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1. Industry

Definition: Industry refers to economic activities that are concerned with the production of goods and extraction of materials. It involves the processing, manufacturing, and construction of goods. Industries can be classified into three broad categories:

a. Primary IndustryDefinition: This industry involves the extraction and production of natural resources.Subcategories:Extractive Industry: Involves the extraction of raw materials from the earth (e.g., mining, fishing, forestry).Genetic Industry: Concerned with breeding plants and animals for their raw materials (e.g., agriculture, dairy farming).

b. Secondary IndustryDefinition: This industry involves transforming raw materials into finished goods. It is also known as the manufacturing or processing industry.

Subcategories:Manufacturing Industry: Involves the processing of raw materials to make goods (e.g., textiles, chemicals, electronics).Construction Industry: Involves building infrastructure such as buildings, roads, and bridges.

c. Tertiary IndustryDefinition: This industry involves providing services to businesses and consumers. It includes all activities that facilitate the distribution and sale of goods.Examples: Transport, banking, insurance, trade, and education.


2. Commerce
Definition: Commerce refers to the activities that bridge the gap between producers and consumers. It includes the trading of goods and services and the auxiliaries that facilitate trade. Commerce can be divided into two main categories:a.
Trade
Definition: Trade involves the buying and selling of goods and services. It is the central activity of commerce.Subcategories:Internal (Domestic)

Trade: Trade that occurs within the borders of a country.Wholesale Trade: Buying goods in large quantities and selling them in smaller quantities.
Retail Trade: Selling goods directly to consumers.

External (International) Trade: Trade between countries.
Import Trade: Buying goods from other countries.
Export Trade: Selling goods to other countries.
Entrepot Trade: Importing goods from one country for the purpose of exporting them to another.
b. Auxiliaries to TradeDefinition: These are support services that help in the smooth functioning of trade.
Types:Transport and Communication: Facilitate the movement of goods and information.
Banking and Finance: Provide financial support and manage the flow of money.
Insurance: Protect businesses against risks.
Warehousing: Store goods until they are needed.
Advertising: Promote products and services to increase sales.

SummaryIndustry focuses on production activities (primary, secondary, and tertiary).Commerce involves the exchange of goods and services and the auxiliary services that facilitate trade (trade and auxiliaries to trade).

What is trade?
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