A Working Knowledge of Incoterms Can Be a Source of Competitive

question 48

Essay

A working knowledge of Incoterms can be a source of competitive advantage to anyone seeking an entry-level job in global marketing.What are "Incoterms," and how are they classified? How are Incoterms applied in global marketing?

---

Definitions:

Import Quota

A government-imposed limit on the quantity or value of goods that can be imported into a country.

U.S. Imports

Goods and services purchased by residents of the United States from foreign firms and brought into the U.S.

U.S. Exports

Goods, services, and capital sent from the United States to other countries.

Government Budget Deficit

Occurs when a government's expenditures exceed its revenues within a specific fiscal period, requiring borrowing to finance the gap.