Podcast
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?
What does commerce consist of?
What does commerce consist of?
Flashcards are hidden until you start studying