Commerce Quiz

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. It consists of trade and aids to trade along the entire supply chain.

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

Trade involves 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.

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

<p>Commerce plays a crucial role in ensuring the smooth and unhindered distribution and transfer of goods and services on a substantial scale, contributing to the overall functioning of local, regional, national, and international economies.</p> Signup and view all the answers