Test your knowledge of commerce with this quiz covering various aspects of the l...

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 labour along with comparative advantage.

Trade is the exchange of goods (including raw materials, intermediate and finished goods) and services between buyers and sellers in return for a price at traditional (or online) marketplaces.

Commerce consists of trade and aids to trade along the entire supply chain, including domestic trade, retail and wholesale, as well as local trade.

<p>The key characteristics of commerce include the smooth, unhindered distribution and transfer of goods and services on a substantial scale and at the right time, place, quantity, quality, and price through various channels from the original producers to the final consumers within local, regional, national, or international economies.</p> Signup and view all the answers

<p>Commerce directly or indirectly contributes to the smooth distribution and transfer of goods and services, thus impacting the local, regional, national, or international economies.</p> Signup and view all the answers