Commerce Knowledge Challenge Quiz

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Questions and Answers

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

Technological advancements, advertising strategies, and consumer preferences
Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)
Global economic trends, international trade agreements, and currency exchange rates
Government regulations, taxation policies, and market demand

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

Transportation and logistics
Marketing and sales
Manufacturing and distribution
Trade and aids to trade (correct)

How is trade categorized?

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

What is the main purpose of commerce?

<p>Smooth, unhindered distribution and transfer of goods and services on a substantial scale and at the right time, place, quantity, quality and price (B)</p> Signup and view all the answers

What is the definition of trade according to the text?

<p>Exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces (C)</p> Signup and view all the answers