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Commerce Fundamentals Quiz

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Questions and Answers

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

Globalization, urbanization, and environmental sustainability

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

Government regulations, taxation, and market demand

Technological advancements, advertising, and consumer preferences

What does commerce consist of, along the entire supply chain?

Consumer feedback and product development

Manufacturing and distribution

Trade and aids to trade (correct)

Market research and advertising

What does trade encompass?

Physical goods trade and digital goods trade

Online trade and traditional trade

Domestic trade, including retail and wholesale, and foreign trade, encompassing import, export and entrepôt/re-export trades (correct)

Direct trade and indirect trade

What are examples of aids to trade or auxiliary commercial activities?

Banking and financial services, transportation, packaging, warehousing, communication, advertising and insurance Signup and view all the answers

What is trade in the context of commerce?

The 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