Test your knowledge of commerce with this quiz! Explore topics such as supply ch...

The diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage are the principal factors that give rise to commercial exchanges.

Commerce is the large-scale organized system of activities, functions, procedures and institutions that directly or indirectly contribute to 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. It involves trade and aids to trade along the entire supply chain.

Trade is categorized into domestic trade, including retail and wholesale as well as local. It involves the exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces.

<p>Commerce plays a role in 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 involves a wide range of activities, functions, procedures, and institutions that contribute to the distribution and transfer of goods and services, including trade and aids to trade along the entire supply chain.</p> Signup and view all the answers