经济学原理名词解释(英文版)
曼昆经济学原理微观名词解释9-12(中英)
CHAPTER 9Application: International TradeWorld price: the price of a good that prevails in the world market for that good世界价格:一种物品在世界市场上通行的价格。
Tariff: a tax on goods produced abroad and sold domestically关税:对在国外生产而在国内销售的物品征收的一种税。
CHAPTER 10ExternalitiesExternality: the uncompensated impact of one person’s actions on the well-being of a bystander外部性：一个人的行为对旁观者福利的无补偿的影响Internalizing the externality: altering incentives so that people take into account the external effects of their actions外在性内部化：改变激励，以使人们考虑到自己行为的外部效应Corrective tax: a tax designed to induce private decision makers to take into account the social costs that arise from a negative externality矫正税：旨在引导私人决策者考虑负外部性引起的社会成本的税收Coase theorem: the proposition that if private parties canbargain without cost over the allocation of resources, they can solve the problem of externalities on their own科斯定理：认为如果私人各方可以无成本的就资源配置进行协商，那么他们就可以自己解决外部性问题的观点。
Theprinciplesofeconomics.经济学的原理(英译中)
Theprinciplesofeconomics.经济学的原理(英译中)The word economy es from the Greek word for “one who manages a household.” at first, this origin might seem peculiar.经济这个字眼来自希腊语中“家庭的管理者”，一开始，这个起源似乎看上去有些特殊。
But, in fact, households and economies have much in mon.但是，实际上，家庭和经济有许多的共同之处。
A household faces many decisions.一个家庭面临很多的决定。
It must decide which members of the household do which tasks and what each member gets in return:它必须要决定家庭成员要完成任务，并且将每个家庭中的成员都安排在内。
Who cooks dinner?谁烧正餐？Who does the laundry?谁做洗衣服？Who gets the extra dessert at dinner?谁可以得到额外的餐后甜点？Who gets to choose what TV show to watch?谁可以选择电视节目来看？In short, the household must allocate its scarce resources among its various members, taking into account each member’s abilitie s, efforts, and desires.总之，家庭必须把其缺乏的资源分配给其中的各种成员，并把每个成员能力，努力和愿望考虑进去，--Like a household, a society faces many decisions.和家庭一样，社会也面临很多的决定。
西方经济学(经济学原理)名词解释
西方经济学名词解释（经济学原理第6版—曼昆）微观部分1.稀缺性：社会资源的有限性。
2.经济学：研究社会如何管理自己的稀缺资源。
3.效率：社会能从其稀缺资源中得到最大利益的特性。
4.平等：经济成果在社会成员中平均分配的特性。
5.机会成本：为了得到某种东西所必须放弃的东西。
6.理性人：系统而有目的的尽最大努力实现其目标的人。
7.边际变动：对行动计划的微小增量调整。
8.激励：引起一个人做出某种行为的某种东西。
9.市场经济：当许多企业和家庭在物品与劳务市场上相互交易时，通过他们的分散决策配置资源的经济。
10.产权：个人拥有并控制稀缺资源的能力。
11.市场失灵：市场本身不能有效配置资源的情况。
12.外部性：一个人的行为对旁观者福利的影响。
13.市场势力：单个经济活动者（或一小群经济活动者）对市场价格有显著影响的能力。
14.生产率：每一单位劳动投入所生产的物品与劳务数量。
15.通货膨胀：经济中物价总水平的上升。
16.经济周期：就业和生产等经济活动的波动。
17.循环流量图：一个说明货币如何通过市场在家庭与企业之间流动的直观经济模型。
18.生产可能性边界：表示在可得到的生产要素与生产技术既定时，一个经济所能生产的产品数量的各种组合的图形。
19.微观经济学：研究家庭和企业如何做出决策，以及它们如何在市场上相互交易。
20.宏观经济学：研究整体经济现象，包括通货膨胀、失业和经济增长。
21.实证表述：试图描述世界是什么样子的观点。
22.规范表述：试图描述世界应该是什么样子的观点。
23.绝对优势：用比另一个生产者更少的投入生产某种物品的能力。
24.机会成本：为了得到某种东西而必须放弃的东西。
25.比较优势：一个生产者以低于另一个生产者的机会成本生产一种物品的行为。
26.进口品：在国外生产而在国内销售的物品。
27.出口品：在国内生产而在国外销售的物品。
28.市场：由某种物品或劳务的买者与卖者组成的一个群体。
29.竞争市场：有许多买着与卖者，以至于每个人对市场价格的影响都微乎其微的是市场。
经济学名词解释中英文对照
1、绝对优势（Absolute advantage）如果一个国家用一单位资源生产的某种产品比另一个国家多，那么，这个国家在这种产品的生产上与另一国相比就具有绝对优势。
2、逆向选择（Adverse choice）在此状况下，保险公司发现它们的客户中有太大的一部分来自高风险群体。
3、选择成本（Alternative cost）如果以最好的另一种方式使用的某种资源，它所能生产的价值就是选择成本，也可以称之为机会成本。
4、需求的弧弹性（Arc elasticity of demand）如果P1和Q1分别是价格和需求量的初始值，P2 和Q2 为第二组值，那么，弧弹性就等于-（Q1-Q2）（P1＋P2）/（P1-P2）（Q1＋Q2）5、非对称的信息（Asymmetric information）在某些市场中，每个参与者拥有的信息并不相同。
例如，在旧车市场上，有关旧车质量的信息，卖者通常要比潜在的买者知道得多。
6、平均成本（Average cost）平均成本是总成本除以产量。
也称为平均总成本。
7、平均固定成本( Average fixed cost）平均固定成本是总固定成本除以产量。
8、平均产品（Average product）平均产品是总产量除以投入品的数量。
9、平均可变成本（Average variable cost）平均可变成本是总可变成本除以产量。
10、投资的β(Beta）β度量的是与投资相联的不可分散的风险。
对于一种股票而言，它表示所有现行股票的收益发生变化时，一种股票的收益会如何敏感地变化。
11、债券收益(Bond yield）债券收益是债券所获得的利率。
12、收支平衡图（Break－even chart）收支平衡图表示一种产品所出售的总数量改变时总收益和总成本是如何变化的。
收支平衡点是为避免损失而必须卖出的最小数量。
13、预算线(Budget line）预算线表示消费者所能购买的商品X和商品Y的数量的全部组合。
经济学原理-名词解释
G-11 Planned investment (IP) spending
Positive economics Potential output Price Price ceiling Price floor Price leadership
Price level Price taker Principle of Opportunity Cost
Communism
Comparative advantage Compensating wage differential
Complement Constant cost industry
ATC Constant returns to scale Consumer Price Index
Consumption (C)
H
Household's quantity demanded
1
2
Human capital
I
Imperfect Competition
Imperfect competitive market Implicit cost Imports Income Income effect
Increasing cost industry ATC
Federal Reserve System Fiat money Final good Financial Intermediary
G-6
INTRODUCTION TO ECONOMICS
Firm's quantity supplied
1
2
ห้องสมุดไป่ตู้
Firm's supply curve
Fixed costs Fixed input Flow variable Free rider problem
经济学名词解释的英文表达
经济学名词解释的英文表达经济学涵盖了广泛的概念和名词，在学习和掌握这一学科时，经济学名词的英文表达是至关重要的。
在本文中，我们将探讨一些常见的经济学名词以及它们的英文表达。
一、需求与供给 - Demand and Supply需求和供给是经济学中最基本的概念之一。
需求指消费者愿意购买某种商品或服务的数量，而供给则是生产者愿意提供的数量。
需求和供给之间的关系决定了市场价格和商品数量的平衡。
二、市场均衡 - Market Equilibrium市场均衡是指需求和供给之间达到一种平衡状态，此时市场上的商品数量和价格达到最佳状态。
市场均衡的存在使得市场经济得以有效运行。
三、价格弹性 - Price Elasticity价格弹性是指商品需求对价格变化的敏感程度。
如果需求对价格的变化非常敏感，则称为价格弹性较高；如果需求对价格的变化不太敏感，则称为价格弹性较低。
四、劳动力市场 - Labor Market劳动力市场是指劳动者和雇主之间进行劳动力买卖的场所。
在劳动力市场中，劳动者以劳动力（工作能力）作为商品出售，雇主以工资作为回报。
五、经济增长 - Economic Growth经济增长是指一个国家或地区的国内生产总值（GDP）在一段时间内的持续增加。
经济增长是国家繁荣和进步的重要标志。
六、通货膨胀 - Inflation通货膨胀是指一种普遍的价格上涨现象，造成货币的购买力下降。
通货膨胀通常由货币供应过多或需求过旺导致。
七、贸易逆差与贸易顺差 - Trade Deficit and Trade Surplus贸易逆差指一个国家或地区的进口超过出口的情况，而贸易顺差则相反，即出口超过进口。
贸易逆差或贸易顺差对一个国家的经济有着重要影响。
八、市场失灵 - Market Failure市场失灵指市场机制无法达到有效资源配置和公平分配的情况。
常见的市场失灵形式包括垄断、外部性和不完全信息等。
九、机会成本 - Opportunity Cost机会成本是指放弃某种选择所带来的最高价值的权益损失。
西方经济学名词解释
名词解释1、需求：一种商品的需求是指消费者在一定时期内在各种可能的价格水平愿意而且能过购买的该商品的数量2、供给：一种商品的需求是指生产者在一定时期内在各种可能的价格水平愿意而且能过出售的该商品的数量3、均衡价格:一种商品的均衡价格是指该商品的市场需求量和市场供给量相等时的价格。
4、需求的价格弹性:一定时期内一种商品的需求量变动对于该商品价格变动的反应程度5、无差异曲线：用来表示消费者偏好相同的两种商品的组合。
或者说它是表示能够给消费者带来相同的效用水平或满足程度的两种商品的所有组合。
6、效用:消费者在消费商品时感受到的满足程度、7、边际效用递减规律：在一定时间内,在其他商品的消数量保持不变的条件下，随着消费者对某种商品消费量的增加，消费者从该商品连续增加的每一消费单位中所得到的效用增量即边际效用是递减的。
8、边际替代率:在维持效用水平不变的前提下，消费者增加一单位某种商品的消费数量时所需要放弃的另一种商品的消费数量。
9、消费者剩余：消费者在购买一定数量的某种商品时愿意支付的最高总价和实际支付的总价格之间的差额。
10、生产函数：表示在一定时期内，在技术水平不变的情况下，生产中所使用的生产要素的数量与所能生产的最大产量之间的关系.11、机会成本：一般的,生产一单位的某种商品的机会成本是指生产者所放弃的使用相同的生产要素在其他生产用途中所能得到的最高收入.12、边际技术替代率：在维持产量水平不变的条件下，增加一单位某种生产要素的投入量是所减少的另一种要素的投入量.13、恩格尔定律:随收入提高,食物支出在全部支出中所占比例减小14、规模报酬：是指在其他条件不变的情况下,企业内部各种生产要素按相同比例变化所带来的产量变化.15、国内生产总值：是指在经济社会在一定时期内运用生产要素所生产的全部最终产品（物品和劳务）的市场价值。
16、IS曲线:一条反映利率和收入之间关系的曲线。
这条曲线上任何一点都代表一定的利率和收入的组合，在这些组合下，投资和储蓄都是相等的，即i=s,从而产品市场是均衡的17、LM曲线：在货币市场中，货币供给等于货币需求时收入与利率的各种组合的点的轨迹18、流动性偏好陷阱:当利率极低，人们会认为这种利率不大可能再降，或者说有价证券市场价格不大可能上升而只会跌落时，人们不管有多少货币都愿意持在手中，这种情况被称为“流动偏好陷阱”或“凯恩斯陷阱”。
经济学名词解释_英文版
How people make decisions: 1. people face trade offs2. The cost of something is what you give up to get it3. Rational people think at the margin4. People respond to incentivesHow people interact: 5.trade can make everyone better off6. Markets are usually a good way to organize economic activity7. Government can sometimes improve market outcomesHow the economy as 8. A country’s standard of living depends on its ability to produceA whole works: goods and services9. Prices rise when the government prints too much money10. Society faces a short-run tradeoff betweeninflation and unemploymentKey concepts:Ability-to-pay principle（税收的）能力支付原则: The idea that taxes should be levied on a person according to how well that person can shoulder the burdenAbsolute advantage绝对优势: The comparison among producers of a good according to their productivityAccounting profit会计利润: Total revenue minus total explicit cost Adverse selection逆向选择: The tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party Agent代理人: A person who is performing an act for another person, called the principalAggregate-demand curve: a curve that shows the quantity of goods and services that households, firms, and the government want to buy at each price levelAggregate risk: risk that affects all economic actors at onceAggregate-supply curve: a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level Appreciation: an increase in the value of a currency as measured by the amount of foreign currency it can buyArrow’s impossibility theorem阿罗不可能定理: A mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferencesAverage fixed cost平均固定成本: Fixed costs divided by the quantity of outputAverage revenue平均收益: Total revenue divided by the quantity sold Average tax rate平均税率: Total taxes paid divided by total income Average total cost平均总成本: Total cost divided by the quantity of output Average variable cost平均可变成本: Variable costs divided by the quantity of outputAutomatic stabilizers: changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate actionBalance trade: a situation in which exports equal importsBenefits principle受益原则: The idea that people should pay taxes based on the benefits they receive from government servicesBond: a certificate of indebtednessBudget constraint预算约束: The limit on the consumption bundles that a consumer can affordBudget deficit预算赤字: An excess of government spending over government receiptsBudget surplus预算盈余: An excess of government receipts over government spendingBusiness cycle经济周期: Fluctuations in economic activity, such as employment and productionCapital资产: The equipment and structures used to produce goods and servicesCapital flight: a large and sudden reduction in the demand for assets located in a countryCartel 卡特尔: A group of firms acting in unisonCatch-up effect 后发效应: the property whereby countries that start off poor tend to grow more rapidly that countries that start off richCentral bank: an institution designed to oversee the banking system and regulate the quantity of money in the economyCircular-flow diagram循环流向图: A visual model of the economy that shows how dollars flow through markets among households and firms Closed economy: an economy that does not interact with other economies in the worldCollective bargaining: the process by which unions and firms agree on the terms of employmentCommodity money: money that takes the form of a commodity with intrinsic valueCoase theorem科斯定理: The proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their ownCollusion共谋: An agreement among firms in a market about quantities to produce or prices to chargeCommon resources共同资源: Goods that are rival but not excludable Comparative advantage比较优势: The comparison among producers of a good according to their opportunity costCompensating differential补偿性工资差别: A difference in wages that arises to offset the nonmonetary characteristics of different jobsCompetitive market竞争性市场: A market with many buyers and sellers trading identical products so that each buyer and seller is a price taker Complements互补性商品: Two goods for which an increase in the price of one leads to a decrease in the demand for the otherCondorcet paradox: the failure of majority rule to produce transitive preferences for societyCompounding: the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the futureConstant returns to scale规模报酬不变: The property whereby long-run average total cost stays the same as the quantity of outputConsumer price index (CPI): a measure of the overall cost of the goods and services bought by a typical consumerConsumer surplus消费者剩余: A buyer’s willingness to pay minus the amount the buyer actually pays Consumption: spending by households on goods and services, with the exception of purchases of new housingCost成本: The value of everything a seller must give up producing a good Cost-benefit analysis成本收益分析: A study that compares the costs and benefits to society of providing a public goodCrowding out: a decrease in investment that results from government borrowingCrowding-out effect: the offset in aggregate demand that results when expansionary fiscal policy raise the interest rate and thereby reduces investment spendingCross-price elasticity of demand需求的交叉价格弹性: A measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in the price of the second goodCurrency: the paper bills and coins in the hands of the publicCyclical unemployment: the deviation of unemployment from a market distortion, such as a taxDeadweight loss无谓损失: The fall in total surplus that results from a market distortion, such as a taxDemand curve需求曲线: A graph of the relationship between the price of a good and the quantity demandedDemand deposits: balances in bank accounts that depositors can access on demand by writing a checkDemand schedule需求表: A table that shows the relationship between the price of a good and the quantity demandedDepreciation: a decrease in the value of a currency as measured by the amount of foreigh currency it can buyDepression: a severe recessionDiminishing marginal product边际产品递减: The property whereby the marginal product of an input declines as the quantity of the input increases Discrimination歧视: The offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristicsDiseconomies of scale规模不经济: The property whereby long-run average total cost rises as the quantity of output increasesDiscount rate: the interest rate on the loans that the Fed makes to banks Discouraged workers: individuals who would like to work but have given up looking for jobDiversification: the reduction of risk achieved by replacing a single risk with a large number of smaller unrelated risksDominant strategy占优策略: A strategy that is best for a player in a game regardless of the strategies chosen by the other playersEconomic profit经济利润: Total revenue minus total cost, including both explicit and implicit costsEconomics经济学: The study of how society manages its scarce resources Economies of scale规模经济: The property whereby long-run average total cost falls as the quantity of output increasesEfficiency效率: The property of society getting the most it can from its scarce resourcesEfficiency wages效率工资: Above-equilibrium wages paid by firms in order to increase worker productivityEfficient scale: the quantity of output that minimizes average total cost Elasticity: a measure of the responsiveness of quantity demanded or quantitysupplied to one of its determinantsEquilibrium: a situation in which the price has reached the level where quantity supplied equals quantity demandedEquilibrium price: the price that balances quantity supplied and quantity demandedEquilibrium quantity: the quantity supplied and the quantity demanded at the equilibrium priceEquity: the property of distributing economic prosperity fairly among the members of societyExcludability: the property of a good whereby a person can be prevented from using itExplicit costs: input costs that require an outlay of money by the firm Export: goods produced domestically and sold abroadExternality: the uncompensated impact of one person’s actions on the wellbeing of a bystanderFactors of production: the inputs used to produce goods and services Federal reserve (Fed) : the central bank of the united statesFiat money: money without intrinsic value that is used as money because of government decreeFinance: the field that studies how people make decisions regarding the allocation of resources over time and the handling of riskFinancial intermediaries: financial institutions through which savers can indirectly provide funds to borrowersFinancial markets: financial institutions through which savers can directly provide funds to borrowersFinancial system: the group of institutions in the economy that help to match one person’s saving with another person’s investmentFisher effect: the one-for-one adjustment of the nominal interest rate to the inflation rateFractional-reserve banking: a banking system in which banks hold only a fraction of deposits as reservesFrictional unemployment: unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills Fundamental analysis: the study of a company’s accounting statements and future prospects to determine its valueFuture value: the amount of money in the future that an amount of money today will yield, given prevailing interest ratesFixed costs: costs that do not vary with the quantity of output producedFree rider: a person who receives the benefit of a good but avoids paying foritGame theory: the study of how people behave in strategic situationsGDP deflator: a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100Government purchases: spending on goods and services by local, state, and federal governmentsGross domestic product GDP: the market value of all final goods and services produced within a country in a given period of timeHorizontal equity: the idea that taxpayers with similar abilities to pay taxes should pay the same amountHuman capital: the accumulation of investment in people, such as education and on-the-job trainingIdiosyncratic risk: risk that affects only a single economic actorImplicit costs: input costs that do not require an outlay of money by the firm Import quota: a limit on the quantity of a good that can be produced abroad and sold domesticallyImports: goods produced abroad and sold domesticallyIncome effect: the change in consumption that results when a price change moves the consumer to a higher or lower indifference curveIncome elasticity of demand: a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in incomeIndexation: the automatic correction of a dollar amount for the effects of inflation by law or contractIndifference curve: a curve that shows consumption bundles that give the consumer the same level of satisfactionInferior good: a good for which, other things equal, an increase in income leads to a decrease in demandInflation: an increase in the overall level of prices in the economyInflation rate: the percentage change in the price index from the preceding periodInflation tax: the revenue the government raises by creating money Informationally efficient: reflecting all available information in a rational wayI n-kind transfers: transfers to the poor given in the form of goods and services rather than cashInternalizing an externality: altering incentives so that people take account of the external effects of their actionsInvestment: spending on capital equipment, inventories, and structures, including household purchases of new housingJob search: the process by which workers find appropriate jobs given their tastes and skillslabor force: the total number of workers, including both the employed and the unemployedLabor-force participation rate: the percentage of the adult population that is in the labor forceLaw of demand: the claim that, other things equal, the quantity demanded of a good falls when the price of the good risesLaw of supply: the claim that, other things equal, the quantity supplied of a good rises when the price of the good risesLaw of supply and demand: the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balanceLiberalism:the political philosophy according to which the government should choose policies deemed to be just, as evaluated by an impartial observe behind a “veil of ignorance”Libertarianism: the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute incomeLife cycle: the regular pattern of income variation over a person’s life Liquidity: the ease with wh ich an asset can be converted into the economy’s medium of exchangeLump-sum tax: a tax that is the same amount for every person Macroeconomics: the study of economy-wide phenomena, including inflation, unemployment, and economic growthMarginal changes: small incremental adjustments to a plan of action Marginal cost: the increase in total cost that arises from an extra unit of productionMarginal product: the increase in output that arises from an additional unit of inputMarginal product of labor: the increase in the amount of output from an additional unit of laborMarginal rate of substitution: the rate at which a consumer is willing to trade one good for anotherMarginal revenue: the change in total revenue from an additional unit sold Marginal tax rate: the extra taxes paid on an additional dollar of income Market: a group of buyers and sellers of a particular good or servicesMarket economy: an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and servicesMarket failure: a situation in which a market left on its own fails to allocate resources efficientlyMarket for loanable funds: the market in which those who want to save supply funds and those who want to borrow to invest demand fundsMarket power: the ability of a single economic actor (or small group of actors) to have a substantial influence on market pricesMaximin criterion: the claim that the government should aim to maximize the well-being of the worst-off person in societyMedian voter theorem: a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voterMenu cost: the costs of changing pricesMicroeconomics: the study of how households and firms make decisions and how they interact in marketsModel of aggregate demand and aggregate supply: the model that most economists use to explain short-run fluctuations in economic activity around its long-run trendMonetary neutrality: the proposition that changes in the money supply do not affect real variablesMonetary policy: the setting of the money supply by policymakers in the central bankMoney: the set of assets in an economy that people regularly use to buy goods and services from other peopleMoney multiplier: the amount of money the banking system generates with each dollar of reservesMoney supply: the quantity of money available in the economy monopolistic competition: market structures in which many firms sell products that are similar but not identicalMonopoly: a firm that is the sole seller of a product without close substitutes Moral hazard: the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behaviorMultiplier effect: the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spendingMutual fund: an institution that sells shares to the public and uses theproceeds to buy a portfolio of stocks and bondsNash equilibrium: a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the more firmsNational saving: the total income in the economy that remains after paying for consumption and government purchasesNatural-rate hypothesis: the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflationNatural rate of unemployment: the normal rate of unemployment around which the unemployment rate fluctuatesNatural resources: the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral depositsNegative income tax: a tax system that collects revenue from high-income households and gives transfers to low-income householdsNet capital outflow: the purchases of foreign assets by domestic residents minus the purchases of domestic assets by foreignersNet exports: the value of a nation’s exports minus the value of its imports; also called the trade balanceNominal GDP: the production of goods and services valued at current prices Nominal interest rate: the interest rate as usually reported without a correction for the effects of inflationNominal variables: variables measured in monetary unitsNormal good: a good for which, other things equal, an increase in income leads to an increase in demandNormative statement: claims that attempt to prescribe how the world should beOligopoly: a market structure in which only a few sellers offer similar or identical productsOpen economy: an economy that interacts freely with other economies around the worldOpen-market operations: the purchase and sale of U.S. government bonds by the FedOpportunity cost: whatever must be given up to obtain some itemPerfect complement: two goods with right-angle indifference curvesPerfect substitutes: two goods with straight-line indifference curves Permanent income: a person’s normal incomePhillips curve: a curve that shows the short-run tradeoff between inflation and unemploymentPhysical capital: the stock of equipment and structures that are used toproduce goods and servicesPositive statements: claims that attempt to describe the world as It is Pigovian tax: a tax enacted to correct the effects of a negative externality Positive statements: claims that attempt to describe the world as it is Poverty line: an absolute level of income set by the federal government for each family size below which a family is deemed to be in povertyPoverty rate贫困率: The percentage of the population whose family income falls below an absolute level called the poverty linePresent value: the amount of money today that would be needed to produce, using prevailing interest rates, a given future amount of moneyPrice ceiling 价格上限: a legal maximum on the price at which a good can be soldPrice discrimination: the business practice of selling the same good at different prices to different customersPrice elasticity of demand: a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in pricePrice elasticity of supply: a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in pricePrice floor 价格下限: a legal minimum on the price at which a good can be soldPrincipal: a person for whom another person, called the agent, is performing some actPrisoners’ dilemma: a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficialPrivate saving: the income that households have left after paying for taxes and consumptionPrivate goods: goods that are both excludable and rivalProducer price index: a measure of the cost of a basket of goods and services bought by firmsProducer surplus生产者剩余: the amount a seller is paid for a good minus the seller’s costProduction function生产函数: the relationship between quantity of input used to make a good and the quantity of output of that goodProduction possibilities frontier: a graph that shows the combinations ofoutput that the economy can possibly produce given the available factors of production and the available production technologyProductivity 生产力: the quantity of goods and services produced from each hour of a worker’s timeProfit 利润: Total revenue minus total costProgressive tax累进税: a tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayersProportional tax比例税: a tax for which high-income and low-income taxpayers pay the same fraction of incomePublic goods: goods that are neither excludable nor rivalPublic saving: the tax revenue that the government has left after paying for its spendingQuantity demanded: the amount of a good that buyers are willing and able to purchaseQuantity supplied: the amount of a good that sellers are willing and able to sellRandom walk: the path of a variable whose changes are impossible to predict Rational expectations: the theory according to which people optimally use all the information they have, including information about government policies, when forecasting the futureReal exchange rate: the rate at which a person can trade the goods and services of one country for the goods and services of anotherReal GDP: the production of goods and services valued at constant prices Real interest rate: the interest rate corrected for the effects of inflationReal variables: variables measured in physical unitsRecession: a period of declining real incomes and rising unemployment Reserve ratio: the fraction of deposits that banks hold as reservesReserve requirements: regulations on the minimum amount of reserves that banks must hold against depositsRegressive tax累退税: a tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayersreserves: deposits that banks have received but have not loaned outRisk averse: exhibiting a dislike of uncertaintyRivalry竞争: the property of a good whereby one person’s use diminishes other people’s use Sacrifice ratio: the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point Scarcity稀缺性: the limited nature of society’s resourcesScreening筛选: an action taken by an uninformed party to induce aninformed party to reveal informationShoeleather costs: the resources wasted when inflation encourages people to reduce their money holdingsShortage: a situation in which quantity demanded is greater than quantity suppliedSignaling信号显示: an action taken by an informed party to reveal private information to an uninformed partyStagflation: a period of falling output and rising pricesStock: a claim to partial ownership in a firmStore of value: an item that people can use to transfer purchasing power from the present to the futureStrike: the organized withdrawal of labor from a firm by a union Substitutes替代品: two goods for which an increase in the piece of one leads to an increase in the demand for the otherSubstitution effect替代效应: the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitutionSunk cost沉淀成本: a cost that has already been committed and cannot be recoveredSupply curve: a graph of the relationship between the price of a good and the quantity suppliedSupply schedule: a table that shows the relationship between the price of a good and the quantity suppliedSupply shock: an event that directly alters firms’ costs and prices, shifting the economy’s aggregate-supply curve and thus the Phillips curveSurplus过剩: a situation in which quantity supplied is greater than quantity demandedTariff关税: a tax on goods produced abroad and sold domesticallyTax incidence税收归宿: the manner in which the burden of a tax is shared among participants in a marketTechnological knowledge: society’s understanding of the best ways to produce goods and servicesTotal cost: the market value of the inputs a firm uses in productionTotal revenue: the amount a firm receives for the sale of its outputTotal revenue (in a market): the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold Trade balance: the value of a nation’s exports minus the value of its imports; also called net exportsTrade deficit: an excess of imports over exportsTrade policy: a government policy that directly influences the quantity of goods and services that a country imports or exportsTrade surplus: an excess of exports over importsTragedy of the commons公共地的悲剧: a parable that illustrates why common resources get used more than is desirable from the standpoint of society as a wholeTransaction costs交易成本: the costs that parties incur in the process of agreeing and following through on a bargain Unemployment rate: the percentage of the labor force that is unemployed Unemployment insurance: a government program that partially protects worker’s income when they become unemployedUnion: a worker association that bargains with employers over wages and working conditionsUnit of account 计价单位: the yardstick people use to post prices and record debtsUtilitarianism功利主义: the political philosophy according to which the government should choose policies to maximize the total utility of everyone in societyUtility效用: a measure of happiness or satisfactionValue of the marginal product边际产品价值: the marginal product of an input times the price of the outputVariable costs: costs that vary with the quantity of output producedVelocity of money 货币流通速度: the rate at which money changes Vertical equity纵向公平: the idea that taxpayers with a greater ability to pay taxes should pay larger amountsWelfare: government programs that supplement the incomes of the needy Welfare economics福利经济学: the study of how the allocation of resources affects economic well-beingWillingness to pay支付愿意: the maximum amount that buyer will pay for a goodWorld price: the price of a good that prevails in the world market for that good。
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经济学原理名词解释CHAPTER 1Scarcity : the limited nature of society’s resources.Economics : the study of how society manages its scarce resources.Efficiency : the property of society getting the most it can from its scarce resources.Equity : the property of distributing economic prosperity fairly among the members of society. Opportunity cost : whatever must be given up to obtain some item.Marginal changes : small incremental adjustments to a plan of action.Market economy : an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.Market failure : a situation in which a market left on its own fails to allocate resources efficiently.Externality : the impact of one person’s actions on the well-being of a bystander.Market power : the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices.Productivity : the quantity of goods and services produced from each hour of a worker’s time. Inflation : an increase in the overall level of prices in the economy.Phillips curve : a curve that shows the short-run tradeoff between inflation and unemployment. Business cycle : fluctuations in economic activity, such as employment and production.CHAPTER 2Circular-flow diagram : a visual model of the economy that shows how dollars flow through markets among households and firms.Production possibilities frontier : a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.Microeconomics : the study of how households and firms make decisions and how they interact in markets.Macroeconomics : the study of economy-wide phenomena, including inflation, unemployment, and economic growth.Positive statements: claims that attempt to describe the world as it is.Normative statements: claims that attempt to prescribe how the world should be. CHAPTER 3Absolute Advantage : the comparison among producers of a good according to their productivity.Opportunity Cost: whatever must be given to obtain some item.Comparative Advantage : the comparison among producers of a good according to their opportunity cost.Imports : goods produced abroad and sold domestically.Exports: goods produced domestically and sold abroad.CHAPTER 4Market: a group of buyers and sellers of a particular good or service.Competitive market: a market in which there are many buyers and many sellers so that each has a negligible impact on the market price.Quantity demanded: the amount of a good that buyers are willing and able to purchase.Law of demand: the claim that, other things equal, the quantity demanded of a good falls whenthe price of the good rises.Demand schedule: a table that shows the relationship between the price of a good and the quantity demanded.Demand curve: a graph of the relationship between the price of a good and the quantity demanded.Normal good: a good for which, other things equal, an increase in income leads to an increase in demand.Inferior good : a good for which, other things equal, an increase in income leads to a decrease in demand.Substitutes : two goods for which an increase in the price of one good leads to an increase in the demand for the other.Complements : two goods for which an increase in the price of one good leads to a decrease in the demand for the other.quantity supplied : the amount of a good that sellers are willing and able to sell.Law of supply : the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises.Supply schedule: a table that shows the relationship between the price of a good and the quantity supplied.Supply curve: a graph of the relationship between the price of a good and the quantity supplied.Equilibrium : a situation in which the price has reached the level where quantity supplied equals quantity demanded.Equilibrium price : the price that balances quantity supplied and quantity demanded. Equilibrium quantit y : the quantity supplied and the quantity demanded at the equilibriumprice.Surplus : a situation in which quantity supplied is greater than quantity demanded.Shortage : a situation in which quantity demanded is greater than quantity supplied.Law of supply and demand : the claim that the price of any good adjusts to bring the supply and demand for that good into balance.CHAPTER 5Elasticity a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants.Price elasticity of demand: a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price.Income elasticity of demand: a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income.Cross-price elasticity of demand: a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in the quantity demanded of the first good divided by the percentage change in the price of the second good.Price elasticity of supply: a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price.CHAPTER 6Price ceiling: a legal maximum on the price at which a good can be sold.Price floor: a legal minimum on the price at which a good can be sold.Tax incidence: the manner in which the burden of a tax is shared among participants in a market.CHAPTER 7Welfare economics: the study of how the allocation of resources affects economic well-being. Willingness to pay: the maximum amount that a buyer will pay for a good.Consumer surplus: a buyer’s willingness to pay minus the amount the buyer actually pays. Cost：the value of everything a seller must give up to produce a good.Producer surplus: the amount a seller is paid for a good minus the seller’s cost.Efficiency: the property of a resource allocation of maximizing the total surplus received by all members of society.Equity :fairness of the distribution of well-being among the members of society. CHAPTER 8Deadweight loss: the fall in total surplus that results from a market distortion, such as a tax. CHAPTER 9World price: the price of a good that prevails in the world market for that good.Tariff: a tax on goods produced abroad and sold domestically.Import quota: a limit on the quantity of a good that can be produced abroad and sold domestically.CHAPTER 10Externality :the uncompensated impact of one person’s actions on the well-being of a bystander.Internalizing an externality: altering incentives so that people take account of the externaleffects of their actions.Coase theorem: the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own. Transaction costs: the costs that parties incur in the process of agreeing and following through on a bargain.Pigovian tax: a tax enacted to correct the effects of a negative externality.CHAPTER11Excludability: the property of a good whereby a person can be prevented from using it. Rivalry: the property of a good whereby one person’s use diminishes other people’s use. Private goods: goods that are both excludable and rival.Public goods: goods that are neither excludable nor rival.Common resources: goods that are rival but not excludable.Free rider: a person who receives the benefit of a good but avoids paying for it.Cost-benefit analysis: a study that compares the costs and benefits to society of providing a public good.Tragedy of the commons: a parable that illustrates why common resources get used more than is desirable from the standpoint of society as a whole.CHAPTER 12Total revenue: the amount a firm receives for the sale of its output.Total cost: the market value of the inputs a firm uses in production.profit :total revenue minus total cost.explicit costs: input costs that require an outlay of money by the firm.Implicit costs: input costs that do not require an outlay of money by the firm.Economic profit: total revenue minus total cost, including both explicit and implicit costs.Accounting profit: total revenue minus total explicit cost.Production function: the relationship between quantity of inputs used to make a good and the quantity of output of that good.Marginal product: the increase in output that arises from an additional unit of input. Diminishing marginal product: the property whereby the marginal product of an input declines as the quantity of the input increases.Fixed costs: costs that do not vary with the quantity of output produced.Variable costs: costs that do vary with the quantity of output produced.Average total cost: total cost divided by the quantity of output.Average fixed cost: fixed costs divided by the quantity of output.Average variable cost: variable costs divided by the quantity of output.Marginal cost: the increase in total cost that arises from an extra unit of production.Efficient scale: the quantity of output that minimizes average total cost.Economies of scale: the property whereby long-run average total cost falls as the quantity of output increases.Diseconomies of scale: the property whereby long-run average total cost rises as the quantity of output increases.Constant returns to scale: the property whereby long-run average total cost stays the same as the quantity of output changes.CHAPTER 13Competitive market: a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker.Average revenue: total revenue divided by the quantity sold.Marginal revenue: the change in total revenue from an additional unit sold.Sunk cost: a cost that has been committed and cannot be recovered.CHAPTER 14Monopoly：a firm that is the sole seller of a product without close substitutes.Natural monopoly: a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.Price discrimination: the business practice of selling the same good at different prices to different customers.。