friday是什么意思经济学原理名词解释(英文版)

2021年1月19日发(作者：认知)
经济学原理名词解释

CHAPTER 1
Scarcity
: the limited nature of society’s resources.

Economics
: the study of how society manages its scarce resources.
Efficiency
: the property of society getting the most it can from its scarce resources.
Equity
: the property of distributing economic prosperity fairly among the members of society.
Opportunity cost
: whatever must be given up to obtain some item.
Marginal changes
: small incremental adjustments to a plan of action.
Market economy
: 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
:
a
situation
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 bystander.
Market
power
:
the
ability
of
a
single
economic
actor
(or
small
group
of
actors)
to
have
a
substantial influence on market prices.
Productivity
: 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 economy.
Phillips curve
: a curve that shows the short-run tradeoff between inflation and unemployment.
Business cycle
: fluctuations in economic activity, such as employment and production.

CHAPTER 2
Circular-flow
diagram
:
a
visual
model
of
the
economy
that
shows
how
dollars
flow
through
markets among households and firms.
Production
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 technology.
Microeconomics
: the study of how households and firms make decisions and how they interact
in markets.
Macroeconomics
: the study of economy-wide phenomena, including inflation, unemployment,
and economic growth.
Positive statements
: claims that attempt to describe the world as it is.
Normative statements
: claims that attempt to prescribe how the world should be.
CHAPTER 3
Absolute
Advantage
:
the
comparison
among
producers
of
a
good
according
to
their
productivity.
Opportunity Cost
: whatever must be given to obtain some item.
Comparative
Advantage
:
the
comparison
among
producers
of
a
good
according
to
their
opportunity cost.
Imports
: goods produced abroad and sold domestically.
Exports
: goods produced domestically and sold abroad.

CHAPTER 4
Market
: a group of buyers and sellers of a particular good or service.
Competitive market
: a market in which there are many buyers and many sellers so that each
has a negligible impact on the market price.

Quantity demanded
: the amount of a good that buyers are willing and able to purchase.
Law of demand
: the claim that, other things equal, the quantity demanded of a good falls when
the price of the good rises.
Demand
schedule
:
a
table
that
shows
the
relationship
between
the
price
of
a
good
and
the
quantity demanded.
Demand
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 demand.
Inferior good
: a good for which, other things equal, an increase in income leads to a decrease in
demand.
Substitutes
: two goods for which an increase in the price of one good leads to an increase in
the demand for the other.
Complements
: two goods for which an increase in the price of one good leads to a decrease in
the demand for the other.
quantity supplied
: the amount of a good that sellers are willing and able to sell.
Law of supply
: the claim that, other things equal, the quantity supplied of a good rises when
the price of the good rises.
Supply
schedule
:
a
table
that
shows
the
relationship
between
the
price
of
a
good
and
the
quantity supplied.
Supply
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 demanded.
Equilibrium price
: the price that balances quantity supplied and quantity demanded.
Equilibrium
quantit
y
:
the
quantity
supplied
and
the
quantity
demanded
at
the
equilibrium
price.
Surplus
: a situation in which quantity supplied is greater than quantity demanded.
Shortage
: a situation in which quantity demanded is greater than quantity supplied.
Law of supply and demand
: the claim that the price of any good adjusts to bring the supply and
demand for that good into balance.
CHAPTER 5
Elasticity

a measure of the responsiveness of quantity demanded or quantity supplied to one
of its determinants.
Price 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
percentage
change
in
quantity
demanded divided by the percentage change in price.
Income
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 in quantity
demanded divided by the percentage change in income.
Cross-price
elasticity
of
demand
:

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
the 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 price.

CHAPTER 6
Price ceiling
: a legal maximum on the price at which a good can be sold.