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In Your Own Words, Explain the Difference Between Descriptive and Normative

question 19

Essay

In your own words, explain the difference between descriptive and normative claims. Give two examples of each.


Definitions:

Inventory

The total amount of goods and materials held by a business for the purpose of resale or production.

CIF Agreements

Contracts that stipulate the seller is responsible for the cost, insurance, and freight of goods being transported to a designated location.

Risk Of Loss

The responsibility for the cost of loss or damage to goods during shipment, distribution, or within a contractual period.

Carrier

A carrier refers to an individual or entity engaged in the business of transporting goods or people for any form of compensation.

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