5 Questions
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
What does commerce consist of?
Trade and aids to trade along the entire supply chain
What is categorized into domestic trade?
Retail and wholesale as well as local, regional and inter-regional transactions
What do aids to trade or auxiliary commercial activities include?
Commercial intermediaries, banking and financial services, transportation, packaging, warehousing, communication, advertising and insurance
What does trade involve?
The exchange of goods (including raw materials, intermediate and finished 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, functions, procedures, and institutions that contribute to the distribution and transfer of goods and services on a substantial scale across different economies.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
