Vocab
Goods or services shipped out of a seller’s home country to another country
Exports
A document that details all the terms agreed to by seller and buyer for a sales transaction.
Contract of Sale
Also known as e-commerce or electronic commerce, refers to the buying and selling of goods and services over the internet, encompassing various online platforms and channels
Internet Sales
What sport did Mr. Scolforo play when he was younger
Soccer
What does NAFTA stand for (now known as the USMCA)
North American Free Trade Agreement
Goods or services shipped into the buyer’s home country from another country
Imports
A statement prepared by the seller of merchandise addressed to the buyer showing a detailed listing and description of merchandise sold, including prices and terms.
Commercial Invoice
The digital platforms where you sell your products or services directly over the internet
Channel
Star Wars
What is WTO
World Trade Organization
A draft that is payable at a fixed or determinable future time after it is accepted.
Time Draft
A form signed by a buyer at the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money, usually at a stated time in the future
Trade Acceptance
Sales transactions between businesses
B2B - Business to Business
Mr. Scolforo's favorite flavor of ice cream
Cookies and Cream
When you pay a higher percentage for resources when importing or exporting
Tariff
A written, signed, and dated order from one party ordering another party, usually a bank, to pay money to a third party
Draft
Why do countries trade?
To access goods and services they can't produce efficiently or at all, to specialize in what they produce best, and to benefit from economies of scale and increased competition
Sales transactions between businesses and individual consumers
B2C - Business to Consumer
Mr. Scolforo's first job
Dish Washer
What is an example of e-commerce?
Amazon, Apple, Ebay, Birchbox, and Etsy
A draft payable on sight when the holder presents it for payment
Sight Draft
What was the goal of the international sales activity?
Any business that operates from a physical location, allowing customers to visit and interact in person
Brick and Mortar
Mr. Scolforo's favorite color
Orange
What is the purpose of the WTO?
To ensure global trade operates smoothly, freely, and predictably by providing a framework of rules and a forum for resolving trade disputes among its member nations