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Commerce Knowledge Quiz

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Commerce Knowledge Quiz

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Questions and Answers

What is commerce?

The process of producing goods and services on a large scale
The exchange of goods and services between buyers and sellers
The organized system of activities that contribute to the distribution of goods and services (correct)
The transportation of goods from producers to consumers

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

Trade and aids to trade (correct)
Marketing and sales
Logistics and transportation
Manufacturing and distribution

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

Technological advancements and global market demand
Consumer preferences and advertising strategies
Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)
Government regulations and taxation policies

How is trade categorized?

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

What is the primary purpose of trade at traditional (or online) marketplaces?

<p>Exchange of goods and services between buyers and sellers in return for a price (B)</p> Signup and view all the answers

What is the primary function of commerce?

<p>To ensure smooth distribution and transfer of goods and services (A)</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 (A)</p> Signup and view all the answers

What does trade consist of in commerce?

<p>Exchange of goods and services between buyers and sellers for a price at marketplaces (D)</p> Signup and view all the answers

What is the categorization of trade in commerce?

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

What are the aids to trade along the supply chain in commerce?

<p>Activities and functions that support the smooth flow of goods and services (C)</p> Signup and view all the answers

Flashcards

Commerce

The organized system of activities that contribute to the distribution of goods and services.

Trade in Commerce

Exchange of goods and services between buyers and sellers for a price at marketplaces.

Aids to Trade

Activities and functions that support the smooth flow of goods and services along the supply chain.

Commercial exchange

The transfer of goods and services between buyers and sellers at a price.

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Domestic Trade

Trade within a single country's borders.

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Division of Labor

The process of dividing tasks and responsibilities among workers to increase efficiency.

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Diversity of Resources

The uneven distribution of natural resources across the globe.

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Differences in Needs and Wants

The differences in what people need and desire.

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Comparative Advantage

A country's ability to produce a specific good or service more efficiently than another country.

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Primary Function of Commerce

Ensure smooth distribution and transfer of goods and services.

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