(Black, Economic term Equivalent Definition Translation

2003)
1 Arbitrage ‫موازنة‬ Buying a good or asset in one market
where price is low, and simultaneously
selling in another market where price
is higher. This does not involve taking
any *risks*. Arbitrage tends to prevent
the price of the same good or asset in
different markets from moving further
apart than a margin equal to
transactions costs. Interest arbitrage is
borrowing in a market with lower
interest rates and simultaneously
lending in a market with higher ones.
) oxford dictionary)

2 Fiscal policy ‫سياسة مالية‬ The use of taxation and government

spending to influence the economy.
This may work via changing tax rates
or the rules about liability to tax, or via
changes in government spending on
real goods and services or transfer
payments. Fiscal policy can be used
both to influence the level of
aggregate demand in the economy,
and to change the incentives facing
firms and individuals so as to
encourage or discourage particular
forms of activity.
3 Institutional ‫هيئات استثمار‬ A pension fund, insurance company,
investors bank or other institution with a large
portfolio of securities. After 1950,
these investors diversified their
portfolios by increasingly purchasing
equities.
4 Incentives ‫حافز‬ Rewards or penalties designed to
induce one set of people to act in such
a way as to produce results that
another set of people want. As
rewards for good results, incentives
can include higher pay, better working
conditions, better job security, better
promotion prospects, or simply
prestige.
 As penalties for poor results,
incentives may take the form of lower
pay, worse working conditions,
demotion or sacking, or simply loss of
reputation.
Incentives may be applied in response
to actual results, such as output or
profits, or to management's
perceptions of inputs, such as
attendance and disciplinary record.
Incentives cannot be based on inputs
or outputs which cannot be observed
by management: to motivate these it
is necessary to rely on self-respect or
team spirit.
Utility /‫اذراء المنفعة‬ The method of modelling choice by ‫طرق اختيار النموذج الذي‬
maximization / ‫تعظيم المنفعة‬ assuming that an individual's ‫يفترض أن تفضيالت الفرد تمثلها‬
‫اقصاء المنفعة‬ preferences can be represented by a ‫أقصى منفعة يمكن أن يحصل‬
utility function which they seek to ‫ وعندما يتعين القيام‬.‫عليها‬
maximize. Where choices have to be
‫بخيارات في ظل ظروف تنطوي‬
made under conditions of risk the
objective becomes that of maximizing ‫ يصبح الهدف هو‬،‫على مخاطر‬
expected utility. Utility maximization ‫ يمكن‬.‫تعظيم المنفعة المتوقعة‬
can be used to model individual ‫استخدام تعظيم المنفعة لتشكيل‬
consumers, organizations, and (by ،‫نماذج من المستهلكين األفراد‬
replacing the utility function by a ‫ و (عن طريق‬،‫المؤسسات‬
social welfare function) governments. ‫استبدال دالة الرعاية االجتماعية‬
Utility maximization has widespread .‫ب بدالة المنفعة) الحكومات‬
applicability throughout economics ‫يتميز المنفعة اذراء المنفعة‬
and has been the basis of the ‫بقابليته للتطبيق على نطاق واسع‬
formalization of the theory of choice.
‫في جميع أنحاء االقتصاد وكان‬
(Black,2003, p.2503)
‫أساس إضفاء الطابع الرسمي‬
‫على نظرية االختيار‬.
Entrepreneur ‫ صاحب‬/ ‫منظم‬ A person with overall responsibility for ‫شخص مسؤول بشكل عام عن‬
‫مشروع‬ decision-taking in a business, who ،‫اتخاذ القرار في شركة ما‬
receives any profits, and bears any ‫ ويتحمل‬،‫ويحصل على كل أرباح‬
losses. Entrepreneurs need not ‫ يحتاج أصحاب‬.‫أي خسائر‬
necessarily contribute either labour,
‫المشاريع بالضرورة إلى‬
which can be hired, or financial
capital, which can be borrowed; but ‫المساهمة إما في العمالة أو أن‬
they must contribute either one of ‫يوظفها ويساهم برأس المال أو‬
these or a credible guarantee if their ‫يمكنه اقتراض رأس المال‬
responsibility for possible losses is to ‫والمساهمة في العمالة؛ ولكن‬
 be genuine. In a business run by a sole ‫يجب عليه المساهمة بأي من هذه‬
trader it is clear who is the
entrepreneur; in incorporated
businesses the role is dispersed
among directors and shareholders.
(Black,2003, p.1304)
Compensation ‫ مكافأة‬/ ‫تعويض‬ Compensation direct and indirect
monetary and nonmonetary rewards
given to employees on the basis of the
value of the job, their personal
contributions, and their performance.
These rewards must meet both the
organization's ability to pay and any
governing legal regulations.
(Friedman, 2012, P.131)
Doing Business ‫تقرير مناخ‬ Doing Business carrying on,
Report ‫ أنشطة‬/‫األعمال‬ conducting, or managing a business. A
‫األعمال‬ corporation is doing business in a state
if it performs some of the ordinary
functions for which it was organized or
engages in activities that
subject it to the laws and jurisdiction
of that state. (Friedman, 2012, p.212)
Doing business is annual issued by
World Bank since 2002, it presents
quantitative indicators on business
regulations and the protection of
property rights that can be compared
across 190 economies and over time.
Doing Business covers 12 areas of
business regulation.
Doing Business also measures
regulation on employing workers and
contracting with the government,
which are not included in the ease of
doing business score and ranking.
(Institutional Economics, 00:03:27)
‫أو تقديم ضمان موثوق به إذا‬
‫كانت مسؤوليتهم عن الخسائر‬
‫ في األعمال‬.‫المحتملة حقيقية‬
،‫التجارية التي يديرها تاجر وحيد‬
‫يتضح من هو صاحب المشروع؛‬
‫ فيتم‬،‫أما في الشركات المدمجة‬
‫توزيع الدور المنظم بين أعضاء‬
‫مجلس اإلدارة والمساهمين‬
‫هي المكافآت المباشرة وغير‬
‫ النقدية وغير النقدية‬،‫المباشرة‬
‫للموظفين على أساس قيمة‬
‫الوظيفة ومدى مساهماتهم‬
‫ يجب أن تكون‬.‫الشخصية وأدائهم‬
‫هذه المكافآت تتبع كالً من قدرة‬
‫المنظمة على الدفع وأي لوائح‬
‫قانونية تحكم‬.
‫ممارسة األعمال التجارية‬
‫ تزاول‬.‫متابعتها أو إدارتها‬
‫الشركة أعمالها في دولة ما إذا‬
‫كانت تؤدي بعض الوظائف‬
‫العادية التي ُنظمت من أجلها أو‬
‫تشارك في أنشطة تخضعها‬
‫لقوانين تلك الدولة وواليتها‬
‫القضائية‬.
‫تصدر ممارسة األعمال التجارية‬
‫سنويًا عن البنك الدولي منذ عام‬
‫ وهي تقدم مؤشرات‬،2002
‫كمية حول لوائح األعمال وحماية‬
‫حقوق الملكية يمكن مقارنتها مع‬
ً
‫اقتصادا وبمرور الوقت‬ 190.
‫يغطي تقرير ممارسة أنشطة‬
‫ مجاالً من مجاالت‬12 ‫األعمال‬
‫تنظيم األعمال‬.
‫يقيس تقرير ممارسة أنشطة‬
‫ضا اللوائح الخاصة‬ ً ‫األعمال أي‬
‫بتوظيف العمال والتعاقد مع‬
‫ والتي لم يتم تضمينها‬،‫الحكومة‬
‫في تقييم سهولة ممارسة األعمال‬

The Global ‫مؤشر التنافسية‬ The Global Competitiveness Index
Competitiveness (GCI), a highly comprehensive index,
Index (GCI) which captures the microeconomic
and macroeconomic foundations of
national competitiveness.
Competitiveness as the set of
institutions, policies, and factors that
determine the level of productivity of
a country. (World Bank, 2022,
The Global Competitiveness Report
(GCR) is an annual report published by
the World Economic Forum WFE.
Since 2004, the Global
Competitiveness Report ranks
countries based on the Global
Competitiveness Index,
The report evaluates the ability of
countries to provide high levels of
prosperity to their citizens. This in turn
depends on how productively a
country uses available resources.
Therefore, the Global Competitiveness
Index measures the set of institutions,
policies, and factors that set the
sustainable current and medium-term
levels of economic prosperity.
(Institutional Economics, 00:21:17)
‫التجارية وترتيبها‬.
‫( مؤشر التنافسية العالمية‬GCI)
‫ يلتقط‬،‫هو مؤشر شامل للغاية‬
‫أسس االقتصاد الجزئي‬
‫واالقتصاد الكلي للقدرة التنافسية‬
‫ وهو مؤشر يمثل‬.‫المحلية‬
‫مجموعة من المؤسسات‬
‫والسياسات والعوامل التي تحدد‬
‫مستوى إنتاجية بلد ما‬
‫( تقرير التنافسية العالمية‬GCR)
‫هو تقرير سنوي ينشره المنتدى‬
‫االقتصادي العالمي منذ عام‬
‫ يصنف تقرير القدرة‬.2004
‫التنافسية العالمية البلدان على‬
‫أساس مؤشر القدرة التنافسية‬
‫العالمية‬.
‫ويقيّم التقرير قدرة البلدان على‬
‫توفير مستويات عالية من الرخاء‬
‫ ويتوقف هذا بدوره‬.‫لمواطنيها‬
‫على مدى إنتاجية البلد في‬
‫استخدام الموارد المتاحة‬.
‫وعلى هذا فإن مؤشر القدرة‬
‫التنافسية العالمية يقيس مجموعة‬
‫من المؤسسات والسياسات‬
‫والعوامل التي تحدد المستويات‬
‫المستدامة الحالية والمتوسطة‬
‫األجل من االزدهار االقتصادي‬.

Transaction costs ‫تكاليف التعامالت‬ the costs incurred in the EXCHANGE of

an INPUT, GOOD, SERVICE or ASSET
between two or more individuals or
firms, TRANSACTIONS can take place
through a MARKET, which involves the
‘arm’s-length’ buying and selling of
inputs, goods, services and assets
using the PRICE SYSTEM, or
transactions may be ‘internalized’
through an internal ORGANIZATION,
which involves the interchange of
inputs, goods, services and assets
between the various departments of a
firm, often using an internal TRANSFER
PRICING system. The transaction costs
of using the market include the
‘search’ costs of finding suitable input
suppliers and distributors for the
firm’s output, the administrative and
legal costs involved in drawing up
CONTRACTS with
suppliers/distributors, specifying
terms and conditions of
supply/delivery, the costs of
‘monitoring’ whether or not the terms
and conditions of the contract have
been adhered to, and the costs of
dealing with noncompliance (e.g. the
return of defective components).
Where a firm deals with a multitude of
suppliers/distributors, this takes up
management time as well as involving
substantial ‘policing’ costs. In addition,
the firm may be faced by powerful
input suppliers and distributors who
are able to impose monopolistic
surcharges on the terms of exchange
and/or operate PRICE SQUEEZES,
REFUSALS TO SUPPLY, etc. For these
reasons, a firm may seek to eliminate
external transaction costs by engaging
in self-supply of inputs and self-
distribution of its products, thus
substituting an internal organization
for the market. It is important,
however, to emphasize that the
elimination of external transactions
does not represent a ‘pure’ saving. By
‘internalizing’ transactions, the firm
 now incurs extra internal expenses –
the greater administrative costs of
running an enlarged operation – and it
may encounter ‘agency’ problems (see
AGENCY COSTS). See TRANSACTION
for further discussion. The Coase
theorem suggests that the decision by
a firm to use markets to undertake
exchanges rather than to internalize
such exchanges will be determined by
the amount of transaction costs
involved in undertaking any specific
exchange. See INTERNALIZATION,
OUTSOURCING

((Pass, C., Lowes, B., & Davies, L.,

2005, P.737,738  ) Collins.
Public goods _ ‫أمالك عامة‬ public goods the GOODS and SERVICES
‫أموال عامة‬ that are provided by the state for the
benefit of all or most of the populace
(education, health, housing, etc.).
Unlike PRIVATE PRODUCTS, there is no
direct link between the consumption
of a social product and payment for it.
Social products are paid for out of
general taxation and not by individual
consumers buying in the market place.
See also COLLECTIVE PRODUCTS.

((Pass, C., Lowes, B., & Davies, L.,

2005, p.679 ) Collins.

Securities market ‫سوق األسهم‬ A market in which new or existing

‫والسندات‬ stocks and shares are sold. Primary
markets are concerned with new
issues, secondary markets with
maintaining a market in bills, bonds,
stocks and shares already issued;
securities markets often combine both
functions. In recent years, the
 principal developments in these
markets have been to move from the
use of specialist trading to financial
conglomerates and to devise methods
of regulation appropriate to markets
which have been transformed by
internationalization and rapid
electronic communication.

(Rutherford, 2005, p.375)  Routledge.

Bond market ‫سوق السندات‬ A market which raises long-term

capital in the form of bonds that bear
a fixed rate of interest for
governments and firm sand organizes
the trading of bonds that have already
been issued.

(Rutherford, 2005, p.48)  Routledge.