(完整版)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 receiptsAverage 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 burdenVertical 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 implicit 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 producedVariable costs costs that do vary with the quantity of output producedAverage total cost total cost divided by the quantity of outputAverage fixed cost fixed costs divided by the quantity of outputAverage 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 takerAverage 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 increasesValue 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 preferencesAverage fixed cost平均固定成本fixed costs divided by the quantity of outputAverage revenue平均收益total revenue divided by the quantity soldAverage tax rate平均税率total taxes paid divided by total incomeAverage total cost平均总成本total cost divided by the quantity of outputAverage 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 implicit 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。