These three aspects of Business can be distinguished from each other on the below given basis:

1. Meaning: Trade: Purchase and sale of goods and services for profit is called trade. 

Commerce: Trade and auxiliary activities of trade are included in commerce. 

Industry: The production of goods and services is called industry. 

2. Objective: Trade: The objective of trade is exchange of goods and services. 

Commerce: The objective of commerce is to remove the obstacles from the ways of exchange of goods and services. 

Industry: The objective of industry is to produce goods and services. 

3. Scope: Trade: The scope of trade is limited to the purchase and sale of goods. 

Commerce : Scope of commerce is wide. It includes trade and its auxiliary activities. 

Industry: It includes all types of activities related to production.

4. Creation of Utility: Trade: Authority utility is created. 

Commerce: Time, place and authority utilities are created. 

Industry: Form utility is created. 

5. Interdependence: Trade: It is based on industry. 

Commerce: Basis of commerce is trade. 

Industry: It is based on commerce. 

6. Ownership: Trade: It is owned and controlled by merchants, wholesalers, retailers, importers and exporters. . 

Commerce: It is owned and controlled by merchants and commercial men. 

Industry: It is owned by industrialists. Thus trade, commerce and industry though part of the business, are distinguished from each other.