微观经济学中英文术语及其解释.docx

微观经济学中英文术语及其解释.docx

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微观经济学中英文术语及其解释

Scarcitythelimitednatureofsociety’sresources

Economicsthestudyofhowsocietymanagesitsscarceresources

Efficiencythepropertyofsocietygettingthemostitcanfromitsscarceresources

Equitythepropertyofdistributingeconomicprosperityfairlyamongthemembersofsociety

Opportunitycostwhatevermustbegivenuptoobtainsomeitem

Marginalchangessmallincrementaladjustmentstoaplanofaction

Marketeconomyaneconomythatallocatesresourcesthroughthedecentralizeddecisionsofmanyfirmsandhouseholdsastheyinteractinmarketsforgoodsandservices

Marketfailureas/tuitioninwhichamarketleftonitsownfailstoallocateresourcesefficiently

Externalitytheimpactofoneperson’sactionsonthewell-beingofabystander

Marketpowertheabilityofasingleeconomicactor（orsmallgroupofactors）tohaveasubstantialinfluenceonmarketprices

Productivitythequantityofgoodsandservicesproducedfromeachhourofaworker’stime

Inflationanincreaseintheoveralllevelofpricesintheeconomy

Philipscurveacurvethatshowstheshort-runtradeoffbetweeninflationandunemployment

Businesscyclefluctuationsineconomicactivity，suchasemploymentandproduaion

Circular-flowdiagramavisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirms

Productionpossibilitiesfrontieragraphthatshowsthecombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnology

Positivestatementsclaimsthatattempttododescribetheworldasitis

Normativestatementsclaimsthatattempttoprescribehowtheworldshouldbe

Absoluteadvantagethecomparisonamongproducersofagoodaccordingtotheirproductivity

Opportunitycostwhatevermustbegivenuptoobtainsomeitem

Comparativeadvantagethecomparisonamongproducersofagoodaccordingtotheiropportunitycost

Importsgoodsproducedabroadandsolddomestically

Exportsgoodsproduceddomesticallyandsoldabroad

Marketagroupofbuyersandsellersofaparticulargoodorservice

Competitivemarketamarketinwhichtherearemanybuyersandmanysellerssothateachhasanegligibleimpactonthemarketprice

Quantitydemandedtheamountofagoodthatbuyersarewillingandableto-purchase

Lawofdemandtheclaimthat,otherthingsequal,thequantitydemandedofagoodfallswhenthepriceofthegoodrises

Demandscheduleatablethatshowstherelationshipbetweenthepriceofagoodand-thequantitydemanded

Demandcurveagraphoftherelationshipbetweenthepriceofagoodandthequantitydemanded

Normalgoodagoodforwhich,otherthingsequal,anincreaseinincomeleadstoanincreaseindemand

Inferiorgoodagoodforwhich,otherthingsequal,anincreaseinincomeleads‘toadecreaseindemand

Substitutestwogoodsforwhichanincreaseinthepriceofoneleadstoanincreaseinthedemandfortheother

Complementstwogoodsforwhichanincreaseinthepriceofoneleadstoadecreaseinthedemandfortheother

Quantitysuppliedtheamountofagoodthatsellersarewillingandabletosell

Lawofsupplytheclaimthat,otherthingsequal,thequantitysuppliedofagoodriseswhenthepriceofthegoodrises

Supplyscheduleatablethatshowstherelationshipbetweenthepriceofagoodandthequantitysupplied

Supplycurveagraphoftherelationshipbetweenthepriceofagoodandthequantitysupplied

Equilibriumasituationinwhichthepricehasreachedthelevelwherequantitysuppliedequalsquantitydemanded

Equilibriumpricethepricethatbalancesquantitysuppliedandquantitydemanded

Equilibriumquantitythequantitysuppliedandthequantitydemandedattheequilibriumprice

Surplusasituationinwhichquantitysuppliedisgreaterthanquantitydemanded

Shortageasituationinwhichquantitydemandedisgreaterthanquantitysupplied

Lawsofsupplyanddemandtheclaimthatthepriceofanygoodadjuststobringthequantitysuppliedandthequantitydemandedforthatgoodintobalance

Elasticityameasureoftheresponsivenessofquantitydemandedorquantitysuppliedtooneofitsdeterminants

Priceelasticityofdemandameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinthepriceofthatgood,computedastheepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice

Incomeelasticityofdemandameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinconsumers’income,computedasthepercentagechangetnquantitydemandeddividedbythepercentagechangeinincome

Cross-priceelasticityofdemandameasureofhowmuchthequantitydemandedofonegoodrespondtoachangeinthepriceofanothergood,computedasthepercentagechangemquantitydemandedofthefirstgooddividedbythepercentagechangeinthepriceofthesecondgood

Priceelasticityofsupplyameasureofhowmuchthequantitysuppliedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitysupplieddividedbythepercentagechangeinprice

Priceceilingalegalmaximumonthepriceatwhichagoodcanbesold

Priceflooralegalminimumonthepriceatwhichagoodcanbesold

Taxincidencethemannerinwhichtheburdenofataxissharedamongparticipantsinamarket

Welfareeconomicsthestudyofhowtheallocationofresourcesaffectseconomicwell-being

Willingnesstopaythemaximumamountthatabuyerwillpayforagood

Consumersurplusabuyer’swillingnesstopayminustheamountthebuyeractuallypays

Costthevalueofeverythingasellermustgiveuptoproduceagood

Producersurplustheamountasellerispaidforagoodminustheseller’scost

Efficiencythepropertyofaresourceallocationofmaximizingthetotalsurplusreceivedbyallmembersofsociety

Equitythefairnessofthedistributionofwell-beingamongthemembersofsociety

Deadweightlossthefallintotalsurplusthatresultsfromamarketdistortion,suchasatax

Worldpricethepriceofagoodthatprevailsintheworldmarketforthatgood

Tariffataxongoodsproducedabroadandsolddomestically

Importquotaalimitonthequantityofagoodthatcanbeproducedabroadandsolddomestically

Externalitytheuncompensatedimpactofoneperson’sactionsonthewell-beingofabystander

Internalizinganexternalityalteringincentivessothatpeopletakeaccountoftheexternaleffectsoftheiractions

Coasetheoremthepropositionthatifprivatepartiescanbargainwithoutcostovertheallocationofresources,theycansolvetheproblemofexternalitiesontheirown

Transactioncoststhecoststhatpartiesincurintheprocessofagreeingandfollowingthroughonabargain

Pigoviantaxataxenactedtocorrecttheeffectsofanegativeexternality

Excludabilitythepropertyofagoodwherebyapersoncanbepreventedfromusingit

Rivalrythepropertyofagoodwherebyoneperson’susediminishesotherpeople’suse

Privategoodsgoodsthatarebothexcludableandrival

Publicgoodsgoodsthatareneitherexcludablenorrival

Commonresourcesgoodsthatarerivalbutnotexcludable

Freeriderapersonwhoreceivesthebenefitofagoodbutavoidspayingforit

Cost-benefitanalysisastudythatcomparesthecostsandbenefitstosocietyofprovidingapublicgood

TragedyoftheCommonsaparablethatillustrateswhycommonresourcesgetusedmorethanisdesirablefromthestandpointofsocietyasawhole

Budgetsurplusanexcessofgovernmentreceiptsovergovernmentspending

Budgetdeficitanexcessofgovernmentspendingovergovernmentreceipts

Averagetaxratetotaltaxespaiddividedbytotalincome

Marginaltaxratetheextrataxespaidonanadditionaldollarofincome

Lump-sumtaxataxthatisthesameamountforeveryperson

Benefitsprincipletheideathatpeopleshouldpaytaxesbasedonthebenefitstheyreceivefromgovernmentservices

Ability-to-payprincipletheideathattaxes’shouldbeleviedonapersonaccordingtohowwellthatpersoncanshouldertheburden

Verticalequitytheideathattaxpayerswithagreaterabilitytopaytaxesshouldpaylargeramounts

Horizontalequitytheideathattaxpayerswithsimilarabilitiestopaytaxesshouldpaythesameamount

Proportionaltaxataxforwhichhigh-incomeandlow-incometaxpayerspaythesamefractionofincome

Regressivetaxataxforwhichhigh-incometaxpayerspayasmallerfractionoftheirincomethandolow-incometaxpayers

Progressivetaxataxforwhichhigh-incometaxpayerspayalargerfractionoftheirincomethandolow-incometaxpayers

Totalrevenuetheamountafirmreceivesforthesaleofitsoutput

Totalcostthemarketvalueoftheinputsafirmusesinproduction

Profittotalrevenueminustotalcost

Explicitcostsinputcoststhatrequireanoutlayofmoneybythefirm

Implicitcostsinputcoststhatdonotrequireanoutlayofmoneybythefirm

Economicprofittotalrevenueminustotalcost,includingbothexplicitandimplicitcosts

Accountingprofittotalrevenueminustotalexplicitcost

Productionfunctiontherelationshipbetweenquantityofinputsusedtomakeagoodandthequantityofoutputofthegood

Marginalproducttheincreaseinoutputthatarisesfromanadditionalunitofinput

Diminishingmarginalproductthepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases

Fixedcostscoststhatdonotvarywiththequantityofoutputproduced

Variablecostscoststhatdovarywiththequantityofoutputproduced

Averagetotalcosttotalcostdividedbythequantityofoutput

Averagefixedcostfixedcostsdividedbythequantityofoutput

Averagevariablecostvariablecostsdividedbythequantityofoutput

Margina