经济学名词解释英文版.docx

经济学名词解释英文版.docx

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经济学名词解释英文版

Howpeoplemakedecisions:

1.peoplefacetradeoffs

2.Thecostofsomethingiswhatyougiveuptogetit

3.Rationalpeoplethinkatthemargin

4.Peoplerespondtoincentives

Howpeopleinteract:

5.tradecanmakeeveryonebetteroff

6.Marketsareusuallyagoodwaytoorganizeeconomicactivity

7.Governmentcansometimesimprovemarketoutcomes

Howtheeconomyas8.Acountry’sstandardoflivingdependsonitsabilitytoproduce

Awholeworks:

goodsandservices

9.Pricesrisewhenthegovernmentprintstoomuchmoney

10.Societyfacesashort-runtradeoffbetweeninflationandunemployment

Keyconcepts:

Ability-to-payprinciple（税收的）能力支付原则:

Theideathattaxesshouldbeleviedonapersonaccordingtohowwellthatpersoncanshouldertheburden

Absoluteadvantage绝对优势:

Thecomparisonamongproducersofagoodaccordingtotheirproductivity

Accountingprofit会计利润:

Totalrevenueminustotalexplicitcost

Adverseselection逆向选择:

Thetendencyforthemixofunobservedattributestobecomeundesirablefromthestandpointofanuninformedparty

Agent代理人:

Apersonwhoisperforminganactforanotherperson,calledtheprincipal

Aggregate-demandcurve:

acurvethatshowsthequantityofgoodsandservicesthathouseholds,firms,andthegovernmentwanttobuyateachpricelevel

Aggregaterisk:

riskthataffectsalleconomicactorsatonce

Aggregate-supplycurve:

acurvethatshowsthequantityofgoodsandservicesthatfirmschoosetoproduceandsellateachpricelevel

Appreciation:

anincreaseinthevalueofacurrencyasmeasuredbytheamountofforeigncurrencyitcanbuy

Arrow’simpossibilitytheorem阿罗不可能定理:

Amathematicalresultshowingthat,undercertainassumedconditions,thereisnoschemeforaggregatingindividualpreferencesintoavalidsetofsocialpreferences

Averagefixedcost平均固定成本:

Fixedcostsdividedbythequantityofoutput

Averagerevenue平均收益:

Totalrevenuedividedbythequantitysold

Averagetaxrate平均税率:

Totaltaxespaiddividedbytotalincome

Averagetotalcost平均总成本:

Totalcostdividedbythequantityofoutput

Averagevariablecost平均可变成本:

Variablecostsdividedbythequantityofoutput

Automaticstabilizers:

changesinfiscalpolicythatstimulateaggregatedemandwhentheeconomygoesintoarecessionwithoutpolicymakershavingtotakeanydeliberateaction

Balancetrade:

asituationinwhichexportsequalimports

Benefitsprinciple受益原则:

Theideathatpeopleshouldpaytaxesbasedonthebenefitstheyreceivefromgovernmentservices

Bond:

acertificateofindebtedness

Budgetconstraint预算约束:

Thelimitontheconsumptionbundlesthataconsumercanafford

Budgetdeficit预算赤字:

Anexcessofgovernmentspendingovergovernmentreceipts

Budgetsurplus预算盈余:

Anexcessofgovernmentreceiptsovergovernmentspending

Businesscycle经济周期:

Fluctuationsineconomicactivity,suchasemploymentandproduction

Capital资产:

Theequipmentandstructuresusedtoproducegoodsandservices

Capitalflight:

alargeandsuddenreductioninthedemandforassetslocatedinacountry

Cartel卡特尔:

Agroupoffirmsactinginunison

Catch-upeffect后发效应:

thepropertywherebycountriesthatstartoffpoortendtogrowmorerapidlythatcountriesthatstartoffrich

Centralbank:

aninstitutiondesignedtooverseethebankingsystemandregulatethequantityofmoneyintheeconomy

Circular-flowdiagram循环流向图:

Avisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirms

Closedeconomy:

aneconomythatdoesnotinteractwithothereconomiesintheworld

Collectivebargaining:

theprocessbywhichunionsandfirmsagreeonthetermsofemployment

Commoditymoney:

moneythattakestheformofacommoditywithintrinsicvalue

Coasetheorem科斯定理:

Thepropositionthatifprivatepartiescanbargainwithoutcostovertheallocationofresources,theycansolvetheproblemofexternalitiesontheirown

Collusion共谋:

Anagreementamongfirmsinamarketaboutquantitiestoproduceorpricestocharge

Commonresources共同资源:

Goodsthatarerivalbutnotexcludable

Comparativeadvantage比较优势:

Thecomparisonamongproducersofagoodaccordingtotheiropportunitycost

Compensatingdifferential补偿性工资差别:

Adifferenceinwagesthatarisestooffsetthenonmonetarycharacteristicsofdifferentjobs

Competitivemarket竞争性市场:

Amarketwithmanybuyersandsellerstradingidenticalproductssothateachbuyerandsellerisapricetaker

Complements互补性商品:

Twogoodsforwhichanincreaseinthepriceofoneleadstoadecreaseinthedemandfortheother

Condorcetparadox:

thefailureofmajorityruletoproducetransitivepreferencesforsociety

Compounding:

theaccumulationofasumofmoneyin,say,abankaccount,wheretheinterestearnedremainsintheaccounttoearnadditionalinterestinthefuture

Constantreturnstoscale规模报酬不变:

Thepropertywherebylong-runaveragetotalcoststaysthesameasthequantityofoutput

Consumerpriceindex（CPI）:

ameasureoftheoverallcostofthegoodsandservicesboughtbyatypicalconsumer

Consumersurplus消费者剩余:

Abuyer’swillingnesstopayminustheamountthebuyeractuallypaysConsumption:

spendingbyhouseholdsongoodsandservices,withtheexceptionofpurchasesofnewhousing

Cost成本:

Thevalueofeverythingasellermustgiveupproducingagood

Cost-benefitanalysis成本收益分析:

Astudythatcomparesthecostsandbenefitstosocietyofprovidingapublicgood

Crowdingout:

adecreaseininvestmentthatresultsfromgovernmentborrowing

Crowding-outeffect:

theoffsetinaggregatedemandthatresultswhenexpansionaryfiscalpolicyraisetheinterestrateandtherebyreducesinvestmentspending

Cross-priceelasticityofdemand需求的交叉价格弹性:

Ameasureofhowmuchthequantitydemandedofonegoodrespondstoachangeinthepriceofanothergood,computedasthepercentagechangeinquantitydemandedofthefirstgooddividedbythepercentagechangeinthepriceofthesecondgood

Currency:

thepaperbillsandcoinsinthehandsofthepublic

Cyclicalunemployment:

thedeviationofunemploymentfromamarketdistortion,suchasatax

Deadweightloss无谓损失:

Thefallintotalsurplusthatresultsfromamarketdistortion,suchasatax

Demandcurve需求曲线:

Agraphoftherelationshipbetweenthepriceofagoodandthequantitydemanded

Demanddeposits:

balancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck

Demandschedule需求表:

Atablethatshowstherelationshipbetweenthepriceofagoodandthequantitydemanded

Depreciation:

adecreaseinthevalueofacurrencyasmeasuredbytheamountofforeighcurrencyitcanbuy

Depression:

asevererecession

Diminishingmarginalproduct边际产品递减:

Thepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases

Discrimination歧视:

Theofferingofdifferentopportunitiestosimilarindividualswhodifferonlybyrace,ethnicgroup,sex,age,orotherpersonalcharacteristics

Diseconomiesofscale规模不经济:

Thepropertywherebylong-runaveragetotalcostrisesasthequantityofoutputincreases

Discountrate:

theinterestrateontheloansthattheFedmakestobanks

Discouragedworkers:

individualswhowouldliketoworkbuthavegivenuplookingforjob

Diversification:

thereductionofriskachievedbyreplacingasingleriskwithalargenumberofsmallerunrelatedrisks

Dominantstrategy占优策略:

Astrategythatisbestforaplayerinagameregardlessofthestrategieschosenbytheotherplayers

Economicprofit经济利润:

Totalrevenueminustotalcost,includingbothexplicitandimplicitcosts

Economics经济学:

Thestudyofhowsocietymanagesitsscarceresources

Economiesofscale规模经济:

Thepropertywherebylong-runaveragetotalcostfallsasthequantityofoutputincreases

Efficiency效率:

Thepropertyofsocietygettingthemostitcanfromitsscarceresources

Efficiencywages效率工资:

Above-equilibriumwagespaidbyfirmsinordertoincreaseworkerproductivity

Efficientscale:

thequantityofoutputthatminimizesaveragetotalcost

Elasticity:

ameasureoftheresponsivenessofquantitydemandedorquantitysuppliedtooneofitsdeterminants

Equilibrium:

asituationinwhichthepricehasreachedthelevelwherequantitysuppliedequalsquantitydemanded

Equilibriumprice:

thepricethatbalancesquantitysuppliedandquantitydemanded

Equilibriumquantity:

thequantitysuppliedandthequantitydemandedattheequilibriumprice

Equity:

thepropertyofdistributingeconomicprosperityfairlyamongthemembersofsociety

Excludability:

thepropertyofagoodwherebyapersoncanbepreventedfromusingit

Explicitcosts:

inputcoststhatrequireanoutlayofmoneybythefirm

Export:

goodsproduceddomesticallyandsoldabroad

Externality:

theuncompensatedimpactofoneperson’sactionsonthewellbeingofabystander

Factorsofproduction:

theinputsusedtoproducegoodsandservices

Federalreserve（Fed）:

thecentralbankoftheunitedstates

Fiatmoney:

moneywithoutintrinsicvaluethatisusedasmoneybecauseofgovernmentdecree

Finance:

thefieldthatstudieshowpeoplemakedecisionsregardingtheallocationofresourcesovertimeandthehandlingofrisk

Financialintermediaries:

financialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers

Financialmarkets:

financialinstitutionsthroughwhichsaverscandirectlyprovidefundstoborrowers

Financialsystem:

thegroupofinstitutionsintheeconomythathelptomatchoneperson’ssavingwithanotherperson’sinvestment

Fishereffect:

theone-for-oneadjustmentofthenominalinterestratetotheinflationrate

Fractional-reservebanking:

abankingsysteminwhichbanksholdonlyafractionofdepositsasreserves

Frictionalunemployment:

unemploymentthatresultsbecauseittakestimeforworkerstosearchforthejobsthatbestsuittheirtastes