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Questions and Answers
Which of the following concepts is included in commerce?
What is one of the roles of trade and commerce in the economy?
Which of the following is NOT a challenge faced in modern trade and commerce?
Which historical context contributed to the development of modern trade?
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What is the concept of 'comparative advantage' primarily associated with?
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Study Notes
IKS (Indian Knowledge System) Trade and Commerce
- Trade: Exchange of goods and services between parties.
- Commerce: Includes trade facilitation via transportation, finance, marketing, and legal framework.
- Domestic trade: Trade within a country's borders.
- International trade: Trade between countries.
- Distribution: Process of getting goods and services from producers to consumers.
- Marketing: Promoting and selling goods and services.
- Legal Framework: Laws and regulations that govern trade.
- Key principles of Trade and Commerce: Supply and demand, comparative advantage, free trade versus protectionism.
- Ancient trade: Silk Road and maritime trade routes connected distant civilizations.
- Medieval trade: Trade guilds and the Hanseatic League organized trade in Europe.
- Modern trade: Industrial Revolution and globalization led to significant expansion of trade.
- Trade and Commerce role in economy: Economic growth, job creation, innovation, global integration, cultural exchange, economic interdependence.
- Modern T&C practices: Ecommerce, supply chain management, digital marketing.
- Challenges faced by modern trade and commerce: Trade barriers, logistics and transportation, regulatory compliance.
- Influence on modern trade and commerce: Fair trade practices, cooperative movements, sustainable development, economic equity.
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Description
This quiz covers the fundamentals of Trade and Commerce in the context of the Indian Knowledge System. Explore concepts such as domestic and international trade, distribution, marketing, and the historical evolution of trade practices from ancient to modern times. Test your knowledge on the key principles that govern trade and its impact on the economy.
