Commerce Knowledge Challenge

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Questions and Answers

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

High demand and low supply of goods and services
Government regulations and policies
Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)
Technological advancements and innovations

What does commerce consist of?

Trade and aids to trade along the entire supply chain (correct)
Marketing and advertising strategies
Manufacturing and production processes
Only domestic trade

How is trade categorized?

Based on the size of the companies involved
By the type of goods and services exchanged
According to the geographical location of the buyers and sellers
Into domestic trade, including retail and wholesale as well as local (correct)

What is the definition of trade?

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

What does commerce 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 (D) Signup and view all the answers

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

Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (D) Signup and view all the answers

What does commerce consist of?

Trade and aids to trade along the entire supply chain (C) Signup and view all the answers

How is trade categorized?

Into domestic trade, including retail and wholesale as well as local (D) Signup and view all the answers

What does commerce 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 (A) Signup and view all the answers

What is trade?

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