Uniform Commercial Code
Auction without reserve
document of title
contract to sell
Usage of Trade
bill of lading
risk of loss
is a contract in which ownership of goods is transferred from the seller to the buyer for consideration.
or the money that is paid for goods.
are all things that are moveable, such as your clothing, books, pens, food, car, and even the gas you put in your car.
is a collection of laws that governs various types of business transactions.
agreement that involves the immediate sale of goods.
is a business or person who deals regularly in the sale of goods or who has a specialized knowledge of goods.
which is the method of dealing that is commonly used in the particular field.
is a merchant’s written promise to hold an offer open for the sale of goods.
an agreement to buy all of a manufacturer’s goods.
which occurs when a seller agrees to supply the needs of a buyer.
the auctioneer doesn’t have to sell the goods for the highest bid if it’s lower than the reserve amount.
the auctioneer must sell the goods to the highest bidder.
a business transfer all merchandise and supplies at once.
the right of ownership to goods.
is formal evidence of ownership.
means title that may be void if the injured party elects to do so.
or responsibility for loss or damage to goods.
are goods that presently exist and have been identified.
goods that are not both existing and selected.
is a transportation company.
or free of board means that goods will be delivered free to the designated place.
when a contract requires the seller to deliver the goods to a destination.
is a receipt for shipment of goods given by a transportation company (known as carrier) to shipper when the carrier accepts goods for shipment.
is a document given to customer by the warehouse that is storing his or her goods.
also called e-commerce, is the buying and selling of goods and services, or the money transfer of money, over the internet.
is the method of signing an electronic message.
is part of your more general right to privacy.
would investigate violations of the FTC act.
Fastest most costliest form of transportation
Primary product moved by pipeline
A form or method of transporting items
Service Characteristic - the ability to service any possible location
Type of carrier who has specific contracts with a limited number of shippers
Warehouses used to store an assortment of products to meet customer requirements
The number of miles of gas pipelines
Most economical form of land transportation
Most frequent mode of transportation
Moves large bulk items using inland waterways
Carrier term used to move less than 15,000 pounds
Exploring the use of drones within 10 miles of DC's - Company
Largest railroad company in US
Service Characteristic - the ability to handle any type of product and/or size of load
Free trade agreement between Mexico, Canada and the US
An indirect tax imposed by the government of a nation on goods imported during international trade
Carriers who own and operate transportation equipment to transport their OWN product
Combining shipments from a number of sources into one larger shipment going to a single location.
MTV Video of the year in 1987
Percentage of airline industry revenue generated by air freight
Mode of transportation used for bulk items and commodity items from Asia to the US
Products involving multiple modes of transportation
The sum of all product and logistics related costs
First private package delivery company in US
Service Characteristic - the variance in the expected delivery time and actual delivery time
Government agency created to strengthen the security of the nation's transportation systems while ensuring the freedom of movement for people and commerce
Carrier type that provide services to the public
Larger than Walmart in the 1980's
Splitting a large shipment into individual orders and arranging for local delivery to customers
A facility where products are received, sorted, sequenced and selected into loads consistent with customer's needs is a _____________________________ point
median on exchange
debt instrument issued for a period of more than a year
lending; a grant
putting money to use by purchase or expenditure
monetary payment; received for good or services
a share, right, or title in the ownership of property
supply of goods kept on hand for sale to customers by a merchant
the amount charge
an estimate often itemized of expected income and expenses
a move along a demand curve to the left
the amount a customer is willing to pay for a good
given by government to encourage more production of a good and lower price
determinant of supply
quantity a producer is willing and able to produce at a given price in a given period
this occurs when firms leave the industry
customers become concerned about the production effects of a product on the ...........
this occurs as a result of improved productivity
the amount a person is willing and able to pay for a good
government imposes an ........ ... which is then used to educate people about the dangers of the good
price achieved in market increases (from producer's point of view)
tastes shift towards the good concerned
mathematical relationship between price and quantity demanded
determinant that increases demand when it increases
type of good when increase in price of one good (A) causes demand for another good (B) to increase
should interest rates on credit cards increase, demand for holidays .....
a firm stops paying overtime leading to lowered ..... .. ..........
coffee with cream is example of these goods
customers buy more of these goods when their income decreases
innovation in computers - supply determinant
another term for e-commerce.
is the buying and selling of goods and services through wireless handheld devices such as cellular telephone and personal digital assistants
assign a brand name to.
is a relatively new concept in marketing which is a virtual market place
a design for the successful operation of a business, identifying revenue sources, customer base, products, and details of financing.
a private police force that guards a building, campus, park, etc.
The way that a buyer chooses to compensate the seller of a good or service that is also acceptable to the seller.
business to business
business to consumer
commercial transactions conducted electronically on the Internet.
Power of Attorney
Port where goods are discharged after arriving in destination country.
The weight of the goods themselves without any wrapping.
Method of Transportation
Port where goods are loaded on a vessel for export.
Internationally accepted commercial trade terms which determine the passing of risk and costs under an international contract of sale. The terms tell each contracted party what their obligations are for the carriage of goods and associated costs.
When a shipment enters the United States in one port but does not clear Customs in that port. The shipment is transferred by rail or truck to another port where it will be cleared.
The weight of goods including packing, wrapping, containers. The total weight as shipped.
Individual or company that accepts LTL shipments and consolidates them into truckload lots on a for-hire basis; agent who helps expedite shipments by preparing necessary documents or making other arrangements for moving freight.
Code identifying the location where cargo is stored at the port of entry.
Flex Global View is a web-based global tracking system that allows UPS-SCS customers and employees to track and have visibility over shipments.
The date the shipment left the country from which it was immediately exported or if the documents suggest it left one country and just passed through another to be shipped from, the date of export will be treated as an exportation of the country from which it was originally exported. (Transshipment)
Charge levied against a carrier when equipment (such as containers) is not returned within a specified time.
Person/company designated to receive (take delivery) on a shipment of goods. Applies to the individual or company named on a shipping bill, designated as the party who will claim a shipment from an air carrier. This is sometimes referred to as the “ultimate” consignee.
Transportation service provider. Carriers are classified as private, common, contract, or exempt.
Identification number assigned to a particular shipment (similar to a tracking number)
Principal transportation document in which a carrier acknowledges receipt of (BOL; B/L) freight to be transported to an agreed destination. States the terms on which the carrier undertakes transport (contract of carriage) and describes the freight; may be negotiable (symbolizes title to the goods) or non-negotiable.
Date in which the shipment arrives in the port it is released/ cleared by Customs.
A full carload or container load (weighing the minimum weight or more for carload).
House Bill of Lading Number (Usually on OBL or derived from MBL#)
The date the shipment first entered the United States.
Vessel Name or Flight Identifier
Shipping related reports, such as the Bill of Lading, Commercial Invoice, Mailing Label, Pack Slip, Vehicle Load Sheet Summary, and Waybill.
Level of inventory that must be maintained to meet current sales volume or consumption, while taking order lead time into account.
the offering of particular prices for something, especially at an auction.
a detailed list of a shipment of goods in the form of a receipt given by the carrier to the person consigning the goods.
the practice of comparing the price of products or services from different vendors before buying.
a complete list of items such as property, goods in stock, or the contents of a building
Manual or computer-based record of the quantity and kind of inventory. It often also includes history of the recent transactions in each inventory item. Also called stock record.
a list of goods sent or services provided, with a statement of the sum due for these; a bill.
denoting a manufacturing system in which materials or components are delivered immediately before they are required in order to minimize inventory costs.
It is aimed at maximising return on investment, through planning sales and inventory in order to increase profitability.
a list or inventory of the goods or raw materials kept on the premises of a shop or business.
A packing list is a document that includes details about the contents of a package.
Perpetual inventory is a method of accounting for inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software
a process where a business physically counts its entire inventory
a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services
The characteristics that are associated with an item or product to be purchased
A receiving report is an important record of the merchandise that a retailer has actually received from a supplier
an agreement between two countries which provide for the exchange of goods between them at lower tariffs and better terms than that exist between one of the countries and other countries.
the level of inventory which triggers an action to replenish that particular inventory stock.
a document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals.
the sequence of processes involved in the production and distribution of a commodity.
a system of management based on the principle that every staff member must be committed to maintaining high standards of work in every aspect of a company's operations
Assessing weaknesses and strengths of prospective and current suppliers in terms of capacity, reputation, gross margins, reliability, service, etc
market classification according to number and size of firms, type of product, and type of competition; nature and degree of competition among firms in the same industry
a theoretical market structure that requires three conditions: very large numbers of buyers and sellers, identical products, and freedom of entry and exit
group of firms producing similar or identical products
theoretical market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products and have freedom of entry and exit
market structure having all conditions of pure competition except for identical products; a form of imperfect competition
real or imagined differences between competing products in the same industry
competition based on a product's appearance, quality, or design, rather than it's price
market structure in which a few large sellers dominate and have the ability to affect prices in the industry; form of imperfect competition
illegal agreement among producers to fix prices, limit output, or divide markets
illegal agreement by firms to charge a uniform price for a product
market structure characterized by a single producer; form of imperfect competition
philosophy that government should not interfere with business activity
market structure in which average costs of production are lowest when all output is produced by a single firm
market structure in which a firm has a monopoly because of its location or the small size of the market
market structure in which a firm has a monopoly because it owns or controls a manufacturing method, process, or other scientific advantage
monopoly created and/or owned by the government
condition where any of the requirements for a competitive market leads to an inefficient allocation of resources characterized by too much or too little being produced
economic products that are paid for and consumed collectively; such as highways, national defense, police
uncompensated side effects that either benefit or harm a third party not involved in the activity that caused it
uncompensated side effects that affect an uninvolved third party
calculation that compares the cost of an action to its benefits
illegal combination of corporations or companies organized to suppress competition
practice of charging different customers different prices for the same product
ruling requiring a company to stop an unfair business practice that reduces or limits competion
increasingly efficient use of personnel, plant, and equipment as a firm becomes larger