Commerce Quiz

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 labour along with comparative advantage.

Trade is the exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces, categorized into domestic trade, including retail and wholesale as well as local.

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.

<p>The components of commerce mentioned in the text are trade and aids to trade along the entire supply chain.</p> Signup and view all the answers

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