Glossary of marketing terms Absolute advantage

Balance of payments. A measure of all economic transactions between one country and all other countries.

Barter. The direct exchange of goods and services between two parties, often without cash considerations.

Basis trading. The difference to new york futures, either on or off.

Bill of lading. The receipt given by the shipping company to the shipper for goods accepted for carriage by sea. (as opposed to an airway bill of lading for goods carried by air).

Bills of exchange. An unconditional order in writing, addressed by one person (drawer) to another (drawee), signed by the person giving it (drawer), requiring the person to whom it is addressed (drawee) to pay on demand, at a fixed or determinable future date, a sum certain in money to, or to the order of, a specific person (payee) or to bearer.

Broker. A channel institution which puts a specific buyer(s) and seller(s) in contact with one another in one or more commodity(ies) or service(s) with a view to achieving a sale or benefit.