Commerce Quiz
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Questions and Answers

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.

Define commerce and its components.

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.

What is trade and how is it categorized?

Trade is the exchange of 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.

Explain the role of commerce in the distribution and transfer of goods and services.

<p>Commerce directly or indirectly contributes 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.</p> Signup and view all the answers

What is the significance of aids to trade in commerce?

<p>Aids to trade play a crucial role along the entire supply chain in commerce, facilitating the smooth and efficient exchange of goods and services.</p> Signup and view all the answers

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