BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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price
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incentive
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consumption
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production
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Detailed explanation-1: -Commerce is an exchange between two parties of goods or services for money. The word often implies large-scale transactions.
Detailed explanation-2: -Price is the exchange value of goods or services in terms of money. Price of a product or service is-what the seller feels it worth, in terms of money, to the buyer.
Detailed explanation-3: -The correct option is D Gross Domestic Product (GDP) Gross Domestic Product is the monetary value of all goods and services produced in a country in a specific time period. It is a measure of a country’s economic growth.
Detailed explanation-4: -Money helps to facilitate trade because people in the economy generally recognize it as valuable. Since most people recognize money as valuable, they are willing to trade money for goods and services with the intention of one day using the money they received as a seller to buy goods or services from someone else.