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</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</p> Signup and view all the answers

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