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10 financial glossaries
2011/9/11 1st class
1. Barrier to entry : (进入市场壁垒)
Definition: Circumstances particular to a given industry that create disadvantages for new competitors attempting to enter the market. These may include government regulations, economic factors, and marketing conditions. Examples: Barriers to entry may be created, for example, when companies already in a market have patents that prevent their goods from being copied, when the cost of the advertising needed to gain a market share is too high, or when an existing product commands very strong brand loyalty.
2. Balance of trade:(贸易差额)
Definition: A country's exports minus its imports; the largest component of a country's balance of payments.
3. Black market：（黑市）
Definition: A market where products are bought and sold illegally.
4. Capitalism：（资本主义）
Definition: Economic system characterized by the following: private property ownership exists; individuals and companies are allowed to compete for their own economic gain; and free market forces determine the prices of goods and services. Such a system is based on the premise of separating the state and business activities. Capitalists believe that markets are efficient and should thus function without interference, and the role of the state is to regulate and protect.（The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries. ）
5. Commodity：(商品)
Definition: 1. A physical substance, such as food, grains, and metals, which is interchangeable with another product of the same type, and which investors buy or sell, usually through futures contracts. The price of the commodity is subject to supply and demand. Risk is actually the reason exchange trading of the basic agricultural products began. For example, a farmer risks the cost of producing a product ready for market at sometime in the future because he doesn't know what the selling price will be.
2. More generally, a product which trades on a commodity exchange; this would also include foreign currencies and financial instruments and indexes.
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