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Questions and Answers
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)
- Currency exchange rates, inflation, and interest rates
- Technological advancements, advertising, and market competition
- Government regulations, taxation, and international policies
What does commerce consist of, along the entire supply chain?
What does commerce consist of, along the entire supply chain?
- Consumer protection and quality control
- Transportation and logistics
- Market research and product development
- Trade and aids to trade (correct)
What is trade categorized into?
What is trade categorized into?
- Non-profit trade and charity trade
- Global trade only
- E-commerce and m-commerce
- Domestic trade, including retail and wholesale as well as local (correct)
What does commerce contribute to in economies?
What does commerce contribute to in economies?
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What is the definition of trade according to the text?
What is the definition of trade according to the text?
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Study Notes
Factors of Commercial Exchanges
- The principal factors that give rise to commercial exchanges are differences in demand and supply, geographical specialization, and technological advancements.
Composition of Commerce
- Commerce consists of a series of activities along the entire supply chain, including production, distribution, and exchange of goods and services.
Categorization of Trade
- Trade is categorized into two main types: internal trade (domestic trade) and external trade (international trade).
Contributions of Commerce
- Commerce contributes to economic growth, job creation, and improvement in living standards in economies.
Definition of Trade
- Trade refers to the exchange of goods, services, or somethings of value between businesses, organizations, or individuals.
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Description
Test your knowledge of commerce with this quiz! Explore topics such as supply chain management, marketing, finance, and more. See how well you understand the large-scale system of activities and institutions that facilitate the exchange of goods and services.
