2022年經(jīng)濟(jì)學(xué)名詞解釋英文版

1、學(xué)習(xí)必備歡迎下載how people make decisions: 1. people face trade offs2. the cost of something is what you give up toget it3. rational people think at the margin4. people respond to incentiveshow people interact:5.trade can make everyone better off6. markets are usually a good way to organizeeconomic activity

2、outcomes7. government can sometimes improve markethow the economy as8. a country ability to producestasndard of living depends on itsa whole works:goods and services9. prices rise when the government prints toomuch money10. society faces a short-run tradeoff between inflation and unemploymentkey con

3、cepts:ability-to-pay principle （稅收的） 才能支付原就 : the idea that taxes should be levied on a person according to how well that person can shoulder the burdenabsolute advantage肯定優(yōu)勢 : the comparison among producers of a good according to their productivityaccounting profit 會計利潤 : total revenue minus total

4、explicit costadverse selection 逆向挑選 : the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party agent 代理人: a person who is performing an act for another person, called the principalaggregate-demand curve: a curve that shows the quantity of goo

5、ds and services that households, firms, and the government want to buy at each price levelaggregate risk: risk that affects all economic actors at onceaggregate-supply curve: a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level appreciation:

6、 an increase in the value of a currency as measured by the amount of foreign currency it can buyarrow simpossibilitytheorem 阿羅不行能定理 : a mathematical resultshowing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferencesa

7、verage fixed cost 平均固定成本 : fixed costs divided by the quantity of outputaverage revenue平均收益 : total revenue divided by the quantity sold average tax rate平均稅率 : total taxes paid divided by total income average total cost平均總成本 : total cost divided by the quantity of output average variable cost平均可變成本

8、: variable costs divided by the quantity of outputautomatic stabilizers: changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate actionbalance trade: a situation in which exports equal importsbenefits principl

9、e 受益原就 : the idea that people should pay taxes based on the benefits they receive from government servicesbond: a certificate of indebtednessbudget constraint 預(yù)算約束 : the limiton the consumption bundles that a consumer can affordbudget deficit預(yù) 算赤 字 :anexcess ofgovernment spending over government rec

10、eiptsbudgetsurplus 預(yù) 算 盈 余 :anexcess ofgovernment receipts over government spendingbusiness cycle 經(jīng)濟(jì)周期:fluctuations ineconomic activity,such as employment and productioncapital 資產(chǎn): the equipment and structures used to produce goods and servicescapital flight: a large and sudden reduction in the dema

11、nd for assets located in a countrycartel 卡特爾: a group of firms acting in unisoncatch-up effect 后發(fā)效應(yīng) : the property whereby countries that start off poor tend to grow more rapidly that countries that start off richcentral bank: an institution designed to oversee the banking system and regulate the qu

12、antity of money in the economycircular-flowdiagram 循環(huán)流向圖 : a visual model of the economy thatshows how dollars flow through markets among households and firms closed economy: an economy that does not interact with other economies in the worldcollective bargaining: the process by which unions and fir

13、ms agree on the terms of employmentcommodity money: money that takes the form of a commodity with intrinsic valuecoase theorem科斯定理 : the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their owncollusion 共謀

14、: an agreement among firms in a market about quantities to produce or prices to chargecommon resources共同資源 : goods that are rival but not excludable comparative advantage比較優(yōu)勢 : the comparison among producers of a good according to their opportunity costcompensating differential 補(bǔ)償性工資差別 : a differenc

15、e in wages that arises to offset the nonmonetary characteristics of different jobscompetitive market 競爭性市場 : a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker complements互補(bǔ)性商品 : two goods for which an increase in the price of one leads to

16、 a decrease in the demand for the othercondorcet paradox:thefailureofmajorityruletoproduce transitive preferences for societycompounding: the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the futureconstant ret

17、urns to scale 規(guī)模酬勞不變 : the property whereby long-runaverage total cost stays the same as the quantity of outputconsumer price index cpi: a measure of the overall cost of the goods and services bought by a typical consumerconsumer surplus 消費者剩余 : a buyer ws illingness to pay minus theamount the buyer

18、 actually pays consumption: spending by households on goods and services, with the exception of purchases of new housingcost 成本: the value of everything a seller must give up producing a goodcost-benefit analysis 成本收益分析 : a study that compares the costs and benefits to society of providing a public

19、goodcrowding out: a decrease in investment that results from government borrowingcrowding-out effect: the offset in aggregate demand that results when expansionary fiscal policy raise the interest rate and thereby reduces investment spendingcross-price elasticity of demand 需求的交叉價格彈性 : a measureof ho

20、wmuch the quantity demanded of one good responds to a change in the price of another good, computed as the percentagechange in quantity demanded of the first good divided by the percentagechange in the price of the second goodcurrency: the paper bills and coins in the hands of the publiccyclicalunem

21、ployment: the deviation of unemployment froma market distortion, such as a taxdeadweight loss無謂缺失 : the fall in total surplus that results from a marketdistortion, such as a taxdemand curve需求曲線 : a graph of the relationship between the price of a good and the quantity demandeddemand deposits: balanc

22、es in bank accounts that depositors can accesson demand by writing a checkdemand schedule需求表: a table that shows the relationship between theprice of a good and the quantity demandeddepreciation: a decrease in the value of a currency as measured by the amount of foreigh currency it can buydepression

23、: a severe recessiondiminishingmarginal product 邊際產(chǎn)品遞減 : the property whereby the marginal product of an input declines as the quantity of the input increases discrimination鄙視 : the offeringof differentopportunities to similar individuals who differ only by race, ethnic group, sex, age, or other per

24、sonal characteristicsdiseconomies of scale規(guī)模不經(jīng)濟(jì) : the property whereby long-run average total cost rises as the quantity of output increasesdiscount rate: the interest rate on the loans that the fed makes to banks discouraged workers: individuals who would like to work but have given up looking for

25、jobdiversification: the reduction of risk achieved by replacing a single risk with a large number of smaller unrelated risksdominant strategy 占優(yōu)策略 : a strategy that is best for a player in a gameregardless of the strategies chosen by the other playerseconomic profit 經(jīng)濟(jì)利潤 : total revenue minus total

26、cost, including both explicit and implicit costseconomics經(jīng)濟(jì)學(xué): the study of how society manages its scarce resources economies of scale 規(guī)模經(jīng)濟(jì) : the property whereby long-run average total cost falls as the quantity of output increasesefficiency 效率: the property of society getting the most it can from

27、its scarce resourcesefficiency wages 效率工資 : above-equilibrium wages paid by firms in order to increase worker productivityefficient scale: the quantity of output that minimizes average total cost elasticity: a measure of the responsiveness of quantity demanded or quantitysupplied to one of its deter

28、minantsequilibrium : a situation in which the price has reached the level where quantity supplied equals quantity demandedequilibriumprice: the price that balances quantity supplied and quantity demandedequilibrium quantity : the quantity supplied and the quantity demanded at the equilibrium priceeq

29、uity: the property of distributing economic prosperity fairlyamong the members of societyexcludability : the property of a good whereby a person can be prevented from using itexplicit costs: input costs that require an outlay of money by the firmexport: goods produced domestically and sold abroadext

30、ernality: the uncompensated impact of one person asctions on the wellbeing of a bystanderfactors of production: the inputs used to produce goods and services federal reserve fed : the central bank of the united statesfiat money: money without intrinsic value that is used as money because of governme

31、nt decreefinance: the field that studies how people make decisions regarding the allocation of resources over time and the handling of riskfinancial intermediaries: financialinstitutions through whichsavers can indirectly provide funds to borrowersfinancial markets: financial institutions through wh

32、ich savers can directly provide funds to borrowersfinancial system: the group of institutions in the economy that help to match one person s saving with another person s investmentfisher effect: the one-for-one adjustment of the nominal interest rate to theinflation ratefractional-reserve banking: a

33、 banking system in which banks hold only a fraction of deposits as reservesfrictional unemployment: unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills fundamental analysis: the study of a companyasccounting statements and future

34、prospects to determine its valuefuture value: the amount of money in the future that an amount of money today will yield, given prevailing interest ratesfixed costs: costs that do not vary with the quantity of output producedfree rider: a person who receives the benefit of a good but avoids paying f

35、oritgame theory: the study of how people behave in strategic situationsgdp deflator: a measure of the price level calculated as the ratio of nominal gdp to real gdp times 100government purchases: spending on goods and services by local, state, and federal governmentsgross domestic product gdp: the m

36、arket value of all final goods and services produced within a country in a given period of timehorizontal equity : the idea that taxpayers with similar abilities to pay taxes should pay the same amounthuman capital: the accumulation of investment in people, such as education and on-the-job trainingi

37、diosyncratic risk: risk that affects only a single economic actorimplicit costs: input costs that do not require an outlay of money by the firm import quota: a limit on the quantity of a good that can be produced abroad and sold domesticallyimports: goods produced abroad and sold domesticallyincome

38、effect: the change in consumption that results when a price change moves the consumer to a higher or lower indifference curveincome 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 dema

39、nded divided by the percentage change in incomeindexation: the automatic correction of a dollar amount for the effects of inflation by law or contractindifference curve: a curve that shows consumption bundles that give the consumer the same level of satisfactioninferior good: a good for which, other

40、 things equal, an increase in income leads to a decrease in demandinflation : an increase in the overall level of prices in the economyinflation rate: the percentagechange in the price index from the preceding periodinflation tax: the revenue the government raises by creating money informationally e

41、fficient:reflecting all available information in a rational wayi n-kind transfers: transfers to the poor given in the form of goods and services rather than cashinternalizing an externality: altering incentives so that people take account of the external effects of their actions學(xué)習(xí)必備歡迎下載investment: s

42、pending on capital equipment, inventories, and structures, including household purchases of new housingjob search: the process by which workers find appropriate jobs given their tastes and skillslabor force: the total number of workers, including both the employed and the unemployedlabor-force parti

43、cipation rate: the percentage of the adult population that is in the labor forcelaw of demand: the claim that, other things equal, the quantity demanded of a good falls when the price of the good riseslaw of supply : the claim that, other things equal, the quantity supplied of a good rises when the

44、price of the good riseslaw 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 balanceliberalism: the political philosophy according to which the government should choose policies deemed to be just, as evaluat

45、ed by an impartial observe behind a “ veil of ignorance ”libertarianism: the political philosophy according to which the governmentshould punish crimes and enforce voluntary agreements but not redistribute incomelife cycle: the regular pattern of income variation over a person s lifeliquidity: the e

46、ase with wh ich an asset can be converted into the economy s medium of exchangelump-sum tax: a tax that is the same amount for every person macroeconomics: the study of economy-wide phenomena, including inflation, unemployment, and economic growthmarginal changes: small incremental adjustments to a

47、plan of action marginal cost: the increase in total cost that arises from an extra unit of productionmarginal product: the increase in output that arises from an additional unit of inputmarginal product of labor: the increase in the amount of output from an additional unit of labormarginal rate of s

48、ubstitution: the rate at which a consumer is willing to trade one good for anothermarginal revenue: the change in total revenue from an additional unit sold marginal tax rate: the extra taxes paid on an additional dollar of income market: a group of buyers and sellers of a particular good or service

49、smarket economy: an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and servicesmarket failure : a situation in which a market left on its own fails to allocate resources efficientlymarket for loanable funds: the

50、 market in which those who want to save supply funds and those who want to borrow to invest demand fundsmarket power: the ability of a single economic actor or small group of actors to have a substantial influence on market pricesmaximin criterion : the claim that the government should aim to maximi

51、ze the well-being of the worst-off person in societymedian voter theorem: a mathematical result showing that if voters arechoosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median votermenu co

52、st: the costs of changing pricesmicroeconomics: the study of how households and firms make decisions and how they interact in marketsmodel of aggregate demand and aggregate supply: the model that most economists use to explain short-run fluctuations in economic activity around its long-run trendmone

53、tary neutrality: the proposition that changes in the money supply do not affect real variablesmonetary policy: the setting of the money supply by policymakers in the central bankmoney: the set of assets in an economy that people regularly use to buy goods and services from other peoplemoney multipli

54、er: the amount of money the banking system generates with each dollar of reservesmoney supply: the quantity of money available in the economymonopolistic competition: market structures in which many firms sell products that are similar but not identicalmonopoly : a firm that is the sole seller of a

55、product without close substitutes moral hazard: the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behaviormultiplier effect: the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increase

56、s consumer spendingmutual fund: an institution that sells shares to the public and uses theproceeds to buy a portfolio of stocks and bondsnash equilibrium : a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the more firmsn

57、ational saving: the total income in the economy that remains after paying for consumption and government purchasesnatural-rate hypothesis: the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflationnatural rate of unemployment: the normal rate

58、of unemployment around which the unemployment rate fluctuatesnatural resources: the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral depositsnegative income tax: a tax system that collects revenue from high-income households and gives transfers to low-income householdsnet capital outflow: the pur