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efficiency gain

increased output produced from the same total resources

elasticity

a measure of the sensitivity of demand for goods or services to changes in price

or other marketing variables, such as advertising

embargo

a government order prohibiting the departure or arrival of merchant ships in its

ports; any legal stoppage of commerce

endorsement

something that approves, such as a signature or qualifying comment

exchange rate

the rate at which the currency unit of one country may be exchanged for that of

another

export

goods (visible exports) or services (invisible exports) sold to a foreign country

or countries

face value

the value written or stamped on the face of a commercial paper or coin

factor cost

(in social accounting) valuation of goods and services at their overall

commercial cost, including markups but excluding indirect taxes and subsidies

factoring

the business of purchasing debts from clients at a discount and making a profit

from their collection

fair

a gathering of producers of and dealers in a given class of products to facilitate

business

feasibility study

a study designed to determine the practicability of a system or plan

fee

a payment asked by professional people or public servants for their services

foreign direct investments

money that people or companies of one country invest in another by buying

property, building factories, buying businesses, etc., thus acquiring the right to

control property abroad

force majeure

irresistible force or compulsion such as will excuse a party from performing his

part of a contract; a force against which you cannot act or fight

foreign exchange

foreign bills and currencies

forward market

a market in which contracts are made to buy or sell currencies, commodities,

etc., at some future date at a price fixed at the date of the contract

franchising

an arrangement in which a company gives a business the right to sell its goods

or services in return for payment or a share of the profits

free trade

a policy of unrestricted foreign trade, with no tariffs or subsidies on imports or

exports, and no quotas or other trade restrictions

freight

the transportation (or carriage) of goods by water; the money paid for this

funds

money that is readily available

futures

commodities or other financial products bought or sold at an agreed price for

delivery at a specified future date

futures contract

a contract to buy or sell a good, share, or currency on a future date, at a price

decided when the contract is entered into

general average

loss or damage to a ship or its cargo that is shared among the shipowners and

all the cargo owners

gross weight

total weight of an article inclusive of the weight of the container and packaging

grouped consignment

number of goods or commodities sent or addressed to an agent or

correspondent at one time or by one conveyance

hearing

a formal or official trial of an action or lawsuit

hedging

activities designed to reduce the risks imposed by other activities

highest bidder

the company that offered the highest price

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licensing

allowing another firm, for payment, to make use of a patent or trade-mark

link purchase

a deal where the export seller enters into a parallel contract with the overseas

buyer whereby the export seller purchases certain specific goods from the buyer

loan

property lent, esp. money lent at interest for a period of time

loss

the result of a business operation where expenditures exceed receipts; an

occurrence of something that has been insured against, thus giving rise to a

claim by a policyholder

lot

an item or set of items for sale in an auction; consignment

lump sum

a relatively large sum of money, paid at one time, esp. in cash

macroeconomics

the branch of economics concerned with aggregates, such as national income,

consumption, and investment

marine

relating to the sea, shipping, navigation, etc.

marketing

the provision of goods or services to meet customer or consumer needs

maturity

the date upon which a bill of exchange, bond, note, etc., becomes due for

repayment

merchandise

commercial goods, commodities

microeconomics

the branch of economics concerned with particular commodities, firms, or

individuals and the economic relationships between them

monopoly

exclusive control of the market supply of a product or service

multimodal transport

combination of different modes of transport

natural resources

naturally occurring materials such as coal, fertile land, etc., that can be used by

man

negotiable

(of a bill of exchange, promissory note, etc.) legally transferable in title from

one party to another

offset

something that counterbalances or compensates for something else

opportunity cost

the benefit that could have been gained from an alternative use of the same

resource

order

an instruction that must be obeyed; command

output

the amount produced, as in a given period a high; the material produced,

manufactured, yielded, etc.

ownership

legal right of possession; proprietorship

particular average

partial damage to or loss of a ship or its cargo affecting only the shipowner or

one cargo owner

patent

a government grant to an inventor assuring him the sole right to make, use, and

sell his invention for a limited period

planned/command

an economy in which business activities and the allocation of resources are

economy

determined by government order rather than market forces

points of claim

a document submitted to a court containing the essence of a claim, when a

person/company wants to sue

policy

a document containing a contract of insurance

portfolio investment

investment that provide a yield but do not provide the right to control property

premium

an amount paid in addition to a standard rate, price, wage, etc.; the amount paid

or payable, usually in regular instalments, for an insurance policy

principal

a person or firm employing another to act as their agent

procedure

an official process that is followed in order to settle a dispute, especially one

involving members of an organisation

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sight draft

a draft to be paid when presented

specialisation

a system of organising the manufacture of an article in a series of separate

specialised operations, each of which is carried out by a different worker or

group of workers, region or country, leading to interdependence

speculation

economic activity aimed at profiting from expected changes in the prices of

goods, assets, or currencies

subrogation

the substitution of one person or thing for another, esp. the placing of a surety

who has paid the debt in the place of the creditor, entitling him to payment from

the original debtor

subsidy

a financial aid supplied by a government, as to industry, for reasons of public

welfare, the balance of payments, etc.

supply

the amount of a commodity that producers are willing and able to offer for sale

at a specified price

surplus

a quantity or amount in excess of what is required; an excess of receipts over

payments on the balance of payments

tariff

a tax levied by a government on imports or occasionally exports for purposes of

protection, support of the balance of payments, or the raising of revenue

tax

a compulsory financial contribution imposed by a government to raise revenue,

levied on the income or property of persons or organisations, on the production

costs or sales prices of goods and services, etc.

time draft

a draft to be paid during a certain period of time after issuance or acceptance

title

the legal right to possession of property, esp. real property; the basis of such

right; the documentary evidence of such right

tender

a formal offer to supply specified goods or services at a stated cost or rate

towing

pulling along or dragging (a vehicle, boat, etc.) by a chain or rope

trade

the act or an instance of buying and selling goods and services either on the

domestic (wholesale and retail) markets or on the international (import, export,

and entrepôt) markets

trademark

a name, symbol or design that a company uses for its products and that cannot

be used by anyone else

trailer

wheeled platform

transaction

a business deal or negotiation

treaty

a formal agreement or contract between two or more states, such as an alliance

or trade arrangement; the document in which such a contract is written

tribunal

a court of justice or any place where justice is administered

trust account

a savings account deposited in the name of a trustee who controls it during the

certain period of time after which the balance is payable to a prenominated

beneficiary

turnkey project

an investment project where a foreign firm contracts to build a factory, install

equipment and train local labor, and hand it over as a going concern ready to

start production

umpire

a person who rules on or judges disputes between contesting parties

underwriter

an employee or agent of an insurance company who assesses risks and

determines the premiums payable

usance bill

another name for an accepted draft

validity

legal strength, force, or authority; that quality of a thing which renders it

supportable in law, or equity; as, the validity of a will; the validity of a contract,

claim, or title

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