2022年微观经济学中英文术语及其解释 .pdf
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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 members of society Opportun
2、ity 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 fail
3、ure a s/tuition 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 Pr
4、oductivity 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 Philips curve a curve that shows the short-run tradeoff between inflation and unemployment Business cycle fluctuations in economic activity , s
5、uch as employment and produaion 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 available factors
6、 of production and the available production technology Positive statements claims that attempt to do describe the world as it is Normative statements claims that attempt to prescribe how the world should be Absolute advantage the comparison among producers of a good according to their productivity O
7、pportunity cost whatever must be given up 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 Market a group of buyers and seller
8、s 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,
9、 the quantity demanded 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 whic
10、h, 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 leads to an increase in the demand for the other 精选学习资料
11、- - - - - - - - - 名师归纳总结 - - - - - - -第 1 页,共 12 页Complements two goods for which an increase in the price of one 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 qua
12、ntity 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 th
13、e 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 situation in which quantity supplie
14、d is greater than quantity demanded Shortage a situation in which quantity demanded is greater than quantity supplied Laws 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 balance Elasticity a measure of the
15、 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 e percentage change in quantity demanded divided by the percentage cha
16、nge 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 tn quantity demanded divided by the percentage change in income Cross-price elasticity of demand a measure of how much the quanti
17、ty demanded of one good respond to a change in the price of another good, computed as the percentage change m 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
18、 to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price Price 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 manne
19、r in which the burden of a tax is shared among participants in a market Welfare 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
20、 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 the fai
21、rness of the distribution of well-being among the members of society Deadweight loss the fall in total surplus that results from a market distortion, such as a tax World price the price of a good that prevails in the world market for that good Tariff a tax on goods produced abroad and sold domestica
22、lly 精选学习资料 - - - - - - - - - 名师归纳总结 - - - - - - -第 2 页,共 12 页Import quota a limit on the quantity of a good that can be produced abroad and sold domestically Externality the uncompensated impact of one person s actions on the well-being of a bystander Internalizing an externality altering incentives
23、 so that people take account of the external effects 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 proces
24、s of agreeing and following through on a bargain Pigovian tax a tax enacted to correct the effects of a negative externality Excludability 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 Priv
25、ate 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 a
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