Commerce Knowledge Quiz
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Questions and Answers

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

  • High demand for goods and services, low production costs, and government regulations
  • Barter system, currency exchange, and economic policies
  • Technological advancements, globalization, and market competition
  • Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)
  • What does commerce consist of?

  • Consumer behavior and market research
  • Manufacturing and distribution processes
  • Advertising and promotional activities
  • Trade and aids to trade along the entire supply chain (correct)
  • How is trade categorized?

  • E-commerce and brick-and-mortar trade
  • Domestic trade, including retail and wholesale as well as local (correct)
  • International trade only
  • Supply chain management and logistics
  • What contributes to the smooth distribution and transfer of goods and services in commerce?

    <p>Large-scale organized system of activities, functions, procedures and institutions</p> Signup and view all the answers

    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</p> Signup and view all the answers

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