Lesson 11. International trade: can be defined as the exchange of goods and services produced in one country with those produced in another.2. International specialization: one country producing more of a commodity than it uses itself and selling the remainder to other countries.3. The theory of comparative advantage: holds that even if a country is less efficient than another in the production of both commodities, i.e. it has absolute disadvantage in producing both commodities, there is still a basis for mutually beneficial trade.4.国际专业化：international specialization 绝对利益：absolute advantage比较利益：comparative advantage5. rich in advantage over point on across borders6.Translation:(1) 在复杂的经济世界中，没有一个国家可以完全自给自足。
In the complex economic world, no country can be completely self- sufficient.(2) 随着制造业和技术的发展，出现了另一个刺激贸易的因素，即国际专业化。
With the development of manufacturing and technology, there arose another incentive for trade, i.e. international specialization.(3) 按照比较利益学说，两个贸易伙伴均可从贸易中得到好处。
According to the theory of comparative advantage, both trade partners can benefit from trade.(4) 比较利益并不是一个静止的概念，一个国家可以通过自己的行动发展某种特定的比较利益。
Comparative advantage is not a static concept; a country may develop a particular comparative advantage through its own actions.(5) 比较利益理论已成为现代国际贸易思想的基石。
The idea of comparative advantage has become the cornerstone of modern thinking on international trade.Lesson 21. Economies of scale: that is, the cost advantages of large-scale production.2. Tariff barriers: are the most common form of trade restriction.3. A tariff: is a tax levied on a commodity when it crosses the boundary of a customs area which usually coincides with the area of a country.4. A customs union: a customs area extending beyond national boundaries to include two or more independent nations is called a customs union.5. Import duties: are tariffs levied on goods entering an area.6. Export duties: are taxes levied on goods leaving an area.7. Drawback: refers to duties paid on imported goods that are refunded if the goods are reexported.8. Most -favored -nation (MFN) treatment: refers to a tariff treatment under which a country is required to extend to all signatories any tariff concessions granted to any participating country.9. Quotas or quantitative restrictions: are the most common form of non-tariff barriers. A quota limits the imports or exports of a commodity during a given period of time.10. 需求结构：patterns of demand 生产能力：production capabilities消费爱好：consumption preference 规模经济：economies of scale成本优势：cost advantage 大规模生产：large-scale production关税和配额：tariffs and quotas 外汇：foreign exchange革新或款式：innovation or style 移民汇款：immigrant remittance11. capability at/in cost for/of at reasonable costs levied ontake into account without reference to (不针对) make efforts toengage in12.Translation:(1) 一件商品的成本会因生产规模扩大而减少。
The cost of product will decrease with the expansion of production scale.(2) 在实际中，即使完全的专业化在经济上有利，也可能永远不会发生。
In reality, complete specialization may never take place even though it is economically advantageous.(3) 配额或者说数量限制是最常见的关税壁垒。
Quotas or quantitative restrictions are the most common form of non-tariff barriers.(4) 有形贸易指货物的进出口贸易，而无形贸易涉及的是国家间的劳务交换。
The visible trade is the import and export of goods, and the invisible trade is the exchange of services between countries.(5) 国家从事的贸易种类是多样的、复杂的，往往是有形贸易和无形贸易的混合。
The kinds of trade nations engage in are varied and complex, often a mixture of visible and invisible trade.Lesson 31. Consignment transaction: this means the exporter has to send his goods abroad and will not get payment until the goods are sold. If not sold, the goods can be shipped back.2. The draft: also referred to as the bill of exchange, is an unconditional order to a bank or a customer to pay a sum of money to someone on demand or at a fixed time in the future.3. Sight draft: calls for immediate payment on presentation to the drawee.4. Usance draft: is payable at a later date, e.g.30, 45,60 or 90 days after sight or date.5. Documentary draft: the draft is accompanied by the relevant documents such as the bill of lading, the invoice, the insurance policy etc.6. Documents against payment (D/P): documents will not be released to the importer until payment is effected.7. D/P at sight: requires immediate payment by the importer to get hold of the documents.8. D/P after sight: gives the importer a certain period after presentation of the documents, butdocuments are not released to him until he actually pays for the merchandise.9. Documents against acceptance (D/A): documents are handed over to the importer upon his acceptance of the bill of exchange drawn by the exporter. Payment will not be made until a later date. D/A is always after sight.10.外汇管制：foreign exchange control 预付现金：cash in advance记帐贸易：open account 破产：go bankrupt11.add up to (amount to) have/gain control over part with (分手)enter into on demand (立即) hand over to (交给)push the sale(促销) tie up money(占压资金)make/effect paymentopen/issue/establish L/C with bank in one"s favor (以谁为受益人)12. Translation:(1) 在国际贸易中进出口双方都面临风险，因为总存在对方不履约可能。