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What does commerce consist of?

Commerce consists of trade and aids to trade along the entire supply chain.

What is the difference between domestic trade and foreign trade?

Domestic trade includes retail and wholesale as well as local, regional and inter-regional transactions, while foreign trade encompasses import, export and entrepôt/re-export trades.

What are the principal factors that give rise to commercial exchanges?

The diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage.

What are some examples of aids to trade or auxiliary commercial activities?

<p>Some examples include commercial intermediaries, banking and financial services, transportation, packaging, warehousing, communication, advertising, and insurance.</p> Signup and view all the answers

Define trade.

<p>Trade is the exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces.</p> Signup and view all the answers