FINANCING INTERNATIONAL TRADE

  1. broker - an agent in a particular market, such as securities

  2. middlemen - a general term for agent, brokers, dealers, traders

  3. retailer - a merchant succh as a shopkeeper who sells to the final customer

  4. outlet - a place where goods are sold to the public

  5. sales force - a collective term for a company’s sales representatives or commercial travellers

  6. wholesaler - an intermediary who stocks goods from various suppliers and deliver them to retailers when ordered

  7. distributor - a person who stocks and resells components or goods to manufacturers or retailers

  8. merchant - a person who buys goods and sells them on their own account

  9. franchisee - a person who buys an exclusive right to sell certai products in a certain area

  10. agent - a person who negotiates purchase and sales in return commission or a fee

  11. nations - countries

  12. commodities - raw materials and goods

  13. balance o ftrade - difference between total earnings from visible exports and total expenditure on visible imports

  14. balance of payments - difference between total earnings from all exports and total expenditure on all imports

  15. batter or counter trade- direct exchange of goods without the use of money

  16. protectionism - the favoring of domestic industries

  17. factors of production - inputs

  18. climate - weather conditions

  19. division of labor - specialization of work into different jobs

  20. economies of scale - savings in unit costs arising from large-scale production

  21. tariffs - taxes charged on imports

  22. quotas - restrictions on the quantity of imports

  23. free trade -  a believe that people and companies should be able to buy goods from all countries, without any barriers when they cross frontiers

  24. comparative cost principle - countries should produce whatever they can make the most cheaply

  25. living standard - measures of income and consumption

  26. absolute advantage - hen a producer can provide a good or service in greater quantity for the same cost, or the same quantity at a lower cost, than its competitors

  27. productivity - the amount of output produced per unit of an input

  28. economies of scale - reduced production costs because of large-scale production

  29. balade of trade / trade surplus - positive balance of trade

  30. trade deficit - negative balance of trade

  31. visible trade – trade in goods

  32. invisible imports / exports- services, such as banking, insurance and tourism

  33. balance of payments - adding invisibles to the balance of trade

  34. protectionism - restricting imports in order to help local product

  35. dumping - selling goods abroad at below cost price in order to destroy or weaken competitors

  36. exporter - a company which sells goods or services to another countries

  37. importer - a company which buys products from other countries

  38. documentary credit / letter of credit - payment for imported products

  39. irrevocable - credits that cannot be changed unless all the parties involved agree

  40. to endorse - to accept a bill of exchange before it matures

  41. shipment - transportation of goods

  42. commercial invoice - details of goods

  43. bill of lading - a document signed by the transporter

  44. carrier - transporter

  45. insurance certificate - describes the goods and contains details of how to claim if they are lost or damaged

  46. transit - transport

  47. certificate of origin - where the goods come from