Which of the following correctly represents the interdependence of industry, commerce, and trade?

1. Commerce is independent of industry, while trade depends on industry.
2. Industry creates goods, commerce distributes them, and trade facilitates their exchange.
3. Trade relies on commerce, but industry operates independently.
4. Industry creates form utility, while trade creates time utility and commerce creates possession utility.

Industry creates goods, commerce distributes them, and trade facilitates their exchange.

Reason — Industry, commerce and trade are interdependent. Industry produces the goods (creating form utility), commerce takes care of distribution to consumers through trade and auxiliary activities, and trade specifically facilitates the buying and selling (exchange) of goods. Without industry, there would be nothing for commerce to distribute; without commerce and trade, goods produced cannot reach the consumers.