Question
Explain how industry, trade and commerce are interrelated.
✓
Answer
Industry, trade and commerce are closely related to each other. Industry produces goods which are distributed through commerce. No commercial activity is possible in the absence of industry. At the same time, industrial production is meaningless without the distribution of goods through commerce. If industry is the backbone of commerce, commerce serves as the lifeline of industry. Trade provides the necessary support to industry and maintains a smooth flow of commerce.
Thus, there is a high degree of interdependence between industry, trade and commerce.
Thus, there is a high degree of interdependence between industry, trade and commerce.
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