Commerce Fundamentals Quiz

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Questions and Answers

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

Globalization, urbanization, and industrialization
Government regulations, international treaties, and cultural diversity
High demand for goods and services, technological advancements, and economic stability
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?

Trade and aids to trade along the entire supply chain (correct)
Manufacturing and distribution of goods
Financial transactions and stock market activities
Import and export regulations

What is trade categorized into?

Bilateral trade agreements and multilateral trade agreements
E-commerce and brick-and-mortar stores
Domestic trade, including retail and wholesale as well as local (correct)
International trade only

What is the primary purpose of trade?

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

What does commerce contribute to within economies?

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