Commerce Systems Overview

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Questions and Answers

What are the principal factors that give rise to commercial exchanges?

Market demand, consumer preferences, and advertising strategies
Global economic policies, international treaties, and cultural exchange
Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)
Presence of commercial institutions, government regulations, and technological advancements

What does trade encompass according to the text?

Only domestic trade within local and regional economies
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 (correct)
Trade limited to traditional marketplaces without online transactions
Foreign trade exclusively involving import and export transactions

What are considered as aids to trade according to the text?

Technological advancements in production processes
Government regulations, trade policies, and labor laws
Commercial intermediaries, banking and financial services, transportation, packaging, warehousing, communication, advertising and insurance (correct)
Consumer preferences, product innovation, and market competition

What is the definition of commerce according to the text?

<p>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 (A)</p>

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