Nature, Purpose and scope of Business — OCM STD 11 Commerce — Question

Yes, the statement "Commerce includes trade" is true. Commerce is a broader term that encompasses all activities involved in the exchange of goods and services, including trade, as well as auxiliary services like transportation, banking, insurance, warehousing, and advertising.

Difference between Commerce and Trade:

• Trade refers specifically to the buying and selling of goods and services. It includes two types: wholesale and retail trade.
• Commerce includes trade plus all other activities that help in the smooth flow of goods from producers to consumers, such as transportation, insurance, and financing.