2022年2022年经济学原理名词解释 2.pdf

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1、经济学原理名词解释CHAPTER 1 Scarcity:the limited nature of societys 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 o

2、f 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 s

3、ervices.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

4、 market prices.Productivity:the quantity of goods and services produced from each hour of a workers 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 econ

5、omic activity,such as employment and production.名师资料总结-精品资料欢迎下载-名师精心整理-第 1 页，共 10 页 -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 th

6、at 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,unemployme

7、nt,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

8、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.名师资料总结-精品资料欢迎下载-名师精心整理-第 2 页，共 10 页 -Exports:goods produced domestically and sold abroad.CHAPTER 4 Market:a group o

9、f 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,o

10、ther 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 goo

11、d: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

12、 the other.Complements:two goods for which an increase in the price of one good leads to a decrease in 名师资料总结-精品资料欢迎下载-名师精心整理-第 3 页，共 10 页 -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 qu

13、antity 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 t

14、he 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 suppl

15、ied 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

16、 of quantity demanded or quantity supplied to one of its determinants.名师资料总结-精品资料欢迎下载-名师精心整理-第 4 页，共 10 页 -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

17、 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 h

18、ow 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 supp

19、lied 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.Price floor:a legal minimum on the price at which a good can

20、 be sold.Tax incidence:the manner in which the burden of a tax is shared among participants in a market.CHAPTER 7 名师资料总结-精品资料欢迎下载-名师精心整理-第 5 页，共 10 页 -Welfare economics:the study of how the allocation of resources affects economic well-being.Willingness to pay:the maximum amount that a buyer will pa

21、y for a good.Consumer surplus:a buyers willingness to pay minus the amount the buyer actually pays.Cost：the value of everything a seller must give up to produce a good.Producer surplus:the amount a seller is paid for a good minus the sellers cost.Efficiency:the property of a resource allocation of m

22、aximizing the total surplus received by all members of society.Equity:fairness of the distribution of well-being among the members of society.CHAPTER 8 Deadweight loss:the fall in total surplus that results from a market distortion,such as a tax.CHAPTER 9 World price:the price of a good that prevail

23、s in the world market for that good.Tariff:a tax on goods produced abroad and sold domestically.Import quota:a limit on the quantity of a good that can be produced abroad and sold domestically.CHAPTER 10 Externality:the uncompensated impact of one person s actions on the well-being of a bystander.In

24、ternalizing an externality:altering incentives so that people take account of the external 名师资料总结-精品资料欢迎下载-名师精心整理-第 6 页，共 10 页 -effects of their actions.Coase theorem:the proposition that if private parties can bargain without cost over the allocation of resources,they can solve the problem of exter

25、nalities on their own.Transaction costs:the costs that parties incur in the process of agreeing and following through on a bargain.Pigovian tax:a tax enacted to correct the effects of a negative externality.CHAPTER11 Excludability:the property of a good whereby a person can be prevented from using i

26、t.Rivalry:the property of a good whereby one persons use diminishes other peoples use.Private goods:goods that are both excludable and rival.Public goods:goods that are neither excludable nor rival.Common resources:goods that are rival but not excludable.Free rider:a person who receives the benefit

27、of a good but avoids paying for it.Cost-benefit analysis:a study that compares the costs and benefits to society of providing a public good.Tragedy of the commons:a parable that illustrates why common resources get used more than is desirable from the standpoint of society as a whole.CHAPTER 12 Tota

28、l revenue:the amount a firm receives for the sale of its output.名师资料总结-精品资料欢迎下载-名师精心整理-第 7 页，共 10 页 -Total cost:the market value of the inputs a firm uses in production.profit:total revenue minus total cost.explicit costs:input costs that require an outlay of money by the firm.Implicit costs:input c

29、osts that do not require an outlay of money by the firm.Economic profit:total revenue minus total cost,including both explicit and implicit costs.Accounting profit:total revenue minus total explicit cost.Production function:the relationship between quantity of inputs used to make a good and the quan

30、tity of output of that good.Marginal product:the increase in output that arises from an additional unit of input.Diminishing marginal product:the property whereby the marginal product of an input declines as the quantity of the input increases.Fixed costs:costs that do not vary with the quantity of

31、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 quantity of output.Average variable cost:variable costs divided by the quantity of output.Marginal cost

32、: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-run average total cost falls as the quantity of 名师资料总结-精品资料欢迎下载-名师精心整理-第 8 页，共 10 页 -output increases.Disecon

33、omies 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 changes.CHAPTER 13 Competitive market:a market with many buyers and sellers tr

34、ading 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 unit sold.Sunk cost:a cost that has been committed and cannot be recovered.CHAPTER 14 Monopoly：a firm tha

35、t 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 firms.Price discrimination:the business practice of selling the same good at different prices to different customers.名师资料总结-精品资料欢迎下载-名师精心整理-第 9 页，共 10 页 -名师资料总结-精品资料欢迎下载-名师精心整理-第 10 页，共 10 页 -