经济学原理名词解释英文版Word文件下载.docx

1、 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.Productivity : the quantity of goods and services produced from each hour of a workers time.Inflation

2、: 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 activity, such as employment and production.CHAPTER 2Circular-flow diagram : a visual model of the econo

3、my that shows how dollars flow through markets among households and firms.Production possibilities frontier : a graph 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 stu

4、dy 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 that attempt to describe the world as it is.Normative statements: claims that attemp

5、t to prescribe how the world should be.CHAPTER 3Absolute Advantage : the comparison among producers of a good according to their productivity.Opportunity Cost: whatever must be given to obtain some item.Comparative Advantage : the comparison among producers of a good according to their opportunity c

6、ost.Imports : goods produced abroad and sold domestically.Exports: goods produced domestically and sold abroad.CHAPTER 4Market: a group of buyers and sellers of a particular good or service.Competitive market: a market in which there are many buyers and many sellers so that each has a negligible imp

7、act on the market price.Quantity demanded: the amount of a good that buyers are willing 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 pric

8、e of a good and the quantity demanded.Demand curve: a graph of the relationship between 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 incre

9、ase in income leads to a decrease in demand.Substitutes : two goods for which an 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

10、 : the amount of a good that sellers are willing and able to sell.Law of supply : 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.Supp

11、ly curve: a graph of the relationship between the price of a good and the quantity 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.Equilibr

12、ium quantity : the quantity supplied and the quantity demanded at the equilibrium 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

13、 price of any good adjusts to bring the supply and demand for that good into balance.CHAPTER 5Elasticity a measure of the responsiveness of quantity demanded 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

14、a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price.Income elasticity 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 quant

15、ity demanded divided by the percentage change in income.Cross-price 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

16、change in the price 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.CHAPTER 6Price ceiling: a legal ma

17、ximum 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.CHAPTER 7Welfare economics: the study of how the allocation of resources affects econom

18、ic well-being.Willingness to pay: the maximum amount that a buyer will pay for a good.Consumer surplus: a buyers willingness to pay minus the amount the buyer actually pays.Cost：the value of everything a seller must give up to produce a good.Producer surplus: the amount a seller is paid for a good m

19、inus the sellers cost.Efficiency: the property of a resource allocation of maximizing the total surplus received by all members of society.fairness of the distribution of well-being among the members of society.CHAPTER 8Deadweight loss: the fall in total surplus that results from a market distortion

20、, such as a tax.CHAPTER 9World price: the price of a good that prevails in the world market for that good.Tariff: a tax on goods produced abroad and sold domestically.Import quota: a limit on the quantity of a good that can be produced abroad and sold domestically.CHAPTER 10the uncompensated impact

21、of one persons actions on the well-being of a bystander.Internalizing an externality: altering incentives so that people take account of the external effects of their actions.Coase theorem: the proposition that if private parties can bargain without cost over the allocation of resources, they can so

22、lve the problem of externalities on their own.Transaction costs: the costs that parties incur in the process of agreeing and following through on a bargain.Pigovian tax: a tax enacted to correct the effects of a negative externality.CHAPTER11Excludability: the property of a good whereby a person can

23、 be prevented from using it.Rivalry: the property of a good whereby one persons use diminishes other peoples use.Private goods: goods that are both excludable and rival.Public goods: goods that are neither excludable nor rival.Common resources: goods that are rival but not excludable.Free rider: a p

24、erson who receives the benefit of a good but avoids paying for it.Cost-benefit analysis: a study that compares the costs and benefits to society of providing a public good.Tragedy of the commons: a parable that illustrates why common resources get used more than is desirable from the standpoint of s

25、ociety as a whole.CHAPTER 12Total 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.explicit costs: input costs that require an outlay of money by the firm.Implicit costs: input c

26、osts that do not require an outlay of money by the firm.Economic profit: total revenue minus total cost, including both explicit and implicit costs.Accounting profit: total revenue minus total explicit cost.Production function: the relationship between quantity of inputs used to make a good and the

27、quantity of output of that good.Marginal product: the increase in output that arises from an additional unit of input.Diminishing marginal product: the property whereby the marginal product of an input declines as the quantity of the input increases.Fixed costs: costs that do not vary with the quant

28、ity 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.Average fixed cost: fixed costs divided by the quantity of output.Average variable cost: variable costs divided by the quantity of output.Ma

29、rginal 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.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 scale: the property whereby long-run average total cost stays the same as the quantity of output changes.CHAPTER 13 a market with many buyers and sellers trading identical pr