a person may become busy in several or different types of activities for example reading, writing, printing, paying etc. Because of any of these activities may bring him money, prestige, power or any other kind of satisfaction known only to him.
In other words in economic sense the business means work efforts and act of people which are connected with production of wealth.
Components of Business:-
A) Industry
B) Commerce
C) Trade

A.Industry

• Refers to economic activities
• Connected with conversion of resources into useful goods
• This include Activities relating to producing or processing of goods as well as breeding and raising animal.

Followings are the Categories of Industries:-
1.Primary industry
2.Secondary Industry
3.Tertiary Industry

1.Primary Industry
The extraction and production of natural resources and reproduction development of living organisms, plant and animals etc.
These industries may be further divided into Two parts.
i) Extract Industries.
extract or draw out products from natural resources.
ii)Genetic Industries.
Remain engaged in breeding plants and animal for their further use in reproduction of plants and animals.
2. Secondary Industries

• These are concerned with using the materials which have already been extracted at the primary stage.
• These Industries process such materials to produce goods for final consumption or for further processing by other industrial units.

It may be further divided as follow:-
i) Manufacturing Industries
it is producing goods through processing of raw material and thus creating from utilities.
3.Tertiary Industries

• It concerned with providing support services to primary and secondary industries as well as activities related to trade for example Transporting, Advertising.

(B) COMMERCE
The process of Buying and selling all those activities which facilitate trade such as storing, grading, packaging, financing, insuring, transporting are called commerce.
-Principle function of commerce is to remove hindrances-

• Hindrance of Person
• Hindrance of Exchange
• Hindrance of Place
• Hindrance of Time
• Hindrance of Information

(C) Trade
Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties.
The most common medium of exchange for these transactions is money, but trade may also be executed with the exchange of goods or servicing between both parties.
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