Commerce Knowledge Quiz

Commerce is the large-scale organized system of activities, functions, procedures, and institutions that contribute to the distribution and transfer of goods and services on a substantial scale within economies.

The diversity in the distribution of natural resources, differences of human needs and wants, division of labor, and comparative advantage are the principal factors that give rise to commercial exchanges.

Commerce consists of trade and aids to trade along the entire supply chain, including domestic trade, retail, wholesale, and local trade.

<p>Trade is the exchange of goods and services between buyers and sellers in return for a price at traditional or online marketplaces.</p> Signup and view all the answers

<p>Trade is categorized into domestic trade, including retail and wholesale, as well as local trade.</p> Signup and view all the answers