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FCSDIB-Ch 6

Int. Business Vocab Ch 6

TermDefinition
balance of payments the total flow of money coming into a country minus the total flow going out
bill of lading a document stating the agreement between the exporter & the transportation company
certificate of origin a document that states the name of the country in which shipped goods were produced
cost and freight (C&F) the price includes the cost of the goods and freight, but the buyer must pay for insurance separately
cost, insurance, and freight (CIF) the cost of the goods, insurance, & freight are included in the price quoted
countertrade the exchange of products or services among companies in different countries with the possibility of some currency exchange
customs official government employee authorized to collect the duties levied on imports
direct barrier the exchange of goods & services between two parties with no money involved
economic community an organization of countries that bond together to allow a free flow of products
free on board (FOB) terms of sale that mean the selling price of the product includes the cost of loading the exported goods into transport vessels at the specified place
freight forwarder a company that arranges to ship goods to customers in other countries
industry a group of companies in the same type of business
monopolistic competition a market situation with many sellers, each with a slightly different product
monopoly a situation in which one seller controls the entire market for a product or service
oligopoly control of an industry by a few large companies
pure competition a market situation with many sellers, each offering the same product
trade deficit the total amount a country owes to other countries as a result of importing more goods & services than the country is exporting
Created by: fcsdklw
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