5 Questions
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.
What does commerce consist of?
Commerce consists of trade and aids to trade along the entire supply chain.
What are the categories of trade mentioned in the text?
Domestic trade, including retail and wholesale as well as local, regional and inter-regional transactions, and foreign trade, encompassing import, export and entrepôt/re-export trades.
What are some examples of aids to trade or auxiliary commercial activities mentioned in the text?
Commercial intermediaries, banking and financial services, transportation, packaging, warehousing, communication, advertising, and insurance.
What is the definition of trade according to the text?
Trade is the exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces.
Test your knowledge of the large-scale organized system of activities and institutions that contribute to the distribution and transfer of goods and services within economies.
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