Commerce Essentials Quiz
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Questions and Answers

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

  • Inflation, recession, and unemployment
  • High demand for goods and services, low supply of goods, and technological advancements
  • Globalization, government regulations, and consumer preferences
  • Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)

    • What does commerce consist of?

  • Manufacturing and production processes
  • Logistics and transportation only
  • Financial services and investment banking
  • Trade and aids to trade along the entire supply chain (correct)

    • How is trade categorized?

  • International trade only
  • Government trade agreements and treaties
  • E-commerce and m-commerce
  • Domestic trade, including retail and wholesale as well as local (correct)

    • What is the primary purpose of commerce?

    <p>Smooth, unhindered distribution and transfer of goods and services on a substantial scale and at the right time, place, quantity, quality and price</p> Signup and view all the answers

    What does commerce contribute to in economies?

    <p>Smooth, unhindered distribution and transfer of goods and services</p> Signup and view all the answers

    What is the primary function of commerce?

    <p>To ensure smooth distribution and transfer of goods and services</p> Signup and view all the answers

    What are the principal factors that contribute to commercial exchanges?

    <p>Diversity in the distribution of natural resources, human needs and division of labor</p> Signup and view all the answers

    What does trade involve?

    <p>Exchange of goods and services between buyers and sellers for a price</p> Signup and view all the answers

    What does commerce consist of along the supply chain?

    <p>Trade and aids to trade</p> Signup and view all the answers

    How is trade categorized?

    <p>Into domestic trade, including retail and wholesale as well as local</p> Signup and view all the answers

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