Understanding Commerce in the Global Economy
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Questions and Answers

What is the principal factor that gives rise to commercial exchanges?

  • Specialized exchange markets
  • Online marketplaces
  • Raw materials
  • Division of labor (correct)

    • What does commerce consist of along the entire supply chain?

  • Online marketplaces
  • Specialized exchange markets
  • Trade and aids to trade (correct)
  • Import and export

    • What is trade categorized into?

  • Domestic trade and foreign trade (correct)
  • Division of labor and comparative advantage
  • Specialized exchange markets and online marketplaces
  • Raw materials and securities

    • What is involved in trade at traditional (or online) marketplaces?

    <p>Exchange of goods and services for a price</p> Signup and view all the answers

    What does foreign trade encompass?

    <p>Import, export, and entrepôt/re-export trades</p> Signup and view all the answers

    What are the principal factors that contribute to the smooth distribution and transfer of goods and services?

    <p>Diversity in the distribution of natural resources, differences of human needs and wants, and division of labor along with comparative advantage</p> Signup and view all the answers

    What is the primary purpose of aids to trade or auxiliary commercial activities?

    <p>To remove hindrances related to trade</p> Signup and view all the answers

    What are some elements and factors included in the broader framework of commerce?

    <p>Intellectual property rights and antitrust laws</p> Signup and view all the answers

    What is one potential drawback of commerce mentioned in the text?

    <p>Worsening economic inequality by concentrating wealth into the hands of a small number of individuals</p> Signup and view all the answers

    Which historical period fundamentally reshaped commerce with modern banking and stock exchanges?

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

    What was the primary function of trade routes like the Silk Road in medieval times?

    <p>Connecting regions and continents for long-distance trade and cultural exchange</p> Signup and view all the answers

    What is the potential impact of unregulated commerce mentioned in the text?

    <p>Leading to environmental degradation, labor exploitation, and disregard for consumer safety</p> Signup and view all the answers

    What drove global commerce domination from the 15th to the early 20th century?

    <p>European colonial powers</p> Signup and view all the answers

    What was the aim of aid to trade or auxiliary commercial activities?

    <p>To remove hindrances related to direct personal contact, payments, savings, funding, separation of place and time, product protection and preservation, knowledge, and risk</p> Signup and view all the answers

    What type of benefits does commerce drive according to the text?

    <p>Economic growth, development and prosperity</p> Signup and view all the answers

    What potential drawbacks does unregulated commerce pose according to the text?

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

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