国际经济学名词解释 英文版

1 The opportunity cost of producing something measures the cost of not being able to produce something else because resources have already been used.2 A country with a comparative advantage in producing a good uses its resources most efficiently when it produces that good compared to producing other goods.3 Labor productivity: the number of units of output that a worker can produce in one hour.4 The production possibility frontier (PPF) of an economy shows the maximum amount of a goods that can be produced for a fixed amount of resources.5 Relative wages are the wages of the domestic country relative to the wages in the foreign country.6 Define an isovalue line as a line representing a constant value of production,7 Stolper-Samuelson theorem: if the relative price of a good increases, then the real wage or real lending/ renting rate of the factor used intensively in the production of that good increases, while the real wage or real lending/renting rate of the other factor decreases.8 the Rybczynski theorem：If we hold output prices constant as the amount of a factor of production increases, then the supply of the good that uses this factor intensively increases and the supply of the other good decreases.9 Leontief found that U.S. exports were less capital-intensive than U.S. imports, even though the U.S. is the most capital-abundant country in the world: Leontief paradox.10 Consumer preferences are represented by indifference curves: combinations of goods that make consumers equally satisfied (indifferent).11 The change in welfare (income) when the price of one good changes relative to the price of another is called the income effect.12 The substitution of one good for another when the price of the good changes relative to the other is called the substitution effect.13 The terms of trade refers to the price of exports relative to the price of imports Growth is usually biased: it occurs in one sector more than others, causing relative supply to change.14 Export-biased growth is growth tha t expands a country’s production possibilities disproportionally that country’s export sector.15 Import-biased growth is growth that expands a country’s production possibilities disproportionally in that country’s import sector16Immiserizing growth：export-biased growth by poor nations would worsen their terms of trade so much that they would be worse off than if they had not grown at all.16 Import tariffs are taxes levied on imports17 Export subsidies are payments given to domestic producers that export.18 External economies of scale occur when cost per unit of output depends on thesize of the industry19 Internal economies of scale occur when the cost per unit of output depends on the size of a firm.20 A monopoly is an industry with only one firm.21 An oligopoly is an industry with only a few firms.22 Average cost is the cost of production (C) divided by the total quantity ofproduction (Q). AC = C/Q23 Marginal cost is the cost of producing an additional unit of output.24 Monopolistic competition is a model of an imperfectly competitive industrywhich assumes thatA：Each firm can differentiate its product from the product of competitors.B：Each firm ignores the impact that changes in its price will have on the prices that competitors set: even though each firm faces competition it behaves as if it were a monopolist.25 Suppose now that the global cloth industry is described by the monopolisticcompetition model.Because of product differentiation, suppose that each country produces different types of cloth.Because of economies of scale, large markets are desirable: the foreign country exports some cloth and the domestic country exports some cloth.Trade occurs within the cloth industry: intra-industry trade26 According to the Heckscher-Ohlin model or Ricardian model, countries specializein production.Trade occurs only between industries: inter-industry tradeIn a Heckscher-Ohlin model suppose that:The capital abundant domestic economy specializes in the production of capitalintensive cloth, which is imported by the foreign economy.The labor abundant foreign economy specializes in the production of labor intensive food, which is imported by the domestic economy.27 Dumping is the practice of charging a lower price for exported goods than forgoods sold domestically28 Dumping is an example of price discrimination: the practice of charging different customers different prices29 Specialized equipment or services may be needed for the industry, but are only supplied by other firms if the industry is large and concentrated30 Labor pooling: a large and concentrated industry may attract a pool of workers,reducing employee search and hiring costs for each firm.31 Knowledge spillovers: workers from different firms may more easily share ideasthat benefit each firm when a large and concentrated industry exists32 Dynamic increasing returns to scale exist if average costs fall as cumulativeoutput over time rises.33 economic geography refers to the study of international trade, interregional tradeand the organization of economic activity in metropolitan and rural areas34 A specific tariff is levied as a fixed charge for each unit of imported goods35 An ad valorem tariff is levied as a fraction of the value of imported goods36 The effective rate of protection measures how much protection a tariff or othertrade policy provides domestic producers37 Consumer surplus measures the amount that consumers gain from purchases bythe difference in the price that each pays from the maximum price each would be willing to pay38 Producer surplus measures the amount that producers gain from a sale by thedifference in the price each receives from the minimum price each would be willing to sell at39 An export subsidy can also be specific or ad valorem：A specific subsidy is a payment per unit exported. An ad valorem subsidy is a payment as a proportion of the value exported.40 An import quota is a restriction on the quantity of a good that may be imported. 41A voluntary export restraint works like an import quota, except that the quota is imposed by the exporting country rather than the importing country.42 A local content requirement is a regulation that requires a specified fraction of a final good to be produced domestically43Gross national product(GNP) is the value of all final goods and services produced by a nation’s factors of production in a giventime period44 Gross domestic product measures the final value of all goods and services that are produced within a country in a given time period45National income is often defined to be the income earned by a nation’s factors of production.46 Depreciation of physical capital results in a loss of income to capital owners, so the amount of depreciation is subtracted from GNP47 Unilateral transfers to and from other countries can change national income: payments of expatriate workers sent to their home countries, foreign aid and pension payments sent to expatriate retirees48current account: accounts for flows of goods and services (imports and exports). financial account: accounts for flows of financial assets (financial capital). capital account: flows of special categories of assets (capital): typicallynon-market, non-produced, or intangible assets like debtforgiveness, copyrights and trademarks49 Appreciation is an increase in the value of a currency relative to another currency. Depreciation is a decrease in the value of a currency relative to another currency 50 Arbitrage: buying at a low price and selling at a high price for a profit.51Spot rates are exchange rates for currency exchanges “on the spot”, or when trading is executed in the present52Forward rates are exchange rates for currency exchanges that will occur at a future (“forward”) date.53 Money demand represents the amount of monetary assets that people are willing to hold (instead of illiquid assets).54The central bank substantially controls the quantity of money that circulates in an economy, the money supply55Interest rates/expected rates of return on monetary assets relative to the expected rates of returns on non-monetary assets.56 Risk: the risk of holding monetary assets principally comes from unexpectedinflation, which reduces the purchasing power of money.57 Liquidity: A need for greater liquidity occurs when the price of transactionsincreases or the quantity of goods bought in transactions increases.58 Prices: the prices of goods and services bought in transactions will influence the willingness to hold money to conduct those transactions59 Income: greater income implies more goods and services can be bought, so thatmore money is needed to conduct transactions60 (DF –QF) = (PC /PF)(QC –DC)❖This equation is the budget constraint for an economy, and it has a slope of –(PC /PF)(DF –QF)–(PC /PF)(QC –DC) = 0❖Note that the budget constraint touches the PPF: a country can always afford to consume what it produces.❖However, a country need not consumeonly the goods and services that it produceswith trade.Exports and imports can be greater than zero.❖Furthermore, a country can afford to consume more of both goods with trade.。