米科内经济学专业英语 复习资料 考试必看

2021年1月19日发(作者：我是冠军英文)
专业英语


一．主要知识点

Unit 1

*Business(Economic) Cycle:
Prosperity- recession-depression-recovery
1)Prosperity:a rapid increase in sales,profits,production.
2)Recession:a phase of business cycle characterized by a reduction in the level of production
and unemployment from the previous phase.
3)Depression:a
period
with
very
little
economic
activities,resulting
in
mass
unemployment
and the failure of many business.


*law of demand:
When the price of a product goes up,the demand for it goes down and vice rule
applies to certain unessential products.

*mathematical formula for price elasticity of demand:
(a)

percent of change in quantity divided by (b) percent change in the absolute value
of this expression exceeds 1,demand is it is less than 1,demand is inelastic.

*opportunity
cost:means
the
production
or
consumption
lost
as
a
result
of
the
decision
to
produce or to consume an alternative good or other words,the opportunity cost of
choosing to use resources for one purpose is the sacrifice of the next best alternative for the
use of those resources.

*scarce:
Be useful and be of alternative usages.
Be of people's needs&wants.
Can't be shared by all the people.

*economics is often thought of as a r,it is a very inexact science because it is a
social science,and is affected by the many influences that lead to incessant change.

Unit 2

*natural
good:something
given
by
nature
and
untouched
by
human(efforts),such
as
rivers,mineral deposits,virgin land.

*capital
good:a
good
which
is
manufactured
and
is
used
to
produce
another
good,i.e,manufactured resource used in the process of production.

*free good:if there's enough to satisfy every person's wants at a zero price,the article is a free
good.(public good isn't free good)

*economic good:something,in addition to being useful,is also scarce,i.e,an economic good can
satisfy people's wants but are not free.

*consumer good:those goods when produced for a consumer are called consumer
means that they are

*scarcity:a
resource
which
can
be
used
for
more
than
one
purpose
is
in
demand,and
therefore a choice has to be made on how to allocate the resources among the competitive
purposes,i,e,something is in demand and has alternative uses is in scarcity.

*Enger coefficient
（恩格尔系数）
:it refers to the proportion of expenditures on food in the
total consumption expenditures of households,and is used to measure the living standard of a
given country or area.

*Adam Smith:he believes that people are if every one is only chasing for his own
benefits,the
society
wouldn't
e
people
are
rational,they
will
perform
their
economic activities according to related rules.i.e,people will be kept i n order by the invisible
hand.

*the
kind
of
choices
which
must
be
made
in
an
economic
system
stems
from
three
main
questions:
-what is to be produced?
-how is it to be produced?
-for whom is it to be produced?

Unit 3

*barter system:exchange of goods takes place without the use of money,i.e,exchange goods
for goods.

*market:
.as a place where buyers and sellers meet to conduct buying and selling transactions;
.for the buying and selling of goods and services without the need of a geographical location;
.as the total demand for a product from one seller;
.as the overall sales demand for a product from all sellers.

*market mechanism:interaction of demand and supply.

*monopoly:a situation in which only one person or company supply all the goods demanded
by consumers.

*planned
economy:an economic
system
in which
decisions
on what
shall
be produced,how
and for whom are made by a bureaucratic system-the government and its departments and
agencies-the state.
One big problem with a planned economy is that it can become unwieldy and inefficient.

*capitalist market economy:an economic system in which most of the economic decisions are
made by private enterprise.

*problems of the free-enterprise system:
-some goods and services may not be produced if they are not profit-making.
-harm to the environment by commercial production and exhaustion of natural resources by
over-exploitation.
-full employment is not assured.
-unaided
by
the
government,the
system
does
not
ensure
equality
or
provide
for
social
welfare.
-concentration of business can lead to the development of monopolies.

*capitalism:an economic system in which most industry is privately owned and production is
motivated
by profit- seeking,i.e,the free
market
system
where
economic
decisions
are
made
by the producers and consumers.

*socialism:featured-state ownership.

*Theory
of
Karl
Marx
and
the
essence
of
capitalism:the
essence
of
of
capitalism
is
the
extinction
of
inefficient
producers
in
the
face
of
efficient
ones,this
would
lead
to
the
successful
producers
acquiring
the
plant
and
machinery
of
the
eliminated
firms,and
consequently
to
the
establishment
of
large
ally
this
process
would
reduce competition,and price would rise.



Unit 4

*how are prices determined?
Prices are determined by the choices and decisions made by consumers and producers.

*price mechanism:the process by which prices rise and fall as a result of changes in demand
and supply.

*effective demand:demand in an economic sense only exists if the consumers have the money
to
buy
the
goods
and
are
willing
to
pay
for

is
then
called
effective

includes:desire/capability/willingness.

*law
of
demand:buyers
are
likely
to
buy
more
of
an
item
as
the
price
falls- negative
relationship.

*law of supply:sellers would like to sell more as prices rise-positive relationship.

*demand
curve:the
price
is
shown
on
the
vertical
axis,while
the
quantity
is
shown
on
the
horizontal

typical
demand
curve
slopes
down
from
upper
left
to
lower

indicates that the consumers buy more of a good at lower prices and less at higher prices,but
at very low prices demand doesn't necessarily increase.
*supply
curve:the
price
is
shown
on
the
vertical
axis,while
the
quantity
is
shown
on
the
horizontal

typical
supply
curve
slopes
down
from
upper
right
to
lower

means that the producers supply more of a good at higher prices and less at lower prices.

*changes in demand:besides change of price there are other important influences which can
change demand for goods and services:
.prices of related goods
.prices of all other goods and services
.changes in consumer tastes
.the income of the consumer
.future expectations

*change in quantity demanded:a change in the price of a good results in a movement along
an exiting demand curve.
*change in demand:if the other conditions which affect demand should change,and not the
price,then there's a shift in the curve.

*changes in supply:in the same way,supply can be affected by:
.the price received for the item
.the cost of producing the item
.taxes imposed which raise the item's market price to consumers
.subsidies awarded to producers,which reduce the costs of production
.prices of other goods
.future expectations

*change in quantity supplied:change of price results in a movement up or down the existing
supply curve,if no other changes occur to affect supply.
*change
in
supply:any
change
in
underlying
conditions,apart
from
prices,causes
a
shift
in
the demand curve.

*equilibrium price:the price at which the buyer is prepared to buy the quantity which the
seller is prepared to sell at that price.


Unit 5

*price elasticity of demand:measure how greatly a price change affects a change in demand.

*price elastic in demand:if the quantity demanded by the consumers is highly responsive to
the changes of the price of the good,then the good is price elastic in demand,otherwise the
good is price inelastic in demand,

*price inelastic in demand:if the quantity demanded by the consumers is less responsive to
the changes of prices of the good,then the good is price inelastic in demand.

*the law of diminishing marginal utility:having more means less satisfaction.


Unit 6

*sole trader:
.characteristics-one person supplies all the finance required













-all profits belong to the sole trader













-the sole trader bears all losses













-the sole trader is responsive for all decisions
.advantages-few overhead costs










-individually styled products
.disadvantages-limited amount of finance available













-business scale can hardly be expanded













-unlimited liability













-fewer tax-deductible items

*partnership:in a partnership,the way in which profit,losses and business decisions are made
is stipulated in a partnership agreement.
.advantages-the business can be expanded more easily than with the sole trader
.disadvantages-unlimited liability

*co-operative:a
co-operative
operates
for
a
specific
purpose
and
is
usually
financed
by
its
instance,a co-operative may function as a buying or selling agent to get better
price or access to market for its members.
.agricultural co-operative group
.agricultural co-operative association
.advanced agricultural co-operative association

*government
business:a
government
enterprise
can
be
run
like
private
firms
and
is
in
competition with private business.a government enterprise can be a monopoly(eg,in post and
telecom,railway and airlines,etc.)

*monopoly:a monopoly occurs when there's only one seller of a product which has no else
true monopoly can either restrict the supply of the product or raise its prsce
without fear of losing the market to a competitor.

*MNC(multinational
corporation):an
MNC
operates
in
the
markets
of
other
countries
as
well as in its home country.
.characteristics-geographical diversification













-risk spreading













-product diversification













-better access to local raw materials













-close to local market













-availability of local labour













-less transportation fee
.favorable aspects-create jobs in foreign countries















-contribution to innovation or creation of new products and technology
.criticism-jobs are lost at home








-natural resources and labour of the host countries may be under paid








-a challenge to national sovereignty or business of the host country

















Unit7

*money
can
be
everything
readily
acceptable
in
a
community
in
exchange
for
goods
and
services.
.functions of money-medium of exchange

















-store of value

















-measure of value

















-standard of deferred payment
.characteristics of money-divisibility/portabi lity/durability/acceptability(most important)

*cheque:the cheque is an instruction to the banker to pay,out of account of the person on
business signing the cheque,the amount specified of the recipient cheque itself
isn't
money
and
is
worthless
if
there's
no
deposit
from
which
payments
can
be
made
to
honour the cheque.

*bad money drives out good money

*current account
（经常项目）
:it shows the imports and exports of merchandise,services and
unilateral transfers(financial aids).

*capital
account
（资本项目）
:it
includes
international
movements
of
financial
assets
and
excludes changes in official reserves,over the balance of payments
is,purchase and sales of assets and international borrowing and lending.

*errors and omissions
错误与遗漏）
:it makes the account balance.