10 Questions
What are the principal factors that give rise to commercial exchanges?
Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage
What does commerce consist of?
Trade and aids to trade along the entire supply chain
What is trade categorized into?
Domestic trade and foreign trade
What are aids to trade or auxiliary commercial activities?
Commercial intermediaries, banking and financial services, transportation, packaging, warehousing, communication, advertising and insurance
What does trade involve?
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
What does microeconomics primarily analyze?
Individual agents and markets
What is the main focus of macroeconomics?
The economy as a system and its interactions
What distinguishes positive economics from normative economics?
'What is' versus 'what ought to be'
Where can economic analysis be applied throughout society?
Business, finance, cybersecurity, and government
In what ways is economics applied beyond traditional economic subjects?
Crime, education, family, law, politics, religion, science, and the environment
Test your knowledge of commerce with this quiz that covers the large-scale organized system of activities, functions, and institutions that contribute to the distribution and transfer of goods and services.
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