西方经济学重点中英文.docx

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1、Represents描述 Define定义 Demonstrate论证Topic 1AOpportunity cost机会成本The highest-valued alternative that we give up to get something the opportunity cost of the activity chosen.我們为了得到一些東西而放弃的Explicit cost 显性成本 is a cost that involves actually laying out money.花钱Implicit cost 隐性成本 does not require an outla

2、y of money; it is measured by the value, in dollar terms, of the benefits that are forgone. 非实质性Marginal Benefit边际收益 指如果再多销售一单位的产品将会得到的收益，或目前最后卖出的一单位的产品所得到的收益。边际收益在实现利润最大化中是一个非常重要的经济量，一般认为当边际收益等于边际成本时企业达到利润最大化Marginal Cost 边际成本is the change in thetotal costthat arises when the quantity produced has

3、an increment by unit.指的是每一单位新增生产的产品（或者购买的产品）带来的总成本的增量 MC MR an incentive to do less of that activity少刺激消费活动 MB MC an incentive to do more of that activity多刺激消费活动Production Possibilities Frontier PPF生产可能性边界 is a graph representing production tradeoffs of an economy given fixed resources(假设、概念、图、移动）用来

4、表示经济社会在既定资源与技术条件下所能生产的各种商品最大数量的组合，反映了资源稀缺性与选择性的经济学特征Topic 2ALaw of demand需求法则Other things remaining the same, the higher the price of a good/service, the smaller is the quantity demanded.假设其他因素不变，当一物品价格增加，其需求量会下降Law of supply 供给法则Other things remaining the same, the higher the price of a good/servic

5、e, the greater is the quantity supplied. 假设其他因素不变，当一件物品的相对价格上升时，其供给量会上升Equilibrium 平衡It means no shortage or surplus in the market.市场中没有短缺或过剩平衡点Factors that bring changes in demand. 使需求变化的因素Income，Climate水土,气候，Age of the people，Technology，Price of substitutes替代品，Advertising，Prices of related goods ，

6、Expected future prices，Expected future income，Preferences偏好，Population Factors that bring changes in supply. 使供给变化的因素。Climate水土,气候，Technology，Expectations of producers生产者期望，Expected future prices，The number of suppliers，Prices of the factors of productionShifts in demand curve and shifts in supply c

7、urve需求曲线的变动与供给曲线的变动Substitutes and Complements替代品与互补品Diminishing Marginal Returns边际效用递减规律is the decrease in themarginal(incremental) output of aproductionprocess as the amount of a singlefactor of productionis incrementally increased, while the amounts of all other factors of production stay constan

8、t.指在投入生产要素后，每单位生产要素所能提供的产量增加发生递减的现象。消费者剩余（Consumer Surplus）是指购买者的支付意愿减去购买者的实际支付量。Topic 2BPrice Elasticity of Demand需求价格弹性measures the responsiveness of the quantity demanded to a change in price.衡量需求的数量随商品的价格的变动而变动的情况。Price Elasticity of supply供给价格弹性measures the responsiveness of the quantity suppli

9、ed to a change in price. 指供给量相对价格变化作出的反应程度。Elastic, Unit elastic, Inelastic, Perfectly elastic, Perfectly inelastic （根据弹性系数、图形判断）弹性、 单位弹性、 非弹性，完全具有弹性，完全无弹性（根据弹性系数、图形判断）需求价格弹性系数= 需求量变动的百分比/ 价格变动的百分比。设：Q 表示一种商品的需求量；P 表示该商品的价格；DQ表示需求量变动值；DP表示价格变动的数值；Ed表示价格弹性系数，则： Ed=(Q/Q)/(P/P）弹性与价格、收益的关系 一般降价促销的商品都是需求

10、弹性大于1的,如手机,服装,奢侈品;生活必备品一般是弹性小于1的,如食盐。生活必需品的需求的价格弹性较小，非必需品的需求的价格弹性较大恩格尔定律(Engels law) is an observation ineconomicsstating that as income rises, theproportionof income spent on food falls, even ifactualexpenditure on food rise.一个家庭收入越少，家庭收入中（或总支出中）用来购买食物的支出所占的比例就越大。Topic 3Characteristics of each mark

11、et structures每个市场结构特征Perfect competition（完全竞争）: demand curve需求曲线、Short-run Decision短期决策是指企业为有效地组织现在的生产经营活动，合理利润经济资源，以期在不远的将来取得最佳的经济效益而进行的决策Long-run Decision长期决策Perfect competitive market 完全自由竞争市场 买卖众多Many buyers and sellers.产品同质All firm selling identical products.进出自由No barriers to new firms enterin

12、g the market. Sellers and buyers are well informed about prices Perfect information 信息完全Monopoly 垄断 One supplier Produces a good or service for which there are no close substitutes High barriers to entry Firm is a price makerMonopolistic Competition 垄断竞争Features of both competition and monopoly A la

13、rge number of firms.Each firm produces a differentiated product.Product Differentiation: Firms compete on product quality, price, marketing and branding. Monopolistic competitive firms seek to differentiate their products in any one, or a combinationOligopoly 寡头High barriers to entry A small number

14、of firms Firms are price makersInterdependency Temptation to cooperate/collude, to increase joint profit.opportunity cost：机会成本，需考虑sunk cost：沉没成本，不受决策影响的成本，表现为过去已经支付费用或根据过去的决策将来必须支付的费用。Fixed cost：固定成本，不随产量变化而变化Variable cost：可变成本，随产量增加而增加长期中，没有固定成本与可变成本之分Shut-down point停止营业点 The firm is indifferent be

15、tween producing and shutting down temporarily. The output and price at which the firm just covers its TVC. P=AVC is at its minimum. MC curve cuts AVC curve. It incurs a loss equal to TFC.Monopoly(垄断): 三级价格歧视Price Discrimination价格歧视 一级价格歧视：为每单位产品制定不同的销售价格二级价格歧视：垄断厂商根据不同的购买数量确立的价格三级价格歧视：厂商对同一产品在不同的市场上

16、对不同的消费群体收取弹性价格。Selling different units of a good or service for different prices. Oligopoly(寡头): The Kinked Demand Curve Model 弯折的需求曲线模型Topic 4AGDP, methods of measuring GDP(GrossDomesticProduct)衡量国内生产总值的方法Nominal(名义) GDP is the production of goods and services valued at current prices是用生产物品与劳务的当年价格

17、计算的全部最终产品的市场价值Real(实际) GDP is amacroeconomicmeasure of the value of economicoutputadjusted for price changes是用从前某一年作为基期的价格计算出来的当年全部最终产品的市场价值Economic growth经济增长is the increase in themarket valueof the goods and services produced by aneconomyover timeTopic 4BBusiness cycle经济周期is the periodic but irreg

18、ular up-and-down movement in production.（概念、画图、解释）Unemployment rate失业率is the percentage of the labour force that is unemployed.Four types of unemployment四种类型的失业Structural unemployment结构性失业 Frictional unemployment摩擦性失业Cyclical unemployment周期性失业 Seasonal unemployment季节性失业Full employment充分就业is that whe

19、n everyone who wishes to work at the going wage-rate for their type of labor is employed.( Natural rate of unemployment自然失业率)Topic 5Inflation通胀is an upward movement in the average level of prices. 指一般物价水平在某一时期内，连续性地以相当的幅度上涨的状态，又称为物价上升。Difference between anticipated(预期) and unanticipated(非预期) inflati

20、on: Anticipated Inflation is inflation that has been, on average, correctly forecast. While unanticipated Inflation, is Inflation that catches people by surprise.CPIConsumer Price Index消费物价指数measures changes in the price level of amarket basketofconsumer goodsandservicespurchased by households. 是反映与

21、居民生活有关的产品及劳务价格统计出来的物价变动指标，以百分比变化为表达形式。Demand pull inflation需求拉动通货膨胀 is inflation that results from an initial increase in aggregate demand. Cost push inflation成本推动型的通货膨胀is inflation that results from an initial increase in costs.Wage-price spiral工资-价格螺旋是一种工资提高了，商品售价也节节升高的现象。Topic 6Multiplier乘数and Mu

22、ltiplier effect乘数效应is a factor of proportionality that measures how much anendogenousvariable changes in response to a change in someexogenousvariable.Topic 7ATheories of International trade 国际贸易理论Theory of absolute advantage(绝对优势理论): A country has an absolute advantage over another in the productio

23、n of a good if it can produce it with fewer resources (lower costs) than the other countryTheory of comparative advantage(比较优势理论)：A country has a comparative advantage over another in the production of a good if it can produce it at a lower opportunity cost(i.e. If it has to forgo less of other good

24、s in order to produce it)Balance of Payments(BOP) 国际收支平衡表: Current Account(经常项目): is one of the two components of itsbalance of payments.Main items: Goods，Services，Income，Current transfers(经常项目转移支付)Capital Account(资本项目): is one of two primary components of thebalance of payments.Main items: Capital

25、transfers(固定资产所有权的转移)Government&Other，Acquisition/disposal of non-produced, non-financial assets（各种无形资产如专利，版权，商标，经销权以及租赁与其他可转让合同的交易。）Terms of Trade(贸易条件) ：The ratio of export prices to import prices. 进出口比价指数=出口物价指数/进口物价指数Trade barriers(贸易壁垒): Tariff关税 Subsidies津贴（给本国出口企业） Quotas配额数量Embargoes禁运数量 Car

26、tels卡特尔 Nontariff barriers非关税壁垒（技术壁垒、环保）Arguments in favor of restricting trade(限制贸易的争论)： Infant industry argument To reduce reliance of foreign goods To prevent dumping倾销 and other unfair trade practices To prevent the importation of harmful goods To reduce the influence of a trade on consumers tas

27、tes To take account of externalities To prevent the establishment of a foreign-based monopolyArguments in favor of free trade(支持自由贸易观点): a) importance of international trade; 国际贸易的重要性 Increase exports lead to an increase GDP. Increase in economic growth. Increase in employment opportunities for loca

28、ls. Export-oriented industries have the opportunity to enter new markets allowing them to: grow in size; encouraging specialisation of tasks; economies of scale.b) problems of protection保护问题&Arguments against trade protection支持反对贸易保护Protection as second-best Retaliation报复 Bureaucracy官僚主义Protection m

29、ay allow firms to remain inefficient.效率低下Topic 7BExchange rates: The value of one currencys currency in terms of another countrys currency.Fixed exchange rate固定汇率（1944，布雷顿森林体系）A countrys government or central bank sets exchange ratesFloating exchange rate浮动汇率（1976，牙买加体系）Set by the interaction of the

30、 forces of demand and supply(1)Clean float: no government intervention 清洁浮动 (2)Dirty float: government intervention 肮脏浮动Managed exchange rate管理汇率Basically set the demand and supply, but with intervention by central bank to influence the rate.Demand and supply in exchange market(需求与供给的外汇市场): 能分别说明以下3

31、个因素对一国货币的需求、供给产生什么影响对汇率产生何种影响Interest rate利率Other things remaining the same, the higher the exchange rate, the smaller is the quantity of currency demanded in the exchange market. Export and import进出口Other things remaining the same, the appreciation升值 of the currency increases the quantity of export

32、，the depreciation贬值 of the currency decreases the quantity of import.Expected future exchange rate预期未来汇率的变动Other things remaining the same, the higher the Expected future exchange rate, the bigger is the quantity of currency demanded in the exchange market. Using a diagram explain the concept of the

33、 Law of SupplyTopic 8Monetary policy instruments(货币政策工具):Reserve asset ratios法定准备金率 (RARs) , Open market operations(OMOs)公开市场操作is an activity by acentral bankto buy or sellgovernment bondson the open market.Easy monetary policy(宽松的货币政策)Aim: Provide economic stimulus, when the economy is in a recessi

34、on,How: Central bank buys bonds ESA balances rise Cash Rate decreaseCredit availability & (MS) Interest rates decreaseTight monetary policy(从紧的货币政策): Aim: Slow the economy down, when the economy is overheating.How: Central bank sells bonds ESA balances fall Cash Rate risesCredit availability & (MS)

35、Interest rates riseTopic 9ABudget balance: budget surplus, budget deficit, balanced budget预算平衡： 财政预算盈余，预算赤字、 平衡预算Discretionary Fiscal Policy(审慎的财政政策): Changes in tax, spending policy requiring legislative, or administrative action by the government or Parliament.Non-Discretionary Fiscal Policy(非审慎的财

36、政政策): Built-in (Automatic) stabilisers自动稳定器 Progressive tax and累进税率制度 unemployment benefit systems 失业救济制度Expansionary fiscal policy(扩张性财政政策):Aim：To provide an economic stimulus and return economy to full employment Use when a recessionary gap existsHow：Increase Government Expenditure Decrease Taxes

37、Combination of both measuresEffect：Increases GDP Reduces recessionary gap Reduce unemployment Results in budget deficit if budget was balancedContractionary fiscal policy(紧缩性的财政政策): Aim：To slow the economy down and return to full employment Use when a inflationary gap existsHow：Decrease Government E

38、xpenditure Increase Taxes Combination of both measuresEffect：Reduce GDP Reduces Inflationary gap Results in budget surplus if budget was balancedTopic 9B Microeconomic reform微观经济改革Government policies which deregulate, or re-regulate markets for goods, services or factors of production.Objectives of

39、microeconomic reform微观经济改革的目标To raise the supply potential of the economyMicroeconomic reform aims to reduce interference with price signals in the labour and products markets in order to increase competition and therefore enhancing allocative economic efficiency, operational efficiency, and dynamic

40、 efficiency.Stabilise external debt and increase the efficiency with which the capital stock is used, reducing demand on domestic saving without reducing living standards.Deregulation(解除管制)：is the removal of administrative processes which either formed a barrier to entry in a market or prevented a m

41、arket from operating efficiently.ExampleTelecommunications Airlines (1990) Financial Sector (late 1980s)Privatization(私有化)： is the process of taking a GBE ( Government Business Enterprise) and putting it into public hands. Example： Prison system，Airports，ElectricityTariffs(关税)：A tariff is a tax on a

42、n import. Under an agreement with APEC, many countries agreed to try and phase out all tariffsCompetition policy(竞争政策):is that promotes or seeks to maintainmarket competitionby regulatinganti-competitiveconduct by companies.Topic 10市场失灵Market Failure : The inability of an unregulated market to achie

43、ve allocative efficiency in all circumstances.表现：(1) there exists monopoly or imperfect competition market, make its are not always produce the most effective results.(2) the market behavior of the externalities may produce negative spillover effect.(3) the market mechanism can guarantee the supply

44、of public goods.(4) the incompleteness of the market information or asymmetry caused by the uncertainty in the economy.(5) market as a result of the income distribution effects on political or moral cant accept it.Public goods: Goods and services that would not be provided by the market system, as t

45、hey are invisible.Characteristics:Indivisible Non-exclusive Non-competitive结果: Since revenue cannot be collected “according to usage”, the market will not supply public goods. Governments will provide public goods by taxing the public. Tax is not proportional to use. 措施: Governments will provide pub

46、lic goods by taxing the public.举例: The excessive use of public resources; Traffic jam ; Fishing in open sea；Examples of public goods are:Roads, street lighting, parks, public toilets, and the services provided by police and national defense.Free Riding: Using public goods without paying.Externality(

47、外部性): is the effect on a third party who is not part of the transactionNegative负外部性结果：Marginal social cost Marginal private cost Cost of production is not borne by firmsSociety pays the cost of private production Pollution举例：Smoking Toxic waste Air pollution Burning fossil fuels措施：Taxes Emission charges Licenses Marketable permitsPositive正外部性结果：Marginal social benefit Marginal private benefit Quantity produced is less than the amount society desires.Society does not realize all the benefits associated with firms production.举例：Neighbours tidiness Education Technology