Podcast
Questions and Answers
What is commerce?
What is commerce?
- The production of goods and services for the local, regional, national, or international economies
- The organized system of activities contributing to the distribution of goods and services (correct)
- The exchange of goods and services between buyers and sellers
- The marketing and advertising of goods and services
What are the principal factors that give rise to commercial exchanges?
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 (correct)
- Government regulations, consumer demand, and technological advancements
- Market competition, advertising strategies, and pricing tactics
- Globalization, outsourcing, and supply chain management
What does commerce consist of?
What does commerce consist of?
- E-commerce and digital marketing
- Manufacturing and distribution of goods
- Financial transactions and banking services
- Trade and aids to trade along the entire supply chain (correct)
How is trade categorized?
How is trade categorized?
What is the primary purpose of trade?
What is the primary purpose of trade?
Flashcards
What is Commerce?
What is Commerce?
The organized system of activities involved in distributing goods and services.
Factors driving commercial exchanges
Factors driving commercial exchanges
Differences in resources, needs, wants, and specialization in production lead to exchange.
What does commerce include?
What does commerce include?
Activities involving the exchange of goods & services for money, including retail, wholesale, and local transactions.
Domestic trade
Domestic trade
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The purpose of trade
The purpose of trade
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