Polangmar Jul 2, 2011:

Aerospace comprises the atmosphere of Earth and surrounding space. Typically the term is used to refer to the industry that researches, designs, manufactures, operates, and maintains vehicles moving through air and space. Aerospace is a very diverse field, with a multitude of commercial, industrial and military applications.
Aerospace is not the same as airspace, which is a term used to describe the physical air space directly above a location on the ground.
http://en.wikipedia.org/wiki/Aerospace