Sonzaschool

Mada za sehemu hiiProductionMada 7

Economics is the study of how people use scarce resources to produce, distribute, and consume goods and services.

Point Economics Commerce (i) Broader subject that includes all aspects of production, distribution, exchange, and consumption Narrower field focusing mainly on exchange and distribution (ii) Deals with the allocation of scarce resources Focuses on marketing and selling goods/services (iii) Concerned with both personal and national welfare Concerned with making goods/services available to consumers (iv) Involves both theoretical and analytical studies More practical and operational in approach (v) Covers commerce as one of its branches Is a subset of economics (vi) Studies value, utility, demand, supply, inflation, etc. Studies trade, banking, insurance, transport, warehousing

Point	Economics	Commerce
(i)	Broader subject that includes all aspects of production, distribution, exchange, and consumption	Narrower field focusing mainly on exchange and distribution
(ii)	Deals with the allocation of scarce resources	Focuses on marketing and selling goods/services
(iii)	Concerned with both personal and national welfare	Concerned with making goods/services available to consumers
(iv)	Involves both theoretical and analytical studies	More practical and operational in approach
(v)	Covers commerce as one of its branches	Is a subset of economics
(vi)	Studies value, utility, demand, supply, inflation, etc.	Studies trade, banking, insurance, transport, warehousing

Point Business Commerce (i) Broader term that includes all economic activities for profit A branch of business (ii) Includes production, manufacturing, trade, and services Focuses only on trade and trade-related services (iii) Covers both commercial and non-commercial activities Limited to commercial transactions (iv) Business includes commerce + industry Commerce does not include industry (v) Purpose is profit-making in general Purpose is facilitating exchange and distribution (vi) Examples: farming, manufacturing, trade Examples: transport, warehousing, banking, advertising

Point	Business	Commerce
(i)	Broader term that includes all economic activities for profit	A branch of business
(ii)	Includes production, manufacturing, trade, and services	Focuses only on trade and trade-related services
(iii)	Covers both commercial and non-commercial activities	Limited to commercial transactions
(iv)	Business includes commerce + industry	Commerce does not include industry
(v)	Purpose is profit-making in general	Purpose is facilitating exchange and distribution
(vi)	Examples: farming, manufacturing, trade	Examples: transport, warehousing, banking, advertising

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