- Export: Sending goods or services to another country for sale or trade.
- Import: Bringing goods or services from another country for sale or trade.
- Trade Balance: The difference between a country’s exports and imports.
- Tariff: A tax imposed on imported goods to protect domestic industries or raise revenue for the government.
- Quota: A limit on the quantity of specific goods that can be imported or exported during a certain period.
- Free Trade: A policy that allows goods to be traded without government-imposed tariffs, quotas, or restrictions.
- Customs: The government department responsible for controlling the entry and exit of goods and ensuring compliance with trade regulations.
- Exchange Rate: The value of one currency relative to another, which affects the cost of international transactions.
- Invoice: A document issued by a seller to a buyer, itemizing the goods or services provided and the amount due for payment.
- Purchase Order (PO): A commercial document issued by a buyer to a seller, specifying the goods or services to be purchased.
- Supply Chain: The network of organizations and processes involved in the production and distribution of goods and services.
- Logistics: The management and coordination of the movement of goods, services, and information within a supply chain.
- Market Research: The process of gathering, analyzing, and interpreting information about a market to identify opportunities and make informed business decisions.
- Marketing Strategy: A plan outlining how a company will promote and sell its products or services to target customers.
- Branding: The process of creating a unique and recognizable identity for a product or company.
- Distribution: The process of getting goods from manufacturers or suppliers to consumers through various channels.
- Gross Profit: The difference between revenue and the cost of goods sold.
- Net Profit: The amount left after deducting all expenses from the total revenue.
- Return on Investment (ROI): A metric used to evaluate the profitability of an investment relative to its cost.
- Market Segmentation: The division of a market into distinct groups based on characteristics such as demographics, behavior, or needs.
- B2B (Business–to–Business): Transactions or relationships between two businesses.
- B2C (Business–to–Consumer): Transactions or relationships between a business and individual consumers.
- Key Performance Indicators (KPIs): Specific metrics used to evaluate the performance and success of a business.
- Stakeholder: An individual or group with an interest in or affected by the actions and decisions of a business.
- Outsourcing: Contracting tasks or services to external companies or individuals rather than handling them in-house.
- Joint Venture: A business arrangement where two or more companies pool resources to achieve a specific goal or project.
- Franchise: A business model where one party (the franchisor) grants another party (the franchisee) the right to use its brand and business system in exchange for fees or royalties.
- Market Share: The portion of total market sales that a company holds in relation to its competitors.
- Negotiation: The process of discussing and reaching an agreement between parties to resolve a matter or close a deal.
- Risk Management: The process of identifying, assessing, and mitigating potential risks that may affect business operations or objectives.
These terms provide a foundational understanding of business and trade-related vocabulary. In the world of commerce, you’ll encounter many more specialized terms, but this list should serve as a good starting point.