5 Questions
What is commerce?
Commerce is the large-scale organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered distribution and transfer of goods and services on a substantial scale and at the right time, place, quantity, quality and price through various channels from the original producers to the final consumers within local, regional, national or international economies.
What are the principal factors that give rise to commercial exchanges?
The diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage are the principal factors that give rise to commercial exchanges.
What is the role of aids to trade in commerce?
Aids to trade play a role along the entire supply chain in commerce, supporting the trade activities and facilitating the smooth transfer of goods and services.
How is commerce related to the global economy?
Commerce contributes to the smooth distribution and transfer of goods and services within local, regional, national, and international economies, playing a significant role in the interconnected global economy.
What does trade consist of in commerce?
Trade consists of the exchange of goods (including raw materials, intermediate and finished goods) and services between buyers and sellers in return for a price at traditional (or online) marketplaces. It is categorized into domestic trade, including retail and wholesale as well as local.
Test your knowledge of commerce with this quiz! Explore topics such as supply chain management, marketing strategies, e-commerce, and more. See how well you understand the intricate system of activities and institutions that facilitate the distribution of goods and services.
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