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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微观经济学名词解释双语版

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:

agraphthatshowsthebinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnology.

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,anincreaseinineleadstoanincreaseindemand.

Inferiorgood:

agoodforwhich,otherthingsequal,anincreaseinineleadstoadecreaseindemand.

Substitutes:

twogoodsforwhichanincreaseinthepriceofonegoodleadstoanincreaseinthedemandfortheother.

plements:

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,putedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.

Totalrevenue:

theamountpaidbybuyersandreceivedbysellersofagood,putedasthepriceofthegoodtimesthequantitysold.

Inelasticityofdemand:

ameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinconsumers’ine,putedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinine.

Crosspriceelasticityofdemand:

ameasureofhowmuchthequantitydemandedofonegoodrespondstoachangeinthepriceofanothergood,putedasthepercentagechangeinthequantitydemandedofthefirstgooddividedbythepercentagechangeinthepriceofthesecondgood.

Priceelasticityofsupply:

ameasureofhowmuchthequantitysuppliedofagoodrespondstoachangeinthepriceofthatgood,putedasthepercentagechangeinquantitysupplieddividedbythepercentagechangeinprice.

Arcelasticity:

弧弹性

Engel's Coefficient

CHAPTER3UtilityTheory

Cardinalutilitytheory

Ordinalutilitytheory

Consumer’spreference

Consumer’sequilibrium

Optimization

Budgetconstraints

marginalutility边际效用isthechangeinutilityanindividualenjoysfromconsuminganadditionalunitofagood.

Totalutility

Utilityfunction

anindifferencecurverepresentsallbinationsoftwogoodsthatmaketheconsumerequallywelloff.

thelawofdiminishingmarginalreturns边际收益递减规律statesthataswecontinuetoaddmoreofanyoneinput,itsmarginalproductwilleventuallydecline.

ConsumerSurplus

EconomicWell-Being

MarginalRateofSubstitution（MRSXY）

LawofDiminishingMarginalRateofSubstitution

Price-consumptioncurve

Ine-consumptioncurve

Substitution&IneEffects

pensatedBudgetLine

Perfectsubstitutes

Perfectplements

Engelcurve

CHAPTER4ProductionTheory

Productionfunction:

therelationshipbetweenquantityofinputsusedtomakeagoodandthequantityofoutputofthatgood.

Marginalproduct:

theincreaseinoutputthatarisesfromanadditionalunitofinput.

Totalproduct

Averageproduct

Diminishingmarginalproduct:

thepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases.

Isoquantscurves:

showingallpossiblebinationsofinputsthatyieldthesameoutput

MRTS:

Itistherateatwhichafirmiswillingtotradeonefactorforanother.

LawofDiminishingMarginalRateofTechnicalSubstitution

Isocostline

ProducerEquilibrium:

atthepointwherethehighestisoquantcurveandtheisocostcurvearetangent.

ReturnstoScale

Constantreturnstoscaledenoteacasewhereachangeinallinputsleadstoaproportionalchangeinoutput.

Increasingreturnstoscalearisewhenanincreaseinallinputsleadstoamore-than-proportionalincreaseinthelevelofoutput.

Decreasingreturnstoscaleoccurwhenabalancedincreaseofallinputsleadstoaless-than-proportionalincreaseintotaloutput.

CHAPTER5CostTheory

Totalrevenue:

theamountafirmreceivesforthesaleofitsoutput.

Totalcost:

themarketvalueoftheinputsafirmusesinproduction.

Profit:

totalrevenueminustotalcost.

Economicprofit:

totalrevenueminustotalcost,includingbothexplicitandimplicitcosts.

Accountingprofit:

totalrevenueminustotalexplicitcost.

Explicitcosts:

inputcoststhatrequireanoutlayofmoneybythefirm.

Implicitcosts:

inputcoststhatdonotrequireanoutlayofmoneybythefirm.

conomiccost:

Accountingcost:

Opportunitycost

Sunkcost:

acostthathasbeenmittedandcannotberecovered.

Shortruncost/Longruncost:

Totalcost:

Fixedcosts:

coststhatdonotvarywiththequantityofoutputproduced.

Variablecosts:

coststhatdovarywiththequantityofoutputproduced.

Averagetotalcost:

totalcostdividedbythequantityofoutput.

Averagefixedcost:

fixedcostsdividedbythequantityofoutput.

Averagevariablecost:

variablecostsdividedbythequantityofoutput.

Marginalcost:

theincreaseintotalcostthatarisesfromanextraunitofproduction.

Efficientscale:

thequantityofoutputthatminimizesaveragetotalcost.

Economiesofscale:

thepropertywherebylong-runaveragetotalcostfallsasthequantityofoutputincreases.

Diseconomiesofscale:

thepropertywherebylong-runaveragetotalcostrisesasthequantityofoutputincreases.

Constantreturnstoscale:

thepropertywherebylong-runaveragetotalcoststaysthesameasthequantityofoutputchanges.

CHAPTER6Perfectlypetitivemarket

petitivemarket:

amarketwithmanybuyersandsellerstradingidenticalproductssothateachbuyerandsellerisapricetaker.

Averagerevenue:

totalrevenuedividedbythequantitysold.

Marginalrevenue:

thechangeintotalrevenuefromanadditionalunitsold.

AR、MR、Dcoincide

MR=MC—maximizeprofit

BreakEvenPoint

ShutdownPoint

Producersurplus

ConstantCostIndustry

IncreasingCostIndustry

DecreasingCostIndustry

CHAPTER7Imperfectlypetitivemarkets

Monopoly:

afirmthatisthesolesellerofaproductwithoutclosesubstitutes.

Naturalmonopoly:

amonopolythatarisesbecauseasinglefirmcansupplyagoodorservicetoanentir