西方经济学 英文
西方经济学(马工程第二版)上(微观经济)-教学大纲_2
《西方经济学》（第二版）上册课程教学大纲一、课程基本信息二、课程内容与学时分配表三、课程目标任务及基本要求1.课程目标任务根据微观经济学课程所面对的教学任务和职业能力要求, 本课程的教学目标为：（1）知识目标①掌握西方经济学的研究对象、研究内容、研究方法和发展历程；②掌握需求和供给以及市场价格作用原理；③掌握基数效用理论和序数效用理论的基本内容；④掌握生产要素合理投入的分析方法；⑤掌握成本和收益理论及其分析方法；⑥掌握四种市场结构类型中产量和价格的确定；⑦掌握市场失灵原因和各种微观经济政策。
（2）技能目标①能运用需求、供给分析方法对简单的经济现象进行分析；②能运用基数效用理论和序数效用理论对消费者行为进行简单分析；③能对生产要素的合理投入进行分析；④能运用成本与收益理论对企业的长期和短期成本进行分析；⑤能运用市场理论对四种市场结构类型中产量和价格的确定进行分析；⑥能运用各种微观经济政策、市场因素和政府作用解决市场失灵问题进行分析。
2.基本要求本课程重在讲授微观经济的基本范畴、基本原理、基本方法, 以培养起学生对现代经济理论的兴趣和经济学思维, 并能掌握基本的经济学分析方法。
（1）采用启发式、讨论式、案例分析等教学方法, 充分利用多媒体等现代化教学手段, 整体优化教学过程和教学内容, 调动学生学习的积极性；（2）贯彻精讲的原则, 突出重点, 简化推导, 图文并貌, 重在基本概念、基本理论的理解；（3）贯彻理论和实践相结合的原则, 讲述中辅以一定量的习题讨论课, 给学生出一定量的思考题和习题, 并要求学生完成一定量的作业, 以提高学生对微观经济学课程基本概念的深入理解；（4）分析与总结相结合, 宏观讲授与微观分析相结合, 对讲授内容及时总结, 对重点内容深入分析, 深入浅出, 循序渐进。
四、课程的重点和难点1.经济学研究的对象与方法, 微观经济学与宏观经济学的关系；2.供求理论与价格的决定, 政府价格政策及其应用；3.需求价格弹性的概念及运用, 其他需求弹性与供给弹性；4.边际效用分析法和无差异曲线分析法, 消费者剩余的概念, 消费者的其他决策；5.企业生产要素最优投入与规模经济, 两种生产要素的最优组合；6.短期成本概念与分类和利润最大化原则, 长期成本概念, 机会成本在企业决策中的作用;7.四种市场结构的特征, 完全竞争市场上的短期与长期均衡, 垄断市场上的歧视价格, 垄断竞争市场上的产品差别竞争, 寡头市场均衡的特点, 围绕垄断的争论；8.衡量收入分配平等状况的标准与收入再分配政策，收入分配不平等的原因；9.市场失灵的原因及相关微观经济政策。
西方经济学词汇(中英文对照)
1.Microeconomics 微观经济学2.Macroeconomics 宏观经济学3.Primary sector 第一产业4.Secondary sector 第二产业5.Tertiary sector 第三产业6.Opportunity cost 机会成本7.Scarcity 稀缺8.Production possibility frontier 生产可能性边界9.Production possibility curve 生产可能性曲线10.Factors of production 生产要素11.Demand 需求12.Demand curve 需求曲线13.Supply 供给14.Supply curve 供给曲线15.Marginal utility边际效用16.Total utility总效用17.Elasticity 弹性18.Price elasticity of demand 需求的价格弹性19.Cross elasticity of demand 需求的交叉弹性20.Income elasticity of demand 需求的收入弹性21.Equilibrium 均衡22.Equilibrium price 均衡价格23.Short run短期24.Long run长期25.Consumer surplus消费者剩余26.Producer surplus生产者剩余27.Externalities外部性28.negative externalities 负的外部性29.positive externalities 正的外部性30.the law of diminishing marginal utility 边际效用递减规律31.budget line 预算线32.Marginal 边际33.Marginal cost 边际成本34.Marginal revenue边际收益35.Merit goods 有益品36.Demerit goods 有害品37.public goods公共品38.quasi-public goods 准公共品39.private goods 私有品40.moral hazard 道德危险41.adverse selection 逆向选择42.Average 平均43.Average product 平均产量44.fixed costs 固定成本45.variable costs 可变成本46.average costs 平均成本47.diseconomy of scale规模不经济48.specialization 专业化49.Cost minimization 成本最小化50.Input投入51.Normal profit正常利润52.Abnormal profit超额利润53.Productive efficiency 生产效率54.Perfect competition完全竞争55.Monopoly垄断56.barrier to entry 进入障碍57.Product differentiation差异产品58.Monopolistic competition 垄断竞争59.Price discrimination 价格歧视60.oligopoly 寡头61.Duopoly双寡头62.Nash equilibrium纳什均衡63.Game theory 博弈论64.Marginal product of labour 劳动的边际产量65.Demand for labour 对劳动力的需求66.Aggregate demand 总需求67.Marginal cost of labour 劳动的边际成本68.Elasticity of demand for labor 劳动力的需求弹性69.Paradox of thrift 节约悖论70.Price level 价格水平71.Trade unions 行会，商会72.Perfectly competitive labour market 完全竞争劳动力市场73.Transfer earnings 转让收益74.Gross Domestic Product 国内生产总值75.Gross National Product 国民生产总值76.money GDP 名义GDP77.real GDP 实际GDP78.Aggregate supply 总供给79.nominal value 名义价值80.real value 实际价值81.Injections 注入82.Withdrawals 漏出83.Consumption 消费84.budget deficit 预算赤字85.budget surplus 预算盈余86.balanced budget 均衡预算87.Keynesians 凯恩斯主义学派88.Monetarists 货币主义学派89.Savings 储蓄90.average propensity to consume 平均消费倾向91.average propensity to save 平均储蓄倾向92.marginal propensity to consume 边际消费倾向93.marginal propensity to save 边际储蓄倾向94.Investment 投资ernment spending 政府支出96.export 出口97.import 进口98.Accelerator 加速器99.Interest 利息率100.The multiplier乘数101.Full employments完全就业102.balance of payments 国际收支平衡表103.deficit赤字104.surplus 盈余105.Demand side policies 需求方面政策106.Supply side policies 供给方面政策107.Reflationary policies 再膨胀政策108.Deflationary policies 通货紧缩政策109.inflation 通货膨胀110.deflation 通货紧缩111.Inflationary gap通货膨胀缺口112.Deflationary gap通货紧缩缺口113.Automatic stabilizer自动稳定器114.Expansionary police扩张政策115.Contractionary policy紧缩政策116.Keynesian fiscal policy凯恩斯财政政策117.fiscal policy 财政政策118.monetary policy 货币政策119.exchange policy 汇率政策120.liquidity trap 流动性陷进121.transaction motive 交易动机122.precautionary motive 预防动机123.speculative motive 投机动机124.cost-push inflation 成本推动型的通货膨胀125.retail price index 零售价格指数126.redistribution of income 收入再分配127.new classical 新古典主义128.absolute advantage 绝对优势parative advantage相对优势130.free trade自由贸易131.economies of scale规模经济132.quotas 配额133.exchange controls外汇管制134.infant industry 幼稚工业135.Tariff关税136.free trade area自由贸易区137.custom union关税同盟138.economic union 经济同盟139.dumping倾销140.Trade creation贸易创造141.trade diversion 贸易转移。
西方经济学名词英文缩写
西方经济学名词英文缩写Document number：NOCG-YUNOO-BUYTT-UU986-1986UT第2章D Demand 需求??S Supply 供给??P Price 价格Q Quantity 数量??Ed Price elasticity of demand 需求价格弹性??EM income elasticity of demand 需求收入弹性??M money 收入??EAB Cross price elasticity of demand 需求交叉价格弹性?? Es Price elasticity of supply 供给价格弹性??第3章 TU Total utility 总效用 TU=f(Q)MU Marginal utility 边际效用??MRSXY Marginal rate of substitution 商品边际替代率?? 第4章 L Labour 劳动??K Capital 资本??TC total cost??总成本 TC=f(Q)AC average cost 平均成本??MC marginal cost 边际成本??FC Fixed cost 不变成本 FC=常量VC Variable cost??可变成本 VC=f(Q)TR Total revenue 总收益 TR=f(Q)=P×QAR Average revenue??平均收益??MR Marginal revenue 边际收益??π??利润π＝TR-TCTP Total product 总产量 TP=f(L)AP Average product 平均产量??MP Marginal product 边际产量??MRTSLK Marginal rate of technical substitution 边际技术替代率??STC Short-run total cost??短期总成本 STC=f(Q)=FC+VCSTFC（FC） Short-run total fixed cost 短期总不变成本（固定成本） STFC=常量STVC(VC) Short-run total variable cost??短期总可变成本（可变成本） STVC=f(Q) SAC(ATC) Short-run average cost 短期平均成本??SAFC(AFC) Short-run average fixed cost （短期）平均固定成本??SAVC(AVC) Short-run average variable cost （短期）平均可变成本??SMC Short-run marginal cost 短期边际成本??LTC Long-run total cost 长期总成本 LTC=f(Q)LAC Long-run average cost 长期平均成本??LMC Long-run marginal cost 长期边际成本??第6章 VMP Value of marginal product 边际产品价值?? MRP Marginal revenue product 边际收益产量? ?W Wage??工资??第9章 GDP Gross demestic product 国内生产总值??C Consumption 消费 C=f(Y)=C0+bYI Investment 投资??G Government payment 政府购买??NX Net export 净出口 NX=X-MX export 出口??M import 进口??NDP Net domestic product 国内生产净值??NI National income 国民收入??PI Personal income 个人收入??PDI Personal disposable income 个人可支配收入?? GNP Gross national product??国民生产总值??第10章 Y??总量??APC Average propensity to consumption 平均消费倾向??MPC marginal propensity to consumption 边际消费倾向??S Save 储蓄??APS Average propensity to save 平均储蓄倾向??MPS marginal propensity to save 边际储蓄倾向??AD Aggregate demand 总需求 AD=C+I+G+XAS Aggregate supply 总供给 AS=C+S+T+MT tax 税收??K multiplier 乘数??第11章 MEC Marginal efficiency of capital 资本边际效率??L Demand for money 货币需求 L=L1(Y)+L2(R)R Rate??利率??M Money supply 货币供给??第13章 CPI Consumer price index 消费物价指数??第14章 KG Government expenditure multiplier 政府购买支出乘数?? KTR Transfer payment multiplier 转移支付乘数? ?TR transfer 转移支付??KT Tax multiplier 税收乘数? ?KB Balanced budget multiplier 平衡预算乘数? ?第15章 Mh Money base 基础货币（高能货币） Mh=M0+REKe Deposit expansion multiplier 存款乘数??Km Money multiplier 货币乘数??第16章 M import 进口 M=M0+mYKX Foreign trade multiplier 对外贸易乘数?? 第17章 G rate of growth 经济增长率?? Gt??实际增长率??Gw Warranted rate of growth 合意增长率?? Gn Nature rate of growth 实际增长率。
西方经济学(马工程第二版)上(微观经济)-教学大纲
《西方经济学》（第二版）上册课程教学大纲一、课程基本信息三、课程目标任务及基本要求1. 课程目标任务^根据微观经济学课程所面对的教学任务和职业能力要求，本课程的教学目标为：（1）知识目标①掌握西方经济学的研究对象、研究内容、研究方法和发展历程；②掌握需求和供给以及市场价格作用原理；③掌握基数效用理论和序数效用理论的基本内容；④掌握生产要素合理投入的分析方法；⑤掌握成本和收益理论及其分析方法；⑥掌握四种市场结构类型中产量和价格的确定；！⑦掌握市场失灵原因和各种微观经济政策。
（2）技能目标①能运用需求、供给分析方法对简单的经济现象进行分析；②能运用基数效用理论和序数效用理论对消费者行为进行简单分析；③能对生产要素的合理投入进行分析；④能运用成本与收益理论对企业的长期和短期成本进行分析；⑤能运用市场理论对四种市场结构类型中产量和价格的确定进行分析；⑥能运用各种微观经济政策、市场因素和政府作用解决市场失灵问题进行分析。
}2. 基本要求本课程重在讲授微观经济的基本范畴、基本原理、基本方法，以培养起学生对现代经济理论的兴趣和经济学思维，并能掌握基本的经济学分析方法。
（1）采用启发式、讨论式、案例分析等教学方法，充分利用多媒体等现代化教学手段，整体优化教学过程和教学内容，调动学生学习的积极性；（2）贯彻精讲的原则，突出重点，简化推导，图文并貌，重在基本概念、基本理论的理解；（3）贯彻理论和实践相结合的原则，讲述中辅以一定量的习题讨论课，给学生出一定量的思考题和习题，并要求学生完成一定量的作业，以提高学生对微观经济学课程基本概念的深入理解；（4）分析与总结相结合，宏观讲授与微观分析相结合，对讲授内容及时总结，对重点内容深入分析，深入浅出，循序渐进。
四、课程的重点和难点1. 经济学研究的对象与方法，微观经济学与宏观经济学的关系；|2. 供求理论与价格的决定，政府价格政策及其应用；3. 需求价格弹性的概念及运用，其他需求弹性与供给弹性；4. 边际效用分析法和无差异曲线分析法，消费者剩余的概念，消费者的其他决策；5. 企业生产要素最优投入与规模经济，两种生产要素的最优组合；6. 短期成本概念与分类和利润最大化原则，长期成本概念，机会成本在企业决策中的作用;7. 四种市场结构的特征，完全竞争市场上的短期与长期均衡，垄断市场上的歧视价格，垄断竞争市场上的产品差别竞争，寡头市场均衡的特点，围绕垄断的争论；8. 衡量收入分配平等状况的标准与收入再分配政策，收入分配不平等的原因；9. 市场失灵的原因及相关微观经济政策。
经济学各学科专业名称中英文对照
经济学各学科专业名称中英文对照第一篇：经济学各学科专业名称中英文对照经济学各学科专业名称中英文对照 02经济学 Economics0201理论经济学 Theoretical Economics020101政治经济学 Political Economy020102经济思想史 History of Economic Thought020103经济史 History of Economic020104西方经济学 Western Economics020105世界经济 World Economics020106人口、资源与环境经济学Population, Resources and Environmental Economics0202应用经济学 Applied Economics020201国民经济学 National Economics020202区域经济学 Regional Economics020203财政学（含税收学）Public Finance(including Taxation)020204金融学（含保险学）Finance(including Insurance) 020205产业经济学 Industrial Economics020206国际贸易学 International Trade020207劳动经济学 Labor Economics020208统计学 Statistics020209数量经济学 Quantitative Economics020210国防经济学 National Defense Economics第二篇：河北工业大学专业名称中英文对照专业名称中英文对照土木工程：Civil Engineering结构工程：Structural engineering岩土工程：Geotechnical Engineer防灾减灾工程及防护工程：Disaster Prevention and Reduction Engineering and ProtectiveEngineering桥梁与隧道工程：Bridge and Tunnel Engineering市政工程：Municipal Engineering道路与铁道工程：Highway and Railway Engineering建筑与土木工程：Architectural and Civil Engineering交通运输工程：Communication and Transportation Engineering第三篇：职务名称中英文对照职务名称中英文对照首席技术执行官CTO/VP Engineering技术总监/经理Technical Director/Manager信息技术经理IT Manager信息技术主管IT Supervisor信息技术专员IT Specialist项目经理/主管Project Manager/Supervisor项目执行/协调人员Project Specialist / Coordinator系统分析员System Analyst高级软件工程师Senior Software Engineer软件工程师Software Engineer系统工程师System Engineer高级硬件工程师Senior Hardware Engineer硬件工程师Hardware Engineer通信技术工程师Communications EngineerERP技术/应用顾问ERP Technical/Application Consultant数据库工程师Database Engineer技术支持经理Technical Support Manager技术支持工程师T echnical Support Engineer品质经理QA Manager信息安全工程师Information Security Engineer软件测试工程师Software QA Engineer硬件测试工程师Hardware QA Engineer测试员T est Engineer网站营运经理/主管Web Operations Manager/Supervisor网络工程师Network Engineer系统管理员/网管System Manager/Webmaster网页设计/制作Web Designer/Production技术文员/助理Technical Clerk/Assistant职务名称中英对照（2）那么多职务你搞不清它们的英文名字？别着急，这就给你来一个办公室职务名称大搜罗，保证你下次再看到英文的时候不会弄错哦。
那些我们所知道的西方经济学术语解释(英文原版)
The Words For Examation:1、Microeconomics :Microeconomics focus on individual markets and decisions by individual households and firms.2、Private sector:The resources owned by private individuals3、Public sector:The resources owned by the state.4、Primary sector:The extractive industries,e.g.forestry,fishing,coal5、Secondary secto r:The converts materials into goods,e.g.manufacturing6、Tertiary sector:The service sector,e.g.finance,tourism.7、Opportunity cost:Opportunity cost is the sacrifice foregone in the next best alternative,If a firmInvests more in project A rather project B,for example then project B is the opportunity cost.If we useour income to buy X not Y,Y is the opportunity cost.8、Factors of production: Land; Labour; Capital; Entrepreneurship9、Disadvantages of free market: public goods; merit goods; externalities; instablity.10、Demand curve: A demand curve shows the quantity that consumers are willing and able to purchase at each and every price, all other things unchanged. If other things do change the consumers are likely to want more or less each and every price and the demand curve shifts11、Advantages of planed economy: The Government can influence the distribution of income to make it more equal; The Government can determine which goods are supplied.12、Types of goods: Capital goods; Consumption goods; Free goods13、Substitution effect: With the fall in price of good A, A becomes relatively cheaper than other goods and inevitably switch to the relatively cheaper good14、Market demand curve:The horizontal summation of individuals demand curve.15、Marginal utility: is the extra satisfaction gained from consuming another unit of a good16、Total utility: is the total satisfaction gained from consuming a given number of goods.17、Price elasticity of demand: Measures the sensitivity of demand to a change in price.18、Cross elasticity of demand: Measures the sensitivity of the demand for one good to a change in price of another. Cross elasticity of good A with respect to good B= percentage change in quantity demanded of good A / percentage change in the price of good B19、Income elasticity of demand: Measures the sensitivity of the demand to a change in income20、Uses of cross elasticity: Firms can estimate the effect on their demand of a competitors price cut; Firms can estimate impact on demand for their product if they cut price of a complement.1.Supply curve:shows the quantity that producers are willing and able to supply at each and everyprice,all other things unchanged.2.Equilibrium:occurs when the quantity supplied equals the quantity demanded.3.Equilibrium price: the price at a level where supply equates the demanded.4.Short run:fixed factors are not changed.5.Long run:all factors are variable.6.Indirect taxe s:the taxes are placed on the supplier and have the effect of raising costs.7.Consumer surplus:is the difference between the price the consumer is willing to pay and the price the consumer actually pays.8.Producer surplus:is the difference between the price the producer is willing to supply and the price they actually receive.munity surplus:is the welfare of society which is made up of consumer surplus and producer surplus.10.Externalities:occurs when there is a divergence between social and private costs and benefits.11.Marginal cost:means the extra cost of producing another unit.12.Marginal revenue:means the extra revenue from selling another unit.13.Merit goods:these are goods which are socially desirable.14.Demerit goods:these are goods which are not socially desirable.15.The price elasticity of supply: measures the responsiveness of supply to a change in price .1.Marginal: 边际the extra ;marginal cost is the extra cost of producing another unit, the marginal revenue from selling another unit..2.Average: 平均divide the total into number of units3.Average product : 平均产量the average output per unit of the variable factor4.fixed costs : 固定成本the costs which do not change with output5.variable costs: 可变成本the costs which do vary with output6.average costs:平均成本the average costs per unit of the total output7.short run cost curve: 短期成本曲线the minimum cost per unit for different levels of output given a fixed factor8.internal diseconomy of scale: 内在规模不经济the unit cost per unit rises with more output9.bulk buying:大量购买larger firms tend to buy larger quantities of inputs and so are in a position with advantage10.specialization:专业化the repetition that employees can be undertake as specialist , which lead to higher productivity11.financial economy: 金融经济the industry that often borrow money at some rate , lubricate the economy.12.Cost minimization: 成本最小化the situation lead cost combination that made per pound of each factor of production is equal13.Input:投入goods and services that used to produce the goods or services14.Marginal revenue: 边际收益the extra revenue from selling another unit15.Normal profit : 正常利润pay the remuneration to the manufacturer who provided the entrepreneurial talent16.Abnormal profit:超额利润the part of the profits that more than the average market normal profitc when the other conditions in social average17.Productive efficiency：生产效率the firm obtain the high productivity the produce at the lowest cost per unit ,vice versa.18.Theory of second best : 次佳理论if a distortion or inefficiency exists in one market it is inefficient to treat other market as if that distortion did not exist.19.Perfect competition: 完全竞争the market structure in the situation without any block up and interference20.Barrier:壁垒the price must be paid that the other manufacturers which want to access this industry.1．long-run supply curve： The long-run supply curve in a perfectly competitive market shows the relationship between market price and quantity supplied.2．constant cost industry ：A constant cost industry is an industry in which the typical firm’s average total costs do not change as the industry expands. This means that the firm will have a horizontal long-run supply curve.3．increasing cost industry ：An increasing cost industry is an industry in which the typical firm’s long run average total cost increases as the industry expands. This means the firm will have an upward sloping long run supply curve.4．decreasing cost industry：A decreasing cost industry is an industry in which the typical firm’s average total costs decrease as the industry expands. This means that the firm will have a downward sloping long run supply curve.5．Monopoly： A monopoly is a firm that is the only seller of a good or service that does not have a close substitute.6．barrier to entry： A barrier to entry is anything that keeps new firms from entering an industry in which firms are earning economic profits.7．patent： A patent is the exclusive right to a product for a certain period of time from the date the product was invented.8．Product differentiation: By making their product seem very different from the competition through their marketing and branding,a firm can establish a monopoly position.9．natural monopoly：A natural monopoly is a situation in which one firm can supply the entire market at a lower average total cost than can two or more firms.10．Monopolistic competition : Monopolistic competition is a market structure in which barriers to entry are low, and many firms compete by selling similar, but not identical, products.11．Price discrimination : Price discrimination is the practice of selling the same good or service at different prices not because of the cost of production, but the consumers’ willingness and ability to pay.12 short run monopolistic competition: In monopolistic competition firms can behave like monopolies inthe short-run, including using market power to generate profit.13 long run monopolistic competition: In the long-run, other firms enter the market and the benefits ofdifferentiation decrease with competition; the market becomes more like perfect competition where firms cannot gain economic profit.14perfect Price discrimination: the consumer is charged the maximum he/she is willing to pay for each unit.the price is different for every single unit.this removes all consumer surplus.15oligopoly： An oligopoly is a market structure in which a small number of interdependent firms compete. 16Duopoly: the duopoly occur when two firms dominate a market.17Nash equilibrium.：An equilibrium where each firm chooses the best strategy, given the strategies chosen by other firms, is called a Nash equilibrium.18Collusion： Collusion is an agreement among firms to charge the same price, or to otherwise not compete. 19Game theory ：Game theory is the study of how people make decisions in situations where attaining their goals depends on their interactions with others.20payoff matrix for pricing strategy: A payoff matrix is a table that shows the payoffs that each firm earns from every combination of strategies by the firms.21Non price competition: Non-price competition is a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design andworkmanship".22Concentration ratio:the N firm Concentration ratio measures the market share of the largest N firms. 23full line forcing: full line forcing making retailers buy the whole product range even if they only want to one product.24Exclusive supply:selling to only one outlet in an area.25sole trader : A sole proprietorship also known as a sole trader, or simply proprietorship is a type of business entity which is owned and run by one individual and where there is no legal distinction between the owner and the business. All profits and all losses accrue to the owner (subject to taxation).26Partnership: individuals work together and share joint responsibility for any decisions; unlimited liability.1.Marginal product of labou r 劳动的边际产量Marginal product of labour is the extra output produced by an additional worker.2.Demand for labour对劳动力的需求The demand for labour is derived from the marginal revenue product of labour.3.Aggregate demand 总需求Aggregate demand is the total planned expenditure on final goods and services in an economy.4.Marginal cost of labour劳动的边际成本Marginal cost of labour is extra cost of hiring another employee5. Elasticity of demand for labor劳动力的需求弹性Elasticity of demand for labor is the labor demand (and supply) of the change on the influence of changes in wage levels.6.Paradox of thrift 节约悖论Saving is a good thing for the individual and is a commendable virtue, but for the whole country is concerned.It is a bad thing which will lead to the decline of national economic depression7. Price level价格水平Price level is a weighted average of the prices of various goods and services in the economic society,8.Trade unions行会，商会Trade unions are organisations which represent employees.9. Labour immobility 劳动力的不流动性Workers cannot move from one job to another due to geographical or occupational immobility10. Perfectly competitive labour market 完全竞争劳动力市场There are many firms and many employees;each firm is a wage taker.11. Bilateral monopoly 双边垄断This accurs when a monopoly buyer of labour faces a monopoly seller,the outcome depends on the bargaining strength of each side.12. Transfer earnings转让收益This is the amount that a factor of production must earn to keep it in its present usage in the long run.13.Gross Domestic Product 国内生产总值Gross Domestic Product shows the value of final goods and services produced by factors of production withina country.14. Gross National Product 国民生产总值Gross Domestic Product shows the value of final goods and services produced by factors of production owned by a country’s citizens,regardless of where in the world this is earned.15.Lorenz curve洛伦茨曲线Lorenz curve illustrates the distribution of incomes in an economy.16.Aggregate demand 总需求Aggregate demand is the total planned expenditure on final goods and services in an economy.17.Planned injections 计划注入Planned injections represent spending in addition to that of the households in the economy.18. Planned withdrawals 计划漏出Planned withdrawals represent income which the households have earned which they do not want to spend within the economy.19.Consumption 消费The level of consumption in the economy is the planned level of spending on final goods and services by households.20.Savings 储蓄Savings are related to consumption.If we are spending more of our income,we are saving less. investment :it is the increase in the capital stock-some investment simply replace capital which has worn out.2.Planned investmen:it is the level of investment which firms intend to undertake at the beginning of the period.3.Actual investment；it is the level which had occurred an the end of the period.4.Marginal efficiency of capital (MES) :it shows rate of return on each additional unit of capital.5.Accelerator :it shows the relationship between net investment and the rate of change of national output.6.Interest : it shows that the return generated on capital and the cost of borrowing money.7.Real interest rate s :means that the interest have been adjusted for inflation.8.The multiplier :it shows how a increase in the planned injection into the economy leads to a large increase in output and income.9.Stable price :that is to keep inflation under control.This is important to keep Uk firm competitive abroad and to help firm plan.10.Full employment s : that is when all those willing and able to work at the given real wage are working .11.A balance of the balance of payments : a deficit means more money is leaving the country than is coming in;a surplus means another country has a deficit.A ‘balance’ may be desirable.12.Regional :Aim to reduce unemployment and increase the income of depressed regions or areas.13.Demand side policies：attempts to influence aggregate.14.regulation :the government can make it difficult for firm to expand in richer areas and easier to expand in poorer regions.15.Enterprise zones:they are very small districts in the urban areas.Major incentives are given to th firm setting up here.16.Reflationary policies:increasing aggregate demand.17. Deflationary policies:decreasing aggregate demand.18.Inflationary gap:this occurs where the level of aggregate demand exceeds the level of output at all full employment.19.Deflationary gap:this occurs where the level of aggregate demand is low the level of output at all full employment.20.Discounted cash flow:technique of assessing investment,firms estimate future expected revenues and costs and discount these to get their present value.1 Property tax(财产税): A tax on property. This is a popular tax at the local level for cities, counties, and school districts. In many places it has been a primary source of funding for public schools. Because this invariably leads to tremendous differences in school funding, with wealthy areas getting the most funding, schools have moved toward income taxes and sales taxes for revenue.2 Automatic stabilizer(自动稳定器)：A feature of the federal government's budget that tends to reduce the ups and downs of the business cycle without the need for any special legislative action, that is stabilization policies. The two key automatic stabilizers are income taxes and transfer payments.3 Expansionist police(扩张政策)：A stabilization policy consisting of an increase in government spending and/or a decrease in taxes (fiscal policy) and/or an increase in the amount of money in circulation (monetary policy). This policy is designed to avoid or correct the problems associated with a business-cycle contraction.4 Contractionary policy（紧缩政策）：A stabilization policy consisting of a decrease in government spending and/or an increase in taxes (fiscal policy) and/or a decrease in the amount of money in circulation (monetary policy). This policy is designed to avoid or correct the problems associated with a business-cycle expansion.5 Keynesian fiscal policy(凯恩斯财政政策):the economy will not necessarily be in equilibrium at fullemployment,and that the Government need to intervene to get it to full employment.6 Stabilization policies(稳定政策)：Economic policies undertaken by government to counteract business cycle fluctuations and prevent high rates of unemployment and inflation. These are also termed counter-cyclical policies. To counter a business cycle contraction and high rates of unemployment, expansionary policies that promote increasing economic activity are appropriate. To counter an inflationary expansion, contractionary policies are recommended.7 Money multiplier(货币乘数):The magnified change in money, both checkable deposits and currency, resulting from a change in bank reserves. Compared to the simple deposit multiplier, the money multiplier builds on the inverse of the required-reserves ratio, but also takes into consideration that banks keep excess reserves, and the public transfers some checkable deposits into cash and savings.8 Monetary base（货币基础）：Also termed the high-powered money, the total of currency held by the nonbank public, vault cash held by banks, and Federal Reserve deposits of the banks. This contains the monetary components over which the Federal Reserve System has relatively complete control and is often used as a guide for the Fed's money control ability and monetary policy.9 Money market(货币市场)：A financial market that trades U.S. Treasury bills, commercial paper and other short-term financial instruments. This market is often used by businesses when they need short-term funds to bridge the gap between paying operating costs and collecting revenue from product sales. As such, the term "money" in money market indicates that businesses are using highly liquid instruments to raise the money need for operating expenses.10 Financial asset（金融资产）: A legal claim to or ownership of a physical asset. Common financial assets are stocks, bonds, money, and government securities. These are also termed paper assets.1.monetary transmission mechanism货币传导机制This shows how changes in money supply or demand can influence the level of national income.2.capital goods market 资本货物市场The extent of the increase in investment will depend on how sensitive investment is in relation to changes in the interest rate.3.investment project投资项目Investment project is within prescribed time limit performs a development goal (or a group of target) and planning, investment policies and institutions aspects and other activities Mosaic.4.liquidity trap流动性陷进It occurs when an increase in the money supply does not affect the interest rate(and so does not affect investment or aggregate demand).5.general price index一般物价指数Reflect an average of change of all commodities prices.6.cost-push inflation成本推动型的通货膨胀Higher costs forcing firms to increase prices.7.retail price index零售价格指数A kind of economic index which reflect urban and rural commodity retail price trend of change.8.redistribution of income收入再分配Some groups whose earnings are too linked to inflation will find their real earnings fall;also borrowers may gain whilst lenders lose unless loans are index linked.9.velocity of circulation流通速度The number of average turnover in certain period of times10.unemployment benefit 失业津贴To provide material helps the unemployment worker who suspends source of income temporarily.11.natural rate of unemployment 自愿失业率This is the rate of unemployment when inflation is correctly anticipated.12.job acceptance可就业量Number of workers willing and able to accept a job at each real wage.As the real wage increases, so does the number of people willing to accept jobs.13.classical unemployment自然失业If the real wage is above equilibrium because of union power,it could be argued that ‘ab’ is ‘voluntary’-the unions have volunteered workers for unemployment.14.trade off 相机抉择，权衡利弊The government according to certain period of economic and social status, selects different types of anti economic cycle fiscal policy tools flexibly, intervene in the economy operation and achieve financial goals.15.planned expenditure计划支出This aggregate demand schedule shows the total level of planned expenditure on final goods and services at different prices.16.full capacity能力充分利用At this level of output the economy is at full capacity.No more can be produced in the short run even if price increases.Supply is totally inelastic.17.money illusion货币幻觉It is a psychological illusion which refers to people just react to monetary the notional value, and ignore the actual purchasing power changes.18.new classical新古典主义In literary criticism, this term refers to the revival of the attitudes and styles of expression of classical literature.19.menu cost调配成本The costs of changing the prices in publicity material,displays,and slot machines20.Phillips curve菲利蒲斯曲线It shows the relationship between inflation and unemployment.floating exchange rate system（浮动汇率制度）：price is determinedby market forces of supply and demand.2. fixed system(固定汇率制度)：the government intervenes to maintain the external value of the currency. 3．trade weighted index（贸易加权指数）：measures the value of sterling against a basket of currencies which are weighted according to their importance in UK trade.4.hot money(游资)：speculate on the currency in the hope that the pound will become more valuable in the future, these are short term capital movement.5.effective exchange rate(有效汇率)：takes into account how much tradeThe country does with the other countries, and weights movements accordingly.6.managed exchange rate(管理汇率)：government intervenes on occasion to influence the price, but does not fix it.7.a tight monetary policy(紧缩的财政政策)：which increases interest rates and reduces aggregate demand.8.balance of payments(国际收支)：a record of a country’s transactions with the rest of the world, it consists of the capital and the current account.9.expenditure switching policies(转换支出政策)：these are attempts to make imports relatively expensive compared to exports.10.policy package(一揽子政策)：it may be necessary to use a combination of policies.11.expenditure reducing policies(消减支出政策)：the government attempts to reduce spending throughout the economy.12.absolute advantage(绝对优势)：a country has an absolute advantage in the production of a good if anequal quality of resources can produce more of the good than another country.parative advantage(相对优势)：if a country can produce good x with a lower opportunity cost than another country, it has a comparative advantage in the production of x.14.free trade(自由贸易)：no barriers to importing or exporting, so trade occurs unhindered.15.economies of scale(规模经济)：by specializing countries may increase their output and gain lower unit costs.16.quotas(配额)：these place a limit on the number of foreign goods and services allowed into a country.17.exchange controls(外汇管制)：these place a limit on the amount of money which can be changed into foreign currency18.infant industry(新生工业)：small firms need to be protected to give them time to expand and gain economies of scale, which will allow them to compete on an international basis.19.no tariff barriers(非关税壁垒)：administrative procedures which makes it difficult for foreign firms to sell their goods in the country.20.voluntary export restrain(自动出口限制)：one government may pressurize another to reduce its exports.1.Visible trade (有形贸易)：two sides traded products is tangible, such as clothing, food, etc2.Tariff（关税）: a kind of tax when some country input or output e their goods3.Income per capita（人均收入）: domestic income divided by the native population, namely average everyone income4.Inward investment (内部投资):Enterprise develop an investment for their own such as foreign exchange purchase equipment etc5.Weighted average(加权平均)：Give each value a weight, then calculated the average6.Business cycle(贸易周期): a country appear economic expansion and economic tightening in the period7.single market(单一市场)：enterprise develop a single product to override the single market8.gold reserve(黄金储备)：a country monetary authorities held gold as a financial asset to balance international payments, exchange rates, maintain or effect exchange rate.mon external tariff(共同对外关税)：two or more countries concluded a customs union, become unity of the customs territory, mutually cancel tariffs and trade restrictions from the alliance of national import products execute unified common external tariff.10.free trade area(自由贸易区)：Two or more states reach a certain agreement or treaty in order to cancel tariffs11.custom union(关税同盟)：two or more countries concluded agreement, establish a uniform customs territory, in the unity between the customs boundary contract or cancel tariffs, outside the unity country or region's merchandise imports are a common tariff rate and foreign trade policies.12.cpital goods(资本产品)：investment in capital goods increases productivity and leads to future growth13.savings(储蓄)：saving enable investment by providing the funds for firm to invest14.The EU(欧盟)：custom union，i.e. free trade between member countries and common external tariffs with non members15.terms of trade(贸易条件)：the rate of exchange of one good for another between trading partners16.quotas(配额)：these place a limit on the number of foreign goods and service allowed into a country17.dumping(倾销)：prevent foreign firms selling goods at loss to destroy the domestic industry18. Trade creation(贸易创造)：new trade is created between member countries which can benefit form free trade19.inventory cycle(存货周期)：firm are often slow to adjust to changes in the level of economic activity.20. Exchange controls(外汇管制)：these place a limit on the amount of money which can be changed into foreign currency。
西方经济学练习题
西方经济学练习题一填空题1.西方经济学的英文名称是（principles of economics）2.经济学根据其研究对象的不同，可分为（微观/宏观），根据其研究方法的不同，可分为（规范/实证）3.在需求与需求量的变动中价格变动引起（需求量）变动，而收入的变动引起（需求）的变动。
4.研究消费者行为的基数效用论认为，效用可以（可以计量，加总求和），因此效用的大小可以用基数表示。
5.当边际产量为零时，（总产量）达到最大。
6.垄断竞争市场与完全竞争市场的关键差别是完全竞争产品（有）差别，而垄断竞争产品（无）差别。
7.劳动的供给曲线是一条（向后翻转）的曲线。
8.物品的(非排他性)和(非竞争性)决定了人们不用购买仍然可以消费。
9.生产可能性曲线是在（技术水平）既定的条件下所能达到的两种物品最大产量的组合。
10.供给曲线向（右上方）方倾斜，表示某种商品的价格与供给量之间（同）方向变动。
11.当边际效用为正数时，总效用是增加的；当边际效用为零时，总效用（最大）；当边际效用为负数时，总效用（减少）。
12.短期边际成本是短期内每增加一单位（产量）13.在完全竞争市场上对整个行业来说，需求曲线是一条（左上向右下倾斜），对个别企业来说，需求曲线是一条（从价格既定的点出发与横轴平行）。
14.利息是（资本）这种生产要素的价格。
15.供给的变动引起均衡价格（反）方向变动，引起均衡数量（同）方向变动。
16.理论是微观经济学的中心理论，（价格/供求）理论是宏观经济学的中心理论。
17.（支持）价格是政府规定的某种产品的最低限价，（限制）价格是政府规定的某种产品的最高限价。
18.在完全竞争市场上，对整个行业来说，需求曲线是一条（），对个别企业来说，需求曲线是一条（）19.利息是（资本）的价格，（正常利润）是企业家才能的价格20.经济学研究方法中的实证方法要回答的问题是（世界是什么），规范方法要回答的问题是（世界应该怎样运行）。
21.垂直于X轴的需求曲线的弹性=（0）22.同一条需求曲线上的移动称为（需求量）的变动，需求曲线的平行移动称为（需求）的变动。
西方经济学英文缩写名词解释
西方经济学英文缩写名词解释第一章略第二章D Demand 需求S Supply 供给P Price 价格Q Quantity 数量Ed Price elasticity of demand 需求价格弹性EM income elasticity of demand 需求收入弹性M money 收入EAB Cross price elasticity of demand 需求交叉价格弹性Es Price elasticity of supply 供给价格弹性第三章TU Total utility 总效用 TU=f(Q)MU Marginal utility 边际效用MRSXY Marginal rate of substitution 商品边际替代率第四章L Labour 劳动K Capital 资本TC total cost 总成本 TC=f(Q) 4.1AC average cost 平均成本MC marginal cost 边际成本FC Fixed cost 不变成本 FC=常量 4.4VC Variable cost 可变成本 VC=f(Q) 4.5TR Total revenue 总收益TR=f(Q)=P×QAR Average revenue 平均收益MR Marginal revenue 边际收益π利润π＝TR-TC 4.6TP Total product 总产量 TP=f(L) 4.7精选文库AP Average product 平均产量MP Marginal product 边际产量MRTSLK Marginal rate of technical substitution 边际技术替代率STC Short-run total cost 短期总成本 STC=f(Q)=FC+VCSTFC（FC） Short-run total fixed cost 短期总不变成本（固定成本） STFC=常量STVC(VC) Short-run total variable cost 短期总可变成本（可变成本） STVC=f(Q) SAC(ATC) Short-run average cost 短期平均成本SAFC(AFC) Short-run average fixed cost （短期）平均固定成本SAVC(AVC) Short-run average variable cost （短期）平均可变成本SMC Short-run marginal cost 短期边际成本LTC Long-run total cost 长期总成本 LTC=f(Q)LAC Long-run average cost 长期平均成本LMC Long-run marginal cost 长期边际成本第六章VMP Value of marginal product 边际产品价值MRP Marginal revenue product 边际收益产量W Wage 工资第九章GDP Gross demestic product 国内生产总值C Consumption 消费 C=f(Y)=C0+bY 9.1I Investment 投资G Government payment 政府购买NX Net export 净出口 NX=X-MX export 出口M import 进口NDP Net domestic product 国内生产净值NI National income 国民收入PI Personal income 个人收入PDI Personal disposable income 个人可支配收入GNP Gross national product 国民生产总值第十章精选文库Y 总量APC Average propensity to consumption 平均消费倾向MPC marginal propensity to consumption 边际消费倾向S Save 储蓄APS Average propensity to save 平均储蓄倾向MPS marginal propensity to save 边际储蓄倾向AD Aggregate demand 总需求 AD=C+I+G+XAS Aggregate supply 总供给 AS=C+S+T+MT tax 税收K multiplier 乘数第十一章MEC Marginal efficiency of capital 资本边际效率L Demand for money 货币需求 L=L1(Y)+L2(R)R Rate 利率M Money supply 货币供给第十三章CPI Consumer price index 消费物价指数第十四章KG Government expenditure multiplier 政府购买支出乘数KTR Transfer payment multiplier 转移支付乘数 14.2TR transfer 转移支付KT Tax multiplier 税收乘数KB Balanced budget multiplier 平衡预算乘数第十五章Mh Money base 基础货币（高能货币） Mh=M0+RE 15.1Ke Deposit expansion multiplier 存款乘数Km Money multiplier 货币乘数第十六章M import 进口 M=M0+mYKX Foreign trade multiplier 对外贸易乘数第十七章精选文库G rate of growth 经济增长率Gt 实际增长率Gw Warranted rate of growth 合意增长率Gn Nature rate of growth 实际增长率。
西方经济学名词解释(中英互译)
1.经济学：研究资源如何最佳配置使人类需要得到最大满足的一门社会科学。
Economics: A social science that studies how resources are best allocated to maximize the satisfaction of human needs.2.微观经济学的基本家假设条件：⑴“合乎理性的人”的假设条件：每一个从事经济活动的人都是利己的。
⑵完全信息的假设条件：商业双方都知道对方的信息，也都知道对方知道的信息。
（双方可以替代为多方）3.需求：是指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。
Demand: The quantity of the good that consumers are willing and able to buy at all possible price levels in a given period.4.需求函数：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。
Demand function: represents the interrelationship between the quantity demanded of a good and the various factors that affect that quantity demanded.5.需求定律：需求曲线具有一个明显的特征，它是向右下方倾斜的，即它的斜率为负值。
它们都表示商品的价格和需求量之间成反方向变动的关系。
Law of demand: The demand curve has a distinctive feature that it slopes down to the right,i.e., it has a negative slope. They both indicate a relationship between the price of a commodity and thequantity demanded that moves in the opposite direction.6.供给：是指生产者在一定时期内在各种可能的价格下愿意而且能够提供出售的该种商品的数量。
西方经济学(马工程第二版)上(微观经济)-教学大纲
《西方经济学》（第二版）上册课程教学大纲一、课程基本信息三、课程目标任务及基本要求1. 课程目标任务根据微观经济学课程所面对的教学任务和职业能力要求，本课程的教学目标为：（1）知识目标①掌握西方经济学的研究对象、研究内容、研究方法和发展历程；②掌握需求和供给以及市场价格作用原理；③掌握基数效用理论和序数效用理论的基本内容；④掌握生产要素合理投入的分析方法；⑤掌握成本和收益理论及其分析方法；⑥掌握四种市场结构类型中产量和价格的确定；⑦掌握市场失灵原因和各种微观经济政策。
（2）技能目标①能运用需求、供给分析方法对简单的经济现象进行分析；②能运用基数效用理论和序数效用理论对消费者行为进行简单分析；③能对生产要素的合理投入进行分析；④能运用成本与收益理论对企业的长期和短期成本进行分析；⑤能运用市场理论对四种市场结构类型中产量和价格的确定进行分析；⑥能运用各种微观经济政策、市场因素和政府作用解决市场失灵问题进行分析。
2. 基本要求本课程重在讲授微观经济的基本范畴、基本原理、基本方法，以培养起学生对现代经济理论的兴趣和经济学思维，并能掌握基本的经济学分析方法。
（1）采用启发式、讨论式、案例分析等教学方法，充分利用多媒体等现代化教学手段，整体优化教学过程和教学内容，调动学生学习的积极性；（2）贯彻精讲的原则，突出重点，简化推导，图文并貌，重在基本概念、基本理论的理解；（3）贯彻理论和实践相结合的原则，讲述中辅以一定量的习题讨论课，给学生出一定量的思考题和习题，并要求学生完成一定量的作业，以提高学生对微观经济学课程基本概念的深入理解；（4）分析与总结相结合，宏观讲授与微观分析相结合，对讲授内容及时总结，对重点内容深入分析，深入浅出，循序渐进。
四、课程的重点和难点1. 经济学研究的对象与方法，微观经济学与宏观经济学的关系；2. 供求理论与价格的决定，政府价格政策及其应用；3. 需求价格弹性的概念及运用，其他需求弹性与供给弹性；4. 边际效用分析法和无差异曲线分析法，消费者剩余的概念，消费者的其他决策；5. 企业生产要素最优投入与规模经济，两种生产要素的最优组合；6. 短期成本概念与分类和利润最大化原则，长期成本概念，机会成本在企业决策中的作用;7. 四种市场结构的特征，完全竞争市场上的短期与长期均衡，垄断市场上的歧视价格，垄断竞争市场上的产品差别竞争，寡头市场均衡的特点，围绕垄断的争论；8. 衡量收入分配平等状况的标准与收入再分配政策，收入分配不平等的原因；9. 市场失灵的原因及相关微观经济政策。
西方经济学英语
西方经济学英语Western Economics in EnglishEconomics, as a social science, has its roots deeply embedded in the Western world, particularly with the works of Adam Smith, the father of modern economics, who authored "The Wealth of Nations" in 1776. Since then, Western economics has evolved through various schools of thought, each contributing to the understanding of how economies function and how they can be managed for the betterment of society.Classical Economics:The classical period, which spanned from the late 18th century to the early 19th century, was characterized by a belief in free markets and minimal government intervention. Adam Smith's concept of the "invisible hand" was a key principle, suggesting that individuals pursuing their own interests in a free market could unintentionally promote the public interest.Neoclassical Economics:Following the classical era, neoclassical economics emerged in the 1870s, with economists like William Stanley Jevons and Carl Menger. This school emphasized the theory of marginal utility, which posits that the value of a good is determined by its last unit's utility to the consumer.Keynesian Economics:During the Great Depression, John Maynard Keynes challenged the laissez-faire approach with his revolutionary ideas, advocating for government intervention to stabilize economies. Keynesian economics suggests that aggregate demand plays a significant role in economic performance, and that government spending can be a tool to manage economic cycles.Monetarism:In the 20th century, Milton Friedman led the monetarist movement, which argued against Keynesian fiscal policies and instead emphasized the role of monetary policy in managing inflation and economic growth.Supply-Side Economics:This theory, which gained prominence in the 1980s, focuses on stimulating production and investment by reducing taxes and regulation. It is often associated with the Reagan administration in the United States.Behavioral Economics:A more recent development, behavioral economicsintegrates insights from psychology to understand how cognitive biases affect economic decisions, offering a more nuanced view of human behavior in the marketplace.Contemporary Western Economics:Today, Western economics is a diverse field that encompasses a wide range of theories and practices. It continues to adapt to new challenges, such as globalization, environmental concerns, and technological advancements.Global Influence:The principles and practices of Western economics have had a profound impact globally. International institutions like the International Monetary Fund (IMF) and the World Bank apply many of these theories in their efforts to foster economic stability and development worldwide.Conclusion:Western economics is a dynamic and ever-evolving discipline that has shaped the modern economic landscape. Its theories and practices remain central to understanding and addressing the economic challenges of the 21st century.This composition provides a brief overview of the evolution and principles of Western economics, highlighting its historical development and global influence. It iswritten in a clear and structured manner, avoiding unnecessary repetition and adhering to the requirements of a well-organized and informative piece.。
西方经济学名词解释 英文版
Macroeconomics 宏观经济学The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors.研究国民收入的各方面。
Microeconomics 微观经济学The study of the operations of the components of a national economy, such as individual firms, households, and consumers.研究经济中单个因素行为的分析。
GDP 国内生产总值(Gross Domestic Product)The total market value of all final goods and services produced within the borders of a nation during a specified period.一国国民在各行业中一年内生产的最终产品和最终服务价值总和。
It is often seen as an indicator of the standard of living in a country.Gross Domestic Product＝consumption + investment goods + government purchases + net exportsEconomic Growth 经济增长steady growth in the productive capacity of the economy (and so a growth of national income)Real Economic Growth Rate 实际经济增长率A measure of economic growth from one period to another expressed as a percentage and adjusted for inflation (i.e. expressed in real as opposed to nominal terms). The real economic growth rate is a measure of the rate of change that a nation's gross domestic product (GDP) experiences from one year to another. Gross national product (GNP) can also be used if a nation's economy is heavily dependent on foreign earnings. The real economic growth rate builds onto the economic growth rate by taking into account the effect that inflation has on the economy. The real economic growth rate is a "constant dollar" and therefore a more accurate look at the rate of economic growth because the real rate is not distorted by the effects of extreme inflation or deflation.GDP deflator GDP指数In economics the GDP deflator (implicit price deflator for GDP) is a measure of the change in prices of all new, domestically produced, final goods and services in an economy. GDP stands for gross domestic product the total value of all goods and services produced within that economy during a specified period.Nominal GDP 名义GDPA gross domestic product (GDP) figure that has not been adjusted for inflation.Real GDP 实际GDPThis inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. Often referred to as "constant-price", "inflation-corrected" GDP or "constant dollar GDP". Unlike nominal GDP, real GDP can account for changes in the price level, and provide a more accurate figure.Potential output 潜在产量/潜在GDPIn economics, potential output (also refered to as "natural real gross domestic product") refers to the highest level of real Gross Domestic Product output that can be sustained over the long term.GDP Gap GDP缺口The forfeited output of an country's economy resulting from the failure to create sufficient jobs for all those willing to work. A GDP gap denotes the amount of production that is irretrievably lost. The potential for higher production levels is wasted because there aren't enough jobs supplied.（与书异）Net Exports 净出口The value of a country's total exports minus the value of its total imports. It is used to calculate a country's aggregate expenditures, or GDP, in an open economy. In other words, net exports is the amount by which foreign spending on a home country's goods and services exceeds the home country's spending on foreign goods and services.Recession 经济衰退A significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's GDP.Notes:Recession is a normal (albeit unpleasant) part of the business cycle. A recession generally lasts from six to eighteen months. Interest rates usually fall in recessionary times to stimulate the economy by offering cheap rates at which to borrowDepression 经济萧条A severe and prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels. In times of depression, consumer's confidence and investments decrease, causing the economy to shutdown.Value Added 附加值The enhancement a company gives its product or service before offering the product to customers. This can either increase the products price or value.（与书异）Gross National Product – GNP 国民生产总值An economic statistic that includes GDP, plus any income earned by residents from overseas investments, minus income earned within the domestic economy by overseas residents. GNP is a measure of a country's economic performance, or what its citizens produced (i.e. goods and services) and whether they produced these items within its borders.Disposable Income 可支配收入The amount of after-tax income that is available to divide between spending and personal savings. This also known as your take home pay.Unemployment Rate 失业率The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.Labor force 劳动力the group of people who have a potential for being employed.Frictional Unemployment 摩擦性事业Unemployment that is always present in the economy, resulting from temporary transitions made by workers and employers or from workers and employers having inconsistent or incomplete information.Structural Unemployment 结构性失业Unemployment resulting from changes in the basic composition of the economy. These changes simultaneously open new positions for trained workers.Cyclical Unemployment 周期性失业Unemployment resulting from changes in the business cycle.Natural Unemployment 自然失业率（与书异）The lowest rate of unemployment that an economy can sustain over the long run. Keynesians believe that a government can lower the rate of unemployment (i.e. employ more people) if it were willing to accept a higher level of inflation (the idea behind the Phillips Curve). However, critics of this say that the effect is temporary and that unemployment would bounce back up but inflation would stay high. Thus, the natural, or equilibrium, rate is the lowest level of unemployment at which inflation remains stable. Also known as the "non-accelerating inflation rate of unemployment" (NAIRU).Notes:When the economy is said to be at full employment, it is at its natural rate of unemployment. Economists debate how the natural rate might change. For example, some economists think that increasing labor-market flexibility will reduce the natural rate. Other economists dispute the existence of a natural rate altogether!Frictional unemployment — This reflects the fact that it takes time for people to find and settle into new jobs. If 12 individuals each take one month before they start a new job, the aggregate unemployment statistics will record this as a single unemployed worker. Technological change often reduces frictional unemployment, for example: the internet made job searches cheaper and more comprehensive.Structural unemployment —This reflects a mismatch between the skills and other attributes of the labour force and those demanded by employers. If 4 workers each take six months off to re-train before they start a new job, the aggregate unemployment statistics will record this as two unemployed workers. Technological change often increases structural unemployment, for example: technological change might require workers to re-train.Natural rate of unemployment —This is the summation of frictional and structural unemployment. It is the lowest rate of unemployment that a stable economy can expect to achieve, seeing as some frictional and structural unemployment is inevitable. Economists do not agree on the natural rate, with estimates ranging from 1% to 5%, or on its meaning — some associate it with "non-accelerating inflation.The estimated rate varies from country to country and from time to time.Demand deficient unemployment — In Keynesian economics, any level of unemployment beyond the natural rate is most likelydue to insufficient demand in the overall economy. During a recession, aggregate expenditure is deficient causing the underutilization of inputs (including labour). Aggregate expenditure (AE) can be increased, according to Keynes, by increasing consumption spending (C), increasing investment spending (I), increasing government spending (G), or increasing the net of exports minus imports (X−M).{AE = C + I + G + (X−M)}Okun's Law 奥昆法则A relationship between an economy's GDP gap and the actual unemployment rate. The relationship is represented by a ratio of 1 to 2.5. Thus, for every 1% excess of the natural unemployment rate, a 2.5% GDP gap is predicted.Inflation 通货膨胀The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Deflation 通货紧缩steadily falling pricesA general decline in prices, often caused by a reduction in the supply of money or credit. Deflation can be caused also by a decrease in government, personal or investment spending. The opposite of inflation, deflation has the side effect of increased unemployment since there is a lower level of demand in the economy, which can lead to an economic depression. Hyperinflation 超级通货膨胀Extremely rapid or out of control inflation.Inflation rate 通货膨胀率In economics, the inflation rate is the rate of increase of the average price level (a measure of inflation). If one likes analogies, the size of a balloon is like the price level, while the inflation rate is how quickly it grows in size. Alternatively, the inflation rate is the rate of decrease in the purchasing power of money.Consumer Price Index (CPI) 消费价格指数The CPI, as it is called, measures the prices of consumer goods and services and is a measure of the pace of US inflation. The US Department of Labor publishes the CPI every month.Demand－pull inflation 需求拉动型通货膨胀inflation due to high demand for GDP and low unemployment, also known as Phillips Curve inflation.Cost－push inflation 成本推动型通货膨胀nowadays termed "supply shock inflation", due to an event such as a sudden increase in the price of oil.Built-in inflation - induced by adaptive expectations, often linked to the "price/wage spiral" because it involves workers trying to keep their wages up with prices and then employers passing higher costs on to consumers as higher prices as part of a "vicious circle". Built-in inflation reflects events in the past, and so might be seen as hangover inflation. It is also known as "inertial" inflation, "inflationary momentum", and even "structural inflation".Indexing 指数化The adjustment of the weights of assets in an investment portfolio so that its performance matches that of an index.Linking movements of rates to the performance of an index.Notes:1. Indexing is a passive investment strategy. An investor can achieve the same risk and return of an index also by investing in an index fund.2. Types of rates that could be linked to the performance of an index are wage or tax rates.Phillips Curve 菲利普斯曲线An economic concept developed by A. W. Phillips stating that inflation and unemployment have a stable and inverse relationship. The theory states that with economic growth comes inflation, which in turn should lead to more jobs and less unemployment. The concept has been proven empirically and some government policies are directly influenced by it.第二章Aggregate Demand 总需求The total amount of goods and services demanded in the economy at a given overall price level and in a given time period. It is represented by the aggregate-demand curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally there is a negative relationship between aggregate demand and the price level. Alsoknown as "total spending".Notes:Aggregate demand is the demand for the gross domestic product (GDP) of a country, and is represented by this formula: Aggregate Demand (AD) = C + I + G (X-M)C = Consumers' expenditures on goods and services.I = Investment spending by companies on capital goods.G = Government expenditures on publicly provided goods and services.X = Exports of goods and services.M = Imports of goods and services.Aggregate Supply 总供给The total supply of goods and services produced within an economy at a given overall price level in a given time period. It is represented by the aggregate-supply curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally, there is a positive relationship between aggregate supply and the price level. Rising prices are usually signals for businesses to expand production to meet a higher level of aggregate demand. Also known as "total output".Notes:A shift in aggregate supply can be attributed to a number of variables. These include changes in the size and quality of labor, technological innovations, increase in wages, increase in production costs, changes in producer taxes and subsidies, and changes in inflation. In the short run, aggregate supply responds to higher demand (and prices) by bringing more inputs into the production process and increasing utilization of current inputs. In the long run, however, aggregate supply is not affected by the price level and is driven only by improvements in productivity and efficiency.Exogenous Variable 外生变量A variable whose value is determined outside the model in which it is used.An economic variable that is related to other economic variables and determines their equilibrium levels. For example, rainfall is exogenous to the causal system constituting the process of farming and crop output. An exogenous variable by definition is one whose value is wholly causally independent from other variables in the system.Endogenous Variable 内生变量A value determined within the context of a model.An economic variable which is independent of the relationships determining the equilibrium levels, but nonetheless affects the equilibrium.Consumption 消费in economics, direct utilization of goods and services by consumers, not including the use of means of production, such as machinery and factories (see capital). Consumption can be divided into public and private sectors.Investment 投资An asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or appreciate and be sold at a higher price. In the financial sense investments include the purchase of bonds, stocks or real estate property. Government Purchases 政府购买Expenditures made in the private sector by all levels of government, such as when a government entity contracts a construction company to build office space or pave highways. A component of Keynesian expenditures, government purchases can be used as a tool for a government to influence the business cycle and provide economic stimulation when it is deemed necessary. Keynesian Economics 凯恩斯经济An economic theory stating that active government intervention in the marketplace and monetary policy is the best method of ensuring economic growth and stability. A supporter of Keynesian economics believes it is the government's job to smooth out the bumps in business cycles. Intervention would come in the form of government spending and tax breaks in order to stimulate the economy, and government spending cuts and tax hikes in good times, in order to curb inflation.Classical Economics 古典经济学Classical Economics refers to work done by a group of economists in the 18th and 19th centuries. They developed theories about the way markets and market economies work. The study was primarily concerned with the dynamics of economic growth. It stressed economic freedom and promoted ideas such as laissez-faire and free competition. Famous economists of this thinking include Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill.Equilibrium of AD and AS 总供给和总需求的均衡supply and demand result in an equilibrium price (the interest rate)Stagflation 滞胀A condition of slow economic growth and relatively high unemployment - a time of stagnation - accompanied by a rise in prices, or inflation.第三章Fiscal Policy 财政政策Government spending policies that influence macroeconomic conditions. These policies affect tax rates, interest rates, and government spending, in an effort to control the economy.Government spending 政府支出consists of government purchases, including transfer payments, which can be financed by seigniorage (the creation of money for government funding), taxes, or government borrowing It is considered to be one of the major components of gross domestic product.Multiplier Effect 乘数效应The expansion of a country's money supply that results from banks being able to lend. The size of the multiplier effect depends on the percentage of deposits that banks are required to hold on reserves. In other words, it is money used to create more money and calculated by dividing total bank deposits by the reserve requirement.The multiplier effect depends on the set reserve requirement. The higher the reserve requirement, the tighter the money supply, which results in a lower multiplier effect for every dollar deposited. The lower the reserve requirement, the larger the money supply, which means more money is being created for every dollar deposited.Crowding Out Effect 挤出效应An economic theory explaining an increase in interest rates due to rising government borrowing in the money market.Notes:Governments often borrow money (by issuing bonds) to fund additional spending. The problem occurs when government debt 'crowds out' private companies and individuals from the lending market. Increased government borrowing tends to increase market interest rates. The problem is that the government can always pay the market interest rate, but there comes a point when corporations and individuals can no longer afford to borrow.Marginal propensity to consume （MPC）边际消费倾向refers to the increase in personal consumer spending (consumption) that occurs with an increase in disposable income (income after taxes and transfers). For example, if a household earns one extra dollar of disposable income, and the marginal propensity to consume is 0.65, then of that dollar, the family will spend 65 cents and save 35 cents.Mathematically, the marginal propensity to consume (MPC) function is expressed as the derivative of the consumption (C) function with respect to disposable income (Y).In other words, the marginal propensity to consume is measured as the ratio of the change in consumption to the change in income, thus giving us a figure between 0 and 1. One minus the MPC equals the marginal propensity to save.Marginal propensity to save (MPS) 边际储蓄倾向refers to the increase in saving (non-purchase of current goods and services) that results from an increase in income. For example, if a family earns one extra dollar, and the marginal propensity to save is 0.35, then of that dollar, the family will spend 65 cents and save 35 cents. It can also go the other way, referring to the decrease in saving that results from a decrease in income. It is crucial to Keynesian economics and is the key variable determining the value of the multiplier. Mathematically, the marginal propensity to save (MPS) function is expressed as the derivative of the savings (S) function with respect to disposable income (Y).In other words, the marginal propensity to save is measured as the ratio of the change in saving to the change in income, thus giving us a figure between 0 and 1. It is the opposite of the marginal propensity to consume (MPC). In the example above, the marginal propensity to consume would be 0.65. In general MPS = 1 - MPC.Money Supply 货币供给（与书异）The entire quantity of bills, coins, loans, credit, and other liquid instruments in a country's economy. Money supply is divided into three categories--M1, M2, and M3--according to the type and size of account in which the instrument is kept. The money supply is important to economists trying to understand how policies will affect interest rates and growth.M1The category of the money supply that includes all physical money like coins and currency. It also includes demand deposits, which are checking accounts and NOW accounts. M1 is the narrowest idea of "money." This is used as a measurement for economists trying to quantify the amount of money in circulation.M2A category within the money supply that includes M1 in addition to all time-related deposits, savings deposits, andnon-institutional money-market funds. M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions.M3The category of the money supply that includes M2 as well as all large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets. This is the broadest measure of money it is used by economists to estimate the entire supply of money within an economy.（书没有）Fiat Money 【美】（根据政府法令发行的）不兑现纸币Money that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. Most of the world's paper money is fiat money.Legal tender 合法货币；偿付债务时债主必须接受的货币is payment that cannot be refused in settlement of a debt by virtue of law.Transactions demand交易性需求is the demand or foreign currency. It is used for purposes of business transactions and personal consumption. transactions demand is one of the determinants of demand for money (and credit).Speculative demand 投机性需求is the demand for financial assets, such as securities, money or foreign currency, or financing. It is one of the determinants of demand for money (and credit).Liquidity Preference Theory 流动性偏好理论The hypothesis that forward rates offer a premium over expected future spot rates. Proponents of this theory believe that, according to the term structure of interest rates, investors are risk-averse and will demand a premium for securities with longer maturities. A premium is offered by way of greater forward rates in order to attract investors to longer-term securities. The premium received normally increases at a decreasing rate due to downward pressure from the decreasing volatility of interest rates as the term to maturity increases. Also known as "liquidity preference hypothesis."Interest Rate 利率The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed.Nominal Interest Rate/the money interest rate名义利率The interest rate unadjusted for inflation. Not taking into account inflation gives a less realistic number.Real Interest Rate 实际利率The amount by which the nominal interest rate is higher than the inflation rate. The real rate of interest is approximated by taking the nominal interest rate and subtracting inflation. The real interest rate is the growth rate of purchasing power derived from an investment.Intermediate targets 中间目标An intermediate target is a variable (such as the money supply) that is not directly under the control of the central bank, but that does respond fairly quickly to policy actions, is observable frequently and bears a predictable relationship to the ultimate goals of policy.Open Market Operations 公开市场业务The buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system. Purchases inject money into the banking system and stimulate growth while sales of securities do the opposite. Notes: Open market operations are the principal tools of monetary policy. (The discount rate and reserve requirements are also used.) The U.S. Federal Reserve's goal in using this technique is to adjust the federal funds rate--the rate at which banks borrow reserves from each other.Discount Rate 贴现率The interest rate that an eligible depository institution is charged to borrow short-term funds directly from a Federal Reserve Bank. This type of borrowing from the Fed is fairly limited. Institutions will often seek other means of meeting short-term liquidity needs. The Federal funds discount rate is one of two interest rates the Fed sets, the other being the overnight lending rate, or the Fed funds rate.Lender of Last Resort 最后的贷款者/偿付者An institution, usually a country's central bank, that offers loans to banks or other eligible institutions that are experiencing financial difficulty or are considered highly risky or near collapse. In the U.S. the Federal Reserve acts as the lender of last resort to institutions that do not have any other means of borrowing and whose failure to obtain credit would dramatically affect the economy.Notes: The lender of last resort functions both to protect individuals who have deposited funds, and to prevent panic withdrawing from banks who have temporary limited liquidity. Commercial banks usually try not to borrow from the lender of last resort because such action indicates that the bank is experiencing financial crisis. Critics of the lender-of-last-resort methodology suspect that the safety it provides inadvertently tempts qualifying institutions to acquire more risk than necessary - since they are more likely to perceive the potential consequences of risky actions to be less severe.Reserve Requirements 法定准备金Requirements regarding the amount of funds that banks must hold in reserve against deposits made by their customers. This money must be in the bank's vaults or at the closest Federal Reserve Bank.Notes: Set by the Fed's Board of Governors, reserve requirements are one of the three main tools of monetary policy. The other two tools are open market operations and the discount rate. Also known as required reserves.第四章Supply-side economics 供给经济学A theory of economics that reductions in tax rates will stimulate investment and in turn will benefit the entire society.Laffer Curve 拉弗尔曲线Invented by Arthur Laffer, this curve shows the relationship between tax rates and tax revenue collected by governments. The chart below shows the Laffer Curve:The curve suggests that, as taxes increase from low levels, tax revenue collected by the government also increases. It also shows that tax rates increasing after a certain point (T*) would cause people not to work as hard or not at all, thereby reducing tax revenue. Eventually, if tax rates reached 100% (the far right of the curve), then all people would choose not to work because everything they earned would go to the government.Notes: Governments would like to be at point T*, because it is the point at which the government collects maximum amount of tax revenue while people continue to work hard.Tax revenue税收is the income that is gained by governments because of taxation of the peopleBudget deficit 联邦预算赤字The amount by which government spending exceeds government revenues.Unemployment benefits 失业救济are sums of money given to the unemployed by the government or a compulsory para-governmental insurance system. Depending on the jurisdiction and the status of the person, those sums may be meager, covering only basic needs (thus a form of basic welfare), or may compensate the lost pay somewhat proportionally to the previous earned salary. They often are part of a larger social security scheme. Unemployment benefits are generally given only to those registering as unemployed, and often on conditions ensuring that they seek work and do not currently have a job.Capital Stock 资本存量The common and preferred stock a company is authorized to issue, according to their corporate charter.Notes: Capital stock are normally listed on a company's balance sheet. In financial statement analysis, an increasing capital stock account tends to be a sign of economic health since the company can use the additional proceeds to invest in projects or machinery that will increase corporate profits and/or efficiency.i ncomes policies 收入政策are wage and price controls used to fight inflation.第五章Mercantilism 重商主义is the economic theory that a nation's prosperity depends upon its supply of capital and that the total volume of trade is unchangeable. The amount of capital, represented by bullion（金条）, is best increased through a favourable balance of trade. Mercantilism suggests that the government should advance these goals by playing an active, protectionist role in the economy by encouraging exports and discouraging imports, especially through the use of tariffs. The economic policy that flourished in the early modern period is often referred to as the mercantile system.Trade deficit or surplus 贸易逆差或顺差The difference in the value of a nation's imports over exports (deficit) or exports over imports (surplus).Trade Surplus 贸易顺差/ export surplus出口顺差A nation's excess of exports over imports during a given time frame.Zero-Sum Game。
西方经济学--英文版
– iii) For whom are goods & services to be produced, i.e. who are to enjoy the goods & services produced? • This concerns with the distribution of such goods & services.
employment, Balance of Payments and Economic growth. – f) Government policies (e.g. Monetary and Fiscal Policies). – g) Public Finance (e.g. Government revenue and expenditure).
• Everywhere human beings are found to make efforts and earn money and then spend this money to satisfy their wants. Therefore, the activities concerning the earning and spending of wealth are studied under Economics. (Eco.)
Macroeconomics
• Macroeconomics is a study of economy as a whole and it concerns the relationship among aggregate (total) measures.
西方经济学中英文对照表
西⽅经济学中英⽂对照表词汇表(备查)微观经济学词汇宏观经济学词汇微观经济学(Microeconomic)需求（D）Demand供给（S）Supply价格（P）Price产量（Q）Quantity均衡（E）Equilibrium弹性（E）Elastic ity平均A verage边际Marginal成本Cost收益Revenue总Total效⽤Utility边际效⽤（MU）长期平均成本(LAC)短期平均成本(SAC)总成本（TC）固定成本(FC) Fixed cost)平均固定成本（AFC）可变成本（VC）V ariable cost）平均可变成本（A VC）平均成本（AC）边际成本（MC）平均收益（AR）边际收益（MR）边际产品（MR）Marginal Revenue劳动（L）Labor force收⼊（I）Income宏观经济学(Macroeconomics) 国民⽣产总值Gross National Product 国内⽣产总值Gross Domestic Product总需求（AD）Aggregate demand总供给（AS）Aggregate supply消费（C）Consumption投资（I）Investment政府⽀出（G）Government expenditure出⼝Exports净出⼝（Nx）Net Export货币Money边际消费倾向（MPC）Marginal propensity of consume 边际储蓄倾向（MPS）Marginal propensity of save 边际进⼝倾向(MPm) Marginal propensity to import汇率Exchange rate预期Expectation。
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西方经济学英文
Introduction:
Western Economics is among the most important branches of economics that have contributed to the growth and development of the global economy. It is the study of how societies use resources to produce goods and services for consumption. The primary focus of Western economics is on the behavior of individuals, businesses, governments, and other organizations and how they interact with each other to create and manage economic systems. In this document, we will explore the history and evolution of Western economics, its fundamental principles and theories, as well as its impact on modern society.
History and evolution of western economics:
The history of Western economics dates back to ancient Greece, where prominent philosophers like Aristotle studied economic principles related to trade, money, and political systems. However, it was not until the 18th century when Western
economics started to emerge as a distinct area of study with the publication of "Wealth of Nations," by Adam Smith. This seminal work focused on the concept of “invisible hand” which argued that, when individuals pursue their self-interest through trade, free markets could, in theory, be self-regulating and result in economic growth, increased productivity and wealth creation.
Over time, Western economics continued to evolve, and significant contributions came from notable economists such as David Ricardo, Thomas Malthus, and John Stuart Mill. According to the labor theory of value developed by David Ricardo, prices of goods and services are determined by the amount of labor required to produce them. Malthus's theory of population argued that, while population growth will outstrip food production leading to hunger and poverty in the long run, Mill's
classical theory of economics focused on the interplay of supply and demand.
Modern Western economics and its principles and theories:
In the late 19th century, Western economics started incorporating rigorous empirical methods of study and adopted mathematical tools for analyzing economic phenomena. Economists like Alfred Marshall took an interdisciplinary approach that incorporated psychology and other social sciences to better understand human behavior.
Currently, Western economics covers a wide range of topics, including microeconomics and macroeconomics, international trade and finance, public finance, economic development, and game theory, among others. Theories such as the theory of comparative advantage, the Keynesian economics, the monetarist theory of inflation, and the concept of the Phillips curve have been essential in shaping decisions on economic policies around the world. Also, game theory, which was developed by John Nash and others, has been instrumental in providing insights into how people interact, providing a basis for strategic decision-making.
Impact of Western economics on modern society:
Western economics has had a profound impact on modern society, shaping the way people think about and approach economic issues. It has facilitated economic growth and helped in reducing poverty as well as promoting international cooperation and integration through trade. It has been critical to the formation of economic policies, shaping tax structures, labor relations, and contributing to the growth of different industries.
Moreover, Western economics has had broader implications, such as providing a framework for analyzing the relationship between economic growth and environmental sustainability. It has also contributed to the development of the welfare state, where governments intervene in the economy to provide social services such as healthcare, education, and welfare programs.
Conclusion:
Western economics has been integral in shaping our understanding of how markets work and how resources are allocated in society. Its contributions to economic thought have been
substantial, and its influence continues to shape the modern world. By providing policymakers with critical insights on economic phenomena and offering practical solutions, Western economics remains an essential tool in shaping and driving economic development and progress.。