微观经济学名词解释双语版.docx

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1、精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -学习必备欢迎下载微观经济名词说明CHAPTER 1 BriefingScarcity: 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 prope

2、rty of distributing economic prosperity fairly among the members of society.Opportunity cost : whatever must be given up to obtain some item.Rational : systematically and purposefully doing the best you can to achieve your objectives.Marginal changes: small incremental adjustments to a plan of actio

3、n.Incentive : something that induces a person to act.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.Property rights : the ability of an individual to own and exercise control ove

4、r scarce resources.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 w-eblleing of a bystander.Market power : the ability of a single economic actor or small group of actors to have a substan

5、tial influence on market prices.Productivity : the quantity of goods and services produced from each hourof 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 cycl

6、e: fluctuations in economic activity, such as employment and production.Circular-flow diagram : a visual modelof the economy that shows how dollars flowthroughmarkets among households and firms.Production possibilities frontier: a graph that shows the combinations of output that the economy can poss

7、iblyproduce 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.可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - - - -第 1 页，共 14 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品

8、名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -学习必备欢迎下载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. Positive statements: claims that attempt to describe the world as i

9、t is. Invisibal handEconomic man Perfect information Market clearingCHAPTER 2 Supply-Demand EquilibriumQuantity 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 g

10、ood 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

11、 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 p

12、rice 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

13、 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 situationin whichthe price has reached thelevel where quantitysupplied equals quantity可编辑资料 - - - 欢迎下载精品名师归纳总结

14、学习资料 名师精选 - - - - - - - - - -第 2 页，共 14 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -学习必备欢迎下载demanded.Equilibrium price : the price that balances quantity supplied and quantity demanded. Equilibrium quantity : the quantity supplied and the quantity demanded at th

15、e 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 goo

16、d into balance.Price ceiling: a legal maximum on the price at which a good can be sold.Price floor: a legal minimum on the price at which a good can be sold.Tax incidence: the manner in which the burden of a tax is shared among participants in a market.Elasticity:a measure of the responsiveness of q

17、uantity 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 inthe price of that good, computedas the percentage change in quantitydemanded divided bythe percentage change in price.Total revenu

18、e: the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold.Income lasticity of demand:a measure of how much the quantity demanded of a good responds to a change in consumers in come, computedas thepercentage change in quantitydemandeddiv

19、idedby thepercentage change in income.Crossprice 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

20、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.Arc elasticity:弧弹性Engels Coefficient可编辑资料 - - - 欢迎下载精品

21、名师归纳总结学习资料 名师精选 - - - - - - - - - -第 3 页，共 14 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -学习必备欢迎下载CHAPTER 3 Utility TheoryCardinal utility theory Ordinal utility theory Consumer s preferenceConsumer s equilibriumOptimization Budget constraintsmarginal utility 边际

22、效用is the change in utility an individual enjoys from consuming an additional unit of agood.Total utility Utility functionan indifference curve represents all combinations of two goods that make the consumer equally well off.the law of diminishing marginal returns边际收益递减规律states that as we continue to

23、 add more of any one input, its marginal product will eventually decline.Consumer Surplus Economic Well-BeingMarginal Rate of Substitution MRSXYLaw of Diminishing Marginal Rate of Substitution Price-consumption curveIncome-consumption curve Substitution & Income Effects Compensated Budget Line Perfe

24、ct substitutesPerfect complements Engel curve可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - - - -第 4 页，共 14 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -学习必备欢迎下载CHAPTER 4 Production TheoryProduction function: the relationship between quantity of inputs used to m

25、ake a good and the quantity of output of that good.Marginal product: the increase in output that arises from an additional unit of input. Total productAverage productDiminishing marginal product: the property whereby the marginal product of an input declines as the quantity of the input increases.Is

26、oquants curves : showing all possible combinations of inputs that yield the same output MRTS: It is the rate at which a firm is willing to trade one factor for another.Law of Diminishing Marginal Rate of Technical Substitution Isocost lineProducer Equilibrium: at the point where the highestisoquant

27、curve and the isocost curve are tangent. Returns to ScaleConstant returns to scale denote a case where a change in all inputs leads to a proportional change in output.Increasing returns to scale arise when an increase in all inputs leads to a more-than-proportional increase in the level of output.De

28、creasingreturns to scale occur when a balanced increase of all inputs leads toa less-than-proportional increase in total output.CHAPTER 5 Cost TheoryTotal revenue: the amount a firm receives for the sale of its output. Total cost: the market value of the inputs a firm uses in production. Profit :tot

29、al revenue minus total cost.Economic profit: total revenue minus total cost, including both explicit and implicit costs.Accounting profit: total revenue minus total explicit cost.Explicit costs: input costs that require an outlay of money by the firm.可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - -

30、 - -第 5 页，共 14 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -学习必备欢迎下载Implicit costs: input costs that do not require an outlay of money by the firm.conomic cost: Accounting cost: Opportunity costSunk cost: a cost that has been committed and cannot be recovered.Sho

31、rt run cost / Long run cost: Total cost:Fixed costs: costs that do not vary with the quantity of output produced. Variable costs: costs that do vary with the quantity of output produced. Average total cost: total cost divided by the quantity of output.Average fixed cost: fixed costs divided by the q

32、uantity of output. Average variable cost: variable costs divided by the quantity of output.Marginal cost: the increase in total cost that arises from an extra unit of production. Efficient scale: the quantity of output that minimizes average total cost.Economies of scale: the property whereby long-r

33、un average total cost falls as the quantity of output increases.Diseconomies of scale: the property whereby long-run average total cost rises as the quantity of output increases.Constant returns to scale: the property whereby long-run average total cost stays the same as the quantity of output chang

34、es.CHAPTER 6 Perfectly competitive marketCompetitive market : a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker.Average revenue: total revenue divided by the quantity sold.Marginal revenue: the change in total revenue from an additional u

35、nit sold.AR 、 MR 、 D coincide MR=MC maximize profit可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - - - -第 6 页，共 14 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -学习必备欢迎下载Break Even Point Shut down Point Producer surplusConstant Cost Industry Increasing Cost Industr

36、y Decreasing Cost IndustryCHAPTER 7 Imperfectly competitive marketsMonopoly :a firm that is the sole seller of a product without close substitutes.Natural 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

37、firms.Government-created monopolyBecause a monopoly firm is the sole producer in its market, it faces the downward-sloping market demand curvePrice discrimination: the business practice of selling the same good at different prices to different customers.Monopolistic competition: a marketstructurein

38、whichmany firmssell productsthatare similarbutnot identical.Oligopoly: a market structure in which only a few sellers offer similar or identical products.DuopolyCollusion:an agreement among firms in a market about quantities to produce or prices to charge.Carte: a group of firms acting in unison.Nas

39、h equilibrium : a situationin which economic actors interactingwithone anothereach choose their best strategy given the strategies that all the other actors have chosen.Game theory: the study of how people behave in strategic situations.Prisoners dile mma: a particulargame betweentwo capturedprisone

40、rs that illustrates why cooperationisdifficult to maintain even when it is mutually beneficial.Dominant strategy: a strategy that is best for a player in a game regardless of the strategies chosen by the other players.可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - - - -第 7 页，共 14 页 - - - - - - - -

41、- -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -学习必备欢迎下载CHAPTER 8 The factors of production marketsVMP=MP X P PEPCHAPTER 9 General equilibriumPareto efficientWelfare economics: the study of how the allocation of resources affects economic well-being.Willingness to pay: the maximum am

42、ount that a buyer will pay for a good.Consumer surplus: a buyer s willingness to pay minus the uanmtothe buyer actually pays.Producer surplus: the amount a seller is paid for a good minus the seller s cost.Eficiency: the propertyof a resource allocationof maximizing the totalsurplus received by all

43、members of society.Equity : fairness of the distribution of well-being among the members of society.CHAPTER 10 Market failure and Macroeconomic policiesMarket failure:Deadweight loss: the fall in total surplus that results from a market distortion, such as a tax.Externality :the uncompensated impa c

44、t of one person s actions on th-ebewinegll of a bystander.Internalizing an externality: alteringincentives so thatpeople take account of the externaleffects of their actions.Coase theorem: the proposition that if private parties can bargain without cost over the allocation of resources, they can sol

45、ve the problem of externalities on their own.Transaction cost:sthe costs that parties incur in the process of agreeing and following through on a bargain.Excludability:the property of a good whereby a person can be prevented from using it.Rivalry in consumption: the property of a good whereby one pe

46、rson s use diminishes other people s可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - - - -第 8 页，共 14 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -学习必备欢迎下载Private goods: goods that are both excludable and rival. Public goods g: oods that are neither excludable nor rival. Common resou