微观经济学名词解释双语版Word文档下载推荐.docx

1、 the ability of an individual to own and exercise control over scarce resources.Market failure : a 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 sing

2、le economic actor （or small group of actors） to have a substantial influence on market prices.Productivity : 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 shor

3、t-run tradeoff between inflation and unemployment.Business cycle : fluctuations in economic activity, 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 g

4、raph that shows the combinations of output that the economy can possibly produce given the available factors 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 econ

5、omy-wide phenomena, including inflation, unemployment, and economic growth.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 wi

6、lling and able to purchase.Law 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 b

7、etween the price of a good and the quantity demanded.Normal good : a good for which, other things equal, an increase in income leads to an increase in demand.Inferior good : a good for which, other things equal, an increase in income leads to a decrease in demand.Substitutes : two goods for which an

8、 increase in the price of one good leads to an increase in the demand for the other.Complements : 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

9、: the claim that, other things equal, the 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 quanti

10、ty supplied.Equilibrium : a situation in 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 equilibriu

11、m price.Surplus : a situation in which 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 bal

12、ance.Price ceiling: a legal maximum on 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 de

13、manded or quantity supplied to one of its 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, computed as the percentage change in quantity demanded divided by the percentage change in price.Total revenue: the

14、 amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold.Income lasticity of demand: a measure of how much the quantity demanded of a good responds to a change in consumers income, computed as the percentage change in quantity demanded divid

15、ed by the percentage change in income.Crossprice elasticity of demand: a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in the quantity demanded of the first good divided by the percentage change in the price

16、 of the second good.Price elasticity of supply: a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price.Arc elasticity:弧弹性EngelsCoefficient CHAPTER 3 Utility

17、 TheoryCardinal utility theoryOrdinal utility theoryConsumers preferenceConsumers 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

18、combinations of two goods that make the consumer equally well off.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 Dimin

19、ishing Marginal Rate of SubstitutionPrice-consumption curve Income-consumption curve Substitution & Income EffectsCompensated Budget LinePerfect substitutesPerfect complementsEngel curveCHAPTER 4 Production TheoryProduction function: the relationship between quantity of inputs used to make a good an

20、d the quantity of output of that good.Marginal product: the increase in output 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

21、 : showing all possible combinations of inputs that yield the same outputMRTS: It 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

22、isocost curve are tangent.Returns to ScaleConstant returns to scale denote a case 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 retur

23、ns to scale occur when a balanced increase of all inputs leads to a less-than-proportional increase in total output. CHAPTER 5 Cost Theory 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

24、.Economic profit: total revenue minus total cost, including both explicit 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 fi

25、rm.conomic cost:Accounting cost:Opportunity costSunk cost: a cost that has been committed and cannot be recovered.Short run cost / Long run 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 to

26、tal cost: total cost divided by the quantity of output.Average 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

27、 quantity of output that minimizes average total cost.Economies 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 s

28、cale: the property whereby long-run average total cost stays the same as the quantity of output changes.CHAPTER 6 Perfectly competitive marketCompetitive market: a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker.Average revenue: total rev

29、enue divided by the quantity sold.Marginal revenue: the change in 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 competitive marketsMonopoly :a firm that is the sole seller of a product without close substitutes.Natural monopoly: a monopoly tha