Tag Archives: Key Terms

#Business and #Economics: Business Vocabulary with Chinese Translations (Update)

11 Oct

I’ve added new terms to the list of Business Vocabulary.

Don’t forget, the Chinese translations come from the Chinese students rather than professional translators. While I believe they are accurate, you may want to consult professionals before using them for official documents. This is mainly intended to contribute to daily conversation between English speaking Companies and Chinese companies.

Abbreviations:

v. = Verb
n. = Noun
adj. = Adjective
adv. = Adverb

(c) All Rights Reserved. You are welcome to use this material. However, if you do end up using these definitions in your material (educational, informational, or professional), please include either a link to this webpage or the following reference: Blessing, Olivia. “Business Vocabulary with Chinese Translations.” DeceptivelyBlonde.com. This is for two reasons: 1) I’d like to share the resource with others. 2) I created these definitions myself. Thanks!

Divider

Bar Chart (n.) A way of showing information on a chart 图表. The chart shows the information divided up into rectangles. Each rectangle represents one factor and shows the “amount” of that factor.  Allows readers to compare and contrast different things.    条形图 – Tiáo xíng tú

Image result for bar chart

Capital (n.) ~ Wealth (usually money, but also includes other assets) used to buy the inputs and materials used in order to create products. The term has different meanings depending on whether you are an accountant, economist, or financial adviser. 资本 – zī běn

Graph (n.) ~ A way of showing the relationship between two factors in a picture or image form.  Two lines, one called “X” and one called “Y,” are each used to represent one factor.  Lines can then be drawn to show the relationship between X and Y as they change.   曲线图 – qū xiàn tú

Image result for line graph

Input (n.) ~ Resources used to create a product . . . technology, labor, raw materials, etc. Only materials used to make the product, not those used to sell, ship, etc.  用于创建产品的资源

Labor (n.) ~ 1Effort. The work you put into something (“Thomas wants a higher salary for his labor“). 劳动 – Láodòng 劳动是人类生产力为改变商品的使用价值和增加商品的价值的实际使用 2(In Economics & Finance) The number of employees (“When Capital is $15, the Labor is 4 employees“). Usually abbreviated 简短的 “L” in mathematical formulas and economic models. 劳动力 – Láodònglì

Labor (v.) ~ To work. To put effort into something.  劳动 – Láodòng

Loan (n.) ~ Money that A borrows from B and must eventually pay back. Often includes an extra “interest”息 fee.   – Dài

Marginal (adj.) ~ In Business & Economics – A factor of or something that results from small or little changes. Often the profit, cost, or revenue associated with having or making “one more” of something. 边际 – biān jì

Marginal Cost (n.) ~ The cost that comes when you make one more product. 边际成本 – biān jì chéng běn

Marginal Profit (n.) ~ The profit (revenue – cost) that comes when you make one more product. 边际利润 – Biān jì lì rùn

Marginal Revenue (n.) ~ The revenue that comes when you make one more product. 边际报酬 – biān jì bào chóu

Negative Correlation (n.) The situation when two things (X & Y) are related to one another so that if X increases, Y decreases. If X decreases, Y increases. (X & Y go in opposite directions). In economics, we often say two things are “inversely related” if there is a negative correlation. For example, if Price goes up then Quantity Demanded will go down. There is a negative correlation and they are inversely related 负相关– Fù xiāngguān

Output (n.) ~ The number of products created. 产量 – Chǎnliàng

Pie Chart (n.) ~ A way of showing information on a chart 图表. The chart is a circle divided into pieces, each representing a percent (%) of the whole “pie. 饼形图 – Bǐng xíng tú

Image result for pie chart

Positive Correlation (n.) ~ The situation when two things (X & Y) are related to one another so that if X increases, Y also increases. If X decreases, Y also decreases. 正相关 – Zhèng xiāngguān

Quantity (n.) ~ The specific amount of something. Answers the question: “How Much.” 空头 – Kōng tóu.

Rate (n.) ~ 1. The speed at which something happens. For example the “Turnover Rate” 周转率 can tell us how often employees leave a company and new ones have to be hired. 率 – lǜ  2. The percentage of X compared to Y. For example, the “Tax Rate” is how much of the Revenue (Y) is used for Taxes (X). 比率 – bǐ lǜ

Scatter Plot (n.) A way of showing information on a chart or graph. A “Scatter Plot” is a graph where the information does not make a straight line 直线. Instead it is “scattered” (疏散) around the graph. 散点图 – Sàn diǎn tú

Image result for scatter plot

Short Sell (v.) ~ X borrows stock from a stock broker, sells the stock, buys it back, and then returns the stock to the stock broker. 卖空 – Mài kōng

Stockbroker (n.) ~ Someone who buys and sells stocks (a middleman – 中间人).  证券经纪人 – Zhèngquàn jīngjì rén

Stock Market (n.) ~ A place (either a physical market or an online market) where buyers and sellers trade in company shares.  股市 – Gǔ shì

Stock Price (n.) ~ The cost of purchasing one share (股of a company. 股价 – Gǔjià

Substitution (v.) ~ Using one thing instead of another. Replacing X with Y. 取代 – Qǔdài

Managerial #Economics ~ The Five #Market Structures

8 May

As always, this lesson is not intended to be professional advice. This is simply lesson material for ESL students in Business, Economics, and Finance classes. Posted here for their use or for helping other students.

DEFINITION

Image result for Street market

market (市场) is a situation where two or more groups of people come together to trade resources (资源) as part of business.  You can be trading money, goods, services – it doesn’t matter. Some examples would be:

  • The Mall (购物中心)
  • The Stock Exchange (股票交易)
  • Online Market (Taobao, JD.com)
  • Supermarket (Carrefour, Walmart) – 沃尔玛购物广场
  • Street Food Market (街头食品)

WHY DO WE HAVE MARKETS?

There are many reasons why we have markets!

First of all, think about the Buyer (买方).  For them, maybe it is easier to buy all their things in one place. For example, isn’t it better to buy all your food, toilet paper, and cleaning supplies at the same store? It is faster, saves you bus money, and is less trouble

Now think about the company. Why would an economist (经济学家) or finance officer or CEO think this is a really good idea? Remember, as a finance person, you should obey the wealth maximization rule (最大化利润) of business. This rule says you should do your very best to legally (法律上) and ethically (道德) make the most profit (收益) for the owners.  So they join a market because it helps them make more MONEY!.  

How? Just like the buyer, the seller wants to decrease costs (降低成本).  Things like time, labor, work — they all cost the company a lot of money.  If you can sell your product using less time or employees or effort, it saves you money!  In a market, a lot more buyers come to shop than at other places. Maybe they want to find you, or maybe they wanted something else. For example, they came to the store to buy water but then saw you and also buy your pencils! Amazing! You did not have to pay for advertising, but you still got a surprise customer!

Some markets just save you time and money from advertising (like malls).  You get a lot of customers without having to go find them.  Others, like Taobao, create a place where it is easier to shop and pay and work together, so customers like it more and buy more products. There are a lot of good things about markets. 

Industry Market

An industry (行业) is a special kind of market.  This is not a building or place.  It is used to name all the people buying and selling a specific product.  For example, there is the Phone Market (all the people buying and selling phones). This market includes Huawei, Samsung, Apple, Oppo, Xiaomi, Meizu, and more. It also includes all the people who want to buy a phone (young people, older people, Chinese people, American people, etc).

There is also the Car Market 汽车行业 (all the people buying and selling phones). The Job Market 人才市场 (all the people looking for a job and offering a job).  The Fashion 时尚  Industry (all the people buying and selling clothes and fashion). 

These markets can be big or small, with lots of companies or just one company, with lots of buyers or just one buyer.  They are international with buyers and sellers all over the world who meet each other and do business. 

The Five Ways an Industry Market can be Structured (市场结构)

Market Structure (市场结构) is how an industry market is organized or arranged.  There are actually FIVE different ways a market can be structured, so you must be careful about which one is for your product. 

Why are they different? Maybe the number of companies is different. For example, there area lot of companies who sell pencils, but only a few companies who sell electricity (电力) for your house.  Maybe there are many companies, but only ONE company is actually really big (Size).  For example, for a long time only Microsoft Windows was available for computers.  Some products are very special (独特) and there is no substitute (替代).  (Kind of Product). 

Here is the list of Market Structures:

1) Monopoly (垄断)

In a Monopoly, one company is the only real company and has lots of power.  Usually, in this situation there is only ONE company in the whole market.  Their product is VERY SPECIAL so there are no substitutes (替代) available. Maybe their product is really difficult to copy, or maybe the government made a law (法) that no one can sell a product like them. For some reason, there is no competition. 

These companies are called PRICE-SETTING (价格制定者 | 决定价格) companies because it is easy for them to change their price and still keep their customers. If they want to raise the price $100, great! There is no competition, so the customers still have to buy the product from them. Even if the cost is very expensive!

One example in the US is Gilead, a medicine (医学) company.  In 2016, the US government approved (合法) their new medicine for all people who have Hepatitis C (丙型肝炎) – a very dangerous disease. Gilead was the only company who had so much approval from the US government. It looked awesome!  So many people with the disease want to use this cure. But Gilead was the only company. . . MONOPOLY! So the price was $74,760 (¥51,6083)! That’s a lot of money! (Source)

A monopoly does not always mean there is only one company.  Sometimes there are a few other companies. But only one of them is big, famous, and sells the product. The rest cannot compete with that big company.  So the big company has a lot of power no one else has. 

2) Oligopoly (寡头垄断)

Image result for china eastern

In an Oligopoly, there are a small number of businesses. More than one, but still not a lot of companies.  Usually their products are very similar, so they must compete a lot. If one company has a higher price, maybe the customer will just go to someone else.   These companies are called PRICE-TAKERS 价格的接受者 (this means that if they change the price even a little from the average, maybe the customers will go to someone else. So it is very difficult to change the price.)

For example, airplane companies. In China, there is China Eastern, China Southern, Hainan Airlines, Air China, Shanghai Airlines, etc.  Although there is more than one company, in the whole country there are actually not a lot of companies.  And if you want to fly from Wuhan to Shanghai, maybe their services are very similar.  So if you see that one company’s price is ¥1080 and another company is ¥1380 then you want to buy the ¥1080 ticket.  They can change their prices a little if their service is more special (for example, their time is faster). But usually their prices are very similar. 

3) Monopsony (买方垄断)

The Monopsony market is not very common. 

In this market, there are a many sellers, but only a few people who want to buy.  Today, we see this in the job market. Think about it. Right now, there are a lot of people who want to sell their labor — they want to work for a company and make a good salary.  But there are only a few company’s who want to buy your work.   So there are a lot of “work sellers” (employees), but only a few buyers (companies). 

Another example is people selling Old Televisions or Computers.  In this situation, maybe a lot of people want to sell, but only a few people want to buy.  So the buyer has the power and can decide what the price should be. 

In this situation, the companies have a lot of power and are PRICE-SETTING.  It is difficult for most employees to decide their salary, the company will choose your salary (the price for work). 

4) Monopolistic Competition (垄断性竞争)

Image result for ten miles of peach blossoms

There are many companies in this market, and their products are similarbut different.  Think about Movie or Music companies.  For example, the two TV shows “Three Lives Three Worlds, Ten Miles of Peach Blossoms” (三生三世十里桃花) and “The Journey of Flower” (花千骨).   These shows were a little similar. They are fantasy (幻想) shows with magic, romantic stories about cold men who fall in love with brave women, etc.  The shows are similar, but they are also different.  So maybe you like one show, but you did not want to see the other show. 

For Western readers, compare Vampire Diaries and True Blood.  Both TV Shows were directed towards young viewers and focused on Vampires. They had very similar audiences and competed for the viewers attention. But at the same time, they were very different so some people who liked True Blood maybe didn’t like Vampire Diaries and vice versa. Or maybe one was at a better time or something.  

In this situation, the companies are competitors, but not always substitutes.   So they are both PRICE-SETTING and PRICE-TAKING companies.  They are Price-Taking, because if they are too expensive compared to the rest, people who go to a different company even if the product is not as good.  But they are also Price-Setting because they can raise their price a little high without being too expensive.  For example, maybe a popular singer like Jay Chou or Taylor Swift can make their CDs more expensive than singers who are not popular. 

Let’s say most CDs are selling for $15.  Then you probably cannot sell your CD for $40.  People will be unhappy with your company and choose to leave. But you might be able to sell it for $22 if your music is better than normal. 

5) Perfect Competition (完全竞争)

The biggest markets are the Perfect Competition Markets.  These are markets where:

  1. There are MANY sellers.  
  2. The products are pretty similar or “non-differentiated.”
  3. Companies are Price-Takers

Image result for bottled water

Think about the water (水) market.  Here in China, there are many, many, many different companies selling bottled water. For example, Nongfu (农夫山泉)  and Evian (依云).  Although the companies are different, the water is pretty much the same. You don’t care if you drink water from one company or water from another company – they are all the same. So why do so many students at my university drink Nongfu instead of Evian? Because Nongfu water is only 2¥, but Evian is often 10¥ or more.  What if Nonfu changed their price to 4¥? Would you still buy their water? Maybe no! Because there are other companies (竞争者) who sell the same water for less money!  So maybe it is very difficult for Nongfu to change their prices.  They do not have a lot of “price power,” so we call them a ‘Price-Taking’ company. This kind of situation is called competitive market.

Image result for nongfu

KEY WORDS

  • Market (市场)
  • Industry (行业)
  • Market Structure (市场结构)
  • Substitute (替代)
  • Monopoly (垄断)
  • PRICE-SETTING (价格制定者 or 决定价格)
  • PRICE-TAKERS 价格的接受者
  • Oligopoly (寡头垄断)
  • Monopsony (买方垄断)
  • Monopolistic Competition (垄断性竞争)
  • Perfect Competition (完全竞争)

New Corporate Governance Vocabulary

23 Sep

I’ve added new terms to the list of Business or Corporate Governance Vocabulary

Don’t forget, the Chinese translations come from the Chinese students rather than professional translators. While I believe they are accurate, you may want to consult professionals before using them for official documents. This is mainly intended to contribute to daily conversation between English speaking Companies and Chinese companies.

Abbreviations:

v. = Verb
n. = Noun
adj. = Adjective
adv. = Adverb

(c) All Rights Reserved. You are welcome to use this material. However, if you do end up using these definitions in your material (educational, informational, or professional), please include either a link to this webpage or the following reference: Blessing, Olivia. “Corporate Governance Vocabulary.” DeceptivelyBlonde.com. This is for two reasons: 1) I’d like to share the resource with others. 2) I created these definitions myself. Thanks!

Appoint (v.) ~

  1. To select a person or group of people for specific work or for an official job . 委任 –Wěi rèn
  2. To select a specific time or date for an event. 任命 – Rèn mìng

 

Assets (n.) ~ Anything valuable or of worth that belongs to the company. Found on the Balance Sheet. 资产 – Zīchǎn

Balance of Power (n.) ~ The issue of whether power or authority is equally shared among the people so that no one person or group is stronger than the others. 均势 – Jūnshì / 权力平衡 – Quánlì Pínghéng

Business Practices (n.) ~ The usual methods, procedures, systems, traditions, and rules used by a company in accomplishing its goals. 商业惯例 – Shāngyè guànlì

Chairman (n.) ~ The Chief Officer of a company, appointed as the head of the Board of Directors. Responsible for developing corporate policy and supervising  the Executives. 董事长 – Dǒng Shì Zhǎng

Contribute (v.) ~ To give something (time, money, goods, effort, thoughts, ideas) as part of helping a group accomplish something. (Example – My contribution to the project was the Powerpoint I did)贡献 – Gòngxiàn

Controls (n.) ~ Rules or Restrictions use to limit or regulate something. 管制- Guǎnzhì

Corporate Structure (n.) ~ The system or plan for organizing a corporation’s groups, committees, and people. 公司结构 – Gōngsī Jiégòu

Decide (v.) ~ To make a conclusion or final choice about something. 决定 – Juédìng

Decision (n.) ~ A conclusion or final choice about something. 决议 – Juéyì

Director (n.) ~ Member of the Board of Directors which monitors the Executive Staff, works with the Shareholders, and makes some of the most significant decisions about the company’s purpose, values, ethics, goals, major activities, and future. 董事 – Dǒngshì

Executive (n.) ~ The senior manager or officer in charge of a specific area of the company who is responsible for making and implementing the significant day-to-day decisions. 高管 – Gāo Guǎn

Financial (adj.) ~ Connected to or associated with money or finances. – Cái / 金融 – Jīn róng

Fiscal (adj.) ~ Connected to or associated with money or finances (usually in terms of the cash flow, assets, and liabilities of a company). 财政 – Cái Zhèng

Liabilities (n.) ~ All debts or financial obligations a company owes . Found on the Balance Sheet. 负债 – Fùzhài

Member (n.) ~ Someone who has fulfilled all the requirements and been accepted into the group. (Example – “I am a member of the Wēixìn Group for my class”)  会员 – Huìyuán

Membership (n.) ~ One’s position as part of a group. The fact that someone has fulfilled all the requirements and been accepted into a specific group. (Example – “I have a membership with the gym.”) 会籍 – Huì Jí / 会员资格 – Huìyuán Zīgé

Minimum (n.) ~ The lowest possible amount of something. 最低限度 – Zuìdī Xiàndù

Nomination (n.) ~ The official recommendation or suggestion that someone deserves a specific job. 提名 – Tímíng

Performance (n.) ~ The way someone does their work. When reviewed by others, performance is usually judged by its effectiveness and efficiency. (Example – Your performance was very good; you did the job quickly and correctly). 绩效 – Jīxiào

Relevant (adj.) ~ Directly linked to or important to the issue being considered (Example – Whether or not the product test is successful is relevant to whether we sell it this year or not). 相应 – Xiāng yìng

Remuneration (n.) ~ The payment or reward a person gets for doing their job. 报酬 – Bàochóu

Report (n.) ~ A detailed account or explanation (written or spoken) about the person, group, or company’s activities, work, situation, research, etc汇报 – Huìbào

Report (v.) ~ To give the report to the audience. 报告 – Bàogào

Review (v.) ~ To examine or look over something to make sure it is correct, complete, adequate, or that you understand it. 回顾 – Huígù 

Risk (n.) ~ Something that puts important or valuable items in danger of being destroyed, damaged, or lost. 风险 – Fēngxiǎn

Strategy (n.) ~ A plan or method of accomplishing something. 战略 – Zhànlüè

 

Photo above is not mine. All Rights go to Suzanne Dibble, on who’s website I found the photo.

New Terms Added to Corporate Governance Vocabulary

2 Feb

I’ve added new terms to the list of Business or Corporate Governance Vocabulary

Don’t forget, the Chinese translations come from the Chinese students rather than professional translators. While I believe they are accurate, you may want to consult professionals before using them for official documents. This is mainly intended to contribute to daily conversation between English speaking Companies and Chinese companies.

Abbreviations:
v. = Verb
n. = Noun
adj. = Adjective
adv. = Adverb

(c) All Rights Reserved. You are welcome to use this material. However, if you do end up using these definitions in your material (educational, informational, or professional), please include either a link to this webpage or the following reference: Blessing, Olivia. “Corporate Governance Vocabulary.” DeceptivelyBlonde.com. This is for two reasons: 1) I’d like to share the resource with others. 2) I created these definitions myself. Thanks!

Continue reading

Corporate Governance Vocabulary

31 Dec

Hello!

This semester I had the wonderful opportunity to introduce my International Business Management students to the concept of International Corporate Governance.  They had studied the idea of corporate governance the previous semester, but it revolved significantly around US rules and regulations.

This time, my goal was to expand their understanding of Business Management, Corporate Law, and Business Ethics to an international level. The ultimate plan was for the students to understand the international parties, rules, and features of Corporate Governance.  At the end, the students should be fully capable of doing the research and opening up legal, ethical corporations around the world.

Unfortunately, I teach ESL students; it quickly became clear that in order for the class to proceed some Corporate Governance-related vocabulary was necessary.  Since I know many other students suffer from the same problem, I have decided to share with you the same vocabulary I shared with my students!

In the interest of helping English-speaking teachers or businesspersons trying to use Chinese, I have also included the Chinese translations my students provided for the words.   While I cannot attest to the validity of the Chinese terms (I highly recommend you verify these terms in case you need to use them in an official capacity), perhaps they can help in general conversation. 🙂 If you find corrections, please let me know in the comments!  

I’ll be updating the vocabulary page regularly over the next 15 weeks or so with new words (about 20-30 a week). 

Click below to visit the Vocabulary Page

CORPORATE GOVERNANCE VOCABULARY

I’d love to know if this resources helps anyone out and how you use the vocabulary terms in your work!  

Studying Abroad: A Résumé Builder

5 May
One of our Professors in Japan

One of the Professors in Japan

If you are interested in Studying Abroad or if you have Studied Abroad in the past, now might be a good time to look at how it can help expand your Résumé.   

Study Abroad

One of the simplest ways that you can use your Study Abroad experience in your Résumé is simply by listing it as part of your education.  There are multiple ways you can benefit from this.  First, if you are new to the career field, then your Résumé might be running a little thin on information; use the “Studying Abroad” experience as a filler/lengthener.  Sounds silly/cheap, but everything counts in the job search.  More importantly, if you list the foreign college that you studied under, it adds to the depth of your educational experience. It shows that you have studied under Professors coming from different backgrounds or ways of thought.  It adds to the fact that you might bring in unique or different ideas to their work. For example, I have studied the Law in Civil Law nations and Common Law nations. That means that simply by stating that I studied in China and the United States, my interviewers can tell that I understand ways different people view the law and how it can be applied in alternative ways.   It strengthens the fact that I stand out from the rest of their applicants.

Skills

One of the things you are going to need on both your Résumé and your Cover Letter are key terms, skills, and/or character traits.  You will frequently be asked to name your strengths, weaknesses, and abilities.  Or perhaps you just need to show them what you can offer their team.  If you Study Abroad, there are many helpful terms that can now be applied to you.  Some of those you might use include: Continue reading

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