Types of Business

Things to remember

• Industry refers to the act of producing raw materials and finished goods
• Manufacturing industry is concerned with converting raw materials into final products. 
• Commerce refers to the act of buying, selling and distributing of goods and services.
• Trade is concerned with buying and selling of goods. It is the process of exchanging goods with money for mutual benefits of the buyer and seller. 
• The act of buying goods in a larger quantity and selling them in a smaller quantity to a number of retailers is called wholesale trade.
• The act of buying goods from the wholesaler in a large quantity and selling them in a smaller quantity of final consumers for their personal use is called retail trade.
• Foreign trade is the act of buying and selling goods outside the boundary of the country.