微观经济学名词解释
Chapter 1 | | business cycle 经济周期 | fluctuations in economic activity, such as employment and production | economics经济学; 经济，国家的经济状况 | the study of how society manages its scarce缺乏的，罕见的 resources | efficiencyn.功效; 效率，效能; 实力，能力; [物] 性能; | the property of society getting the most it can from its scarce resources | equalityn.同等，平等; [数] 相等，等式; | the property of distributing economic prosperity uniformly among the members of society | externality[,ekstɜː'nælɪtɪ]外部性 | the uncompensated impact of one person’s actions on the well-being of a bystander旁观者; 局外人; 看热闹的人 | incentive | something that induces a person to act | Inflation[ɪn'fleɪʃ(ə)n] | an increase in the overall level of prices in the economy | marginal changes | small incremental增加的 adjustments to a plan of action | market economy | an economy that allocates resources through the decentralized 权力分散; 人口疏散; 密度分散;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分配，分派; 把…拨给;英[ˈæləkeɪt] resources efficiently | market power | the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices | opportunity cost | whatever must be given up to obtain some item | productivity | the quantity of goods and services produced from each unit of labor input | property rights | the ability of an individual to own and exercise control over scarce resources | rational people | people who systematically and purposefully do the best they can to achieve their objectives | scarcity | the limited nature of society’s resources | | |
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Chapter 2 | | circular-flow diagram | a visual model of the economy that shows how dollars flow through markets among households 家庭; 家庭，户and firms | macroeconomics [,mækrəʊiːkə'nɒmɪks; -ek-] | the study of economy-wide phenomena, including inflation, unemployment, and economic growth | microeconomics [,maɪkrəʊiːkə'nɒmɪks | the study of how households and firms make decisions and how they interact in markets | normative['nɔːmətɪv]标准的 statements | claims that attempt to prescribe定，规定; 指定，规定;美[prɪˈskraɪb] how the world should be | positive statements | claims that attempt to describe the world as it is | production possibilities frontier ['frʌntɪə） | 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 | | |
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Chapter 3 | |
absolute advantage | the ability to produce a good using fewer inputs than another producer |
comparative advantage | the ability to produce a good at a lower opportunity cost than another producer |
exports | goods produced domestically美[də'mestɪklɪ】合乎国内的and sold abroad |
imports | goods produced abroad and sold domestically |
opportunity cost | whatever must be given up to obtain some item |
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Chapter 4 | | competitive market 完全竞争市场 | a market with many buyers and sellers['selə] trading identical同一的，完全相同的美[aɪˈdɛntɪkəl] products so that each buyer and seller is a price taker | Complements互补品['kɑmpləmənt] | two goods for which an increase in the price of one leads to a decrease in the demand for the other | demand curve 需求曲线 | a graph of the relationship between the price of a good and the quantity demanded | demand schedule需求表 | a table that shows the relationship between the price of a good and the quantity demanded | Equilibrium[,ikwɪ'lɪbrɪəm] 均衡 | a situation in which the market price has reached the level at which quantity supplied equals quantity demanded | equilibrium price 均衡价格 | the price that balances quantity supplied and quantity demanded | equilibrium quantity | the quantity supplied and the quantity demanded at the equilibrium price | inferior good 劣质品 [ɪn'fɪərɪə] | a good for which, other things equal, an increase in income leads to a decrease in demand | law of demand 需求原理 | the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises | law of supply 供给原理 | the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises | law 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 | market | a group of buyers and sellers of a particular good or service | normal good 普通商品 | a good for which, other things equal, an increase in income leads to an increase in demand | quantity demanded 需求量 | the amount of a good that buyers are willing and able to purchase | quantity supplied | the amount of a good that sellers are willing and able to sell | shortage | a situation in which quantity demanded is greater than quantity supplied | substitutes | two goods for which an increase in the price of one leads to an increase in the demand for the other | supply curve | a graph of the relationship between the price of a good and the quantity supplied | supply schedule | a table that shows the relationship between the price of a good and the quantity supplied | surplus ['sɜ:pləs] | a situation in which quantity supplied is greater than quantity demanded | | |
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Chapter 5 | | cross-price elasticity of demand 需求交叉弹性是需求交叉价格弹性 | 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 good | elasticity[,ilæ'stɪsəti] | a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants | income elasticity of demand 需求的收入弹性 | 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 | price elasticity of demand 需求价格弹性 | 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 | price elasticity of supply 供给的价格弹性 | 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 | total revenue (in a market)总收入; 总收益 | the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold | | |
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Chapter 6 | | price ceiling ['siːlɪŋ] | a legal maximum['mæksɪməm] 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['ɪnsɪd(ə)ns] | the manner in which the burden of a tax is shared among participants in a market | | |
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Chapter 7 | |
consumer[kən'sjuːmə] surplus ['sɜːpləs]消费者剩余 | the amount a buyer is willing to pay for a good minus ['maɪnəs] the amount the buyer actually pays for it |
cost | the value of everything a seller must give up to produce a good |
efficiency | the property of society getting the most it can from its scarce resources |
equality | the property of distributing economic prosperity uniformly among the members of society |
producer surplus | the amount a seller is paid for a good minus the seller’s cost of providing it |
welfare economics | the study of how the allocation美[ˌæləˈkeɪʃn]分配，配给 of resources affects economic well-being |
willingness to pay 受益者负担 | the maximum amount that a buyer will pay for a good |
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Chapter 8 | | Deadweight loss 无谓损失又为社会净损失 | the fall in total surplus过剩的; 多余的[ˈsɜ:rpləs] that results from a market distortion变形; 失真[dɪˈstɔrʃən], such as a tax | | |
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Chapter 9 | | tariff | a tax on goods produced abroad and sold domestically | world price | the price of a good that prevails in the world market for that good | | |
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Chapter 10 | | Coase theorem['θɪərəm]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外在性 on their own | corrective tax 矫正税 | a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality | externality [,ekstɜː'nælɪtɪ] n. | 外形; 外在性; 外部事物; （经济学名词） 外部效应 | | |
| the uncompensated impact of one person’s actions on the well-being of a bystander | internalizing the externality 内化 | altering incentives[ɪn'sɛntɪv] so that people take account of the external effects of their actions | transaction[træn'zækʃən]交易 costs | the costs that parties incur in the process of agreeing to and following through on a bargain | | |
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Chapter 11 | | club goods | goods that are excludable but not rival in consumption | common resources | goods that are rival in consumption but not excludable可排他的; 包括在外的; | ∙ cost–benefit analysis成本效益分析 | a study that compares the costs and benefits to society of providing a public good | excludability [ɪks,kluːdə'bɪlətɪ]排他性 | the property of a good whereby a person can be prevented from using it | free rider [释义]坐享其成，无本获利; | a person who receives the benefit of a good but avoids paying for it | private goods | goods that are both excludable and rival in consumption | public goods | goods that are neither excludable nor rival in consumption | rivalry in consumption消费竞争 | the property of a good whereby one person’s use diminishes other people’s use | Tragedy of the Commons 公共地悲剧 | a parable寓言; 格言; that illustrates why common resources are used more than is desirable from the standpoint of society as a whole | | |
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Chapter 12 | | ability-to-pay principle [释义]负担能力原则，付税能力原则; | the idea that taxes should be levied on a person according to how well that person can shoulder the burden | average tax rate | total taxes paid divided by total income | benefits principle | the idea that people should pay taxes based on the benefits they receive from government services | budget deficit n.预算赤字; | a shortfall亏空; 缺空 of tax revenue from government spending | budget surplus 预算结余 | an excess of tax revenue over government spending | horizontal equity 纳税横向均等; | the idea that taxpayers with similar abilities to pay taxes should pay the same amount | lump-sum tax 总量税 | a tax that is the same amount for every person | marginal tax rate 边际税率 | the extra taxes paid on an additional dollar of income | progressive tax 累进税 | a tax for which high-income taxpayers pay a larger fraction分数; 一小部分 of their income than do low-income taxpayers | proportional tax 比例税率 | a tax for which high-income and low-income taxpayers pay the same fraction of income | regressive tax 累退税 | a tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayers | vertical equity 纵向公平 | the idea that taxpayers with a greater ability to pay taxes should pay larger amounts | | |
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Chapter 13 | | accounting profit | total revenue minus total explicit清楚的，明确的 cost | average fixed cost | fixed cost divided by the quantity of output | average total cost | total cost divided by the quantity of output | average variable cost | variable cost divided by the quantity of output | constant returns to scale | the property whereby long-run average total cost stays the same as the quantity of output changes | diminishing marginal product 边际产量递减规律 | the property whereby the marginal product of an input declines as the quantity of the input increases | diseconomies of scale 规模不经济 | the property whereby long-run average total cost rises as the quantity of output increases | economic profit | total revenue minus total cost, including both explicit and implicit costs | economies of scale 规模经济 | the property whereby long-run average total cost falls as the quantity of output increases | efficient scale最小有效规模 | the quantity of output that minimizes average total cost | explicit costs | input costs that require an outlay of money by the firm | fixed costs固定成本 | costs that do not vary with the quantity of output produced | implicit costs隐性成本 | input costs that do not require an outlay of money by the firm | marginal cost边际成本 | the increase in total cost that arises from an extra unit of production | marginal product | the increase in output that arises from an additional unit of input | production function | the relationship between the quantity of inputs used to make a good and the quantity of output of that good | profit | total revenue minus total cost | total cost | the market value of the inputs a firm uses in production | total revenue (for firm) | the amount a firm receives for the sale of its output | variable costs[释义]变动成本; | costs that vary with the quantity of output produced | | |
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Chapter 14 | | average revenue | total revenue divided by the quantity sold | competitive market | a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker | marginal revenue | the change in total revenue from an additional unit sold | sunk cost 沉没成本 | a cost that has already been committed and cannot be recovered | | |
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Chapter 15 | | monopoly[mə'nɒp(ə)lɪ] | a firm that is the sole seller of a product without close substitutes | natural monopoly n.垄断; 专卖; 垄断者; 专利品; | 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 | | |
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Chapter 16 | | monopolistic competition垄断竞争市场 | a market structure in which many firms sell products that are similar but not identical | oligopoly
求过于供的市场情况; | a market structure in which only a few sellers offer similar or identical products | | |
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Chapter 17 | |
cartel <经>卡特尔，企业联合 | a group of firms acting in unison ['juːnɪs(ə)n] |
collusion | an agreement among firms in a market about quantities to produce or prices to charge |
<经>卡特尔，企业联合 | a strategy that is best for a player in a game regardless of the strategies chosen by the other players |
game theory | the study of how people behave in strategic situations |
GDP deflator[di'fleitə]GDP缩减指数 | a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100 |
Nash equilibrium 纳什均衡 | a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen |
oligopoly[,ɑlə'gɑpəli] 寡头 | a market structure in which only a few sellers offer similar or identical products |
prisoners’ dilemma [dɪˈlemə囚徒困境”是1950年美国兰德公司提出的博弈论模型 | a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial |
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Chapter 18 | | capital | the equipment and structures used to produce goods and services | diminishing marginal product 边际产量递减规律 | the property whereby the marginal product of an input declines as the quantity of the input increases | factors of production | the inputs used to produce goods and services | marginal product of labor | the increase in the amount of output from an additional unit of labor | production function | the relationship between the quantity of inputs used to make a good and the quantity of output of that good | value of the marginal 边际价值product | the marginal product of an input times the price of the output | | |
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Chapter 19 | | compensating differential 补偿微分 | a difference in wages that arises to offset the non-monetary characteristics of different jobs | discrimination[dɪ,skrɪmɪ'neɪʃ(ə)n] ;歧视 | the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics | efficiency wages 效率工资 | above- equilibrium平衡，均势; 平静ˌ[ikwəˈlɪbriəm] wages paid by firms to increase worker productivity | human capital*人力资本 | the knowledge and skills that workers acquire through education, training, and experience | strike | the organized withdrawal移开; 撤回 of labor from a firm by a union | union | a worker association that bargains with employers over wages, benefits, and working conditions | | |
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