Introduction To Commerce - JSS1 Business studies Past Questions and Answers - page 1
What is commerce?
The exchange of goods and services
The production of goods
The consumption of services
What role does commerce play in economic growth?
Hindering growth
Stimulating growth
Irrelevant to growth
How does globalization affect commerce?
Restricts trade
Expands markets
Decreases efficiency
What does specialization in production lead to?
Decreased efficiency
Increased efficiency
No impact on efficiency
What does commerce facilitate the exchange of?
Goods and services
Ideas and beliefs
Emotions and feelings
How does commerce contribute to wealth creation?
By restricting trade
By facilitating trade and investment
By reducing consumer choices
What does competition in the marketplace encourage businesses to do?
Limit innovation
Increase prices
Innovate and improve quality
What does commerce generate for governments?
Tax revenue
Expenses
Debts
How does commerce promote cultural exchange?
By isolating communities
By fostering understanding
By limiting interactions
What does commerce allocate more effectively?
Resources
Time
Energy