经济学名词解释英文版.docx

1、经济学名词解释英文版How people make decisions: 1. people face trade offs 2. The cost of something is what you give up to get it 3. Rational people think at the margin 4. People respond to incentivesHow people interact: 5.trade can make everyone better off 6. Markets are usually a good way to organize economic

2、 activity 7. Government can sometimes improve market outcomesHow the economy as 8. A countrys standard of living depends on its ability to produce A whole works: goods and services 9. Prices rise when the government prints too much money 10. Society faces a short-run tradeoff between inflation and u

3、nemployment Key concepts:Ability-to-pay principle（税收的）能力支付原则: The idea that taxes should be levied on a person according to how well that person can shoulder the burdenAbsolute advantage绝对优势: The comparison among producers of a good according to their productivityAccounting profit会计利润: Total revenue

4、 minus total explicit costAdverse selection逆向选择: The tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed partyAgent代理人: A person who is performing an act for another person, called the principalAggregate-demand curve: a curve that shows the quanti

5、ty of goods and services that households, firms, and the government want to buy at each price levelAggregate risk: risk that affects all economic actors at onceAggregate-supply curve: a curve that shows the quantity of goods and services that firms choose to produce and sell at each price levelAppre

6、ciation: an increase in the value of a currency as measured by the amount of foreign currency it can buyArrows impossibility theorem阿罗不可能定理: A mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social pref

7、erencesAverage fixed cost平均固定成本: Fixed costs divided by the quantity of outputAverage revenue平均收益: Total revenue divided by the quantity soldAverage tax rate平均税率: Total taxes paid divided by total incomeAverage total cost平均总成本: Total cost divided by the quantity of outputAverage variable cost平均可变成本:

8、 Variable costs divided by the quantity of outputAutomatic stabilizers: changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate actionBalance trade: a situation in which exports equal importsBenefits principle

9、受益原则: The idea that people should pay taxes based on the benefits they receive from government servicesBond: a certificate of indebtednessBudget constraint预算约束: The limit on the consumption bundles that a consumer can affordBudget deficit预算赤字: An excess of government spending over government receipt

10、sBudget surplus预算盈余: An excess of government receipts over government spendingBusiness cycle经济周期: Fluctuations in economic activity, such as employment and productionCapital资产: The equipment and structures used to produce goods and servicesCapital flight: a large and sudden reduction in the demand f

11、or assets located in a countryCartel 卡特尔: A group of firms acting in unisonCatch-up effect 后发效应: the property whereby countries that start off poor tend to grow more rapidly that countries that start off richCentral bank: an institution designed to oversee the banking system and regulate the quantit

12、y of money in the economyCircular-flow diagram循环流向图: A visual model of the economy that shows how dollars flow through markets among households and firmsClosed economy: an economy that does not interact with other economies in the worldCollective bargaining: the process by which unions and firms agr

13、ee on the terms of employmentCommodity money: money that takes the form of a commodity with intrinsic valueCoase theorem科斯定理: The proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their ownCollusion共谋: An agr

14、eement among firms in a market about quantities to produce or prices to chargeCommon resources共同资源: Goods that are rival but not excludableComparative advantage比较优势: The comparison among producers of a good according to their opportunity costCompensating differential补偿性工资差别: A difference in wages th

15、at arises to offset the nonmonetary characteristics of different jobsCompetitive market竞争性市场: A market with many buyers and sellers trading identical products so that each buyer and seller is a price takerComplements互补性商品: Two goods for which an increase in the price of one leads to a decrease in th

16、e demand for the otherCondorcet paradox: the failure of majority rule to produce transitive preferences for societyCompounding: the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the futureConstant returns to scale规模报酬不变: The property whereby long-run average total cost stays the same as the quantit