Final answer:
Market knowledge is an underpinning of all commerce, referring to understanding the current supply and demand for goods and services. It involves knowing the availability of products and services and identifying consumer needs and preferences.
Step-by-step explanation:
An underpinning of all commerce is market knowledge—knowledge of where goods and services exist and where they are needed. Market knowledge refers to understanding the current supply and demand for products and services in different locations. It involves knowing which goods and services are available in the market and identifying the needs and preferences of consumers.