国际经济学名词解释 英文版

1 The opportunity cost

of producing something

measures the cost of not being able

to produce something else because resources have already been used.

2

A country with

a comparative advantage

in producing a good uses its resources

most efficiently when it produces that good

compared to producing other goods

.

3 Labor productivity:

the number of units of output that a worker can produce in one

hour.

4

The

production

possibility

frontier

(PPF)

of

an

economy

shows

the

maximum

amount of a goods that can be produced for a fixed amount of resources.

5 Relative wages

are the wages of the domestic country relative to the wages in the

foreign country.

6 Define an isovalue line

as a line representing a constant value of production,

7 Stolper- Samuelson theorem:

if the relative price of a good increases, then the real

wage or real lending/ renting rate of the factor used intensively in the production of

that good increases, while the real wage or real lending/renting rate of the other factor

decreases.

8 the Rybczynski theorem

：

If we hold output prices constant as the amount of a factor

of production increases, then the supply of the good that uses this factor intensively

increases and the supply of

the other good decreases

.

9 Leontief found that U.S. exports were less capital-intensive than U.S. imports, even

though the U.S. is the most capital-abundant country in the world:

Leontief paradox

.

10

Consumer

preferences

are

represented

by

indifference

curves

:

combinations

of

goods that make consumers equally satisfied (indifferent).

11 The change in welfare (income) when the price of one good changes relative to the

price of another is called the

income effect

.

12

The

substitution

of

one

good

for

another

when

the

price

of

the

good

changes

relative to the other is called the

substitution effect

.

13 The

terms of trade

refers to the price of exports relative to the price of imports

Growth is usually

biased

: it occurs in one sector more than others, causing relative

supply to change.

14 Export- biased growth

is growth tha

t expands a country’s production possibilities

disproportionally

that country’s export sector.

15 Import-biased growth

is growth that expands a country’s production possibilities

disproportionally in that country’s import sector

16Immiserizing growth

：

export-biased growth by poor nations would worsen their

terms of trade so much that they would be worse off than if they had not grown at all.

16

Import tariffs

are taxes levied on imports

17

Export subsidies

are payments given to domestic producers that export.

18

External economies of scale

occur when cost per unit of output depends on the

size of the industry

19

Internal economies of scale

occur when the cost per unit of output depends on the

size of a firm.

20 A

monopoly

is an industry with only one firm.

21 An

oligopoly

is an industry with only a few firms.

22

Average

cost

is

the

cost

of

production

(

C

)

divided

by

the

total

quantity

of

production (

Q

).

AC = C/Q

23

Marginal cost

is the cost of producing an additional unit of output.

24

Monopolistic

competition

is

a

model

of

an

imperfectly

competitive

industry

which assumes that

A

：

Each firm can differentiate its product from the product of competitors.

B

：

Each firm ignores the impact that changes in its

price will have on the prices

that competitors set: even though each firm faces competition it behaves as if it

were a monopolist.

25

Suppose

now

that

the

global

cloth

industry

is

described

by

the

monopolistic

competition model.

Because of product

differentiation, suppose that each country

produces different

types of cloth.

Because

of

economies

of

scale,

large

markets

are

desirable:

the

foreign

country

exports some cloth and the domestic country exports some cloth.

Trade occurs

within

the cloth industry:

intra-industry trade

26 According to the Heckscher-Ohlin model or Ricardian model, countries specialize

in production.

Trade occurs only

between

industries:

inter-industry trade

In a Heckscher-Ohlin model suppose that:

The capital abundant domestic economy specializes in the production of capital