(a) State the difference between industry and commerce. (b) Mention and explain five types of commercial occupations and three types of industrial occupatio...

Answer Details

(a) Difference between industry and commerce

Industry is concerned with the actual production of goods and provision of direct services, that is, the extraction of raw materials, their processing and manufacture into finished goods, and construction. Commerce is concerned with the distribution and exchange of goods and services and all the activities that aid this distribution. In short, industry produces the goods while commerce makes them available to consumers where and when they are needed.

(b) Five types of commercial occupations and three types of industrial occupations

Commercial occupations

1. Trade: The buying and selling of goods, including home trade (retail and wholesale) and foreign trade (import and export).
2. Banking: Provides finance, accepts deposits, grants loans and aids the settlement of debts.
3. Insurance: Provides protection against risks and losses to business and property.
4. Transport (transportation): Moves goods and people from one place to another, creating place utility.
5. Advertising and communication: Informs and persuades customers about goods and services and links buyers with sellers.

(Warehousing is also acceptable as a commercial occupation.)

Industrial occupations

1. Extractive industry: Draws raw materials from nature, for example mining, fishing, farming and lumbering.
2. Manufacturing (constructive/genetic) industry: Converts raw materials into finished or semi-finished goods, for example making textiles, cement and vehicles.
3. Construction industry: Assembles materials to build roads, bridges, dams and houses.