FCSDIB-Ch 6 Word Scramble
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| Term | Definition |
| 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 |
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