sum

Revolving letter of credit

_______is a letter of credit calling for renewed credit to be made available when the issuing bank informs the beneficiary that the buyer has reimbursed the issuing bank for the rafts already drawn

Back to back letter of credit

_______means two letters of credit with identical documentary requirements, except for the difference in the price as shown by the invoice and draft.

 Standby letter of credit

________is a letter of credit that can be drawn against, but only if another business transaction is not performed

Advised letter of credit

_______is a letter of credit issued by a bank and forwarded to the beneficiary by a second bank in his area. The second bank validates the signatures and attests to the legitimacy of the first bank 

Confirmed letter of credit

________ is a letter of credit issued by one bank to which a second bank adds its commitment to pay.

Revocable letter of credit

_________ is a letter of credit that may be canceled at any moment without prior notice to the beneficiary

Irrevocable letter of credit

_______ is a letter of credit that cannot be canceled nor attended without agreements of all parties

Deferred payment letter of credit

_______is a letter of credit under which the documents are forwarded to the importer's bank, while sight draft is presented at a later future date

Red clause letter of credit

________is a letter of credit permitting the beneficiary to receive a sum prior to shipment

Transferable letter of credit

_______ is a letter of credit that can be utilized by someone designated by the original beneficiary

Documentary collection

The mode of payment in which a bank act as an intermediary without accepting financial risk is called

Draft (bill of exchange)

A document ordering an importer to pay an exportera specified sum of money at a specific time is called a (an)

Letter of credit (L/C)

The mode of payment in which the importer’s bank issues a document stating the bank will pay the exporter when the exporter fulfills the terms of the document is called a (an)

Bill of Lading

A contract between the exporter and carrier that specifies destination and shipping costs of the merchandise is called a (an)

Open account

The mode of payment in which an exporter ship merchandise and later bills the importer for its value is called__

Advance payment

The mode of payment in which an importer pays an exporter for merchandise before it is shipped

________ is a group of countries committed to the pursuit of a common external trade policy.

Common market

_______ is a system under which the exchange rate for converting one currency into another is continuously adjusted depending on the laws of supply and demand.

Floating exchange rate

_______ is the absence of barriers to the free flow of goods and services between countries.

Free trade

International treaty that committed signatories to lowering barriers to the free flow of goods across national borders led to the ______.

GATT

________ means moving away from an economic system in which national markets are distinct entities.

Globalization of markets

________ is foreign direct investment in the same industry abroad as a firm operates at home.

Horizontal FDI

________ states that new industries in developing countries must be temporarily protected from international competition to help them reach a position where they can compete on world markets with the firms of developed nations.

Infant industry argument

________ is a requirement that some specific fraction of a good be produced domestically.

Local content requirement

______ is a quota on trade imposed from the exporting country's side, instead of the importer's; usually imposed at the request of the importing country's government.

Voluntary export restraint (VER)

______ is a country with exceptionally low, or no, income taxes.

Tax haven

______ is an economic philosophy advocating that countries should simultaneously encourage exports and discourage imports.

Mercantilism

______ means the level of output at which most plant-level scale economies are exhausted.

Minimum efficient scale

______ is a staffing policy in an MNE in which host-country nationals are recruited to manage subsidiaries in their own country, while parent-country nationals occupy key positions at corporate headquarters.

Ethnocentric staffing

A situation in which all countries can benefit even if some benefit more than others is called a __________.

Positive sum game

A measure of how responsive demand for a product is to changes in price is called __________.

Price elasticity of demand

Government financial assistance to a domestic producer is referred to as a __________.

Subsidy

Certain sectors of the economy are left to private ownership and free market mechanisms, while other sectors have significant government ownership and government planning; this is known as __________.

Mixed economy

________ is the balance between exports and imports in an economy.

Balance of Trade

_______ showing trade in goods and services, income and unrequited transfers (e.g. foreign aid payments, workers remittances, etc.) over a specified period.

Current Account

_________ types of behavior of governing interests or private corporations that seeks to regulate certain.

Code of Conduct

_______ records currency inflows and outflows due to international dealings in financial assets, such as investments and loans.

Capital Account

_______ a statistical summary of a country's total trade, other economic transactions and financial flows at a given time.

Balance of Payment

________ laws are designed to protect domestic producers and sellers of goods, whereas _______ are meant to protect consumers and importers.

Anti-dumping/ Competition laws

The theory of __________ states that the success of a firm or an industry is based on cost advantages in the production of a relatively standardized product or product-based advantages related to the development of differentiated products.

Competitive advantage

________ means approaches of governments to the promotion and protection of competition. ______________ is often seen as promoting especially the interests of the consumer.

Competition policy

_________ describes the increasing integration of national economic systems through growth in international trade, investment and capital flows.

Globalization

________ covers governmental acts, policies and practices which influence trade in goods and services.

Commercial Policy

_______ is the extension of economic activity across national borders to harness the benefits of lower costs in other economies, with countries specializing in a particular stage of production.

Internationalization

________ preventing the exposure of domestic producers to the rigors of the international market.

Protectionism

_______ the free movement across borders of goods, services, capital and people.

Free Trade

________ is a general term for the gradual or complete removal of existing impediments to trade in goods and services.

Trade liberalization

_______ is an agreement between two countries setting out the conditions under which trade between them will be conducted.

Bilateral Trade Agreement

________ the complete framework of laws, regulations, international agreements and negotiating stances adopted by government to achieve legally binding market access for domestic firms.

Trade Policy

An approach to the conduct of international trade based on cooperation, equal rights and obligations, non-discrimination and the participation as equals of many countries regardless of their size or share of international trade is called __________.

Multilateralism

________ is an intergovernmental agreement aimed at expanding and liberalizing international trade under non-discriminatory, predictable and transparent conditions set out in an array of rights and obligations.

Multilateral Trade Agreement

______is the attempt to destroy unwholesome demand for products that are considered undesirable, e.g. cigarettes, drug, handguns, or extremist political parties

Countermarketing

_____is the difficult task of reversing negative demand, eg. for dental work, or hiring disable people

Conversional Marketing

_____is necessary where there's no demand, which often happens with new products and services.

Stimulational Marketing

________involves developing a product or service for which there is clearly a talent demand, eg. a non-polluting and fuel-efficient car

Developmental Marketing

"_______Involves altering the times pattern of irregular demand, eg. for public transport between rush hours, or for ski resorts in the summer."

"Synchromarketing"

"_______involves revitalizing falling demand, for example, for churches, inner city areas, or aging film stars"

"Remarketing"

"_______is the attempt (by, governments rather than private businesses) to reduce overfull demand, permanently or temporarily, eg. for some roads and bridges"

"Demarketing"

"______is a matter of retaining a current (may be full) level of demand, in the face of competition or changing tastes"

"Maintenance Marketing"

"Distinguish between needs, wants, and demands."

"• Needs are basic human requirements • Wants are needs directed to specific objects which might satisfy the need • Demands are wants for specific products backed by an ability to pay"

"List types of digital marketing."

"SEO, SEM, Email, Pay Per Click, Content, SMM, Mobile, TV/Radio, Affiliate, and Viral marketing."

A business and industry which acts as a third party local representative and distribution point for a manufacturing firm is called __________.

Distributor

__________ is the systematic and coordinated set of activities required to provide the physical movement and storage of goods from vendor/supply services through company facilities to the customer.

Business Logistics

An organization which provides logistics services as an intermediary between the shipper and the carrier is known as __________.

Freight Forwarder

__________ is that part of supply chain management that plans, implements, and controls the efficient, effective forward and reverse flow and storage of goods to meet customers' requirements.

Logistics management

__________ is an independent computer system, owned by independent organizations, that are linked to allow direct updates to be made to one system by another.

Linked distributed system

__________ is a term describing the process whereby machines are remotely monitored for status and problems reported and resolved automatically or maintenance scheduled.

Machine-to-Machine interface (M2M)

__________ is a comprehensive, system-wide view of the entire supply chain as a single process, from raw materials supply through finished goods distribution.

Integrated logistics

The network of supply chain participants engaged in storage, handling, transfer, transportation, and communications functions is called __________.

Logistics channel

__________ is a computerized system to electronically transmit logistics information.

Logistics data interchange (LDI)

It encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and logistics management activities is known as __________.

Supply Chain Management

The process of planning, implementing and controlling the flow of goods, which aims at ensuring the right product will be in the right place at the right time is referred to as __________.

Logistics

One or more companies or individuals who participate in the flow of goods and services from manufacturer to final user is called __________.

Distribution channel

__________ is the total time that elapsed between an order’s placement and its receipt, including order transmittal, processing, and transit.

Lead time

A __________ is a warehouse positioned to replenish customer inventory assortments with short-haul local delivery.

Market-positioned warehouse

__________ is a service unique to international trade that specializes in activities preceding Main Carriage, such as consolidation and storage.

Marshaller or Marshalling agent

__________ is the planning, directing, monitoring, and controlling of the processes related to customer, manufacturing, and purchase orders.

Order management

__________ is a transportation network that automatically routes material handling devices to predetermined destinations without operator intervention.

Automated guided vehicle system (AGVS)

__________ is a transportation document that is the contract of carriage containing terms and conditions between the shipper and carrier.

Bill of Lading (BOL)

__________ is transportation available to the public that is regulated as to the rates charged and the service provided.

Common carrier

__________ is the process related to the storage and movement of the final product and the related information flows from production line to end user.

Outbound Logistics

__________ is the process of moving products from end-user back to origin to recover value or for disposal.

Reverse Logistics

__________ is the flow, or management, of goods into a production unit or warehouse.

Inbound Logistics

The company will __________ the policy-holder against loss of or damage to the insured vehicle.

indemnify

Ships' cargoes are covered by __________ insurance policies.

marine

A flexible type of insurance, for 12 months, at agreed rates, is __________ .

open cover

The most complete insurance is against __________ .

all risks

__________ is a standard form contract between the insured and the insurer, which determines the claims that the insurer is legally required to pay.

Insurance policy

__________ is payments to the insurance company to buy a policy and to keep it in force.

Premium

____________ is the losses/ damages caused by special expenses and sacrifices that intentionally and reasonably conducted to save the vessel, cargo and freight from a threat in the common ocean voyage.

General Average

The party to an Insurance arrangement who undertakes to indemnify for losses is the __________.

Insurer/ underwriter

The __________ is the person or entity buying the Insurance and receiving indemnity on happening of unforeseen events.

Insured/ policyholder

The person, group, or property for which an Insurance policy is Issued is __________.

the subject matter

__________ is a contract whereby, in return for the payment of premium by the Insured, the Insurers pay the financial losses suffered by the Insured as a result of the occurrence of unforeseen events.

Insurance

A contract of __________ is an agreement whereby the Insurer undertakes to indemnify the assured in a manner and to the extent thereby agreed, against losses, that is, the losses incidental to marine adventure.

marine insurance