Commerce Fundamentals Quiz

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Questions and Answers

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

Market competition, consumer preferences, and advertising strategies
Government regulations, international treaties, and economic policies
Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)
High demand for goods and services, availability of capital, and advanced technology

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

Trade and aids to trade (correct)
Marketing and advertising
Manufacturing and distribution
Financial transactions and investment

How is trade categorized?

Service trade and goods trade
International trade only
Domestic trade, including retail and wholesale as well as local (correct)
E-commerce and traditional trade

What does commerce contribute to in economies?

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

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

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