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CHAPTER 1 BriefingScarcity : the limited nature of societys resources.Economics : the study of how society manages its scarce resources.Efficiency : the property of society getting the most it can from its scarce resources.Equity : the property of distributing economic prosperity

2、 fairly among the members of society.Opportunity cost : whatever must be given up to obtain some item.Rational : systematically and purposefully doing the best you can to achieve your objectives.Marginal changes : small incremental adjustments to a plan of action.Incentive : something that induces a

3、 person to act.Market economy : an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.Property rights : the ability of an individual to own and exercise control over scarce resources.Market failure : a

4、situation in which a market left on its own fails to allocate resources efficiently.Externality : the impact of one persons actions on the well-being of a bystander.Market power : the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices.Produ

5、ctivity : the quantity of goods and services produced from each hour of a workers time.Inflation : an increase in the overall level of prices in the economy.Phillips curve : a curve that shows the short-run tradeoff between inflation and unemployment.Business cycle : fluctuations in economic activit

6、y, such as employment and production.Circular-flow diagram : a visual model of the economy that shows how dollars flow through markets among households and firms.Production possibilities frontier : a graph that shows the binations of output that the economy can possibly produce given the available f

7、actors of production and the available production technology.Microeconomics : the study of how households and firms make decisions and how they interact in markets.Macroeconomics : the study of economy-wide phenomena, including inflation, unemployment, and economic growth.Positive statements: claims

8、 that attempt to describe the world as it is.Positive statements: claims that attempt to describe the world as it is.Invisibal handEconomic manPerfect informationMarket clearingCHAPTER 2 Supply-Demand EquilibriumQuantity demanded: the amount of a good that buyers are willing and able to purchase.Law

9、 of demand: the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises.Demand schedule: a table that shows the relationship between the price of a good and the quantity demanded.Demand curve : a graph of the relationship between the price of a good and

10、 the quantity demanded.Normal good : a good for which, other things equal, an increase in ine leads to an increase in demand.Inferior good : a good for which, other things equal, an increase in ine leads to a decrease in demand.Substitutes : two goods for which an increase in the price of one good l

11、eads to an increase in the demand for the other.plements : two goods for which an increase in the price of one good leads to a decrease in the demand for the other.quantity supplied : the amount of a good that sellers are willing and able to sell.Law of supply : the claim that, other things equal, t

12、he quantity supplied of a good rises when the price of the good rises.Supply schedule: a table that shows the relationship between the price of a good and the quantity supplied.Supply curve: a graph of the relationship between the price of a good and the quantity supplied.Equilibrium : a situation i

13、n which the price has reached the level where quantity supplied equals quantity demanded.Equilibrium price : the price that balances quantity supplied and quantity demanded.Equilibrium quantity : the quantity supplied and the quantity demanded at the equilibrium price.Surplus : a situation in which

14、quantity supplied is greater than quantity demanded.Shortage : a situation in which quantity demanded is greater than quantity supplied.Law of supply and demand : the claim that the price of any good adjusts to bring the supply and demand for that good into balance.Price ceiling: a legal maximum on

15、the price at which a good can be sold.Price floor: a legal minimum on the price at which a good can be sold.Tax incidence: the manner in which the burden of a tax is shared among participants in a market.Elasticity:a measure of the responsiveness of quantity demanded or quantity supplied to one of i

16、ts determinants.Price elasticity of demand: a measure of how much the quantity demanded of a good responds to a change in the price of that good, puted as the percentage change in quantity demanded divided by the percentage change in price.Total revenue: the amount paid by buyers and received by sel

17、lers of a good, puted as the price of the good times the quantity sold.Ine lasticity of demand: a measure of how much the quantity demanded of a good responds to a change in consumers ine, puted as the percentage change in quantity demanded divided by the percentage change in ine.Crossprice elastici

18、ty of demand: a measure of how much the quantity demanded of one good responds to a change in the price of another good, puted as the percentage change in the quantity demanded of the first good divided by the percentage change in the price of the second good.Price elasticity of supply: a measure of

19、 how much the quantity supplied of a good responds to a change in the price of that good, puted as the percentage change in quantity supplied divided by the percentage change in price.Arc elasticity:弧弹性EngelsCoefficient CHAPTER 3 Utility TheoryCardinal utility theoryOrdinal utility theoryConsumers p

20、referenceConsumers equilibriumOptimizationBudget constraintsmarginal utility边际效用 is the change in utility an individual enjoys from consuming an additional unit of a good.Total utilityUtility functionan indifference curve represents all binations of two goods that make the consumer equally well off.

21、the law of diminishing marginal returns边际收益递减规律 states that as we continue to add more of any one input, its marginal product will eventually decline.Consumer SurplusEconomic Well-BeingMarginal Rate of Substitution (MRSXY)Law of Diminishing Marginal Rate of SubstitutionPrice-consumption curve Ine-co

22、nsumption curve Substitution & Ine Effectspensated Budget LinePerfect substitutesPerfect plementsEngel curveCHAPTER 4 Production TheoryProduction function: the relationship between quantity of inputs used to make a good and the quantity of output of that good.Marginal product: the increase in output

23、 that arises from an additional unit of input.Total productAverage productDiminishing marginal product: the property whereby the marginal product of an input declines as the quantity of the input increases.Isoquants curves : showing all possible binations of inputs that yield the same outputMRTS: It

24、 is the rate at which a firm is willing to trade one factor for another.Law of Diminishing Marginal Rate of Technical Substitution Isocost lineProducer Equilibrium: at the point where the highest isoquant curve and the isocost curve are tangent.Returns to ScaleConstant returns to scale denote a case

25、 where a change in all inputs leads to a proportional change in output.Increasing returns to scale arise when an increase in all inputs leads to a more-than-proportional increase in the level of output. Decreasing returns to scale occur when a balanced increase of all inputs leads to a less-than-pro

26、portional increase in total output.CHAPTER 5 Cost TheoryTotal revenue: the amount a firm receives for the sale of its output.Total cost: the market value of the inputs a firm uses in production.Profit :total revenue minus total cost.Economic profit: total revenue minus total cost, including both exp

27、licit and implicit costs.Accounting profit: total revenue minus total explicit cost.Explicit costs: input costs that require an outlay of money by the firm.Implicit costs: input costs that do not require an outlay of money by the firm.conomic cost:Accounting cost:Opportunity costSunk cost: a cost th

28、at has been mitted and cannot be recovered.Short run cost / Long run cost:Total cost:Fixed costs: costs that do not vary with the quantity of output produced.Variable costs: costs that do vary with the quantity of output produced.Average total cost: total cost divided by the quantity of output.Avera

29、ge fixed cost: fixed costs divided by the quantity of output.Average variable cost: variable costs divided by the quantity of output.Marginal cost: the increase in total cost that arises from an extra unit of production.Efficient scale: the quantity of output that minimizes average total cost.Econom

30、ies of scale: the property whereby long-run average total cost falls as the quantity of output increases.Diseconomies of scale: the property whereby long-run average total cost rises as the quantity of output increases.Constant returns to scale: the property whereby long-run average total cost stays

31、 the same as the quantity of output changes.CHAPTER 6 Perfectly petitive marketpetitive market: a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker.Average revenue: total revenue divided by the quantity sold.Marginal revenue: the change in

32、total revenue from an additional unit sold.AR、MR、D coincideMR=MC maximize profitBreak Even PointShut down Point Producer surplusConstant Cost IndustryIncreasing Cost IndustryDecreasing Cost IndustryCHAPTER 7 Imperfectly petitive marketsMonopoly :a firm that is the sole seller of a product without close substitutes.Natural monopoly: a monopoly that arises because a single firm can supply a good or service to an entir