Explain the Role of Incoterms in International Transactions Covered by the International

question 55

Essay

Explain the role of Incoterms in international transactions covered by the International Sale of Goods Contracts Convention Act.

---

Definitions:

Phillips Curve

An economic theory suggesting an inverse relationship between the level of unemployment and the rate of inflation within an economy.

Unemployment

The state of being jobless and actively seeking employment.

Inflation

The pace at which the universal cost levels of goods and services elevate, shrinking the value of money to buy.

Money Supply

The money supply is the total amount of monetary assets available in an economy at a specific time, including cash, coins, and balances held in checking and savings accounts.