Incoterms Describe the Three Issues That Arise in a Commercial

question 66

Short Answer

Incoterms describe the three issues that arise in a commercial transaction: which party does which ______,which party covers the ______,and which party bears the ______.
B.2.

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Definitions:

Human Capital

The collective skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Physical Capital

Assets that are tangible, such as buildings, machinery, and equipment, which are used in the production of other goods and services.

Manufactured Resources

Goods that have been processed or created through manufacturing, used in the production of other goods or services.

Derived Demand

The demand for a factor of production resulting from the demand for the final product it helps to produce.