误认翻译微观经济学 名词解释

2021年1月19日发(作者：attend过去式)
微观经济名词解释

CHAPTER 1

Scarcity
: the limited nature of society’s 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 of society.

Opportunity cost
: whatever must be given up to obtain some item.

Rational
: systematically and purposefully doing the best you can to achieve your objectives.

Marginal changes
: small incremental adjustments to a plan of action.

Incentive
: something that induces a person to act.

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.

Property
rights
:
the
ability
of
an
individual
to
own
and
exercise
control
over
scarce
resources.

Market failure
: a situation in which a market left on its own fails to allocate resources
efficiently.

Externality
: the impact of one person’s action
s 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 market prices.

Productivity
: the quantity of goods and services produced from each hour of a worker’s t
ime.

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 economic activity, such as employment and production.


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
that
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, unemployment, and
economic growth.

Positive statements
: claims that attempt to describe the world as it is.

Positive statements
: claims that attempt to describe the world as it is.


CHAPTER 4

Quantity demanded
: the amount of a good that buyers are willing and able to purchase.

Law of demand
: the claim that, other 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 good
: 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 the other.

Complements
: two goods for which an increase in the price of one good leads to a decrease in
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 quantity 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
the
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 supplied 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 of quantity demanded or quantity supplied to one
of its determinants.

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 the percentage change in price.

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.

Income lasticity 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.

Crossprice
elasticity
of
demand
: a
measure
of
how
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 supplied 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