Question

Which of the following correctly represents the interdependence of industry, commerce, and trade.

Options

• Commerce is independent of industry, while trade depends on industry.

• Industry creates goods, commerce distributes them, and trade facilitates their exchange.

• Trade relies on commerce, but industry operates independently.

• Industry creates form utility, while trade creates time utility and commerce creates possession utiliy.

Answer 1

Industry creates goods, commerce distributes them, and trade facilitates their exchange.

Explanation:

• Industry is responsible for the production of goods, whether it's manufacturing or extracting raw materials.
• Commerce is involved in distributing those goods, including activities like transport, warehousing, and banking that ensure goods reach consumers.
• Trade focuses on the exchange of goods, where buyers and sellers meet either in wholesale or retail markets, helping goods reach the final consumers.