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How people make decisions:
1
. people face trade offs
2.
The cost of something is what you give up to
get it
3. Rational people think at
the margin
4. People respond to incentives
How people interact:
can make everyone better off
6.
Markets
are
usually
a
good
way
to
organize
economic activity
7.
Government
can
sometimes
improve
market
outcomes
How the economy as
8. A country’s
standard of
living depends on its
ability to
produce
A whole
works:
goods and
services
9.
Prices
rise
when
the
government
prints
too
much money
10.
Society
faces
a
short-run
tradeoff
between
inflation and
unemployment
Key concepts:
Ability-to-pay principle
（税收的
）
能力支付原则
: The idea that taxes
should
be
levied
on
a
person
according
to
how
well
that
person
can
shoulder
the
burden
Absolute
advantage
绝对优势
: The
comparison among producers of a good
according to their productivity
Accounting
profit
会计利润
: Total revenue
minus total explicit cost
Adverse
selection
逆向选择
:
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 principal
Aggregate-demand
curve:
a
curve
that
shows
the
quantity
of
goods
and
services that
households, firms, and the government want to buy
at each price
level
Aggregate risk: risk that affects all
economic actors at once
Aggregate-
supply
curve:
a
curve
that
shows
the
quantity
of
goods
and
services that firms choose to produce
and sell at each price level
Appreciation:
an
increase
in
the
value
of
a
currency
as
measured
by
the
amount of foreign currency it can buy
Arrow’s
impossibility
theorem
阿罗不可能定理
:
A
mathematical
result
showing
that,
under
certain
assumed
conditions,
there
is
no
scheme
for
aggregating individual
preferences into a valid set of social preferences
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Average
fixed
cost
平均固定成本
:
Fixed
costs
divided
by
the
quantity
of
output
Average
revenue
平均收益
: Total revenue
divided by the quantity sold
Average
tax rate
平均税率
: Total taxes
paid divided by total income
Average
total cost
平均总成本
: Total cost
divided by the quantity of output
Average variable
cost
平均可变成本
: Variable costs
divided by the quantity
of output
Automatic
stabilizers:
changes
in
fiscal
policy
that
stimulate
aggregate
demand
when
the
economy
goes
into
a
recession
without
policymakers
having to take any deliberate action
Balance trade: a situation in which
exports equal imports
Benefits
principle
受益原则
: The idea that
people should pay taxes based on
the
benefits they receive from government services
Bond: a certificate of indebtedness
Budget
constraint
预算约束
:
The
limit
on
the
consumption
bundles
that
a
consumer can afford
Budget <
/p>
deficit
预
算
赤
字
:
An
excess
of
government
spending
over
government receipts
Budget
surplus
预
算
盈
余
:
An
excess
of
government
receipts
over
government spending
Business
cycle
经
济
周
期
:
Fluctuations
in
economic
activity,
such
as
employment and production
Capital
资产
:
The
equipment
and
structures
used
to
produce
goods
and
services
Capital flight: a large and sudden
reduction in the demand for assets located
in a country
Cartel
卡特尔
:
A group of
firms acting in unison
Catch-up effect
后发效应
: the property whereby
countries that start off poor
tend to
grow more rapidly that countries that start off
rich
Central
bank:
an
institution
designed
to
oversee
the
banking
system
and
regulate the quantity of
money in the economy
Circular-flow
diagram
循环流向图
:
A
visual
model
of
the
economy
that
shows how dollars flow
through markets among households and firms
Closed economy: an economy that does
not interact with other economies in
the world
Collective
bargaining:
the
process
by
which
unions
and
firms
agree
on
the
terms of employment
Commodity money: money that takes the
form of a commodity with intrinsic
value
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Coase
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 own
Collusion
共谋
: An
agreement among firms in a market about quantities
to
produce or prices to charge
Common
resources
共同资源
: Goods that
are rival but not excludable
Comparative
advantage
比较优势
:
The
comparison
among
producers
of
a
good
according to their opportunity cost
Compensating
differential
补偿性工资差别
: A
difference in wages that arises
to
offset the nonmonetary characteristics of
different jobs
Competitive
market
竞争性市场
:
A
market
with
many
buyers
and
sellers
trading identical
products so that each buyer and seller is a price
taker
Complements
互补性商品
:
Two goods for which an increase in the price of
one leads to a decrease in the demand
for the other
Condorcet
paradox
:
the
failure
of
majority
rule
to
produce
transitive
preferences for society
Compounding: 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 future
Constant
returns
to
scale
规模报酬不变
:
The
property
whereby
long-run
average total cost stays the same as
the quantity of output
Consumer price
index (CPI): a measure of the overall cost of the
goods and
services bought by a typical
consumer
Consumer
surplus
消费者剩余
:
A
buyer’s
willingness
to
pay
minus
the
amount
the
buyer
actually
pays
Consumption:
spending
by
households
on
goods and services, with the exception
of purchases of new housing
Cost
成本
: The value
of everything a seller must give up producing a
good
Cost-benefit
analysis
成本收益分析
:
A
study
that
compares
the
costs
and
benefits to society of providing a
public good
Crowding
out:
a
decrease
in
investment
that
results
from
government
borrowing
Crowding-out
effect:
the
offset
in
aggregate
demand
that
results
when
expansionary
fiscal
policy
raise
the
interest
rate
and
thereby
reduces
investment spending
Cross-
price
elasticity
of
demand
需求的交叉价格弹性
:
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
quantity
demanded
of
the
first
good
divided
by
the
percentage
change
in
the
price
of
the
second
good
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Currency: the paper bills and coins in
the hands of the public
Cyclical
unemployment:
the
deviation
of
unemployment
from
a
market
distortion, such as a tax
Deadweight
loss
无谓损失
: The fall in total
surplus that results from a market
distortion, such as a tax
Demand curve
需求曲线
:
A graph of the relationship between the price of a
good and the quantity demanded
Demand
deposits:
balances
in
bank
accounts
that
depositors
can
access
on
demand
by writing a check
Demand
schedule
需求表
:
A
table
that
shows
the
relationship
between
the
price of a good and the
quantity demanded
Depreciation:
a
decrease
in
the
value
of
a
currency
as
measured
by
the
amount of foreigh currency it can buy
Depression: a severe recession
Diminishing
marginal
product
边际产品递减
:
The
property
whereby
the
marginal product of an input declines
as the quantity of the input increases
Discrimination
歧视
:
The
offering
of
different
opportunities
to
similar
individuals who differ only by race,
ethnic group, sex, age, or other personal
characteristics
Diseconomies
of scale
规模不经济
: The property
whereby long-run average
total cost
rises as the quantity of output increases
Discount 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 job
Diversification: the reduction of risk
achieved by replacing a single risk with
a large number of smaller unrelated
risks
Dominant
strategy
占优策略
: A strategy
that is best for a player in a game
regardless of the strategies chosen by
the other players
Economic
profit
经济利润
:
Total
revenue
minus
total
cost,
including
both
explicit and implicit costs
Economics
经济学
: The
study of how society manages its scarce resources
Economies of
scale
规模经济
: The property
whereby long-run average total
cost
falls as the quantity of output increases
Efficiency
效率
:
The
property
of
society
getting
the
most
it
can
from
its
scarce resources
Efficiency
wages
效率工资
: Above-equilibrium
wages paid by firms in order
to
increase worker productivity
Efficient
scale
: the quantity of output that
minimizes average total cost
Elasticity
: a measure of the
responsiveness of quantity demanded or quantity
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supplied to one of its determinants
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 quantity
: the
quantity supplied and the quantity demanded at the
equilibrium price
Equity
:
the
property
of
distributing
economic
prosperity
fairly
among
the
members
of society
Excludability
:
the
property
of
a
good
whereby
a
person
can
be
prevented
from
using it
Explicit costs
:
input costs that require an outlay of money by the
firm
Export
: goods produced
domestically and sold abroad
Externality
:
the
uncompensated
impact
of
one
person’s
actions
on
the
wellbeing of a bystander
Factors of production
: the
inputs used to produce goods and services
Federal reserve (Fed) : the central
bank of the united states
Fiat money:
money without intrinsic value that is used as
money because of
government decree
Finance:
the
field
that
studies
how
people
make
decisions
regarding
the
allocation of resources
over time and the handling of risk
Financial
intermediaries:
financial
institutions
through
which
savers
can
indirectly provide funds to borrowers
Financial
markets:
financial
institutions
through
which
savers
can
directly
provide funds to
borrowers
Financial system: the group
of institutions in the economy that help to match
one person’s saving with another
person’s investment
Fisher
effect: the one-for-one adjustment of the nominal
interest rate to the
inflation rate
Fractional-reserve
banking:
a
banking
system
in
which
banks
hold
only
a
fraction of deposits as reserves
Frictional
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
company’s
accounting
statements and
future
prospects to determine its value
Future
value:
the
amount
of
money
in
the
future
that
an
amount
of
money
today will yield,
given prevailing interest rates
Fixed
costs
: costs that do not vary with the
quantity of output produced
Free
rider
: a person who receives the
benefit of a good but avoids paying for
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it
Game theory
:
the study of how people behave in strategic
situations
GDP deflator: a measure of
the price level calculated as the ratio of nominal
GDP to real GDP times 100
Government purchases:
spending on goods and services by
local, state, and
federal governments
Gross domestic product GDP: the market
value of all final goods and services
produced within a country in a given
period of time
Horizontal
equity
: the idea that taxpayers with
similar abilities to pay taxes
should
pay the same amount
Human
capital
: the accumulation of investment
in people, such as education
and on-
the-job training
Idiosyncratic risk:
risk that affects only a single economic actor
Implicit 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 domestically
Imports
: goods produced
abroad and sold domestically
Income
effect
: the change in consumption that
results when a price change
moves the
consumer to a higher or lower indifference curve
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 in
income
Indexation:
the
automatic
correction
of
a
dollar
amount
for
the
effects
of
inflation by law or contract
Indifference
curve
:
a
curve
that
shows
consumption
bundles
that
give
the
consumer the same level of satisfaction
Inferior
good
:
a
good
for
which,
other
things
equal,
an
increase
in
income
leads to a decrease
in demand
Inflation
: an
increase in the overall level of prices in the
economy
Inflation
rate:
the
percentage
change
in
the
price
index
from
the
preceding
period
Inflation tax: the
revenue the government raises by creating money
Informationally
efficient:
reflecting
all
available
information
in
a
rational
way
I
n-kind
transfers
:
transfers
to
the
poor
given
in
the
form
of
goods
and
services rather than cash
Internalizing an
externality
: altering incentives so
that people take account of
the
external effects of their actions
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