Commerce Knowledge Challenge Quiz

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

High demand for goods and services, availability of financial resources, and technological advancements

Government regulations, international agreements, and market competition

Globalization, urbanization, and digitalization

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, in addition to trade?

Consumer preferences and buying behavior

Government regulations and policies

Aids to trade or auxiliary commercial activities (correct)

Technological advancements and innovation

What does foreign trade encompass?

Trade of commodities and securities in specialized exchange markets

Domestic retail and wholesale transactions

Import, export, and entrepôt/re-export trades (correct)

Local and regional trade

What is categorized into domestic trade?

<p>Retail and wholesale as well as local, regional and inter-regional transactions</p> Signup and view all the answers

What are examples of aids to trade or auxiliary commercial activities?

<p>Banking and financial services, transportation, packaging, warehousing, communication, advertising, and insurance</p> Signup and view all the answers