Commerce Quiz: Test Your Knowledge with Quiz Questions

5 Questions

Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage

Trade and aids to trade along the entire supply chain

Exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces

Commercial intermediaries, banking and financial services, transportation, packaging, warehousing, communication, advertising and insurance

Import, export and entrepôt/re-export trades

Study Notes

Commercial exchanges arise from the differences in the natural resources, climate, and skills of people in different regions, leading to specialization and interdependence.
Other principal factors that give rise to commercial exchanges include differences in tastes, preferences, and technologies.

Commerce consists of the exchange of goods, services, and something of value between businesses, organizations, or individuals.

Trade involves the exchange of goods, services, or something of value between different entities, including businesses, organizations, or individuals.
Trade can be in the form of barter (exchange of goods or services without using money) or monetary trade (exchange of goods or services using money).

Aids to trade, also known as auxiliary commercial activities, refer to services that facilitate trade, such as transportation, warehousing, banking, and insurance.

Foreign trade encompasses the exchange of goods, services, or something of value between different countries.
Foreign trade involves the importation and exportation of goods, services, or something of value across international borders.

Commerce Quiz