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theabilityofanindividualtoownandexercisecontroloverscarceresources.
Marketfailure:
asituationinwhichamarketleftonitsownfailstoallocateresourcesefficiently.
Externality:
theimpactofoneperson’sactionsonthewell-beingofabystander.
Marketpower:
theabilityofasingleeconomicactor（orsmallgroupofactors）tohaveasubstantialinfluenceonmarketprices.
Productivity:
thequantityofgoodsandservicesproducedfromeachhourofaworker’stime.
Inflation:
anincreaseintheoveralllevelofpricesintheeconomy.
Phillipscurve:
acurvethatshowstheshort-runtradeoffbetweeninflationandunemployment.
Businesscycle:
fluctuationsineconomicactivity,suchasemploymentandproduction.
Circular-flowdiagram:
avisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirms.
Productionpossibilitiesfrontier:
agraphthatshowsthecombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnology.
Microeconomics:
thestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinmarkets.
Macroeconomics:
thestudyofeconomy-widephenomena,includinginflation,unemployment,andeconomicgrowth.
Positivestatements:
claimsthatattempttodescribetheworldasitis.
Invisibalhand
Economicman
Perfectinformation
Marketclearing
CHAPTER2Supply-DemandEquilibrium
Quantitydemanded:
theamountofagoodthatbuyersarewillingandabletopurchase.
Lawofdemand:
theclaimthat,otherthingsequal,thequantitydemandedofagoodfallswhenthepriceofthegoodrises.
Demandschedule:
atablethatshowstherelationshipbetweenthepriceofagoodandthequantitydemanded.
Demandcurve:
agraphoftherelationshipbetweenthepriceofagoodandthequantitydemanded.
Normalgood:
agoodforwhich,otherthingsequal,anincreaseinincomeleadstoanincreaseindemand.
Inferiorgood:
agoodforwhich,otherthingsequal,anincreaseinincomeleadstoadecreaseindemand.
Substitutes:
twogoodsforwhichanincreaseinthepriceofonegoodleadstoanincreaseinthedemandfortheother.
Complements:
twogoodsforwhichanincreaseinthepriceofonegoodleadstoadecreaseinthedemandfortheother.
quantitysupplied:
theamountofagoodthatsellersarewillingandabletosell.
Lawofsupply:
theclaimthat,otherthingsequal,thequantitysuppliedofagoodriseswhenthepriceofthegoodrises.
Supplyschedule:
atablethatshowstherelationshipbetweenthepriceofagoodandthequantitysupplied.
Supplycurve:
agraphoftherelationshipbetweenthepriceofagoodandthequantitysupplied.
Equilibrium:
asituationinwhichthepricehasreachedthelevelwherequantitysuppliedequalsquantitydemanded.
Equilibriumprice:
thepricethatbalancesquantitysuppliedandquantitydemanded.
Equilibriumquantity:
thequantitysuppliedandthequantitydemandedattheequilibriumprice.
Surplus:
asituationinwhichquantitysuppliedisgreaterthanquantitydemanded.
Shortage:
asituationinwhichquantitydemandedisgreaterthanquantitysupplied.
Lawofsupplyanddemand:
theclaimthatthepriceofanygoodadjuststobringthesupplyanddemandforthatgoodintobalance.
Priceceiling:
alegalmaximumonthepriceatwhichagoodcanbesold.
Pricefloor:
alegalminimumonthepriceatwhichagoodcanbesold.
Taxincidence:
themannerinwhichtheburdenofataxissharedamongparticipantsinamarket.
Elasticity:
ameasureoftheresponsivenessofquantitydemandedorquantitysuppliedtooneofitsdeterminants.
Priceelasticityofdemand:
ameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.
Totalrevenue:
theamountpaidbybuyersandreceivedbysellersofagood,computedasthepriceofthegoodtimesthequantitysold.
Incomelasticityofdemand:
ameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinconsumers’income,computedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinincome.
Crosspriceelasticityofdemand:
ameasureofhowmuchthequantitydemandedofonegoodrespondstoachangeinthepriceofanothergood,computedasthepercentagechangeinthequantitydemandedofthefirstgooddividedbythepercentagechangeinthepriceofthesecondgood.
Priceelasticityofsupply:
ameasureofhowmuchthequantitysuppliedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitysupplieddividedbythepercentagechangeinprice.
Arcelasticity:
弧弹性
Engel'
s
Coefficient
CHAPTER3UtilityTheory
Cardinalutilitytheory
Ordinalutilitytheory
Consumer’spreference
Consumer’sequilibrium
Optimization
Budgetconstraints
marginalutility边际效用isthechangeinutilityanindividualenjoysfromconsuminganadditionalunitofagood.
Totalutility
Utilityfunction
anindifferencecurverepresentsallcombinationsoftwogoodsthatmaketheconsumerequallywelloff.
thelawofdiminishingmarginalreturns边际收益递减规律statesthataswecontinuetoaddmoreofanyoneinput,itsmarginalproductwilleventuallydecline.
ConsumerSurplus
EconomicWell-Being
MarginalRateofSubstitution（MRSXY）
LawofDiminishingMarginalRateofSubstitution
Price-consumptioncurve
Income-consumptioncurve
Substitution&
IncomeEffects
CompensatedBudgetLine
Perfectsubstitutes
Perfectcomplements
Engelcurve
CHAPTER4ProductionTheory
Productionfunction:
therelationshipbetweenquantityofinputsusedtomakeagoodandthequantityofoutputofthatgood.
Marginalproduct:
theincreaseinoutputthatarisesfromanadditionalunitofinput.
Totalproduct
Averageproduct
Diminishingmarginalproduct:
thepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases.
Isoquantscurves:
showingallpossiblecombinationsofinputsthatyieldthesameoutput
MRTS:
Itistherateatwhichafirmiswillingtotradeonefactorforanother.
LawofDiminishingMarginalRateofTechnicalSubstitution
Isocostline
ProducerEquilibrium:
atthepointwherethehighestisoquantcurveandtheisocostcurvearetangent.
ReturnstoScale
Constantreturnstoscaledenoteacasewhereachangeinallinputsleadstoaproportionalchangeinoutput.
Increasingreturnstoscalearisewhenanincreaseinallinputsleadstoamore-than-proportionalincreaseinthelevelofoutput.
Decreasingreturnstoscaleoccurwhenabalancedincreaseofallinputsleadstoaless-than-proportionalincreaseintotaloutput.
CHAPTER5CostTheory
theamountafirmreceivesforthesaleofitsoutput.
Totalcost:
themarketvalueoftheinputsafirmusesinproduction.
Profit:
totalrevenueminustotalcost.
Economicprofit:
totalrevenueminustotalcost,includingbothexplicitandimplicitcosts.
Accountingprofit:
totalrevenueminustotalexplicitcost.
Explicitcosts:
inputcoststhatrequireanoutlayofmoneybythefirm.
Implicitcosts:
inputcoststhatdonotrequireanoutlayofmoneybythefirm.
conomiccost:
Accountingcost:
Opportunitycost
Sunkcost:
acostthathasbeencommittedandcannotberecovered.
Shortruncost/Longruncost:
Fixedcosts:
coststhatdonotvarywiththequantityofoutputproduced.
Variablecosts:
coststhatdovarywiththequantityofoutputproduced.
Averagetotalcost:
totalcostdividedbythequantityofoutput.
Averagefixedcost:
fixedcostsdividedbythequantityofoutput.
Averagevariablecost:
variablecostsdividedbythequantityofoutput.
Marginalcost:
theincreaseintotalcostthatarisesfromanextraunitofproduction.
Efficientscale:
thequantityofoutputthatminimizesaveragetotalcost.
Economiesofscale:
thepropertywherebylong-runaveragetotalcostfallsasthequantityofoutputincreases.
Diseconomiesofscale:
thepropertywherebylong-runaveragetotalcostrisesasthequantityofoutputincreases.
Constantreturnstoscale:
thepropertywherebylong-runaveragetotalcoststaysthesameasthequantityofoutputchanges.
CHAPTER6Perfectlycompetitivemarket
Competitivemarket:
amarketwithmanybuyersandsellerstradingidenticalproductssothateachbuyerandsellerisapricetaker.
Averagerevenue:
totalrevenuedividedbythequantitysold.
Marginalrevenue:
thechangeintotalrevenuefromanadditionalunitsold.
AR、MR、Dcoincide
MR=MC—maximizeprofit
BreakEvenPoint
ShutdownPoint
Producersurplus
ConstantCostIndustry
IncreasingCostIndustry
DecreasingCostIndustry
CHAPTER7Imperfectlycompetitivemarkets
Monopoly:
afirmthatisthesolesellerofaproductwithoutclosesubstitutes.
Naturalmonopoly:
amonopolytha
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