5 Questions
What is commerce?
Commerce is the large-scale organized system of activities, functions, procedures, and institutions that contribute to the distribution and transfer of goods and services.
What are the principal factors that give rise to commercial exchanges?
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 labor along with comparative advantage.
What are some examples of aids to trade or auxiliary commercial activities?
Some examples of 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?
Trade involves the exchange of goods and services between buyers and sellers in return for a price at traditional or online marketplaces.
What is the difference between domestic trade and foreign trade?
Domestic trade includes local, regional, and inter-regional transactions, while foreign trade encompasses import, export, and entrepôt/re-export trades.
Test your knowledge of the large-scale organized system of activities, functions, and institutions that contribute to the distribution and transfer of goods and services.
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