The concept that refers to the sale, transfer or exchange of goods and service is?

Assessment: JAMB UTME - Commerce - 2003 Subject: Commerce

Question 1 Report

The concept that refers to the sale, transfer or exchange of goods and service is?
Answer Details
The correct answer is trade. Trade refers to the exchange of goods and services between two parties, often in exchange for money or other goods/services. Trade can occur within a country, between countries or even between continents. It can take place through various channels such as markets, e-commerce platforms or direct transactions between individuals or firms. Trade is a crucial component of any economy, as it allows individuals, firms and countries to access a wider range of goods and services than they could produce themselves.
Read lesson note on Trade (WAEC)
Read lesson note on Commerce (JAMB)
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