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Understanding Commerce

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Questions and Answers

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

Uniform distribution of resources and lack of division of labour

Homogeneous human needs and wants

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

Low demand and high supply of goods and services

What does commerce consist of?

Transportation and communication only

Only domestic trade

Import and export activities

Trade and aids to trade along the entire supply chain (correct)

What is trade categorized into?

Local trade and online marketplaces

Retail trade only

Inter-regional transactions only

Domestic trade and foreign trade (correct)

What are aids to trade or auxiliary commercial activities?

Commercial intermediaries, banking and financial services, transportation, packaging, warehousing, communication, advertising and insurance Signup and view all the answers

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 Signup and view all the answers