微观经济学-(英文版)名词解释

微观经济名词解释CHAPTER1Scarcity:thelimitednatureofsociety’sresources.Economics:thestudyofhowsocietymanagesitsscarceresources.Efficiency:thepropertyofsocietygettingthemostitcanfromitsscarceresources.Equity:thepropertyofdistributingeconomicprosperityfairlyamongthemembersofsociety.Opportunitycost:whatevermustbegivenuptoobtainsomeitem.Rational:systematicallyandpurposefullydoingthebestyoucantoachieveyourobjectives.Marginalchanges:smallincrementaladjustmentstoaplanofaction.Incentive:somethingthatinducesapersontoact.Marketeconomy:aneconomythatallocatesresourcesthroughthedecentralizeddecisionsofmanyfirmsandhouseholdsastheyinteractinmarketsforgoodsandservices.Propertyrights:theabilityofanindividualtoownandexercisecontroloverscarceresources.Marketfailure:asituationinwhichamarketleftonitsownfailstoallocateresourcesefficiently.Externality:theimpactofoneperson’sactionsonthewell-beingofabystander.Marketpower:theabilityofasingleeconomicactor(orsmallgroupofactors)tohaveasubstantialinfluenceonmarketprices.Productivity:thequantityofgoodsandservicesproducedfromeachhourofaworker’stime.Inflation:anincreaseintheoveralllevelofpricesintheeconomy.Phillipscurve:acurvethatshowstheshort-runtradeoffbetweeninflationandunemployment.Businesscycle:fluctuationsineconomicactivity,suchasemploymentandproduction.CHAPTER2Circular-flowdiagram:avisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirms.Productionpossibilitiesfrontier:agraphthatshowsthecombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnology.Microeconomics:thestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinmarkets.Macroeconomics:thestudyofeconomy-widephenomena,includinginflation,unemployment,andeconomicgrowth.Positivestatements:claimsthatattempttodescribetheworldasitis.Positivestatements:claimsthatattempttodescribetheworldasitis.CHAPTER4Quantitydemanded:theamountofagoodthatbuyersarewillingandabletopurchase.Lawofdemand:theclaimthat,otherthingsequal,thequantitydemandedofagoodfallswhenthepriceofthegoodrises.Demandschedule:atablethatshowstherelationshipbetweenthepriceofagoodandthequantitydemanded.Demandcurve:agraphoftherelationshipbetweenthepriceofagoodandthequantitydemanded.Normalgood:agoodforwhich,otherthingsequal,anincreaseinincomeleadstoanincreaseindemand.Inferiorgood:agoodforwhich,otherthingsequal,anincreaseinincomeleadstoadecreaseindemand.Substitutes:twogoodsforwhichanincreaseinthepriceofonegoodleadstoanincreaseinthedemandfortheother.Complements:twogoodsforwhichanincreaseinthepriceofonegoodleadstoadecreaseinthedemandfortheother.quantitysupplied:theamountofagoodthatsellersarewillingandabletosell.Lawofsupply:theclaimthat,otherthingsequal,thequantitysuppliedofagoodriseswhenthepriceofthegoodrises.Supplyschedule:atablethatshowstherelationshipbetweenthepriceofagoodandthequantitysupplied.Supplycurve:agraphoftherelationshipbetweenthepriceofagoodandthequantitysupplied.Equilibrium:asituationinwhichthepricehasreachedthelevelwherequantitysuppliedequalsquantitydemanded.Equilibriumprice:thepricethatbalancesquantitysuppliedandquantitydemanded.Equilibriumquantity:thequantitysuppliedandthequantitydemandedattheequilibriumprice.Surplus:asituationinwhichquantitysuppliedisgreaterthanquantitydemanded.Shortage:asituationinwhichquantitydemandedisgreaterthanquantitysupplied.Lawofsupplyanddemand:theclaimthatthepriceofanygoodadjuststobringthesupplyanddemandforthatgoodintobalance.CHAPTER5Elasticityameasureoftheresponsivenessofquantitydemandedorquantitysuppliedtooneofitsdeterminants.Priceelasticityofdemand:ameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.Totalrevenue:theamountpaidbybuyersandreceivedbysellersofagood,computedasthepriceofthegoodtimesthequantitysold.Incomelasticityofdemand:ameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinconsumers’income,computedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinincome.Crosspriceelasticityofdemand:ameasureofhowmuchthequantitydemandedofonegoodrespondstoachangeinthepriceofanothergood,computedasthepercentagechangeinthequantitydemandedofthefirstgooddividedbythepercentagechangeinthepriceofthesecondgood.Priceelasticityofsupply:ameasureofhowmuchthequantitysuppliedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitysupplieddividedbythepercentagechangeinprice.CHAPTER6Priceceiling:alegalmaximumonthepriceatwhichagoodcanbesold.Pricefloor:alegalminimumonthepriceatwhichagoodcanbesold.Taxincidence:themannerinwhichtheburdenofataxissharedamongparticipantsinamarket.CHAPTER7Welfareeconomics:thestudyofhowtheallocationofresourcesaffectseconomicwell-being.Willingnesstopay:themaximumamountthatabuyerwillpayforagood.Consumersurplus:abuyer’swillingnesstopayminustheamountthebuyeractuallypays.Cost：thevalueofeverythingasellermustgiveuptoproduceagood.Producersurplus:theamountasellerispaidforagoodminustheseller’scost.Efic