Commerce Knowledge Challenge
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Questions and Answers

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

The diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage.

Define commerce and its components.

Commerce is 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 and at the right time, place, quantity, quality, and price through various channels from the original producers to the final consumers within local, regional, national, or international economies. It consists of trade and aids to trade along the entire supply chain.

What is trade and how is it categorized?

Trade is the exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces. It is categorized into domestic trade, including retail and wholesale as well as local.

Explain the role of commerce in the distribution of goods and services.

<p>Commerce plays a crucial role in ensuring the smooth, unhindered distribution and transfer of goods and services on a substantial scale and at the right time, place, quantity, quality, and price through various channels from the original producers to the final consumers within local, regional, national, or international economies.</p> Signup and view all the answers

What is the significance of division of labor in commerce?

<p>Division of labor is significant in commerce as it contributes to the comparative advantage and is one of the principal factors that give rise to commercial exchanges.</p> Signup and view all the answers

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