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Questions and Answers
What does commerce encompass?
What does commerce encompass?
- Small-scale unorganized system of activities for goods and services
- Large-scale organized system of activities for services only
- Large-scale organized system of activities for goods and services (correct)
- Medium-scale organized system of activities for goods only
What are the principal factors that give rise to commercial exchanges?
What are the principal factors that give rise to commercial exchanges?
- Diversity in natural resources, government regulations, division of labor, comparative advantage
- Diversity in human needs, division of labor, comparative advantage, technological advancements
- Diversity in human needs, government regulations, division of labor, comparative advantage
- Diversity in natural resources, human needs, division of labor, comparative advantage (correct)
What does trade encompass?
What does trade encompass?
- Exchange of services only between buyers and sellers for a price
- Exchange of goods and services between buyers and sellers for free
- Exchange of goods and services between buyers and sellers for a price (correct)
- Exchange of goods only between buyers and sellers for a price
How is trade categorized?
How is trade categorized?
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What does commerce consist of?
What does commerce consist of?
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