(a) Commerce is concerned with the exchange (buying and selling) and distribution of goods and services while Industry s concerned with the actual production of goods and services.
b(i) Activities involved in industry:
Extraction: This involves the obtaining of raw materials from the earth through mining, drilling, quarrying, fishing, farming and lumbering -
Manufacturing: This involves activities that convert the raw materials into finished goods Like textile, machinery, shoes etc.
Construction: This involves the process of fitting or assembling together the many parts to form a finished product like car assembling. Ship-building welding, house building etc.
b (ii) Activities Involved in Commerce:
(i) Trade: This involves buying and selling both at home and abroad. It includes wholesaling and retailing of goods and services.
(ii) Banking/Financing: This involves the safe keeping, lending and exchange of money that facilitate trading activities.
(iii) Insurance: This involves the activities of those minimizing business risks.
(iv) Transport: This involves the physical movement of goods and people from points of production to the points of consumption.
(v) Communication: This involves the transmission of information for the smooth conduct of commercial activities.
(vi) Advertising: This involves the creation of, awareness on the availability and - the nature of goods and services,
(vii) Warehousing: This involves the safe keeping of goods until they are needed for either further processing or consumption.
(viii) Tourism: This involves the provision of attractive sites and places of interest boost business activities in a country.