What is a Compiler

A compiler is a computer program which transforms source code written in a programming language to another computer language. Usually compilers transforms source code of a high level programming language to a low level programming language. 

Transpiler: 
Type of compiler that takes source code of a programming language and converts into another language.

Following images shows steps happening in the compilation process

image credit: nocookie.net

Interpreter

Directly executes source code without firstly compiling into a machine language program.

Also see Difference between Compiler, Intepreter and Assembler (quora)

Name Binding

Association of  entities with identifiers. Binding is connected is scope, as scope determines which names bind to which objects. 

Early/Static Binding

Method is bound at compile time. If a suitable method does not exist, an error will occur. 

Late/Dynamic/Virtual Binding

Binding happens at run time.

Dynamic dispatch is process of selecting which implementation of a polymorphic operation (method or function) to call at run time.

Resources

http://caml.inria.fr/pub/docs/oreilly-book/html/book-ora065.html

http://en.wikipedia.org/wiki/Compiler

http://en.wikipedia.org/wiki/Interpreter_%28computing%29

http://en.wikipedia.org/wiki/Assembly_language#Assembler

http://programmers.stackexchange.com/questions/200115/what-is-early-and-late-binding

http://en.wikipedia.org/wiki/Late_binding

http://stackoverflow.com/questions/20187587/what-is-the-difference-between-dynamic-dispatch-and-late-binding-in-c