5 Questions
Which of the following is the primary goal of commerce in economic development?
Facilitating the exchange of goods and services
How does commerce contribute to job creation in an economy?
By generating employment in various sectors
Which of the following is not a component of commerce?
Manufacturing
Which type of commerce involves the exchange of goods and services within a country's borders?
Domestic commerce
Which economic concept is closely related to commerce and refers to the overall increase in the production of goods and services?
Gross Domestic Product (GDP)
Study Notes
Commerce and Economic Development
- The primary goal of commerce in economic development is to create wealth and prosperity.
- Commerce contributes to job creation in an economy by providing employment opportunities in various sectors, such as manufacturing, transportation, and marketing.
Components of Commerce
- International commerce involves the exchange of goods and services between different countries.
- Domestic commerce, also known as internal commerce, involves the exchange of goods and services within a country's borders.
Economic Concepts Related to Commerce
- Economic growth, which refers to the overall increase in the production of goods and services, is closely related to commerce.
Test your knowledge on the fundamentals of accounting and introduction to commerce with this MCQ quiz. Explore topics such as the primary goal of commerce in economic development, facilitating the exchange of goods and services, and more. Perfect for students of B.Com and BBA at Andhra Loyola College.
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