大學外貿(mào)英語基本知識學習點

大學外貿(mào)英語考試大綱TheGlobalEconomicCrisisManypeoplebelievethecurrentglobalslowdowninitiatein2008,toalargeextent,wasofAmericanmaking.Plungeinhousingindustry,reducedordelayedforeigndirectinvestment,creditcrunchinmanyacountry,shrinkageofconsumerspending,decliningstockmarkets,sharprisesinunemploymentrate,amuchsmallernumberofinternationaltourists,slowingdownincountries’GDPgrowthareallillustrationsofglobaleconomiccrisis.GDP=GrossDomesticProductMNE=MultinationalEnterpriseSixtenetsofinternationaltradearetakingadvantageoftradeagreements,protectingyourbrandatallcosts,maintaininghighethicalstandards,stayingsecureinaninsecureworld,expectingtheunexpectedandrememberingallglobalbusinessispersonal.G20includesArgentina,Australia,Brazil,Canada,China,France,Germany,India,Indonesia,Italy,Japan,Mexico,Russia,SaudiArabia,SouthAfrica,RepublicofKorea,Turkey,UnitedKingdom,UnitedStatesofAmerica.?recession ?housingstart?budget

deficit?trade?publiccapitalflowsdeficit?trade?publiccapitalflowshighyieldmacroeconomicpolicyliquidityprotectiontaxheavensprivatesectorpublicsectorspendingbalance

sheetsecuritiesAmericanEconomyTheagriculturalsectorofAmericaneconomyisalsoimportant,withhighlymechanizedfarmingmethodsandefficientpest-controltechniques.ServiceindustryintheU.S.hasbecomemoreandmoreimportant,makingupmorethan60%ofAmericaneconomicactivities.retailsalescorporatefleetsmini-depressionretailsalescorporatefleetsmini-depressioninterbankratesmoneysupplycreditsupplyjunkbondequity=shares/securitiesestateagentmortgagebrokersjobmarketcreditratinglaborcostChina’sEconomyDuringtheearlyyearsafterthePeople’sRepublicofChinawassetup,thecountryfollowedtheformerSovietUnion’smodelofeconomicplanningandcommand.Mr.EdwardsreckonsthatadeclineinelectricityoutputmaymeanthatGDPisfalling,nomatterwhattheofficialfiguressay.Energy-guzzlingheavyindustries,suchassteelandcement,borethebruntofChina’sdownturnlateinyear2008.ThosewhorepeattheofficialmantrathatChinaneedstogrowbyatleast8%ayeartoavoidsocialunresthasnosoundeconomicbasis.AccordingtoChapter3,China’s4trillionyuan($585billion)packageofinfrastructurespending,subsidiesandtaxcutsforbusinesseshasbeentrashedbymanycommentatorsasanother“Chinesefake”.ChrisWood,atCLSA,abrokerage,saystheeffectivenessofthestimulushingesontheextenttowhichChinaisnowacapitalisteconomy.Publicinvestmentwillinevitablyincludesomewastefulspending,andpoliticallydirectedlendingcouldaddtoexcesscapacityinsomesectorsandcreatenewbadloansforbanks.SOEStateOwnedEnterprise

HSBC=HongKongShanghaiBankingCompany/CorporationOECD=OrganizationforEconomicCooperationandDevelopmentCPI=consumerpriceindexslump=depressionrebate=discountslump=depressionrebate=discountcommandeconomy■plannedeconomy■capitalism■Socialism■capitalisteconomybadloanheavyindustryeconomicstimulusplanindustrialproductiontradesurplusletterofcreditinfrastructurecompetitivenessemergingeconomiesBenefitsofInternationalTradeInternationaltradeisexchangeofcapital,goods,andservicesacrossinternationalbordersorterritories.Thebenefitsofinternationaltradeincludehelpingtoraisethelivingstandardsofthepeople,toupgradeacountry’smodernization,tosolveacountry’sshortageofcapital,tosolveunemploymentproblems,topromotemutualunderstandingandfriendshipbetweentradingpartners,toboostacountry’scompetitivenessintheworldmarketandtoaccelerateitsoveralleconomicgrowth.GNP=GrossNationalProductASEAN=AssociationofSoutheastAsianNationsEU=EuropeanUniondeposit ?industrializat factorsforeign ion ?productivityexchange ?jointventure?self-sufficienfinance ?after-sales cymodernizati serviceon ?productiveChapter5ModernTradeTheories(1)Mercantilism,representingthefirststageinthedevelopmentofmoderntradetheory,aroseduringtheperiod1500-1800inEuropewiththedeclineoffeudalismandtheriseofcapitalism.Mercantilistholdsthatthewealthofanationliesingoldandsilver,internationaltradeisazero-sumgameandthegovernment’sfunctionistoencourageexportwhilelimitimport.AdamSmith’smasterpieceisAnInquiryintotheNatureand

CausesoftheWealthofNation,swhichwaspublishedin1776.AdamSmithfirstdescribedtheprincipleofabsoluteadvantageinthecontextofinternationaltrade,usinglaborastheonlyinput.AdamSmithalsostatedthatthewealthofnationsdependsuponthegoodsandservicesavailabletotheircitizens,ratherthantheirgoldreserves.AdamSmithwasforinternationalfreetradeandinternationaldivisionoflabor.DavidRicardodevelopedthetradeprincipleofcomparativeadvantage.PPF=ProductionPossibilityFrontierOpabsolute ■mercantilist■opportunityadvantage .trade cost?comparative balance .factorcostsadvantage.international.volume■factor divisionofadvantageendowment labor京product .neo-mercantlife-cycle ilistcconvertible

currency■mercantilismccconvertible

currencyModernTradeTheories(2)H-Otheorywasdevelopedfromcomparativeadvantagetheory.H-Otheoristsholdthatdifferencesinrelativefactorendowmentsandfactorpricesconstitutethemostimportantexplanationofthebasisforinternationaltrade.Withtradetherelativedifferencesinresourcespricesbetweennationstendtobeeliminatedortobeequalizedasaresultofcontinuousspecializationintheproductionofthecommodityofanation’scomparativeadvantage.H-Otheoryfailstoturnenoughattentiontotheincreasingimportanceoftherolesplayedbyscienceandtechnologyintheinternationaldivisionoflaborandinternationaltrade.H-Otheoryfailstotouchonthemaximizationofprofit-seekingasoneofthemostfundamentalreasonsforcapitalistcountriestotradewithothercountries.LeontiefisaneconomistwhowontheNobelPrizeininternationaleconomicsin1973.OneoftheinfluentialtheoriesattemptingtoexplainLeontiefparadoxistheproductlife-cycletheory.Theproductlife-cycletheoryisprimarilyconcernedwiththeroleoftechnologicalinnovationaskeydeterminantoftradepatternsinmanufacturedproducts.

Thestagesthatmanymanufacturedgoodsgothroughincludeintroductionstage,growthstage,maturitystage,declinestageandlosingtoforeigncompetitorsstage.BoeingandMcDonnelDouglasareexamplesoffirst-moveradvantage.Accordingtogravitymodeloftrade,tradebetweentwocountriesincreaseswiththeireconomicsize,butdecreaseswiththedistancebetweenthem.AndrewRose’sinnovationwastoaddmembershipofacurrencyunionasapossibleinfluenceontrade.homemarketproductionprocesseconomiesofscalehomemarketproductionprocesseconomiesofscalecurrencyunionbusinessexecutivesmonopolyexportsourcingproduction

capabilityArgumentsonGovernmentInterventioninInternationalTradeThecategoryofargumentsongovernmentinterventionininternationaltradecoverarangeofissuesincluding:protectingjobsandindustries,nationalsecurity,retaliation,protectingconsumers,furtheringforeignpolicyobjectivesandprotectinghumanrights.CAP=CommonAgriculturalPolicyVERs=VoluntaryExportRestraintsMFN=MostFavoredNationGMfood=geneticallymodifiedfoodTherearetwotypesoftraderegimesincountriesaroundtheworld,whicharefreetradeandmanagedtradeorfairtrade.Governmentinterventionarisesinvariousforms,mainlyaretariff,non-tarifftradebarrier,quotaandinvestmentbarriers.DevelopedcountriesincludingtheUnitedStatesalsohavetheirownhumanrightsproblems.TheinfantindustryargumenthasbeenrecognizedasalegitimatereasonforprotectionismbytheWTO.HongKonggovernmentputupmostofthecash-$1.74billion-tobuildHongKongDisneyland,whichisanexampleofinvestmentincentives.Threecriteriahavebeenespeciallypopularamongsupportersofstrategictradepolicies.Theyare(1)industriesaredesirableiftheyhavehighvalueaddedperworker;(2)Industriesaredesirableiftheypayhighwages;and(3)Industriesaredesirableiftheymakeuseofhightechnology.anti-dumpin quotas barriersg ?non-tariff ?BigThreeimport trade General?mad?infant?mad?infantcowandChrysler disease industrysubsidies ?trade ?consortiumfoot-mouth sanction ?chipInternationalTradePoliciesAcountry’sinternationaltradepoliciesincludeimportandexportcommoditypolicieswhicharepoliciesformulatedonthebasisofacountry’sgeneralforeigntradepolicies,economicstructureanddomesticmarketconditions.Themostimportantgoalsorobjectivesofinternationaltradepoliciesofvariouscountriesaretoprotectacountry’sdomesticmarkets,toprotectacountry’sdomesticindustries,toexpandacountry’sexportmarkets,topromotetheimprovementofacountry’sindustrialstructure,toaccumulatecapitalorfunds,andtomaintainacountry’seconomicandpoliticalrelationswithothernations.Governmentfollowingfreetradepolicydonotattempttosetupbarrierswhatsoevertoimportandexporttrade.Protectivetariffs,voluntaryexportsrestraints,importquotas,importlicensingsystemareallimportantformsofprotectivetradepolicies.Tariffsaretheoldestandsimplestinstrumentoftradepolicies.

ExporttariffsareprohibitedbytheU.S.constitution.Aspecifictariffisexpressedintermsofafixedamountofmoneyperphysicalunitoftheimportedproduct.Anadvaloremtariff,muchlikeasalestax,isafixedpercentageofthevalueoftheimportedgoodasitentersthecountry.Subsidiesindevelopedcountriestakemanyformsincludingcashgrants,low-interestloans,taxbreaks,andgovernmentequityparticipationindomesticfirms.Avoluntaryexportrestraintisavariantonimportquota.Aswithtariffsandsubsidies,bothimportquotasandVERsbenefitdomesticproducersbylimitingimportcompetition.Bothdevelopingnationsanddevelopednationshaveusedlocalcontentrequirements.Aswithalltradepolicies,localcontentregulatorstendtobenefitproducersnotconsumers.Inthecontextofinternationaltrade,dumpingisvariouslydefinedassellinggoodsinaforeignmarketatbelowtheircostofproductionorassellinggoodsinaforeignmarketatbelowtheir“fair”marketvalue.TheJapanesearemastersofadministrativepolicies.GATT=GeneralAgreementonTariffsandTradespecifictariffadvaloremtariff

specifictariffadvaloremtariffprotectivetariffpunitivetariffcashgrantsprotectivetariffpunitivetariffcashgrantstaxbreakimportsubstitutionprofitmargincustomsinspectorindustrialstructurepreferentialtreatmenttradesanctionpatentlawcopyrightpiracycopyrightlawthethird-worldnationthinktankJobOneRegionalEconomicIntegrationRegionaleconomicintegrationformincludespreferentialtradearrangement,afreetradearea,acustomsunion,acommonmarket,aneconomicunionandapoliticalunion.TheEUhas27memberstatesnow.TheEUwascreatedin1993fromtheEuropeanCommunity,whichitselfgrewfromtheEuropeanCoalandSteelCommunity,theEuropeanAtomicEnergyCommunity,andtheEuropeanEconomicCommunity.CounciloftheEuropeanUnion,EuropeanCommission,EuropeanParliamentandEuropeanCourtofJusticearethefourinstitutionsthatgoverntheEU.NAFTAhelpstoboosttradeandreducetariffsamongMexico,CanadaandU.S..SomepeoplehaveclaimedthatNAFTAhasresultedinamassexodusofjobsfromtheU.S.andCanadaintoMexicoasemployerssoughttoprofitfromMexico’slowerwagesandlessstrictenvironmentalandlaborlaws.NAFTA=NorthAmericanFreeTradeAgreement/AreaAPEC=AsiaPacificEconomicCooperationCEPA=CloserEconomicPartnershipArrangementHongKong(SAR)=HongKongSpecialAdministrativeRegionECFA=EconomicCooperationFrameworkAgreementfiscalpolicyproduct policyemployment.trade ?Citigrouppolicy volume .Commerceintermediate.industrial MinistryChapter10ExchangeRateandInternationalTradeIfyuanrisesagainstthedollar,China’sexportstotheU.S.willbecomemorecostly,andthiswillslowdownorevenstoptheexportgrowthrate.Basicallytherearetwotypesofexchange-ratesystem:thefixedexchange-ratesystemandthefloatingexchange-ratesystem.Underfixedexchange-ratesystem,theratebetweenone

currencyandanotherisfixedandmaintainedbythegovernment.Byfloatingorflexibleexchangerates,wepricesaredeterminedbythemarketforces.BOP=BalanceofPaymentsexchangerateforeigncurrencyfixedexchange-ratefloatingexchange-rameancurrencyregimebudgetdeficitpropertymarketrebatemutualfundinsurancemeancurrencyregimebudgetdeficitpropertymarketrebatemutualfundinsurancecompanyteforeignexchangemarketcentralbanksfinancialmarketcurrencyAninternationaltransactionreferstotheexchangeofgoods,services,andassetsbetweenonecountryandtherestoftheworld.TheBOPofacountryisoftenmainlycomposedofthecurrentaccountandcapitalaccount.Acredittransactionisonethatresultsinareceiptofapaymentfromforeigners.Adebittransactionisonethatleadstoapaymenttoforeigners.Double-entrybookkeepingmeanseachinternationaltransactionisrecordedtwiceintheBOPaccount,onceasacreditandoneasadebitofanequalamount.accounting policy ?officialprinciple ? asset reserveeconomic ? current accountpolicy transfers ?currencymonetary ? visibletrade bandInternationalInvestmentandMultinationalEnterprisesThemainreasonsforMNCstooperateabroadaretosecuresuppliesofrawmaterials,toutilizecheaplaborsources,toservicelocalmarketsandtobypassprotectionistbarriers.Internationalinvestmentintermsofitsform,isbasicallyoftwotypes:foreignindirectinvestmentandforeigndirectinvestment.Portfolioinvestorsnormallydonotaimtoobtainamanagerialcontrolofacorporation.Portfolioinvestmentsarethereforefinancialassets.InvestmentsmadebyMNCsabroadinbuildingfactories,

producingcapitalgoods,inbuyinglandandinventoriesareallexamplesofforeigndirectinvestments.Directinvestmentsarenowtheprincipalchannelofinternationalprivatecapitalflows.ThemostcontroversialoftheallegedharmfuleffectsofMNCsonthehomenationisthelossofdomesticjobsresultingfromFDI.ThesecondproblemisthatMNCsbymakingFDIreducethehomecountry’staxrevenue.Finally,duetotheMNCs’activeparticipationintheinternationalcapitalmarkets,theycanmakeitdifficultforthehomenationtocontroloverthenationaleconomy.multinationalcorporationsmultinationalcorporationsstockownershiphostcountrydividendfactormovementdebtobligationsubsidiarydistributionnetworkcapitalgoodsinventoryoligopolisticmarkettradeinvestmenthumanresourcestheWorldBankGATTGATTisthepredecessoroftheWTO.TheGATTwasnotaformalinternationaltradebodybutaninternationaltreatyoramultilateralagreement.Inoneword,theGATTwassignedtoliberalizeworldtrade.TheGATTrestsonthefollowingeightprinciples:non-discrimination,protectionbytariffandtariffconcession,generaleliminationofquantitativerestriction,fairtradebasedonprohibitionofdumpingandrestrictionofexportsubsidies,exemptionandemergencyactionprinciple,consultationandmediationprinciple,specialpreferentialtreatmenttodevelopingcountriesandtransparencyprinciple.Thefirstthreeareessential.Inanutshell,theGATThadmadethefourcontributionstothedevelopmentofworldtrade,whicharetariffreduction,preferentialtreatmenttodevelopingcountries,generaleliminationoftariffandnon-tariffbarrierstotradeinsomesectorsandsetting-upoftheWTOin1994.AlthoughthecompletionoftheUruguayRoundwasofitselfagreatachievement,onlysomeofitsaimsweremetandmanytradeproblemsremain.ThefirstandmostimportantproblemofUruguayRoundisthatmanysectorswerenotincludedintheagreement.WithoutthisGATTdeal,theworldmighthaveslippedintoincreasinglydangeroustradewars.UR=UruguayRoundWTO=WorldTradeOrganizationFOB=FreeonBoard離岸價格CIF=CostInsuranceandFreight到岸價格Cemost-favore product .centrallyd-nation .exemption plannedprovision and economy?preferential emergency mmarkettariff action economy■export .consultation.DohaRoundlicen