Commerce and Supply Chain Quiz

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

Currency exchange rates, international treaties, and transportation costs

Government regulations, consumer preferences, and technological advancements

Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)

Price fluctuations, market demand, and advertising strategies

What is trade categorized into according to the text?

Online trade exclusively

International trade only

Domestic trade, including retail and wholesale as well as local (correct)

Government-regulated trade

What does commerce consist of along the entire supply chain?

Trade and aids to trade (correct)

Manufacturing and distribution

Advertising and marketing strategies

Consumer feedback and product development

What is the definition of commerce according to the text?

Large-scale organized system of activities, functions, procedures and institutions contributing to the smooth distribution and transfer of goods and services Signup and view all the answers

What is the primary purpose of trade according to the text?

Exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces Signup and view all the answers