Business and Commerce though two different words, have identical meaning and concept and can be used alternatively. Americans prefer to use the term 'Business', while Britishers like to employee the word 'Commerce', but in the same meaning.
There are some other Business terms also differently used by both the nations in the same context.
Britishers Americans
Debenture Bond
Company Corporation
Limited Incorporated
Shareholder Stockholder
Is Business different from Commerce?
Are really Business and Commerce different activities? No, as already mentioned. They are one and the same in meaning and concept. In fact, the misunderstanding derives from some Commerce books, which try to differentiate between the two terms. Pakistani authors follow the suit but in vain. Trying to create a distinction between the two words only creates confusion and does not serve the cause of students, teachers, businessmen and others.
In fact, trying to make a difference between the words Business and Commerce, some authors define Commerce in the sense of or as a marketing activity, which starts after manufacturing.
For example, some authors define Commerce as follows:
"Commerce is concerned with the exchange of goods. It includes all those activities which are related to the transfer of goods from the place of production to the ultimate consumers."
It is clear from the above definition that it can only be applied to the definition of marketing.
In short, Business or Commerce is the sum of the following activities:
1. Manufacturing activities
2. Marketing (exchange, distributions, finance etc.)
Hence, 'Business and Commerce are used in the same sense in most parts of the World and being understand same all as is the fact.'
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