Commerce Fundamentals Quiz

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Questions and Answers

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

Technological advancements, global market trends, and advertising strategies
Government regulations, taxation, and international policies
Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)
Consumer preferences, marketing tactics, and economic stability

What does commerce consist of along the entire supply chain?

Financial transactions and investment activities
Logistics and inventory management
Trade and aids to trade (correct)
Consumer behavior and market research

How is trade categorized?

E-commerce exclusively
International trade only
Domestic trade, including retail and wholesale as well as local (correct)
Manufacturing trade and industrial trade

What is the definition of commerce?

The large-scale organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered distribution and transfer of goods and services on a substantial scale (C) Signup and view all the answers

What is trade in commerce?

The exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces (A) Signup and view all the answers

What does commerce encompass?

The organized system of activities contributing to the distribution of goods and services (A) Signup and view all the answers

What are the principal factors giving rise to commercial exchanges?

Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour (C) Signup and view all the answers

What does trade encompass?

The exchange of goods and services between buyers and sellers in return for a price at traditional or online marketplaces (A) Signup and view all the answers