(A) Industry:
A dictionary of Economics and Commerce has this to say that "As a group of rims competing against one another, but in a monopoly or a nationalized industry the firm and the industry are one and the same. A firm too may make several products , each belonging to a different industry. Even to define an industry as one branch of production making a single product as, for example, ship building, is not always very satisfactory since there is often overlapping".
In short industry is connected with the production a preparation of goods. Alt these activities which produce the goods or convert the raw material into finished goods are included in industry.
Kinds of Industry
1. Prime/Extractive Industry:
Prime or extractive industries are those which concerned with all types of farming, agricultural and limbering all kinds of mining and quarrying and fishing.
2. Secondary Industry:
Secondary industries are those which are concerned of converting raw material or semi-finished products into finished products.
3. Manufacturing Industry:
Manufacturing industry includes the changing of raw material into more useful shape.
4. Constructive Industry:
It includes the construction of building, dams and roads etc.
(B) TRADE:
MacMillan Dictionary of Modern Economics had this to say; "The exchange of commodities between individuals or groups either directly through a medium of such as money. The benefits of trade consist of an extension is range of commodities available for consumption and a specialization productive activity. Without trade the individual or group would be forced to meet all requirements from their own resource. Voluntary trade allows a division of labor such as all the participants may benefit.
The Concise Oxford Dictionary has this to say, Trad, buying and thing of goods, exchange of goods for money or other goods.
(C) COMMERCE:
A Dictionary of Economic and Commerce has this to say the Commerce is a comprehensive term for all forms of trade, wholesales, retail, import, export, entrap and all services which assist the carrying on of trade. Such as banking, insurance and transport."
James Stephen defined commerce in the following words:
"Commerce includes those activities which remove the hindrance of time, person and places in the exchange of goods."
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