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Questions and Answers
What does commerce refer to?
What does commerce refer to?
- Exclusive distribution of goods and services within national economies
- Limited distribution of goods and services within regional economies
- Large-scale organized system of activities contributing to the distribution of goods and services (correct)
- Small-scale unorganized system of activities related to goods and services
What are the principal factors giving rise to commercial exchanges?
What are the principal factors giving rise to commercial exchanges?
- Differences in the distribution of natural resources and division of labour
- Uniformity in the distribution of natural resources and division of labour
- Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)
- Diversity in the distribution of natural resources and uniformity in human needs and wants
What does trade consist of?
What does trade consist of?
- Exchange of goods and services between producers and consumers at online marketplaces
- Exclusive exchange of finished goods between buyers and sellers
- Exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces (correct)
- Exchange of goods between producers and consumers in traditional marketplaces
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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