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?

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

What does commerce contribute to?

<p>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)</p> Signup and view all the answers

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

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

What does commerce consist of?

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

How is trade categorized?

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

What does commerce contribute to?

<p>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)</p> Signup and view all the answers

What is trade?

<p>The 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

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