2022年微观经济学名词解释 .pdf
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1、微观经济名词解释CHAPTER 1 Scarcity : 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
2、 members of society. Opportunity cost : whatever must be given up to obtain some item. Rational : systematically and purposefully doing the best you can to achieve your objectives. Marginal changes : small incremental adjustments to a plan of action. Incentive : something that induces a person to ac
3、t. 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. Property rights : the ability of an individual to own and exercise control over scarce resources. Market failure : a situation
4、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. Productivit
5、y : 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,
6、such as employment and production. CHAPTER 2 Circular-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
7、 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 sta
8、tements : claims that attempt to describe the world as it is. Positive statements : claims that attempt to describe the world as it is. CHAPTER 4 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 de
9、manded of a good falls when the 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, othe
10、r 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. 精选学习资料 - - - - - - - - - 名师归纳总结 - - - - - - -第 1 页,共 4 页Substitutes : two goods for which an increase in the price of one g
11、ood 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 thin
12、gs 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
13、: 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 quantity : the quantity supplied and the quantity demanded at the equilibrium price. Surplus : a s
14、ituation 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 5 Ela
15、sticity 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 divid
16、ed by the percentage change in price. Total revenue : the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold. Income lasticity of demand: a measure of how much the quantity demanded of a good responds to a change in consumers income, co
17、mputed as the percentage change in quantity demanded divided by the percentage change in income. Crossprice 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 t
18、he 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 i
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