5 Questions
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
What does trade encompass according to the text?
Domestic trade, including retail and wholesale as well as local, regional and inter-regional transactions and foreign trade, encompassing import, export and entrepôt/re-export trades
What are aids to trade or auxiliary commercial activities according to the text?
Commercial intermediaries, banking and financial services, transportation, packaging, warehousing, communication, advertising and insurance
What is commerce primarily concerned with?
Smooth distribution and transfer of goods and services on a substantial scale at the right time, place, quantity, quality and price
What does commerce consist of according to the text?
Trade and aids to trade along the entire supply chain
Test your knowledge of the organized system of activities, functions, and institutions that contribute to the distribution of goods and services on a large scale within economies.
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