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