精编【财务知识】EconomicsNotes微观经济学英文笔记需求
微观经济学原理(第七版)-曼昆-名词解释(带英文)
微观经济学原理（第七版）-曼昆-名词解释（带英文）微观经济学原理曼昆名词解释1. 需求价格弹性(price elasticity of demand)：2. 蛛网模型（）：对于生产周期较长的商品供给的时滞性，需求的不是动态模型分类，画图3. 边际效用递减（diminishing marginal utility）――基数效用论不违反边际效用递减规律。
因为边际效用是指物品的消费量每增加(或减少)一个单位所增加(或减少)的总效用的量。
这里的“单位”是指一完整的商品单位，这种完整的商品单位，是边际效用递减规律有效性的前提。
比如，这个定律适用于一双的鞋子，但不适用于单只的鞋子。
对于四轮车而言，必须是有四个轮子的车才成为一单位。
三个轮子不能构成一辆四轮车，因而每个轮子都不是一个有效用的物品，增加一个轮子，才能使车子有用。
因此，不能说第四个轮子的边际效用超过第三个轮子4. 无差异曲线(indifference curve)：一条表示给消费者相同满足程度的消费组合的曲线。
（2）特征：凸向原点越远越大不相交5. 边际替代率(marginal rate of substitution.MRS)：――序数效用论6. 预算线（Budget line/ budget constraint）7. 吉芬物品(Giffen good)：价格上升引起需求量增加的物品。
8. 柯布道格拉斯生产函数稀缺性（scarcity）：社会资源的有限性。
经济学(economics)：研究社会如何管理自己的稀缺资源。
效率(efficiency)：社会能从其稀缺资源中得到最多东西的特性。
平等(equality)：经济成果在社会成员中公平分配的特性。
机会成本(opportunity cost)：为了得到某种东西所必须放弃的东西。
理性人(rational people)：系统而有目的地尽最大努力实现起目标的人。
边际变动(marginal change)：对行动计划微小的增量调整。
微观经济学英语大一知识点
微观经济学英语大一知识点微观经济学是经济学的分支之一，研究个体经济单位（如家庭、企业等）的决策行为以及市场机制如何影响价格和资源分配。
在大一的学习中，了解和掌握微观经济学的基本概念和原理是非常重要的。
以下是关于微观经济学的一些英语知识点：1. Demand and Supply（需求与供给）需求与供给是微观经济学的基础概念之一。
需求是指消费者愿意购买某种商品或服务的数量。
供给是指生产者愿意提供给市场的某种商品或服务的数量。
需求和供给的交互决定了市场的价格和数量。
从经济学角度看，需求和供给是互相影响、相互制约的。
2. Elasticity（弹性）弹性是指价格变动对需求和供给的敏感程度。
需求弹性衡量消费者对价格变动的反应程度，而供给弹性衡量生产者对价格变动的反应程度。
需求弹性的计算方法是需求量的百分比变化除以价格的百分比变化。
供给弹性的计算方法是供给量的百分比变化除以价格的百分比变化。
弹性的数值越大，表示对价格变动的反应越敏感。
3. Consumer Behavior（消费者行为）消费者行为研究消费者在购买商品或服务时的决策过程和行为。
消费者行为受到多种因素的影响，包括个人偏好、收入水平、价格水平、市场环境等。
了解消费者行为对于企业制定市场营销策略至关重要，能够更好地满足消费者需求和提高市场份额。
4. Producer Behavior（生产者行为）生产者行为研究企业在生产和经营过程中的决策行为和策略选择。
生产者行为受到成本、技术水平、市场需求等因素的影响。
了解生产者行为能够帮助企业优化生产过程、制定合理的定价策略和扩大市场份额。
5. Market Structure（市场结构）市场结构研究市场中企业的数量、产品差异程度以及市场进入和退出的障碍程度。
常见的市场结构包括完全竞争市场、垄断市场、寡头垄断市场和垄断竞争市场。
不同的市场结构对于价格、利润和资源配置都有不同的影响。
了解不同市场结构的特点和影响有助于分析市场行为和预测市场走势。
北师大微观经济学笔记Chapter04
Actual Price 27$
Quantity demanded 6
A Demand Curve
Actual Price
Quantity Demanded
The Demand Curve
Demand Curve: Relationship between the quantity of a good that buyers are willing to buy and the price of the good. The demand curve slopes downward
Buyers always have budget constraints in terms of money Buyer Choices: Given their self-interest and limited budget, buyers choose to purchase goods that maximize their benefit per unit of money.
PY MYX PZ MZ X
The necessary condition for buyer to purchase additional one unit of good X
MU X ( X , Y ) PX PY MUY ( X , Y )
The necessary condition for seller to produce or sell additional one unit of good Y
Part 2
Analysis of Competitive Markets
Chapter 4: Supply and Demand Chapter 5: The Efficiency Analysis of Competitive Markets
曼昆的《微观经济学基础》课业笔记 英文版
曼昆的《微观经济学基础》课业笔记英文版IntroductionThis document presents my notes on "Microeconomics: Principles and Applications" by N. Gregory Mankiw. These notes summarize key concepts and ideas covered in the book, aiming to provide a helpful overview of microeconomics.Chapter 1: Ten Principles of Economics- People face trade-offs: individuals and societies must make choices due to scarcity.- The cost of something is what you give up to get it: when making decisions, considering both the direct and opportunity costs is crucial.- Rational people think at the margin: making decisions by evaluating incremental benefits and costs.- People respond to incentives: incentives can influence individuals' behavior and decision-making.- Trade can make everyone better off: voluntary exchange benefits all parties involved.- Markets are usually a good way to organize economic activity: markets coordinate exchanges efficiently.- A country's standard of living depends on its ability to produce goods and services: productivity is key.- Prices rise when the government prints too much money: inflation can be caused by excessive money supply growth.- Society faces a short-run trade-off between inflation and unemployment: the Phillips curve illustrates this trade-off.Chapter 2: Thinking Like an Economist- Economists use models to simplify reality and understand economic behavior.- Assumptions in economic models help focus on essential elements.- Opportunity cost is the true cost of something and is measured by what we give up to obtain it.Chapter 3: Interdependence and the Gains from Trade- Specialization and international trade result in greater production efficiency and consumption possibilities.- Both parties benefit from trade even if one has an absolute advantage in both goods.- Prices reflect the opportunity cost and guide resources to their most valued uses.Chapter 4: The Market Forces of Supply and Demand- Markets consist of buyers and sellers, and their interactions determine prices and quantities.- Demand curve shows the relationship between price and quantity demanded, while supply curve reflects the relationship between price and quantity supplied.- Market equilibrium occurs when quantity demanded equals quantity supplied.- Changes in demand or supply shift their respective curves, leading to changes in equilibrium price and quantity.ConclusionThese notes provide a brief summary of the key concepts covered in "Microeconomics: Principles and Applications." Studying this bookallows for a deeper understanding of microeconomic principles and their applications in the real world.。
经济英语知识点总结
经济英语知识点总结一、经济学基础知识1. Microeconomics（微观经济学）Microeconomics focuses on the interactions between individual buyers and sellers and the factors that influence their decisions. It examines how individuals and businesses make choices regarding the allocation of resources, production, and consumption. Key concepts in microeconomics include supply and demand, elasticity, market structures, and externalities.（微观经济学侧重研究个体买卖双方之间的互动以及影响他们决策的因素。
它研究个人和企业如何在资源分配、生产和消费方面做出选择。
微观经济学的关键概念包括供求关系、弹性、市场结构和外部性。
）2. Macroeconomics（宏观经济学）Macroeconomics looks at the overall performance of a national or global economy and the factors that influence it. It examines the behavior of major economic aggregates such as GDP, unemployment, inflation, and national income. Key concepts in macroeconomics include monetary and fiscal policy, economic growth, and international trade.（宏观经济学研究国家或全球经济的总体表现以及影响它的因素。
(完整版)微观经济学主要知识点总结
微观经济学1第一章导言一、经济学Economy，一词有节约之意。
N.G. 曼昆在《经济学原理》中说：经济这个词来源于希腊语，其意为“管理一个家庭的人”。
经济学无疑是关于经济的学问。
而经济问题总面临着一个不可避免的事实，即任何社会或个人总无法得到其想要的一切。
这就引发了一个稀缺的问题。
稀缺性（Scarcity）是指欲望总是超过了能用于满足的资源。
经济活动就是人们克服稀缺性的活动，经济学当然就是关于资源稀缺性的学问。
萨缪尔森：“经济学是研究社会如何使用稀缺资源来生产有价值的产品，并在不同集团之间分配这些产品（的学科）。
”曼昆：经济学研究社会如何管理自己的稀缺资源。
《牛津经济学辞典》：Economics：一种有关稀缺的资源如何被或应该被分配的研究。
总之，经济学就是关于人们如何利用稀缺资源的一门学科。
经济包括经济主体和市场。
经济活动中的主体（Economic Agents）是作出最优化的选择或经济决策的一方。
基本经济主体包括：居民户（Households）、厂商（Firms）、政府（Goverments）。
经济主体之间的联系就是市场。
市场是任何一种方便于买卖的安排。
市场包括：产品市场和要素市场。
产品市场是产品和劳务买卖的市场。
要素市场是各种生产要素买卖的市场。
生产要素是经济中的生产性资源，分为劳动、土地、资本。
经济学研究的对象：生产与消费、收入分配、就业、货币、政府在经济中的作用、国际贸易等经济学表述方法分为实证的和规范的两种。
以实证表述为内容的经济学为实证经济学（Positive E），即关于“是什么”的表达。
以规范表述为内容的经济学为规范经济学（Normative E），即关于“应该是什么”的表述。
二、生产可能性边界生产是把土地、劳动和资本这些生产要素转化为产品与劳务的过程。
由于资源是稀缺的，也就限制了所能生产的结果，即，能生产某一数量和不能生产某一数量。
生产可能性边界（Production Possibility Frontier, PPF），表示了能生产出来的产品和劳务与不能生产出来的产品和劳务之间的界线。
(财务管控)西方经济学笔记(微观经济学部分)
（财务管控）西方经济学笔记(微观经济学部分)西方经济学笔记（微观经济学部分）第一章导言通过本章的教学，使学生能够理解经济学产生的原因。
并熟悉西方经济学的内容体系。
要求掌握稀缺性、选择的定义、以及稀缺性、选择与经济学的关系；西方经济学的研究对象；微观经济学与宏观经济学的含义；实证经济学与规范经济学的含义，了解西方经济学的主要研究方法等问题。
第一节经济学的研究对象一、稀缺性和经济问题：1．稀缺性的含义：生产资源的相对有限性2．资源的稀缺性与经济问题：由于资源稀缺性的存在，使得人们必须考虑如何使用有限的相对稀缺的生产资源来满足无限多样化的需要。
这就是所谓的“经济问题”。
3．生产资源或生产要素主要包括的成分：在经济社会中的生产资源也叫生产要素，主要包括：资本（其价格为利息）、土地（其价格为地租）、劳动（其价格为工资）。
4．西方经济学研究的问题：西方经济学研究人与社会如何作出最终抉择，在使用或者不使用货币的情况下来使用可以有其他用途的稀缺的生产性资源，来现在或者将来生产产品，并把产品分给社会的各个成员以供消费之用。
它分析改进资源配置形式可能付出的代价和可能产生的收益。
二、生产可能性曲线与机会成本：1．生产可能性曲线的含义：在既定的资源之下所能生产商品的最大产量的组合，就是生产可能性线。
2．生产可能性曲线与资源稀缺性之间的关系：生产可能性曲线反映了资源稀缺性的特征。
3．机会成本定义：当具有多种用途的稀缺资源使经济主体需要选择时，选择会带来成本，选择的成本我们称为机会成本，当把一定资源用于生产某种产品时所放弃的另一种产品的数量就是机会成本它是做出一次决策时所放弃的其他可供选择的最好用途。
经济问题的解决与机会成本的关系：经济问题的解决被归结为如何使得选择的机会成本达到最低。
三、选择与资源配置1．选择产生的原因：资源的稀缺性使得社会不得不作出选择。
作为经济学意义上的选择，也就配置主要包括四个相关的问题：（1）生产什么的问题？（2）如何生产的问题？（3）生产多少的问题？（4）为什么生产的问题：即生产出来的产品如何分配？2．经济学的基本定义：经济学所研究的对象就是由稀缺性资源而引起的选择问题，或是资源配置问题。
经济学英语知识点归纳
经济学英语知识点归纳经济学是研究如何合理利用资源以满足人们需求的一门社会科学。
在学习经济学时，掌握经济学英语知识点是很重要的。
下面将详细介绍一些常见的经济学英语知识点。
1. Microeconomics（微观经济学）: Microeconomics studies the behavior of individual consumers and firms in making decisions on the allocation oflimited resources.2. Macroeconomics （宏观经济学）: Macroeconomics is the branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole.3. Supply and Demand（供求关系）: Supply refers to the quantity of a good or service that producers are willing to offer at a given price, while demand refers to the quantity of a good or service that consumers are willing to buy at a given price. The interaction between supply and demand determines the equilibrium price and quantity in a market.4. Elasticity（弹性）: Elasticity measures the responsiveness of quantity demanded or supplied to changes in price or income. Price elasticity of demand measures the percentage change in quantity demanded due to a 1% change in price, while price elasticity of supply measures the percentage change in quantity supplied due to a 1% change in price.5. Market Structure（市场结构）: Market structure refers to thecharacteristics of a market, such as the number of firms, barriers to entry, and degree of product differentiation. Common market structures includeperfect competition, monopoly, monopolistic competition, and oligopoly.6. GDP (Gross Domestic Product)（国内生产总值）: GDP is the total value of all final goods and services produced within a country's borders in a given period of time. It is commonly used as an indicator of economic performance.7. Inflation（通货膨胀）: Inflation refers to a sustained increase in the general price level of goods and services over a period of time. It reduces the purchasing power of money and can have negative effects on an economy.8. Unemployment（失业）: Unemployment refers to the state of being without a job. It is an important economic indicator and can have significant social andeconomic consequences.9. Fiscal Policy（财政政策）: Fiscal policy refers to the use of government spending and taxation to influence the economy. It is often used to stabilize the economy and promote economic growth.10. Monetary Policy（货币政策）: Monetary policy refers to the actions taken by a central bank to control the money supply and interest rates in order to influence the economy. It is often used to control inflation and promote economic stability.11. Comparative Advantage（比较优势）: Comparative advantage refers to the ability of a country, individual, or firm to produce a good or service at a lower opportunity cost than others. It is the basis for international trade.12. Exchange Rate（汇率）: The exchange rate is the rate at which one currency can be exchanged for another. It is determined by supply and demand in the foreign exchange market and can have a significant impact on international trade and investment.13. Trade Balance（贸易平衡）: Trade balance refers to the difference betweena country's exports and imports. A positive trade balance, or trade surplus, occurs when exports exceed imports, while a negative trade balance, or trade deficit, occurs when imports exceed exports.14. Market Failure（市场失灵）: Market failure occurs when the allocation of resources by a free market is inefficient and leads to a suboptimal outcome. Common causes of market failure include externalities, public goods, and imperfect competition.15. Game Theory（博弈论）: Game theory is a branch of economics that studies the strategic interactions between individuals or firms in situations where the outcome of one's decision depends on the decisions of others. It is used to analyze behavior in situations such as oligopoly and bargaining.以上是一些常见的经济学英语知识点。
微观经济学 笔记整理
微观经济学（1-7章）第一章引论1.微观经济与宏观经济的关系宏观经济学中心理论：国民收入决定理论第二章需求、供给和均衡价格1.微观经济学的研究对象：个体经济单位2.微观经济学的基本假设条件：合乎理性的人【经济人】3.需求曲线①需求定律：其他条件不变的情况下，需求量随价格的上升而减少【特殊商品，如吉芬商品、炫耀性商品、古董和其他珍藏品除外】原因：替代效应、收入效应②需求斜率：负值。
右下方倾斜③函数表达式：Qd =ɑ-ß·P (ɑ、ß为常数，且ɑ、ß＞0。
)4.供给曲线①供给定律：其他条件不变情况下，供给量随价格上升而增加【劳动力、古董和其他珍藏品的供给除外(投机)】②供给斜率：正值。
右上方倾斜③函数线性表达式：Qs = -δ+γ·P (δ、γ为常数，且δ、γ＞0。
)5.均衡的两种类型：①局部均衡：单个市场或部分市场的供求与价格的关系和均衡状态进行分析。
②一般均衡：就一个经济社会中的所有市场的供求与价格之间的关系和均衡状态进行分析。
名词解释：指经济事务中有关的变量在一定的条件的相互作用下所达到的一种相对静止的状态6.需求变动：商品价格不变条件下，由于其他因素变动，而引起该商品需求数量的变动。
需求量变动：其他条件不变，某商品价格变动，引起该商品需求量的变动。
供给变动：某商品价格不变，其他因素变动，引起该商品供给数量的变动。
供给量变动：其他条件不变，商品价格变动，引起该商品供给数量变动。
7.①富有弹性的商品：降价会增加厂商销售收入。
反方向变动②缺乏弹性的商品：降价会减少销售收入。
同方向变动8.需求价格弹性：一定时期内，一种商品需求量变动对于该商品的价格变动的反应程度。
或者说，一定时期内，一种商品价格变化百分之一时，所引起的该商品需求量变化的百分比。
9.影响需求的价格弹性的因素：①商品的可替代行②商品用途的广泛性。
③商品对消费者生活的重要程度。
④商品的消费支出在消费者预算总支出中所占比重。
《微观经济学》第2章供给和需求的基本原理英语
3) 市场必须是竞争性的，以保证市场机制的运行 是有效率的。
Chapter 2: The Basics of Supply and Demand
Slide 19
2.2 供给与需求的变动
决定需求的非价格变量
可支配收入 消费者偏好 相关商品的价格
禽蛋市场
S1970
价格持续下降，直至在 （0.24美元，5100百万打）
处达到均衡状态。
$0.61
S1995
$0.24
D1970
5,100 5,300
D1995 数量 (百万打)
Chapter 2: The Basics of Supply and Demand
Slide 32
大学教育的价格
从1970年到1995年，大学教育的实际价格上涨了68%。
Slide 37
结论
生产成本的下降所导致的供给的增加，足以抵 消需求上涨所产生的影响。
要准确地预测商品或服务的未来价格，就必须 仔细考察供给与需求的可能变化。
Chapter 2: The Basics of Supply and Demand
当供给与需求同时变动时，均衡价格与数 量的变动取决于 ：
1) 供给与需求变动的相对规模与方向 2) 供给与需求曲线的形状
Chapter 2: The Basics of Supply and Demand
Slide 30
[例2.1] 禽蛋的价格和大学教育的价格
1970年至1995年，禽蛋的实际价格（不变价格）下跌了 61%。
数量
Slide 5
2.1 市场机制
微观经济学考试必备知识点
微观经济学考试必备知识点微观经济学考试必备知识点(精选3篇)财经类专业类型主要有经济学和金融学两大专业，那么有关经济学考试内容有哪些呢？下面给大家分享微观经济学考试必备知识点，希望能够帮助大家!微观经济学考试必备知识点（精选篇1）在人的一生中，你永远都无法回避无情的经济学真理。
学习经济学并一定能让你变成一个天才;但不学经济学，命运却很可能会与你格格不入。
经济学ecnomics(更正:economics)研究的是一个社会如何利用稀缺资源生产有价值的商品，并将它们在不同的人人中间进行分配。
1、物品和资源是稀缺的。
2、社会必须有效的加以利用。
稀缺是指这样一个状态:相对于需求，物品总是有限的。
效率是指最有效的使用社会资源以满足人类的愿望和需要。
微观经济学(亚当.斯密):主要研究作为单个实体的市场、企业、家庭的行为。
后后此谬误(the post hoc fallacy): 仅仅因为一件事情在另一件事情之后，就想当然认为前者是后者的原因。
不能保持其他条件不变(failure to hold other things constant):在考虑一个问题时没能保持其他条件不变。
合成谬误(the fallacy of composition):认为对局部来说成立的东西，对总体也必然成立。
经济学的最终目的是改善人们的日常生活条件。
社会必须寻找无情的“市场规则”与慷慨的“国家福利”二者之间的平衡点。
经济组织的三个基本问题: 生产什么和生产多少? 如何生产? 为谁生产?我们必须区分事实本身和它是否公平两个方面的问题。
实证经济学:分析和经验例证规范经济学:伦理信条和价值判断。
市场经济是一种主要由个人和私人企业决定生产和消费的经济制度。
企业采用成本最低的生产技术(如何生产)，生产那些利润最高的商品(生产什么)。
消费则取决于个人如何决策去花费他们的收入(为谁生产)。
指令经济是由政府做出有关生产和分配的所有重大决策。
当今世界各国大部分实行的都是混合经济制度。
微观经济学概念中英对照
1. 经济人economic man 理性人Rational man从事经济活动的人所采取的经济行为都是力图以自己的最小经济代价去获得自己的最大经济利益。
两个假设条件是微观经济学中的基本假设条件：第一，合乎理性的人的假设条件（经济人）。
以利己为动机，力图以最小的经济代价去追逐和获取自身的最大的经济利益。
第二，完全信息。
市场上每一个从事经济活动的个体（即买者和卖者）都对有关的经济情况具有完全的信息。
西方经济学者承认，上述两个假设条件未必完全合乎事实，它们是为了理论分析的方便而设立的。
2. 需求demand消费者在一定时期内在各种可能的价格水平愿意而且能够购买的该商品的数量。
3. 需求函数demand function表示一种商品的需求数量和影响该需求数量的各种因素之间的相互关系的函数。
4. 供给supply生产者在一定时期内在各种价格水平下愿意并且能够提供出售的该种商品的数量。
5. 供给函数supply function供给函数表示一种商品的供给量和该商品的价格之间存在着一一对应的关系。
6. 均衡价格Equilibrium price一种商品的均衡价格是指该种商品的市场需求量和市场供给量相等时的价格。
7. 需求量的变动和需求的变动Changes in Quantity Demanded (movements along the demand curve) and Changes (Shifts) in Demand需求量的变动是指在其它条件不变时由某种商品的价格变动所应起的该商品需求数量的变动。
需求的变动是指在某商品价格不变的条件下，由于其它因素变动所引起的该商品需求数量的变动。
8. 供给量的变动和供给的变动Changes in Quantity supplied (movements along the supply curve) and Changes (Shifts) in supply供给量的变动是指在其它条件不变时由某种商品的价格变动所应起的该商品供给数量的变动。
微观经济学复习笔记(绝对完全)
四、静态分析、比较静态分析和动态分析：
1、静态分析（static analysis）：
（1）定义：完全排除时间因素和均衡状态的具体变化过程，来分析某一产品或市场达到均衡状态的条件和在均衡状态下的情况
（2）实质：只重结果，不重过程
2、比较静态分析（comparative static analysis）：
三、均衡分析和边际分析：
1、均衡分析（equilibrium analysis ）：供求平衡，相对稳定静止的状态
（1）局部均衡分析（partial equilibrium analysis）：
其他市场和条件不变的前提下，研究单个产品、生产要素或单个市场达到均衡状态应具备的各种条件的分析方法（使用范围较广）
3、生产可能性边界(production possibility frontier)：
（1）定义：是指在现有技术水平和资源条件下，充分有效地利用一切资源，按不同比例组合进行的各种物品生产的最大可能产量。
（2）限制因素：技术的改进、现有资源种类的增加、现有条件的改善
（3）特点：各方相互依存，追求高效率与资源充分有效的利用，存在浪费
7、市场失灵（market failure）：
（1）定义：市场不是万能的；在某些领域，市场可能会导致一些不良的后果，即市场失灵
（2）原因：外部性——一个人的行为对旁观者福利的影响
市场势力——一个人或一群人不适当地影响市场价格的能力，这种力量就是垄断力量
（3）解决：良好的公共政策可在一定程度上克服市场失灵带来的弊端，提高经济效率；只是弥补并非主要
（2）外生变量（exogenous variables）：不是经济模型中的变量决定的，有外部因素（如政治、自然）决定的变量（较难衡量，无法认为控制，影响选择）
Economics-Notes微观经济学-英文笔记-需求
Pavane’s Economics Notes[4th Feb 2021]Economics is the study of how we use our limited means to satisfy our unlimited wants.L IMITED M EANS---- All people have limited time, skills and money so they have to make choices to how to use them to the best advantage for them.C HOICE---- Since we can’t have everything we want as we have limited means we have to make decisions. (Decisions between alternatives)O PPORTUNITY C OST---- The next best alternative forgone when a decision is made. [5th Feb 2021]The economics problem is scarcity. This means that we have limited means but unlimited wants. Because of this we have to make a choice. Every choice has an opportunity cost.N EEDS---- Those things we require in order to sustain life.e.g. food, clothing and shelterW ANTS---- Things we desire to make our life more enjoyable.e.g. cell phone, stereo, SPAWants change as we get older because our tastes change and new things are introduced as technology improves.[17th Feb 2021]V ALUES ---- Core beliefs or principles that influence your decisions.>>Honesty >>Integrity >>Fair-trading >>Consideration of othersI NFLUENTS ON VALUES : Culture , Environment , Education , Upbringing (Family) Internet, FinanceD EMAND ---- Demand is the amount of a good or service that a person is willing and able to purchase at each price. falls or as the price falls the quantity demanded increases, ceteris paribus.C ETERIS PARIBUS ---- All other factors remain constant.[17th Feb 2021]Hugh’s weekly Quantity Demanded schedulePrice [$] Quantity demanded3020127>>TTitle is clear starting what the graph shows and the time period. >>AEven and appropriate scale on your axis.>>LLabel axes with item and unite.>>PPlot your points and join them using a ruler.[22nd Feb 2021]D ETERMINANTS OF D EMANDInfluents, other than price, that will influent the amount consumers’ purchase.>>Income>>Taste/ Fashion>>Price of substitutes>>Price of Complementary goods>>SeasonsS UBSTITUTEGoods that can be used to instead of other goods.e.g. butter and margarine : If the price of butter increases, more people will buy margarine as it is relating cheaper.C OMPLIMENTSGoods that are used together.e.g. DVDs and DVD players : When price of DVD players decrease there is an increase in demand for DVDs.C HANGE IND EMAND---- Change in demand is cause by a change in determinants and will result in a movement of the entire demand curve.e.g. Decrease in Demand : the demand has decrease at each price.[4th Mar 2021]D EMAND S CHEDULE----A table showing the quantity of a good or service that consumer is willing and able to purchase at various prices, in a given time period, ceteris paribus.[16th Mar 2021]I NFERIOR G OODS---- They are poorer quality goods that you will buy less as your income rises.e.g. cheap cuts of meat instead of steakN ORMAL G OODS---- Goods that you will but more as your income rises.N ECESSITIES---- Things needed to sustain life. Necessities are usually normal goods so you will buy more as your income rises.L UXURIES---- Items not needed but make your life more enjoyable. Households on low incomes spend a small proportion of their income on luxuries. As a household’s income rises they spend a greater proportion of their income on luxuries.H OUSEHOLD---- A person or group of individuals (families, flat mates) living together under one roof.A GGREGATE H OUSEHOLD E XPENDITURE---- The spending of all households taken as a single group.Average weekly Expenditure for all households 2001 Expenditure Group $ Spend % Degree Food 59Home ownership and rent 86 Clothing and footwear 12 Household operation 46Car ownership and running 57Other goods 40Other services 60Total[19th Mar 2021]S PENDING P ATTERNS---- As a person’s income increases they may spend more money but they generally will save moree.g. If a person earns $1000 and saves $100, he spends 90% and saves 10%. If his income increases to $1200, he spends $1020 (85%) and save 180 (15%).---- The amount he spend has increased but as a percentage of his income has fallen. The percentage of the savings has increased.C ONSUMPTION---- The spending on goods and services.Group1- Basic Necessities-For household with low levels of income spend most of their money on this group with a little basic services and even smaller luxuries. They have no savings.Group2- Basic Services-All levels of income mainly in low-level incomes use this. Group3- Luxury goods and services-This is for households with higher level of income as they are able to afford more and better quality products/services. Group4- Savings- Savings is what households with high income levels do as theyhave money left after buying necessities and normal goods. Graph-This graph shows what households expenditure is used on relative to levels of income[27th Mar 2021]Application questionBen Wilson’s family income has doubled since 1996. The pie Graphs below show how the family used their income in 1996 and how they use it now.。
中南财大微观经济学高鸿业版简洁笔记
第二章供给和需求的基本原理★需求分析一、需求及其决定因素需求(demand：指消费者在既定的时期既定的价格(price下愿意且能够购买的数量(quantity。
（一）价格(Price需求法则或需求定律（law of demand）：是指价格和需求量之间的这样一种关系，在其他条件相同时，当一种商品的价格上升时，需求的数量将下降。
（需求第一定律）（二）嗜好或偏好（Preference（三）收入(Income正常品（normal goods）：随着人们收入的增加（减少），他们对大多数物品的需将增加（减少），我们称这类商品为正常品(奢侈品和必需品）低档品（inferior goods）：随着人们收入的增加，他们对一些物品的需求会减少；当人们的收入减少时，他们对一些物品的需求反而增加。
这些物品我们将其称为低档品。
（四）相关品的数量和价格商品可分为相关品和独立品相关品包括：替代品（substitutes）：当一种物品价格下降减少了另一种物品的需求时，这两种物品被称为替代品。
互补品（complements）：当一种物品价格下降增加了另一种物品的需求时，这两种物品称为互补品。
（五）对未来的预期对价格的预期（买涨不买跌）；对收入的预期。
二、需求表与需求曲线（一）个人需求表与需求曲线需求表（demand schedule）：是表示一种物品价格与需求量之间关系的表格。
需求曲线（demand curve）：是假定其他条件不变的情况下，把物品的价格与需求量联系在一起的向右下方倾斜的曲线。
四、需求的变动与需求量变动区别和联系需求曲线是在假定“其他情况不变”的前提下构建的。
在这一前提下，价格变化对需求的影响只表现为价格数量组合点沿需求曲线移动（需求量的变动）如果价格之外的其他因素发生变化引起需求发生变化，那么，整个需求曲线发生移位（需求的变动）● 点动与线动。
● 需求量的变动：同一需求曲线上点的移动。
变动原因：商品本身价格变化。
微观经济学中英文术语及其解释
Scarcity the limited nature of society‟s resourcesEconomics the study of how society manages its scarce resourcesEfficiency the property of society getting the most it can from its scarce resourcesEquity the property of distributing economic prosperity fairly among the members of society Opportunity cost whatever must be given up to obtain some itemMarginal changes small incremental adjustments to a plan of actionMarket economy an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and servicesMarket failure a s/tuition in which a market left on its own fails to allocate resources efficiently Externality the impact of one person‟s actions on the well-being of a bystanderMarket power the ability of a single economic actor (or small group of actors) to have a substantial influence on market pricesProductivity the quantity of goods and services produced from each hour of a worker‟s time Inflation an increase in the overall level of prices in the economyPhilips curve a curve that shows the short-run tradeoff between inflation and unemployment Business cycle fluctuations in economic activity，such as employment and produaionCircular-flow diagram a visual model of the economy that shows how dollars flow through markets among households and firmsProduction 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 technologyPositive statements claims that attempt to do describe the world as it isNormative statements claims that attempt to prescribe how the world should beAbsolute advantage the comparison among producers of a good according to their productivity Opportunity cost whatever must be given up to obtain some itemComparative advantage the comparison among producers of a good according to their opportunity costImports goods produced abroad and sold domesticallyExports goods produced domestically and sold abroadMarket a group of buyers and sellers of a particular good or serviceCompetitive market a market in which there are many buyers and many sellers so that each has a negligible impact on the market priceQuantity demanded the amount of a good that buyers are willing and able to-purchaseLaw of demand the claim that, other things equal, the quantity demanded of a good falls when the price of the good risesDemand schedule a table that shows the relationship between the price of a good and-the quantity demandedDemand 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 demandInferior good a good for which, other things equal, an increase in income leads …to a decrease in demandSubstitutes two goods for which an increase in the price of one leads to an increase in the demand for the otherComplements two goods for which an increase in the price of one leads to a decrease in the demand for the otherQuantity supplied the amount of a good that sellers are willing and able to sellLaw of supply the claim that, other things equal, the quantity supplied of a good rises when the price of the good risesSupply schedule a table that shows the relationship between the price of a good and the quantity suppliedSupply 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 demandedEquilibrium price the price that balances quantity supplied and quantity demandedEquilibrium quantity the quantity supplied and the quantity demanded at the equilibrium price Surplus a situation in which quantity supplied is greater than quantity demandedShortage a situation in which quantity demanded is greater than quantity suppliedLaws of supply and demand the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balanceElasticity a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinantsPrice 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 e percentage change in quantity demanded divided by the percentage change in priceIncome 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 tn quantity demanded divided by the percentage change in incomeCross-price elasticity of demand a measure of how much the quantity demanded of one good respond to a change in the price of another good, computed as the percentage change m quantity demanded of the first good divided by the percentage 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 pricePrice ceiling a legal maximum on the price at which a good can be soldPrice floor a legal minimum on the price at which a good can be soldTax incidence the manner in which the burden of a tax is shared among participants in a market Welfare economics the study of how the allocation of resources affects economic well-being Willingness to pay the maximum amount that a buyer will pay for a goodConsumer surplus a buyer‟s willingness to pay minus the amount the buyer actually paysCost the value of everything a seller must give up to produce a goodProducer surplus the amount a seller is paid for a good minus the seller‟s costEfficiency the property of a resource allocation of maximizing the total surplus received by all members of societyEquity the fairness of the distribution of well-being among the members of societyDeadweight loss the fall in total surplus that results from a market distortion, such as a tax World price the price of a good that prevails in the world market for that goodTariff a tax on goods produced abroad and sold domesticallyImport quota a limit on the quantity of a good that can be produced abroad and sold domestically Externality the uncompensated impact of one person‟s actions on the well-being of a bystander Internalizing an externality altering incentives so that people take account of the external effects of their actionsCoase theorem the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their ownTransaction costs the costs that parties incur in the process of agreeing and following through on a bargainPigovian tax a tax enacted to correct the effects of a negative externalityExcludability the property of a good whereby a person can be prevented from using itRivalry the property of a good whereby one person‟s use diminishes other people‟s usePrivate goods goods that are both excludable and rivalPublic goods goods that are neither excludable nor rivalCommon resources goods that are rival but not excludableFree rider a person who receives the benefit of a good but avoids paying for itCost-benefit analysis a study that compares the costs and benefits to society of providing a public goodTragedy of the Commons a parable that illustrates why common resources get used more than is desirable from the standpoint of society as a wholeBudget surplus an excess of government receipts over government spendingBudget deficit an excess of government spending over government receiptsA verage tax rate total taxes paid divided by total incomeMarginal tax rate the extra taxes paid on an additional dollar of incomeLump-sum tax a tax that is the same amount for every personBenefits principle the idea that people should pay taxes based on the benefits they receive from government servicesAbility-to-pay principle the idea that taxes‟ should be levied on a person according to how well that person can shoulder the burdenV ertical equity the idea that taxpayers with a greater ability to pay taxes should pay larger amounts Horizontal equity the idea that taxpayers with similar abilities to pay taxes should pay the same amountProportional tax a tax for which high-income and low-income taxpayers pay the same fraction of incomeRegressive tax a tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayersProgressive tax a tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayersTotal revenue the amount a firm receives for the sale of its outputTotal cost the market value of the inputs a firm uses in productionProfit total revenue minus total costExplicit costs input costs that require an outlay of money by the firmImplicit costs input costs that do not require an outlay of money by the firmEconomic profit total revenue minus total cost, including both explicit and implic it costs Accounting profit total revenue minus total explicit costProduction function the relationship between quantity of inputs used to make a good and the quantity of output of the goodMarginal product the increase in output that arises from an additional unit of inputDiminishing marginal product the property whereby the marginal product of an input declines as the quantity of the input increasesFixed costs costs that do not vary with the quantity of output producedV ariable costs costs that do vary with the quantity of output producedA verage total cost total cost divided by the quantity of outputA verage fixed cost fixed costs divided by the quantity of outputA verage variable cost variable costs divided by the quantity of outputMarginal cost the increase in total cost that arises from an extra unit of productionEfficient scale the quantity of output that minimizes average total costEconomies of scale the property whereby long-run average total cost falls as the quantity of output increasesDiseconomies of scale the property whereby long-run average total cost rises as the quantity of output increasesConstant returns to scale the property whereby long-run average total cost stays the same as the quantity of output changesCompetitive market a market with many buyers and sellers trading identical products so that each buyer and setter is a price takerA verage revenue total revenue divided by the quantity soldMarginal revenue the change in total revenue from an additional unit soldSunk cost a cost that has already been committed and cannot be recoveredMonopoly a firm that is the sole seller of a product without close substitutesNatural monopoly a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firmsPrice discrimination the business practice of selling the same good at different prices to different customersOligopoly a market structure in which only a few settlers offer similar or identical products Monopolistic competition a market structure in which many firms sell products that are similar but not identicalCollusion an agreement among firms in a market about quantities to produce or prices to charge Cartel a group of firms acting in unisonNash equilibrium a situation in which economic actors interacting with one another each choose their best strategy given the strategies that a/l the other actors have chosenGame theory the study of how people behave in strategic situationsPrisoners‟ dilemma a particular “game‟ between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficialDominant strategy a strategy that is best for a player in a game regardless of the strategies chosen by the other playersMonopolistic competition a market structure in which many firms sell products that are similar but not identicalFactors of production the inputs used‟ to produce goods and servicesProduction function the relationship between the quantity of inputs used to make a good and thequantity of output of that goodMarginal product of labor the increase in the amount of output from an additional unit of labor Diminishing marginal product the property whereby the marginal product of an input declines as the quantity of the input increasesV alue of the marginal product the marginal product of an input times the price of the output Capital the equipment and structures used to produce goods and servicesCompensating differential a difference in wages that arises to offset the nonmonetary characteristics of different jobsHuman capital the accumulation of investments in people, such as education and on-the-job trainingUnion a worker association that bargains with employers over wages and working conditions Strike the organized withdrawal of labor from a firm by unionEfficiency wages above-equilibrium wages paid by firms in order to increase worker productivity Discrimination the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristicsPoverty rate the percentage of the population whose family income falls below an absolute level called the poverty linePoverty line an absolute level of income set by the federal government for each family size below which a family is deemed to be in povertyIn-kind transfers transfers to the poor given in the form of goods and services-rather than cash Life cycle the regular pattern of income variation over a person‟s lifePermanent income a person‟s normal incomeUtilitarianism the political philosophy according to which the government should choose policies to maximize the total utility of everyone in societyUtility a measure of happiness or satisfactionLiberalism the political philosophy according to which the government should choose policies deemed to be just, as evaluated by an impartial observer behind a “veil of ignorance‟‟Maximin criterion the claim that the government should aim to maximize the well-being of the worst-off person in societyLibertarianism the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute incomeWelfare government programs that supplement the incomes of the needyNegative income tax a tax system that collects revenue from high-income households and gives transfers to tow-income householdsBudget constraint the limit on the consumption bundles that a consumer can afford Indifference curve a curve that shows consumption bundles that give the consumer the same level of satisfactionMarginal rate of substitution the rate at which a consumer is willing to trade one good for another Perfect substitutes two goods with straight-line indifference curvesPerfect complements two goods with right-angle indifference curvesNormal good a good for which an increase in income raises the quantity demandedInferior good a good for which an increase in income reduces the quantity demandedIncome effect the change in consumption that results when a price change moves the consumer to a higher or lower indifference curveSubstitution effect the change in consumption that results when a price change moves indifference curve to a point with new marginal rate of substitutionGiffen good a good tor which an increase in the price raises the quantity demandedMoral hazard the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behaviorAgent a person who is performing an act for another person, called the principalPrincipal a person for whom another person, called the agent, is performing some actAdverse selection the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed partySignaling an action taken by an informed party to reveal private information to an uninformed partyScreening an action taken by an uninformed party to induce an informed party to reveal informationCondorcet paradox the failure of majority rule to produce transitive preferences for society Arrow‟s impossibility theorem a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferencesAbility-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 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 principalArrow ‟s 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 preferencesA verage fixed cost平均固定成本fixed costs divided by the quantity of outputA verage revenue平均收益total revenue divided by the quantity soldA verage tax rate平均税率total taxes paid divided by total incomeA verage total cost平均总成本total cost divided by the quantity of outputA verage variable cost平均可变成本variable costs divided by the quantity of outputBenefits principle受益原则the idea that people should pay taxes based on the benefits they receive from government servicesBudget constraint预算约束the limit on the consumption bundles that a consumer can afford Budget deficit预算赤字an excess of government spending over government receiptsBudget surplus预算盈余an excess of government receipts over government spending Business cycle经济周期fluctuations in economic activity, such as employment and production Capital资产the equipment and structures used to produce goods and servicesCartel卡特尔a group of firms acting in unisonCircular-flow diagram循环流向图 a visual model of the economy that shows how dollars flow through markets among households and firmsCoase theorem科斯定理the proposition that if private parties can bargain without cost overthe allocation of resources, they can solve the problem of externalities on their ownCollusion共谋an agreement among firms in a market about quantities to produce or prices to chargeCommon resources共源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 that 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 the demand for the otherCondorcet paradox孔多塞悖论（投票悖论）the failure of majority rule to produce transitive preferences for societyConstant returns to scale规模报酬不变the property whereby long-run average total cost stays the same as the quantity of output changesConsumer surplus消费者剩余 a buyer‟s willingness to pay minus the amount the buyer actually paysCost成本the value of everything a seller must give up to produce a goodCost-benefit analysis成本收益分析 a study that compares the costs and benefits to society of providing a public goodCross-price elasticity of demand需求的交叉价格弹性 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 quantity demanded of the first good divided by the percentage change in the price of the second goodDeadweight loss无谓损失the fall in total surplus that results from a market distortion, such as a taxDemand curve需求曲线 a graph of the relationship between the price of a good and the quantity demandedDemand schedule需求表 a table that shows the relationship between the price of a good and the quantity demandedDiminishing marginal product边际产品递减the property whereby the marginal product of an input declines．As the quantity of the input increasesDiscrimination歧视the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristicsDiseconomies of scale规模不经济the property whereby long-run average total cost rises as the quantity of output increasesDominant strategy占优策略 a strategy that is best for a player in a game regardless of the strategies chosen by the other playersEconomic profit经济利润total revenue minus total cost, including both explicit and implic it costsEconomics经济学the study of how society manages its scarce resourcesEconomies of scale规模经济the property whereby long-run average total cost falls as the quantity of output increasesEfficiency效率the property of society getting the most it can from its scarce resources Efficiency wages效率工资above-equilibrium wages paid by firms in order to increase worker productivityEfficient scale有效规模the quantity of output that minimizes average total costElasticity弹性 a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinantsEquilibrium均衡 a situation in which the price has reached the level where quantity supplied equals quantity demandedEquilibrium price均衡价格the price that balances quantity supplied and quantity demanded Equilibrium quantity均衡数量the quantity supplied and the quantity demanded at the equilibrium priceEquity平等the property of distributing economic prosperity fairly among the members of societyExcludability排他性the property of a good whereby a person can be prevented from using it Explicit costs显性成本input costs that require an outlay of money by the firmExports出口goods produced domestically and sold abroadExternality外部性the uncompensated impact of one person‟s actions on the wellbeing of a bystanderFactors of production生产要素the inputs used to produce goods and servicesFixed casts固定成本costs that do not vary with the quantity of output producedFree rider免费搭车者 a person who receives the benefit of a good but avoids paying for it Game theory博弈论the study of how people behave in strategic situationsGiffen good吉芬商品 a good for which an increase in the price raises the quantity demanded Horizontal equity横向公平the idea that taxpayers with similar abilities to pay taxes should pay the same amountHuman capital人力资本the accumulation of investments in people, such as education andon-the-job trainingImplicit costs隐性成本input costs that do not require an outlay of money by the firmImport quota进口配额 a limit on the quantity of a good that can be produced abroad and sold domesticallyImports进口goods produced abroad and sold domesticallyIncome effect收入效应the change in consumption that results when a price change moves the consumer to a higher or lower indifference curveIncome elasticity of demand需求的收入弹性 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 divided by the percentage change in incomeIndifference curve无差异曲线 a curve that shows consumption bundles that give the consumer the same level of satisfactionInferior good低档物品 a good for which, other things equal, an increase in income leads to a decrease in demandInflation通货膨胀an increase in the overall level of prices in the economyIn-kind transfers实物转移支付transfers to the poor given in the form of goods and services rather than cashInternalizing an externality外部性的内在化altering incentives so that people take account ofthe external effects of their actionsLaw of demand需求定理the claim that, other things equal, the quantity demanded of a good falls when the price of the good risesLaw of supply and demand需求与供给定理the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balanceLiberalism自由主义the political philosophy according to which the government should choose policies deemed to be just, as evaluated by an impartial observer behind a “veil of ignorance”Libertarianism自由至上主义the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute incomeLife cycle生命周期the regular pattern of income variation over a person‟s lifeLump-sum tax定额税 a tax that is the same amount for every personMacroeconomics宏观经济学the study of economy-wide phenomena, including inflation, unemployment, and economic growthMarginal changes边际变动small incremental adjustments to a plan of actionMarginal cost边际成本the increase in total cost that arises from an extra unit of production Marginal product边际产品the increase in output that arises from an additional unit of input Marginal product of labor劳动的边际产品the increase in the amount of output from an additional unit of laborMarginal rate of substitution边际替代率the rate at which a consumer is willing to trade one good for anotherMarginal revenue边际收益the change in total revenue from an additional unit soldMarginal tax rate边际税率the extra taxes paid on an additional dollar of incomeMarket市场 a group of buyers and sellers of a particular good or serviceMarket economy市场经济an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services Market failure市场失灵 a situation in which a market left on its own fails to allocate resources efficientlyMarket power市场势力the ability of a single economic actor (or small group of actors) to have a substantial influence on market pricesMaximin criterion极大极小准则the claim that the government should aim to maximize the well-being of the worst-off person in societyMedian voter theorem中位选举人定理 a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voterMicroeconomics微观经济学the study of how households and firms make decisions and how they interact in marketsMonopolistic competition垄断竞争 a market structure in which many firms sell products that are similar but not identicalMonopoly垄断 a firm that is the sole seller of a product without close substitutesMoral hazard道德风险the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behaviorNash equilibrium纳什均衡 a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosenNatural monopoly自然垄断 a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firmsNegative income tax负所得税 a tax system that collects revenue from high-income households and gives transfers to low-income householdsNormal good正常商品 a good for which, other things equal, an increase in income leads to an increase in demandNormative statements规范性表述claims that attempt to prescribe how the world should be Oligopoly寡头 a market structure in which only a few sellers offer similar or identical productsOpportunity cost机会成本whatever must be given up to obtain some itemPerfect complements完全互补品two goods with right-angle indifference curvesPerfect substitutes完全替代品two goods with straight-line indifference curvesPermanent income持久性收入 a person‟s normal incomePhillips curve菲利普斯曲线 a curve that shows the short-run tradeoff between inflation and unemploymentPigovian tax庇古税 a tax enacted to correct the effects of a negative externalityPositive statements实证表述claims that attempt to describe the world as it isPoverty line贫困线an absolute level of income set by the federal government for each family size below which a family is deemed to be in povertyPoverty rate贫困率the percentage of the population whose family income falls below an absolute level called the …poverty linePrice ceiling价格天花板（上限） a legal maximum on the price at which a good can be sold Price discrimination价格歧视the business practice of selling the same good at different prices to different customersPrice elasticity of demand需求的价格弹性 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 pricePrice elasticity supply供给的价格弹性 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 pricePrice floor价格地板I下限） a legal minimum on the price at which a good can be sold Principal委托人 a person for whom another person, called the agent, is performing some act Prisoners‟ dilemma囚徒困境 a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficialPrivate goods私人物品goods that are both excludable and rivalProducer surplus生产者剩余the amount a seller is paid for a good minus the seller‟s cost Production function生产函数the relationship between quantity of inputs used to make a good and the quantity of output of that goodProduction possibilities frontier生产可能性曲线 a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technologyProductivity生产率the quantity of goods and services produced from each hour of a worker‟s timeProfit利润total revenue minus total cost。
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Pavane’s Economics Notes[4th Feb 2009]Economics is the study of how we use our limited means to satisfy our unlimited wants.L IMITED M EANS---- All people have limited time, skills and money so they have to make choices to how to use them to the best advantage for them.C HOICE---- Since we can’t have everything we want as we have limited means we have to make decisions. (Decisions between alternatives)O PPORTUNITY C OST---- The next best alternative forgone when a decision is made.[5th Feb 2009]The economics problem is scarcity. This means that we have limited means but unlimited wants. Because of this we have to make a choice. Every choice has an opportunity cost.N EEDS---- Those things we require in order to sustain life.e.g. food, clothing and shelterW ANTS---- Things we desire to make our life more enjoyable.e.g. cell phone, stereo, SPAWants change as we get older because our tastes change and new things are introduced as technology improves.[17th Feb 2009]V ALUES---- Core beliefs or principles that influence your decisions.>>Honesty>>Integrity>>Fair-trading>>Consideration of othersI NFLUENTS ON VALUES:Culture, Environment, Education, Upbringing (Family)Internet, FinanceD EMAND---- Demand is the amount of a good or service that a person is willing and able to purchase at each price.---- As the price of a good or service rises, the quantity demanded falls or as the price falls the quantity demanded increases, ceteris paribus.C ETERIS PARIBUS---- All other factors remain constant.[17th Feb 2009]Hugh’s weekly Quantity Demanded sc hedulePrice [$]Quantity demanded0.50301.00201.50122.007>>TTitle is clear starting what the graph shows and the time period.>>AEven and appropriate scale on your axis.>>LLabel axes with item and unite.>>PPlot your points and join them using a ruler.[22nd Feb 2009]D ETERMINANTS OF D EMANDInfluents, other than price, that will influent the amount consumers’ purchase.>>Income>>Taste/ Fashion>>Price of substitutes>>Price of Complementary goods>>SeasonsS UBSTITUTEGoods that can be used to instead of other goods.e.g. butter and margarine : If the price of butter increases, more people will buy margarine as it is relating cheaper.C OMPLIMENTSGoods that are used together.e.g. DVDs and DVD players : When price of DVD players decrease there is an increase in demand for DVDs.C HANGE IND EMAND---- Change in demand is cause by a change in determinants and will result in a movement of the entire demand curve.e.g. Decrease in Demand : the demand has decrease at each price.[4th Mar 2009]D EMAND S CHEDULE----A table showing the quantity of a good or service that consumer is willing and able to purchase at various prices, in a given time period, ceteris paribus.[16th Mar 2009]I NFERIOR G OODS---- They are poorer quality goods that you will buy less as your income rises.e.g. cheap cuts of meat instead of steakN ORMAL G OODS---- Goods that you will but more as your income rises.N ECESSITIES---- Things needed to sustain life. Necessities are usually normal goods so you will buy more as your income rises.L UXURIES---- Items not needed but make your life more enjoyable. Households on low incomes spend a small proportion of their income on luxuries. As a household’s income rises they spend a greater proportion of their income on luxuries.H OUSEHOLD---- A person or group of individuals (families, flat mates) living together under one roof.A GGREGATE H OUSEHOLD E XPENDITURE---- The spending of all households taken as a single group.Average weekly Expenditure for all households 2001 Expenditure Group$ Spend%Degree Food124.9016.4759181.0023.8786Home ownership andrentClothing and footwear24.50 3.2312 Household operation97.0012.7946120.7015.9257Car ownership andrunningOther goods85.0011.2040Other services125.3016.5260Total758.40[19th Mar 2009]S PENDING P ATTERNS---- As a person’s income increases they may spend more money but they generally will save moree.g. If a person earns $1000 and saves $100, he spends 90% and saves 10%. If his income increases to $1200, he spends $1020 (85%) and save 180 (15%).---- The amount he spend has increased but as a percentage of his income has fallen. The percentage of the savings has increased.C ONSUMPTION---- The spending on goods and services.Group1- Basic Necessities-For household with low levels of income spend most of their money on this group with a little basic services and even smaller luxuries. They have no savings.Group2- Basic Services-All levels of income mainly in low-level incomes use this.Group3- Luxury goods and services-This is for households with higher level of income asthey are able to afford more and better qualityproducts/services.Group4- Savings- Savings is what households with high income levelsdo as they have money left after buying necessities and normal goods.Graph-This graph shows what households expenditure is used on relative to levels of income[27th Mar 2009]Application questionBen Wilson’s family income has doub led since 1996. The pie Graphs below show how the family used their income in 1996 and how they use it now.。