1
What are the two types of commodities?
Hard and Soft
What is consumer demand?
The desire of clients, consumers, and buyers to purchase goods or services.
A __________ is a document acknowledging that a person has received money or property in payment following a sale or other transfer of goods or provision of a service.
A receipt
Which local business had up to 90 drivers delivering at height of pandemic and became essential for consumers and businesses?
Kraven
True of False
Commodities are also known as consumer goods.
False
Perfect competition and oligolopy are market structures. Name the other ones.
Monopolistic and perfect competition
To be planted and nurtured to majority.
Soft commodities
After a consumer realizes the have a need, they do this to find a solution.
Includes banks and brokers and play a very important role in facilitating transactions in the commodity derivatives market.
Intermediaries
Which document is sent in the case where a customer is over charged?
Credit note
True or False
Secondary commodities are produced from primary products.
True
After the seller sends a quotation to the buyer the next documentation used by the buyer is called...
Purchase Order
Which platform had meetings attracted 300 million participants a day by April 2020?
Zoom
Weather, prices of factors of production, supply and demand and more are examples of what?
Factors affecting commodities.
What is a business document?
A business document refers to all documents, reports, contracts, and records related to a particular business. Business documents are essential instruments for decision-making, record-keeping, and communication. They include a wide variety of written resources that support various corporate operations.
Define globalization.
The movement of goods, knowledge, information and services across the world.
Why do businesses need to understand consumer demand?
To make informed decisions about product development, marketing strategies, and inventory management.
HARD COMMODITIES are extracted from where?
The Earth.
The point where supply and demand meet.
Equilibrium
TRUE OR FALSE
A contract signed under duress is considered a business document.
FALSE
What is a Quotation?
A document that a seller provides to a buyer to offer goods or services at a stated price under specified conditions.
Social and Cultural Trends, Environmental Concerns and government policies are all examples of what?
FACTORS & TRENDS INFLUENCING CONSUMER DEMAND
Any place or venue where buyers and sellers can exchange goods and services.
A market
What are the three of sector commodities?
Agriculture, energy, metals
BPL is an example of a company in this type of market structure.
Monopoly