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 trade encompass according to 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 considered as aids to trade according to the text?
Commercial intermediaries, banking and financial services, transportation, packaging, warehousing, communication, advertising and insurance
What is the definition of commerce according to the text?
Large-scale organized system of activities contributing to the distribution and transfer of goods and services on a substantial scale through various channels from producers to consumers
What is categorized under trade according to the text?
Exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces
Test your knowledge about the large-scale organized system of activities, functions, and institutions that contribute to the distribution and transfer of goods and services within economies.
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