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1、1、 The market leader is frequently able to lead other firms in the introduction of new products, in price changes, in the level or intensity of promotions, and so on.市場(chǎng)領(lǐng)導(dǎo)者在引進(jìn)新產(chǎn)品、調(diào)整價(jià)格、促銷活動(dòng)等方面能夠領(lǐng)導(dǎo)其它企業(yè)。2、 Contrary to a common belief, wholly dominating a market, or having a monopoly, is seldom an advant

2、age: competitors expand markets and find new uses and users for products, which enriches everyone in the field, but the market leader more than its competitors. 和普遍看法相反,完全控制市場(chǎng),或者壟斷,很難有優(yōu)勢(shì):競(jìng)爭(zhēng)者擴(kuò)大市場(chǎng),尋找產(chǎn)品的新用途和客戶,從而使這個(gè)領(lǐng)域的人富有,但是市場(chǎng)領(lǐng)導(dǎo)者比競(jìng)爭(zhēng)者得到更多。3、 In the car hire business, the challenger actually advertises t

3、his fact: for many years Avis used the slogan Were number two. We try harder. 在汽車市場(chǎng),競(jìng)爭(zhēng)者登廣告的真相是:阿維斯多年來一直用這個(gè)標(biāo)語(yǔ)“我們是第二,我們一直很努力?!?、 Although small companies are generally flexible, and can quickly respond to market conditions, their narrow range of customers causes problematic fluctuations in turnover an

4、d profit. 盡管一些小公司很靈活,能夠迅速對(duì)市場(chǎng)情況做出反應(yīng),他們有限的范圍內(nèi)的客戶們導(dǎo)致翻覆波動(dòng)和利潤(rùn)的不確定。5、 Although the market could understand data concerning companies earnings, it was highly inefficient in valuing assets, including land, buildings and pension funds. 盡管市場(chǎng)能夠得悉企業(yè)收入的資料,對(duì)價(jià)值資產(chǎn)的利用效率非常低,包括土地,建筑和養(yǎng)老基金。6、 The ideal targets for such

5、buyouts were companies with huge cash reserves that enabled the buyer to pay the interest on the debt, or companies with successful subsidiaries that could be sold to repay the principal, or companies in fields that are not sensitive to a recession such as food and tobacco. 收購(gòu)的理想目標(biāo)公司是,公司有巨大的現(xiàn)金儲(chǔ)備,使買方

6、能夠支付利息的債務(wù),或公司能夠出售取得了巨大的成功的子公司來歸還本金,或公司在食品和煙草領(lǐng)域不會(huì)因?yàn)槭艽於鴮?dǎo)致衰退。7、 He created a huge and liquid market of up to 300 billion dollars for junk bonds.他為“垃圾債券”創(chuàng)造了一個(gè)巨大的、流動(dòng)的、價(jià)值3000多億的市場(chǎng)。8、 Fat or lazy companies that fail to do this will be taken over by raiders who will use assets more efficiently, cut costs, a

7、nd increase shareholder value.臃腫的公司無(wú)法做到這些就會(huì)被侵入者取代,這些侵入者能更有效率地利用資產(chǎn)、降低成本、增加股東收益。9、 Of course, pure free market theorists disapprove of welfare capitalism, and all actions inspired by social responsibility rather than the attempt to maximize profits.當(dāng)然,完全自由市場(chǎng)經(jīng)濟(jì)學(xué)家不支持福利資本主義,所有的行動(dòng)都是出于社會(huì)責(zé)任感,而不是為了使利益最大化。10、

8、 According to this approach business managers have responsibilities to all the groups of people with a stake in or an interest in or a claim on the firm.通過這個(gè)方法,企業(yè)管理者應(yīng)該對(duì)支持他的、有利益相關(guān)的、或權(quán)益要求的人負(fù)責(zé)。11、 Proponents of floating exchange rates, such as Milton Friedman, argued that currencies would automatically

9、 establish stable exchange rates which would reflect economic realities more precisely than calculation by central bank officials.支持浮動(dòng)匯率的人,如彌爾頓·弗雷德曼,認(rèn)為貨幣自動(dòng)地形成固定匯率比中央銀行職員計(jì)算出來的匯率更能真實(shí)地反映經(jīng)濟(jì)情況。12、 This has led to the current situation in which 95% of the worlds currency transactions are unrelated to

10、 transactions in goods but are purely speculative.這就導(dǎo)致在世界上95%的貨幣交易情形中,都和商品沒有關(guān)系,只是純粹的投機(jī)。13、 The majority of economists believe in the comparative cost principle, which proposes that all nations will raise their living standards and real income if they specialize in the production of those goods and s

11、ervices in which they have the highest relative productivity.大部分經(jīng)濟(jì)學(xué)家相信比較成本原則,建議所有的國(guó)家提高人們的生活水平和收入,如果他們?cè)谒麄儗iT從事的產(chǎn)品生產(chǎn)和服務(wù)方面有較高的生產(chǎn)率的話。14、Democratic governments do, which often encourages them to impose tariffs and quotas in order to protect what they see as strategic industries - notably agriculture - without which the country would be in danger if there was a war, as well as other jobs.為了保護(hù)戰(zhàn)略產(chǎn)業(yè),尤其是農(nóng)業(yè),民主政府經(jīng)常鼓勵(lì)他們?cè)黾雨P(guān)稅和配額,如果沒有這個(gè)而又發(fā)生戰(zhàn)爭(zhēng),國(guó)家將處于危機(jī)中,其它工作也一樣。15、 With tariffs, it is impossible

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