Equity: 公司的)股票值；股本Common stock and preferred stock which represent ownership to a business organization.

Stock turnover: 存货周转率The number of times a particular stock of goods is sold and restored during a given period of time.

Outsource: 外包To farm out(work, for example) to an outside provider or manufacture in order to cut costs.

Supply chain: 供应链 A number of business establishments through which products are moved from producers to end-users.

Lead time: 交付周期 The period of time between the actual ordering of parts or equipment and the delivery of them.

Investment banker: 投资银行家Companies that help other companies raise capital through the sale of new stock and bonds.

Initial public offering首次公开募股: Private company’s first offer of stock to the public.

Second market: 第二市场Where securities are trade after their initial issuance.

Liquidity squeeze: 头寸紧张, 流动性短缺Financial pressure caused by shortage or narrowing economic margins.

Mutual fund共有基金
: An investment company that continually offers new shares and buys existing shares back on demand and uses its capital to invest in diversified securities of other companies.

Money market: The trade in short-term, low-risk securities. Such as certificates of deposits an U.S Treasury notes.

Bull market: 牛市
 A market, especially securities market, which is going up or expected to go up.

Liquidity: 资产变卖能力；资产折现力The quality of being readily convertible into cash..

Hedge fund: 套保基金An investment company that uses high-risk techniques, such as borrowing money and selling short, in an effort to make extraordinary capital gains.

Personal disposable income: Personal income less personal direct taxes and other current transfers from persons to government. 个人可支配所得

Zero-sum game: 零和博弈
Zero-sum describes a situation in which a participant's gain (or loss) is exactly balanced by the losses (or gains) of the other participant(s). It is so named because when you add up the total gains of the participants and subtract the total losses then they will sum to zero.

Floating exchange rate system: 浮动汇率制度A system in which a rate whose value is determined purely by the market forces of supply and demand with no direct intervention of the central bank. (Also referred to as a flexible exchange rate.)

Concessional Sale: 优惠销售A sale on terms that are more generous than normal commercial conditions would otherwise dictate. Such terms may include reduced sales prices, special low-interest financing or extended payment terms, or acceptance of a "soft" currency in settlement of the transaction. Concessional sales are often made in conjunction with foreign aid programs, but they may also be an aspect of governmental or corporate competitive policies and practices .
 
Cross-licensing: 相互特约经销An arrangement in which a firm grants a license to another firm to exploit proprietary rights in its patents, trademarks, or trade secrets, in exchange for similar licensure to use intellectual property rights of the recipient firm.

Cross-subsidization. 交叉补贴The use of financial resources accumulated by a multinational f1rn1 in one part of the world to fight a competitive battle in another region or country .See globalization.

"Gnomes of Zurich"苏黎世地精  Epithet coined by Britain's chancellor of the Exchequor for the speculators he thought were abandoning the British pound and making it increasingly difficult to defend a pegged exchanged rate in the mid-1960s.

 (Foreign) Exchange Rate 外汇率ice of one country's currency expressed in terms of another country's currency. (Note that in this text, the exchange rate is expressed in terms of domestic currency units required to purchase one unit of foreign currency.)

Antidumping Duty  反倾销税Tariffs sanctioned under the International Anti-Dumping Code (signed by most members of the WTO) to counteract or prevent dumping. Antitrade Pattern of
 
Appreciation/Depreciation 增值，贬值increase (decrease) in the market price of a currency under a floating exchange rate system.

Arbitrage套利  Buying something at a low price in one market and reselling it at a higher price in another market.

Balance of Payments  国际收支平衡表The systematic set of accounts that record all economic transactions between residents of that country and the rest of the world during a given period of time.

Barter Trade  易货贸易A method of exchanging goods and services directly for other goods and services without using a separate unit of account or medium of exchange.

Basis for Trade  贸易基础The mechanism that explains differences in (relative) prices in different countries, which in turn gives rise to trade between countries

Brain Drain人才外流  The emigration mainly from developing countries of highly skilled and educated people toward better paying countries (usually industrial economies, but recently some OPEC nations as well).

Bretton Woods System  布雷顿森林体系Under this post-World War II agreement, countries were allowed devaluations and revaluations of an adjustable peg exchange rate when faced with fundamental disequilibria that would otherwise require drastic domestic adjustment to keep the exchange rate fixed. Keynes was one of the architects of the Bretton Woods system.

Capital Account  固定资产帐户Records the values of financial assets purchased and sold abroad by private residents (not monetary authorities) of the home country.

Capital Controls资本管制  Government limits placed on the use of the foreign exchange market to make payments related to international financial activity as opposed to payments for goods and services. 　

Capital Flight资金外流  When investors flee a country (taking their capital with them) because of doubts about government policies.

Central Bank  ]中央银行The official authority that controls monetary policy and also (usually) undertakes the official intervention in the foreign exchange market.

CITES （onvention on International Trade in Endangered Species of Wild Fauna and Flora）
  The Convention on International Trade in Endangered Species of Wild Fauna and Flora, first signed in 1973 and now with over 130 member countries. Calls for strict regulation of trade in products related to species threatened with extinction.

 Clean Float  清洁浮动，自由变动的行市制度(政府不介入而由市场的供求关系自动调节的行市制度)
 Exchange rates determined by a freely functioning foreign exchange market.

Clearing  清算ermitting payments to be made between entities who want to hold or use different currencies. Community Indifference

Common Market欧洲共同体   An international union going beyond a customs union by also allowing for the free movement of labor and capital (factor flows) among member nations.

Consumption Effect消费效应  The welfare loss to consumers in the importing nation that corresponds to their being forced to cut their total consumption as a result of the tariff.

 Countervailing Import Duties反补贴税  Retaliatory duties against a foreign government subsidizing exports into your national market.

Crawling Peg小幅度调整汇率  An exchange rate system in which the pegged rate is changed frequently according to a set of indicators or in response to monetary authority direction.

Currency Board  货币局制One system for fixing a country's exchange rate. The board stands ready to exchange domestic currency for foreign currency at a rate specified and fixed rate, and can issue new domestic currency only in exchange for foreign reserves. In essence, the domestic currency is fully backed by reserves of foreign exchange. Currency boards are popular in emerging economies. 　
 
Currency Futures货币期货  Contracts to buy or sell a foreign currency on a specific date in the future at a price set today. In this sense, futures are exactly like forward exchange contracts. The difference lies in their form. While forward contracts are tailored to the needs of the customer in terms of amount of funds, due date of contract, and so on, futures contracts have standardized denominations and due dates. As a consequence they can be traded in organized markets such as the Chicago Mercantile Exchange. Almost anyone with some up-front funds can enter into a futures contract; only very large firms get forward contracts from their banks.

Currency Options外汇期权  A currency options contract gives parties the right (but not the requirement) to buy/sell foreign exchange in the future at a price set today. If someone purchases a call option she buys the right to obtain the currency at the strike price at a given date in the future. A person purchasing a put option buys the right to sell the currency at the strike price. A person expecting foreign currency to become pricier in the future might buy a call option; a person expecting the currency to fall in value might buy a put option.

Current Account  活期存款帐户Records the values of goods and services sold and purchased abroad, plus net interest and other factor payments and net unilateral transfers and gifts.

Customs Union关税联盟  One in which members remove all barriers to trade among themselves and adopt a common set of external barriers, thereby eliminating the need for customs inspection at internal borders (e.g., MERCOSUR today, and the EEC from 1957-1992).

 Dollar Crisis美元危机  Denotes the situation prevailing toward the end of the Bretton Woods era, with the excessive build up of dollar reserves in the hands of foreign central banks due to the large and persistent U.S. payments deficit. The gold backing of the dollar was questioned and ultimately the dollar allowed to float freely starting in 1973.

Dumping倾销  A form of international price discrimination in which an exporting firm sells at a lower price in a foreign market than it charges in other markets (usually its domestic market) or sells its exports at a price that is below its costs.

Dutch Disease荷兰病  A famous example of the phenomenon described by the Rybczynski theorem. The term was used to describe a problem experienced by the Netherlands, where the discovery of new natural gas fields was thought to have led to a decline in the production of manufactured goods. 　　
Economic Sanction  经济制裁Discriminatory restrictions or complete bans on economics exchange, designed to punish the target country or countries.

Economic Union  经济联盟；经济同盟One which extends a common market by harmonizing the monetary and fiscal policies of the member nations as well.

Economies of Scale  规模经济The percent reduction in average costs achieved by expanding all inputs by a given percentage.

Embargoes (boycotts)   禁止或限制贸易Complete bans on economic exchange.
  
Engel's Law恩格尔定律  The income-elasticity of demand for food is less than one. As per capita incomes rise in the long run, demand will shift away from food and the relative price of food will fall.
 
Export Subsidy出口补贴  Government policy to encourage export of goods and discourage sale of goods on the domestic market through low-cost loans or tax relief for exporters, government-financed international advertising, etc
 External Balance 外部平衡  Performance goal in which the country's economy has an overall balance of payments that is sustainable over time.
 
FDI  对外直接投资
 Foreign direct investment. A flow of lending to, or purchase of ownership in, a foreign enterprise that is largely owned (at least 10 percent ownership, according to U.S. balance of payments accounts) by residents of the investing country. Direct investment implies full or partial control of the enterprise and, usually, physical presence by foreign firms or individuals in the host country. 　
 
Fixed Exchange Rate  固定汇率A rate whose officially declared value is maintained by central bank intervention. (Also referred to as a pegged exchange rate.
 
Floating Exchange Rate ]浮动汇率  A rate whose value is determined purely by the market forces of supply and demand with no direct intervention of the central bank. (Also referred to as a flexible exchange rate.)

Foreign Exchange Market  外汇交易市场A computerized communications network embracing all the major financial centers in the globe, where sellers and buyers of any national money can quickly and efficiently carry out any desired currency exchange.

Foreign Investment国外投资   Lending to or purchasing ownership shares in a foreign enterprise largely owned and controlled by the investor (direct investment) or in a foreign enterprise not owned or controlled by the investor (portfolio investment).

Forward Exchange Contract外汇期货合同  An agreement to buy/sell a foreign currency for future delivery at a price set now (the "forward exchange rate").

Forward Exchange Rate  远期汇率The exchange rate applicable to foreign exchange transactions agreed upon today for later delivery (usually in 30, 90, or 180 days).
G-7 Countries  七国集团Canada, France, Germany, Great Britain, Italy, Japan and the United States. These countries first coordinated to intervene in exchange rate markets with the Plaza Accord in 1985. Sometimes referred to as G-8 when Russia is included.
Maastricht Treaty马斯特里赫特条约   An agreement ratified in 1993 in which the EU countries set in motion a process to create a monetary union and common currency.
 
Mercantilism重商主义  A school of thought which was dominant in Europe (roughly in the 16th century through the 18th century). Mercantilism advocates trade restrictions through restriction of imports and expansion of exports so as to accumulate gold and foreign exchange.
 
MFN  最惠国（Most Favored Nation）Most favored nation status. An agreement between two nations to levy tariffs on each other at rates as low as those levied on any other country. If one of these nations reduces tariffs on a third country, all of that nation's MFN partners also receive that lower tariff rate.
 
Monopolistic Competition  垄断性竞争A market structure with many firms selling a differentiated product, with low barriers to entry and exit in the industry. It is like monopoly in that the firm has some control over the price it charges since products are differentiated. Yet, since there are many sellers, it is like perfect competition in that the free entry and exit of other firms in the industry pushes each firm toward having zero net profit.

Montreal Protocol  蒙特利尔议定书A document first signed in 1987; over 160 nations are now signatories. It was designed to ban trade in (and later, production of) ozone-depleting chlorofluorocarbons.

Moral Hazard道德危机  A situation in which someone insured against risks will purposely engage in risky behavior, knowing that any costs incurred will be compensated by the insurer. A financial system which offers "rescue packages" may encourage borrowers and lenders to undertake low-quality or high-risk investments, thus increasing the likelihood of a crisis.

NICs新兴工业化国家  Newly industrialized countries. Commonly identified as South Korea, Taiwan, Hong Kong and Singapore. (These are also referred to as the "four tigers.") Their rates of growth in 1990-97 were as high as 6.6 percent per year. Singapore, the richest in the group, had the highest GDP per capita in the world in 1997.

Official Intervention官方干预  Government attempts to influence market exchange rate by buying or selling foreign currency in exchange for the domestic currency.

Oligopoly   寡头市场垄断，寡头卖主垄断
 A market structure with a few firms supplying most of the output. Firms know that their actions affect each other.

OPEC石油输出国家组织  Organization of Petroleum Exporting Countries. Established in 1960, this cartel had a membership of 13 producers by 1975. OPEC was successful in engineering enormous increases in the price of crude oil during 1973-74 and 1979-80. Because of supply conditions, it is unlikely that cartels in other primary products could achieve anything like OPEC's success

Tragedy of the Commons公地的悲剧   The over-use of a natural resource as a result of unclear property rights. If ownership of a resource is not established, everyone has an incentive to take as much of it as possible, quickly depleting the resource. A typical example is the decline in the fish population resulting from over-fishing of the ocean.

Transition Economies  转型经济Countries of the former Soviet Union (FSU) and its satellites that are moving from central planning to market orientation. Beginning in 1989 these countries have started to "liberalize" in the form of market-determined prices, private ownership of resources and business, and openness to international competition and trade.

 UNCTAD联合国贸易暨发展会议  The United Nations Conference on Trade and Development. Since 1964, a permanent forum for the discussion of developing countries' concerns about international trade and investments

World Trade Organization世界贸易组织  An international organization of most of the world's countries which oversee governmental policies regarding international trade. The chief purposes are to liberalize trade, promote the MFN principle, and limit unfair export policies.