Q.What are the different types of economic activities?

Business is a wide term that includes industry, trade and commerce. Business begins with production and ends with consumption, and getting a finished product from maker to final user takes a series of steps — production or purchase → exchange → distribution → consumption.

All business activities can be grouped into two broad categories — industry and commerce:

• Industry is concerned with the production or processing of goods and materials — it converts resources into useful goods.
• Commerce covers all the activities necessary for facilitating the exchange of goods and services — it links producers with consumers. …