In our business life there are two terms facing us , bribery and extortion Explain the difference between them

“Bribery” The act of taking or receiving something with the intention of influencing the recipient in some way favorable to the party providing the bribe. Bribery is typically considered illegal and can be punishable by jail time or stiff fines if authorities find out about the bribe.

Extortion is a criminal offense, which occurs when a person either obtains money or property from another through coercion or intimidation or threatens one with physical harm unless they are paid money or property. Euphemistically, refraining from doing harm is sometimes called protection. Extortion is commonly practiced by organized crime groups. The actual obtainment of money or property is not required to commit the offense. Making a threat of violence or a lawsuit which refers to a requirement of a payment of money or property to halt future violence or lawsuit is sufficient to commit the offense. The simple four words "pay up or else" are sufficient to constitute the crime of extortion. An extortionate threat made to another in jest is still the crime of extortion.

Bribery is an offer of favours or gifts if a certain wish is met. Extortion is a threat of violence or other bad things if a certain wish is not met.

Bribery is an offer of favors or gifts if a certain wish is met. Extortion is a threat of violence or other bad things if a certain wish is not met. 

Corruption has serious economic and social costs and can undermine government legitimacy. Economic analysis can help one understand the incentives for bribery and extortion and the deterrent effect of the law.

Such analysis suggests that the law in many jurisdictions ought to be redesigned. Penalties are poorly tied to the marginal benefits of bribery. Small bribes often are more effectively deterred than larger ones because penalties are not tied to the perpetrators' gains. Economic analysis also highlights the tension between obtaining evidence to bring a case ex post and deterrence ex ante. Furthermore, enforcement programs have not incorporated bureaucratic structure in a sophisticated way, and in many countries the criminal law only applies to individuals, not firms. In short, economic analysis can help guide the reform debate by proposing workable law enforcement strategies for the control of bribery and extortion.

bribe is to offer money or a favor to a person in a position of trust to act dishonestly. 

extort is to wrench or otherwise forcefully take something away from somebody.

Bribery is the man to take something from another human being to realize the falsehood

Unlike bribery, extortion, where it is taken from the human thing to invalidate the right

Bribery is a payoff, it relies mainly on greed of the recipient not fear of reprisal.

Extortion is a blackmailing or similar to a threat to burn your house down for example if you don't deliver.

I agree with Answer added by:Ayoub Tartir

Endorse Mr. Ayoub Tartir answer

Bribery is offered by the person who needs favor when extortion is demanded by the person who gives favor. The difference is 'where the will lies or who is willing'. Please note 'offer' and 'demand'.

Simply, bribery is offering someone monetary or non-monetary goods or services in return of a certain favor from their side.

Extortion is when the other side asks for monetary or non-monetary goods or services in return of a certain favor from their side. In some cases it goes up to blackmailing and threatening