微观经济学名词解释双语版.docx

微观经济学名词解释双语版.docx

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微观经济名词解释

CHAPTER1Briefing

Scarcity:

thelimitednatureofsociety’sresources.

Economics:

thestudyofhowsocietymanagesitsscarceresources.

Efficiency:

thepropertyofsocietygettingthemostitcanfromitsscarceresources.

Equity:

thepropertyofdistributingeconomicprosperityfairlyamongthemembersofsociety.

Opportunitycost:

whatevermustbegivenuptoobtainsomeitem.

Rational:

systematicallyandpurposefullydoingthebestyoucantoachieveyourobjectives.

Marginalchanges:

smallincrementaladjustmentstoaplanofaction.

Incentive:

somethingthatinducesapersontoact.

Marketeconomy:

aneconomythatallocatesresourcesthroughthedecentralizeddecisionsofmanyfirmsandhouseholdsastheyinteractinmarketsforgoodsandservices.

Propertyrights:

theabilityofanindividualtoownandexercisecontroloverscarceresources.

Marketfailure:

asituationinwhichamarketleftonitsownfailstoallocateresourcesefficiently.

Externality:

theimpactofoneperson’sactionsonthewell-beingofabystander.

Marketpower:

theabilityofasingleeconomicactor（orsmallgroupofactors）tohaveasubstantialinfluenceonmarketprices.

Productivity:

thequantityofgoodsandservicesproducedfromeachhourofaworker’stime.

Inflation:

anincreaseintheoveralllevelofpricesintheeconomy.

Phillipscurve:

acurvethatshowstheshort-runtradeoffbetweeninflationandunemployment.

Businesscycle:

fluctuationsineconomicactivity,suchasemploymentandproduction.

Circular-flowdiagram:

avisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirms.

Productionpossibilitiesfrontier:

agraphthatshowsthecombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnology.

Microeconomics:

thestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinmarkets.

Macroeconomics:

thestudyofeconomy-widephenomena,includinginflation,unemployment,andeconomicgrowth.

Positivestatements:

claimsthatattempttodescribetheworldasitis.

Positivestatements:

claimsthatattempttodescribetheworldasitis.

Invisibalhand

Economicman

Perfectinformation

Marketclearing

CHAPTER2Supply-DemandEquilibrium

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.

Priceceiling:

alegalmaximumonthepriceatwhichagoodcanbesold.

Pricefloor:

alegalminimumonthepriceatwhichagoodcanbesold.

Taxincidence:

themannerinwhichtheburdenofataxissharedamongparticipantsinamarket.

Elasticity:

ameasureoftheresponsivenessofquantitydemandedorquantitysuppliedtooneofitsdeterminants.

Priceelasticityofdemand:

ameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.

Totalrevenue:

theamountpaidbybuyersandreceivedbysellersofagood,computedasthepriceofthegoodtimesthequantitysold.

Incomel