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经济学词汇英文释义 一． 1. Scarcity: the limited nature of society’s resources. 2. Economics: the study of how society manages its scarce resources. 3. Efficiency: the property of society getting the most it can from its scare resources. 4. Equity: the property of distributing economic prosperity fairly among the members of society. 5. Opportunity cost: whatever must be given up to obtain some item. 6. Rational people: people who systematically and purposefully do the best they can to achieve their objectives 7. Marginal changes: small incremental adjustments to a plan of action. 8. Incentive: something that induces a person to act. 9. 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. 10. Property rights: the ability of an individual to own and exercise control over scarce resources. 11. Market failure: a situation in which a market left on its own fails to allocate resources efficiently. 12. Externality: the impact of one person’s actions on the wellbeing of a bystander. 13. Market power: the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices. 14. Productivity: the quantity of goods and services produced from each hour of a worker’s time. 15. Inflation: an increase in the overall level of prices in the economy. 16. Business cycle: fluctuations in economic activity, such as employment and production. 17. Circular-flow diagram: a visual model of the economy that shows how dollars flow through markets among households and firms. 18. Production possibilities frontier: a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and theavailable production technology. p 19.Microeconomics: the study of how households and firms make decisions and how they inter in markets. 20.Macroeconomics: the study of economy-wide phenomena, including inflation, unemployment, and economic growth. 21. Positive statements: claims that attempt to describe the world as it is. 22. Normative statements: claims that attempt to prescribe how the world should be. 23. Absolute advantage: the ability to produce a good using fewer inputs than another producer. 24. Comparative advantage: the ability to produce a good at a lower opportunity cost than another producer. 25. Imports: goods produced abroad and sold domestically. 26. Exports: goods produced domestically and sold abroad. 二． 1. Market: a group of buyers and sellers of a particular good of service. 2. Competitive market: a market in which there are many buyers and many sellers so that each has a negligible impact on the market price. 3. Quantity demanded: the amount of a good that buyers are willing and able to purchase. 4. Law of demand: the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises. 5. Demand schedule: a table that shows the relationship between the price of a good and the quantity demanded. 6. Demand curve: a graph of the relationship between the price of a good and the quantity demanded. 7. Normal good: a good for which, other things equal, an increase in income leads to an increase in demand. 8. Inferior good: a good for which, other things equal, an increase in income leads to a decrease in demand. 9. Substitutes: two goods for which an increase in the price of one leads to an increase in the demand for the other. 10. Complements: two goods for which an increase in the price of one leads to a decrease in the demand for the other. 11. Quantity supplied: the amount of a good that sellers are willing and able to sell 12. Law of supply: the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises. 13. Supply schedule: a table that shows the relationship between the price of a good and the quantity supplied. 14. Supply curve: a graph of the relationship between the price of a good and the quantity supplied. 15. Equilibrium: a situation in which the market price has reached the level at which quantity supplied equals quantity demanded. 16. Equilibrium price: the price that balances quantity supplied and quantity demanded. 17. Equilibrium quantity: the quantity supplied and the quantity demanded at the equilibrium price. 18. Surplus: a situation in which quantity supplied is greater than quantity demanded. 19. Shortage: a situation in which quantity demanded is greater than quantity supplied. 20. Law of supply and demand: the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance.
21. Price elasticity: a measure of the 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. 22. Total revenue: the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold. 23. 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 income. 24. Cross- price elasticity of demanded: a measure of how much the quantity demanded of one good responds to a change in the price of anther good, computed as the percentage change in quantity demanded of the fist good divided by the percentage change in the price of the second good. 25. Price of 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 percentage change in price. 26. Price ceiling: a legal maximum on the price at which a good can be sold. 27. Price floor: a legal minimum on the price at which a good can be sold. 28. Tax incidence: the manner in which the burden of a tax is shared among participants in a market. 29.Elasticity: a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants. 30. Welfare economics: the study of how the allocation of resources affects economic well-being. 31.Equity: the fairness of the distribution of well-being among the members of society. 32. Willingness to pay: the maximum amount that a buyer will pay for a good. 33. Consumer surplus: the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. 34. Cost: the value of everything a seller must give up to produce a good. 35. Producer surplus: the amount a seller is paid for a good minus the seller's cost of providing it. 36. Efficiency: the property of a resource allocation of maximizing the total surplus received by all members of society. 37. Deadweight loss: the fall in total surplus that results from a market distortion, such as a tax. 38. World price: the price of a good that prevails in the world market for that good. 39. Tariff: a tax on goods produced abroad and sold domestically. 40. Total revenue: the amount a firm receives for the sale of its input. 41.Constant returns of scale: the property whereby long-run average total cost stays the same as the quantity of output changes. 42. Total cost: the market value of the inputs a firm uses in production. 43. Profit: total revenue minus total cost. 44. Explicit costs: input costs that require an outlay of money by the firm. 45. Implicit costs: input costs that do not require an outlay of money by the firm. 46. Economic profit: total revenue minus total cost, including both explicit and implicit costs. 47. Accounting profit: total revenue minus total explicit cost. 48. Production function: the relationship between quantity of inputs used to make a good and the quantity of output of that good. 49. Marginal product: the increase in output that arises from an additional unit of input. 50. Diminishing marginal product: the property whereby the marginal product of an input declines as the quantity of the input increases. 51. Fixed costs: costs that do not vary with the quantity of output produced. 52. Variable costs: costs that do vary with the quantity of output produced. 53. Average total cost: total cost divided by the quantity of output. 54. Average fixed cost: fixed costs divided by the quantity of output. 55. Marginal cost: the increase in total cost that arises from an extra unit of production. 56. Efficient scale: the quantity of output that minimizes average total cost. 57. Economies of scale: the property whereby long-run average total cost falls as the quantity of output increases. 58. Diseconomies of scale: the property whereby long-run average total cost rises as the quantity of output increases.
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