微观经济学名词解释双语版.docx

1、微观经济学名词解释双语版微观经济名词解释CHAPTER1BriefingScarcity:thelimitednatureofsocietysresources.Economics:thestudyofhowsocietymanagesitsscarceresources.Efficiency:thepropertyofsocietygettingthemostitcanfromitsscarceresources.Equity:thepropertyofdistributingeconomicprosperityfairlyamongthemembersofsociety.Opportuni

2、tycost:whatevermustbegivenuptoobtainsomeitem.Rational:systematicallyandpurposefullydoingthebestyoucantoachieveyourobjectives.Marginalchanges:smallincrementaladjustmentstoaplanofaction.Incentive:somethingthatinducesapersontoact.Marketeconomy:aneconomythatallocatesresourcesthroughthedecentralizeddecis

3、ionsofmanyfirmsandhouseholdsastheyinteractinmarketsforgoodsandservices.Propertyrights:theabilityofanindividualtoownandexercisecontroloverscarceresources.Marketfailure:asituationinwhichamarketleftonitsownfailstoallocateresourcesefficiently.Externality:theimpactofonepersonsactionsonthewell-beingofabys

4、tander.Marketpower:theabilityofasingleeconomicactor(orsmallgroupofactors)tohaveasubstantialinfluenceonmarketprices.Productivity:thequantityofgoodsandservicesproducedfromeachhourofaworkerstime.Inflation:anincreaseintheoveralllevelofpricesintheeconomy.Phillipscurve:acurvethatshowstheshort-runtradeoffb

5、etweeninflationandunemployment.Businesscycle:fluctuationsineconomicactivity,suchasemploymentandproduction.Circular-flowdiagram:avisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirms.Productionpossibilitiesfrontier:agraphthatshowsthecombinationsofoutputthattheeconomycanp

6、ossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnology.Microeconomics:thestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinmarkets.Macroeconomics:thestudyofeconomy-widephenomena,includinginflation,unemployment,andeconomicgrowth.Positivestatements:claimsthata

7、ttempttodescribetheworldasitis.Positivestatements:claimsthatattempttodescribetheworldasitis.InvisibalhandEconomicmanPerfectinformationMarketclearingCHAPTER2Supply-DemandEquilibriumQuantitydemanded:theamountofagoodthatbuyersarewillingandabletopurchase.Lawofdemand:theclaimthat,otherthingsequal,thequan

8、titydemandedofagoodfallswhenthepriceofthegoodrises.Demandschedule:atablethatshowstherelationshipbetweenthepriceofagoodandthequantitydemanded.Demandcurve:agraphoftherelationshipbetweenthepriceofagoodandthequantitydemanded.Normalgood:agoodforwhich,otherthingsequal,anincreaseinincomeleadstoanincreasein

9、demand.Inferiorgood:agoodforwhich,otherthingsequal,anincreaseinincomeleadstoadecreaseindemand.Substitutes:twogoodsforwhichanincreaseinthepriceofonegoodleadstoanincreaseinthedemandfortheother.Complements:twogoodsforwhichanincreaseinthepriceofonegoodleadstoadecreaseinthedemandfortheother.quantitysuppl

10、ied:theamountofagoodthatsellersarewillingandabletosell.Lawofsupply:theclaimthat,otherthingsequal,thequantitysuppliedofagoodriseswhenthepriceofthegoodrises.Supplyschedule:atablethatshowstherelationshipbetweenthepriceofagoodandthequantitysupplied.Supplycurve:agraphoftherelationshipbetweenthepriceofago

11、odandthequantitysupplied.Equilibrium:asituationinwhichthepricehasreachedthelevelwherequantitysuppliedequalsquantitydemanded.Equilibriumprice:thepricethatbalancesquantitysuppliedandquantitydemanded.Equilibriumquantity:thequantitysuppliedandthequantitydemandedattheequilibriumprice.Surplus:asituationin

12、whichquantitysuppliedisgreaterthanquantitydemanded.Shortage:asituationinwhichquantitydemandedisgreaterthanquantitysupplied.Lawofsupplyanddemand:theclaimthatthepriceofanygoodadjuststobringthesupplyanddemandforthatgoodintobalance.Priceceiling:alegalmaximumonthepriceatwhichagoodcanbesold.Pricefloor:ale

13、galminimumonthepriceatwhichagoodcanbesold.Taxincidence:themannerinwhichtheburdenofataxissharedamongparticipantsinamarket.Elasticity:ameasureoftheresponsivenessofquantitydemandedorquantitysuppliedtooneofitsdeterminants.Priceelasticityofdemand:ameasureofhowmuchthequantitydemandedofagoodrespondstoachan

14、geinthepriceofthatgood,computedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.Totalrevenue:theamountpaidbybuyersandreceivedbysellersofagood,computedasthepriceofthegoodtimesthequantitysold.Incomelasticityofdemand: ameasureofhowmuchthequantitydemandedofagoodrespondstoachang

15、einconsumersincome,computedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinincome.Crosspriceelasticityofdemand: ameasureofhowmuchthequantitydemandedofonegoodrespondstoachangeinthepriceofanothergood,computedasthepercentagechangeinthequantitydemandedofthefirstgooddividedbytheperce

16、ntagechangeinthepriceofthesecondgood.Priceelasticityofsupply:ameasureofhowmuchthequantitysuppliedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitysupplieddividedbythepercentagechangeinprice.Arcelasticity:弧弹性EngelsCoefficientCHAPTER3UtilityTheoryCardinalutilitytheor

17、yOrdinalutilitytheoryConsumerspreferenceConsumersequilibriumOptimizationBudgetconstraintsmarginalutility边际效用isthechangeinutilityanindividualenjoysfromconsuminganadditionalunitofagood.TotalutilityUtilityfunctionanindifferencecurverepresentsallcombinationsoftwogoodsthatmaketheconsumerequallywelloff.th

18、elawofdiminishingmarginalreturns边际收益递减规律statesthataswecontinuetoaddmoreofanyoneinput,itsmarginalproductwilleventuallydecline.ConsumerSurplusEconomicWell-BeingMarginalRateofSubstitution(MRSXY)LawofDiminishingMarginalRateofSubstitutionPrice-consumptioncurveIncome-consumptioncurveSubstitution&IncomeEff

19、ectsCompensatedBudgetLinePerfectsubstitutesPerfectcomplementsEngelcurveCHAPTER4ProductionTheoryProductionfunction:therelationshipbetweenquantityofinputsusedtomakeagoodandthequantityofoutputofthatgood.Marginalproduct:theincreaseinoutputthatarisesfromanadditionalunitofinput.TotalproductAverageproductD

20、iminishingmarginalproduct:thepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases.Isoquantscurves:showingallpossiblecombinationsofinputsthatyieldthesameoutputMRTS:Itistherateatwhichafirmiswillingtotradeonefactorforanother.LawofDiminishingMarginalRateofTechnicalSubstitut

21、ionIsocostlineProducerEquilibrium:atthepointwherethehighest isoquantcurveandtheisocostcurvearetangent.ReturnstoScaleConstantreturnstoscaledenoteacasewhereachangeinallinputsleadstoaproportionalchangeinoutput.Increasingreturnstoscalearisewhenanincreaseinallinputsleadstoamore-than-proportionalincreasei

22、nthelevelofoutput.Decreasingreturnstoscaleoccurwhenabalancedincreaseofallinputsleadsto aless-than-proportionalincreaseintotaloutput.CHAPTER5CostTheoryTotalrevenue:theamountafirmreceivesforthesaleofitsoutput.Totalcost:themarketvalueoftheinputsafirmusesinproduction.Profit:totalrevenueminustotalcost.Ec

23、onomicprofit:totalrevenueminustotalcost,includingbothexplicitandimplicitcosts.Accountingprofit:totalrevenueminustotalexplicitcost.Explicitcosts:inputcoststhatrequireanoutlayofmoneybythefirm.Implicitcosts:inputcoststhatdonotrequireanoutlayofmoneybythefirm.conomiccost:Accountingcost:OpportunitycostSun

24、kcost:acostthathasbeencommittedandcannotberecovered.Shortruncost/Longruncost:Totalcost:Fixedcosts:coststhatdonotvarywiththequantityofoutputproduced.Variablecosts:coststhatdovarywiththequantityofoutputproduced.Averagetotalcost:totalcostdividedbythequantityofoutput.Averagefixedcost:fixedcostsdividedby

25、thequantityofoutput.Averagevariablecost:variablecostsdividedbythequantityofoutput.Marginalcost:theincreaseintotalcostthatarisesfromanextraunitofproduction.Efficientscale:thequantityofoutputthatminimizesaveragetotalcost.Economiesofscale:thepropertywherebylong-runaveragetotalcostfallsasthequantityofou

26、tputincreases.Diseconomiesofscale:thepropertywherebylong-runaveragetotalcostrisesasthequantityofoutputincreases.Constantreturnstoscale:thepropertywherebylong-runaveragetotalcoststaysthesameasthequantityofoutputchanges.CHAPTER6PerfectlycompetitivemarketCompetitivemarket:amarketwithmanybuyersandseller

27、stradingidenticalproductssothateachbuyerandsellerisapricetaker.Averagerevenue:totalrevenuedividedbythequantitysold.Marginalrevenue:thechangeintotalrevenuefromanadditionalunitsold.AR、MR、DcoincideMR=MCmaximizeprofitBreakEvenPointShutdownPointProducersurplusConstantCostIndustryIncreasingCostIndustryDecreasingCostIndustryCHAPTER7ImperfectlycompetitivemarketsMonopoly:afirmthatisthesolesellerofaproductwithoutclosesubs