Commerce And Industry Flashcards, test questions and answers

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What is Commerce And Industry?

Commerce and Industry involve the activities or processes of buying, selling, manufacturing and distribution of goods and services. Commerce involves legal activities that take place in a business environment such as setting up contracts, advertising products, managing customer service and handling payments. Industry is usually associated with physical production of goods through factories or other means like agriculture. It also includes machines used to produce manufactured items as well as labor involved in the process.Commerce has many advantages over industry; it is considered more efficient than traditional methods of production because it eliminates much of the manual work required for industrial processes. This makes commerce cost-effective, allowing businesses to reduce their costs while having access to larger markets around the world. Additionally, with advancements in technology, online platforms have made it easier for people to carry out trade globally without needing to meet face-to-face or establish physical premises. Furthermore, since commerce does not require extensive capital investments like industries do (i.e., buildings and equipment), this has enabled small businesses to enter into competitive markets without having large start-up costs.Industry provides employment opportunities which are necessary for economic growth by creating new jobs and increasing incomes for people who otherwise may not be able to find work elsewhere due to lack of skillset or education level restrictions imposed by certain companies or employers within a given sector/area/region etc.. Furthermore, although competition from overseas imports can sometimes hurt local industries (depending on how specialized those particular industries are) overall they still remain important players when considering global economic growth since foreign direct investment often creates jobs locally due to establishment of branches/offices abroad etc.. The relationship between commerce and industry is mutually beneficial: while commerce facilitates international trade making it easier for companies/businesses worldwide to reach customers beyond their own borders; industry serves as an essential source of goods & services needed both domestically & internationally thereby providing another sales platform & additional market opportunity respectively – both factors ultimately leading towards further economic development & prosperity if managed properly.