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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
people
：
people
who
systematically
and
purposefully
do
the
best
they
can
to
achieve
their
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 actions on th
e 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 time.
Inflation
：
an
increase in the overall level of prices in the
economy.
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.
Micro
economics
：
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.
Normative
statements
：
claims that
attempt to prescribe how the world should
be.
Chapter 3
Absolute
advantage
：
the ability to
produce a good using fewer inputs than another
producer
Opportunity
cost
：
whatever must be given
up to obtain some item
Comparative
advantage
：
the ability to
produce a good at a lower opportunity cost than
another
producer
Exports
：
goods
produced
domestically
合乎国内的
and sold
abroad
Imports
：
goods
produced abroad and sold domestically
CHAPTER 4
Market
：
a group of
buyers and sellers of a particular good or
service
Competitive
market
：
a market in which
there are many buyers and many sellers so that
each has
a negligible impact on the
market price
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
quantity
：
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