To obtain credits w/o a faction.
Convert CPs to ships, vehicles, droids etc. Once you get a ship, you could also do small transportation jobs, but the credit market isn't too lucrative unless you have the larger ships to haul and the reputation that shows you can be trustworthy. But by buying and selling more and more goods, after converting CP entities to credits by buying/selling you can make credits then possible get facilities to bring in a stable income. But other than that, factions are pretty straight forward in earning a consistent wage.
Coveted items? Anything rare, i.e. Royal Guard Armor Sets, Lightsabers, ummm.... there's others too. Just whatever people feel like owning really, but there are many rare things that many would want but may be out of their price range.
Slang, not much more acronyms though:
WTB: Willing to Buy
WTS: Willing to Sell
FS: For Sale
FA: For Auction
Pretty simple, if you run across them just ask that person. There are also many acronyms used to describe ships.