Understanding Commerce Basics

Technological advancements, consumer preferences, and market competition

Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)

Government regulations, taxation policies, and international agreements

Globalization, outsourcing, and industrialization

Only domestic trade involving retail and wholesale transactions

Exclusively foreign trade involving import and export transactions

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 in goods but not services

Environmental protection laws and sustainability initiatives

Government subsidies, import tariffs, and export quotas

Labor unions, employee benefits, and workplace safety regulations

Commercial intermediaries, banking and financial services, transportation, packaging, warehousing, communication, advertising and insurance (correct)

<p>To contribute to the smooth distribution and transfer of goods and services on a substantial scale at the right time, place, quantity, quality and price through various channels from producers to consumers</p> Signup and view all the answers

<p>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</p> Signup and view all the answers