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Understanding Commerce Basics

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Questions and Answers

What are the principal factors that give rise to commercial exchanges?

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

What does trade encompass?

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

What do aids to trade or auxiliary commercial activities include?

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)

What is the main purpose of commerce?

<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 (B)</p> Signup and view all the answers

What is included in the category of trade?

<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 (A)</p> Signup and view all the answers