经济学原理名词解释英文版Word文档下载推荐.docx

经济学原理名词解释英文版Word文档下载推荐.docx

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theimpactofoneperson’sactionsonthewell-beingofabystander.

Marketpower:

theabilityofasingleeconomicactor（orsmallgroupofactors）tohaveasubstantialinfluenceonmarketprices.

Productivity:

thequantityofgoodsandservicesproducedfromeachhourofaworker’stime.

Inflation:

anincreaseintheoveralllevelofpricesintheeconomy.

Phillipscurve:

acurvethatshowstheshort-runtradeoffbetweeninflationandunemployment.

Businesscycle:

fluctuationsineconomicactivity,suchasemploymentandproduction.

CHAPTER2

Circular-flowdiagram:

avisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirms.

Productionpossibilitiesfrontier:

agraphthatshowsthecombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnology.

Microeconomics:

thestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinmarkets.

Macroeconomics:

thestudyofeconomy-widephenomena,includinginflation,unemployment,andeconomicgrowth.

Positivestatements:

claimsthatattempttodescribetheworldasitis.

Normativestatements:

claimsthatattempttoprescribehowtheworldshouldbe.

CHAPTER3

AbsoluteAdvantage:

thecomparisonamongproducersofagoodaccordingtotheirproductivity.

OpportunityCost:

whatevermustbegiventoobtainsomeitem.

ComparativeAdvantage:

thecomparisonamongproducersofagoodaccordingtotheiropportunitycost.

Imports:

goodsproducedabroadandsolddomestically.

Exports:

goodsproduceddomesticallyandsoldabroad.

CHAPTER4

Market:

agroupofbuyersandsellersofaparticulargoodorservice.

Competitivemarket:

amarketinwhichtherearemanybuyersandmanysellerssothateachhasanegligibleimpactonthemarketprice.

Quantitydemanded:

theamountofagoodthatbuyersarewillingandabletopurchase.

Lawofdemand:

theclaimthat,otherthingsequal,thequantitydemandedofagoodfallswhenthepriceofthegoodrises.

Demandschedule:

atablethatshowstherelationshipbetweenthepriceofagoodandthequantitydemanded.

Demandcurve:

agraphoftherelationshipbetweenthepriceofagoodandthequantitydemanded.

Normalgood:

agoodforwhich,otherthingsequal,anincreaseinincomeleadstoanincreaseindemand.

Inferiorgood:

agoodforwhich,otherthingsequal,anincreaseinincomeleadstoadecreaseindemand.

Substitutes:

twogoodsforwhichanincreaseinthepriceofonegoodleadstoanincreaseinthedemandfortheother.

Complements:

twogoodsforwhichanincreaseinthepriceofonegoodleadstoadecreaseinthedemandfortheother.

quantitysupplied:

theamountofagoodthatsellersarewillingandabletosell.

Lawofsupply:

theclaimthat,otherthingsequal,thequantitysuppliedofagoodriseswhenthepriceofthegoodrises.

Supplyschedule:

atablethatshowstherelationshipbetweenthepriceofagoodandthequantitysupplied.

Supplycurve:

agraphoftherelationshipbetweenthepriceofagoodandthequantitysupplied.

Equilibrium:

asituationinwhichthepricehasreachedthelevelwherequantitysuppliedequalsquantitydemanded.

Equilibriumprice:

thepricethatbalancesquantitysuppliedandquantitydemanded.

Equilibriumquantity:

thequantitysuppliedandthequantitydemandedattheequilibriumprice.

Surplus:

asituationinwhichquantitysuppliedisgreaterthanquantitydemanded.

Shortage:

asituationinwhichquantitydemandedisgreaterthanquantitysupplied.

Lawofsupplyanddemand:

theclaimthatthepriceofanygoodadjuststobringthesupplyanddemandforthatgoodintobalance.

CHAPTER5

Elasticityameasureoftheresponsivenessofquantitydemandedorquantitysuppliedtooneofitsdeterminants.

Priceelasticityofdemand:

ameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.

Incomeelasticityofdemand:

ameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinconsumers’income,computedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinincome.

Cross-priceelasticityofdemand:

ameasureofhowmuchthequantitydemandedofonegoodrespondstoachangeinthepriceofanothergood,computedasthepercentagechangeinthequantitydemandedofthefirstgooddividedbythepercentagechangeinthepriceofthesecondgood.

Priceelasticityofsupply:

ameasureofhowmuchthequantitysuppliedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitysupplieddividedbythepercentagechangeinprice.

CHAPTER6

Priceceiling:

alegalmaximumonthepriceatwhichagoodcanbesold.

Pricefloor:

alegalminimumonthepriceatwhichagoodcanbesold.

Taxincidence:

themannerinwhichtheburdenofataxissharedamongparticipantsinamarket.

CHAPTER7

Welfareeconomics:

thestudyofhowtheallocationofresourcesaffectseconomicwell-being.

Willingnesstopay:

themaximumamountthatabuyerwillpayforagood.

Consumersurplus:

abuyer’swillingnesstopayminustheamountthebuyeractuallypays.

Cost：

thevalueofeverythingasellermustgiveuptoproduceagood.

Producersurplus:

theamountasellerispaidforagoodminustheseller’scost.

Efficiency:

thepropertyofaresourceallocationofmaximizingthetotalsurplusreceivedbyallmembersofsociety.

fairnessofthedistributionofwell-beingamongthemembersofsociety.

CHAPTER8

Deadweightloss:

thefallintotalsurplusthatresultsfromamarketdistortion,suchasatax.

CHAPTER9

Worldprice:

thepriceofagoodthatprevailsintheworldmarketforthatgood.

Tariff:

ataxongoodsproducedabroadandsolddomestically.

Importquota:

alimitonthequantityofagoodthatcanbeproducedabroadandsolddomestically.

CHAPTER10

theuncompensatedimpactofoneperson’sactionsonthewell-beingofabystander.

Internalizinganexternality:

alteringincentivessothatpeopletakeaccountoftheexternaleffectsoftheiractions.

Coasetheorem:

thepropositionthatifprivatepartiescanbargainwithoutcostovertheallocationofresources,theycansolvetheproblemofexternalitiesontheirown.

Transactioncosts:

thecoststhatpartiesincurintheprocessofagreeingandfollowingthroughonabargain.

Pigoviantax:

ataxenactedtocorrecttheeffectsofanegativeexternality.

CHAPTER11

Excludability:

thepropertyofagoodwherebyapersoncanbepreventedfromusingit.

Rivalry:

thepropertyofagoodwherebyoneperson’susediminishesotherpeople’suse.

Privategoods:

goodsthatarebothexcludableandrival.

Publicgoods:

goodsthatareneitherexcludablenorrival.

Commonresources:

goodsthatarerivalbutnotexcludable.

Freerider:

apersonwhoreceivesthebenefitofagoodbutavoidspayingforit.

Cost-benefitanalysis:

astudythatcomparesthecostsandbenefitstosocietyofprovidingapublicgood.

Tragedyofthecommons:

aparablethatillustrateswhycommonresourcesgetusedmorethanisdesirablefromthestandpointofsocietyasawhole.

CHAPTER12

Totalrevenue:

theamountafirmreceivesforthesaleofitsoutput.

Totalcost:

themarketvalueoftheinputsafirmusesinproduction.

profit:

totalrevenueminustotalcost.

explicitcosts:

inputcoststhatrequireanoutlayofmoneybythefirm.

Implicitcosts:

inputcoststhatdonotrequireanoutlayofmoneybythefirm.

Economicprofit:

totalrevenueminustotalcost,includingbothexplicitandimplicitcosts.

Accountingprofit:

totalrevenueminustotalexplicitcost.

Productionfunction:

therelationshipbetweenquantityofinputsusedtomakeagoodandthequantityofoutputofthatgood.

Marginalproduct:

theincreaseinoutputthatarisesfromanadditionalunitofinput.

Diminishingmarginalproduct:

thepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases.

Fixedcosts:

coststhatdonotvarywiththequantityofoutputproduced.

Variablecosts:

coststhatdovarywiththequantityofoutputproduced.

Averagetotalcost:

totalcostdividedbythequantityofoutput.

Averagefixedcost:

fixedcostsdividedbythequantityofoutput.

Averagevariablecost:

variablecostsdividedbythequantityofoutput.

Marginalcost:

theincreaseintotalcostthatarisesfromanextraunitofproduction.

Efficientscale:

thequantityofoutputthatminimizesaveragetotalcost.

Economiesofscale:

thepropertywherebylong-runaveragetotalcostfallsasthequantityofoutputincreases.

Diseconomiesofscale:

thepropertywherebylong-runaveragetotalcostrisesasthequantityofoutputincreases.

Constantreturnstoscale:

thepropertywherebylong-runaveragetotalcoststaysthesameasthequantityofoutputchanges.

CHAPTER13

amarketwithmanybuyersandsellerstradingidenticalpr