ENTREPRENEURSHIP

Detailed explanation-1: -business. A person engaged in business is called a businessman. Business activities may be broadly classified into two categories-industry and commerce. Industry is concerned with the processing of materials and production of goods, whereas commerce is concerned with the distribution of those materials and goods.

Detailed explanation-2: -The industry is a business activity where you convert raw materials into products; they involve production and processing. On the other hand, commerce is a business activity where the goods are directly or indirectly distributed to the final consumer. Commerce facilitates exchange.

Detailed explanation-3: -Is Commerce the Same As Business? The word commerce is not interchangeable with business, but is rather a subset of business. Business includes sourcing, manufacturing, production, and marketing whereas commerce pertains to the distribution side of the business, specifically the distribution of goods and services.

Detailed explanation-4: -Commerce is defined as the exchange of goods and services between two or more entities. It typically involves buying and selling things of value. Commerce can take place between businesses, between consumers, or between businesses and consumers.

Detailed explanation-5: -Business and industry means any organization or enterprise, including a proprietorship, partnership, firm, business trust, joint venture, syndicate, corporation or association, whether or not operated for profit.