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Chapter 1 business cycle 经济周期 economics经济学; 经济，国家的经济状况 efficiencyn.功效;
效率，效the property of society getting the most it can from its 能; 实力，scarce resources 能力; [物] 性能; equalityn.同等，平等; [数] 相等，等式; externali
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fluctuations in economic activity, such as employment and production
the study of how society manages its scarce缺乏的，罕见的 resources
the property of distributing economic prosperity uniformly among the members of society
ty[,ekstɜːthe uncompensated impact of one person’s actions on 'nælɪtɪ]
the well-being of a bystander旁观者; 局外人; 看热闹的人
Chapter 2 circular-flo
a visual model of the economy that shows how dollars
w diagram flow through markets among households 家庭; 家庭，
户and firms
macroeconomics [,mækrəʊiːkə'nɒmɪks; -ek-] microecono
mics [,maɪkrthe study of how households and firms make əʊiːkə'nɒmɪdecisions and how they interact in markets ks
normative['
nɔːmətɪv]标claims that attempt to prescribe定，规定; 指定，规定;准的
statements positive statements
美[prɪˈskraɪb] how the world should be
the study of economy-wide phenomena, including inflation, unemployment, and economic growth
claims that attempt to describe the world as it is
production a graph that shows the combinations of output that
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possibilities the economy can possibly produce given the available frontier ['frʌntɪə）
factors of production and the available production technology
Chapter 3 absolute advantage comparative
the ability to produce a good at a lower opportunity cost than
the ability to produce a good using fewer inputs than another producer
advantaganother producer e
exports goods produced domestically美[də'mestɪklɪ】合乎国内的
and sold abroad
imports goods produced abroad and sold domestically opportunity cost
Chapter 4
whatever must be given up to obtain some item
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competitive market 完全竞争市场 Complements互补品['kɑmpləmənt] demand curve 需求曲线 demand schedule需求表 Equilibrium[,ikwɪ'lɪbrɪəm] 均衡
a market with many buyers and sellers['selə] trading identical同一的，完全相同的美[aɪˈdɛntɪkəl] products so that each buyer and seller is a price taker
two goods for which an increase in the price of one leads to a decrease in the demand for the other
a graph of the relationship between the price of a good and the quantity demanded
a table that shows the relationship between the price of a good and the quantity demanded
a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
equilibriuthe price that balances quantity supplied and quantity
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m price 均衡价格 equilibriudemanded
m quantity inferior good 劣质品 [ɪn'fɪərɪə] law of
demand 需求原理 law of supply 供给原理 law of supply and demand market 资料
the quantity supplied and the quantity demanded at the equilibrium price
a good for which, other things equal, an increase in income leads to a decrease in demand
the claim that, other things equal, the quantity
demanded of a good falls when the price of the good rises the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
a group of buyers and sellers of a particular good or
service
normal good 普通商品 quantity demanded 需求量
a good for which, other things equal, an increase in income leads to an increase in demand
the amount of a good that buyers are willing and able to purchase
quantity the amount of a good that sellers are willing and able to supplied sell
shortage a situation in which quantity demanded is greater than
quantity supplied
substituttwo goods for which an increase in the price of one leads es supply curve supply
to an increase in the demand for the other
a graph of the relationship between the price of a good and the quantity supplied
a table that shows the relationship between the price of a
schedule good and the quantity supplied surplus
a situation in which quantity supplied is greater than
['sɜ:pləs] quantity demanded
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Chapter 5 cross-price
elasticity a measure of how much the quantity demanded of one of
good responds to a change in the price of another good,
demand computed as the percentage change in quantity 需求交叉demanded of the first good divided by the percentage 弹性是需change in the price of the second good 求交叉价格弹性 elasticity[,ilæ'stɪsəti] n弹性; 弹. 力; 灵活性; 伸缩性;
income a measure of how much the quantity demanded of a
a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
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elasticity good responds to a change in consumers’ income, of
computed as the percentage change in quantity
demand demanded divided by the percentage change in income 需求的收入弹性 price
elasticity a measure of how much the quantity demanded of a of
good responds to a change in the price of that good,
demand computed as the percentage change in quantity 需求价格demanded divided by the percentage change in price 弹性 price
elasticity a measure of how much the quantity supplied of a good of supply
responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by
供给的价the percentage change in price 格弹性 total revenue (in a market)
the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold
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总收入; 总收益
Chapter 6 price ceiling ['siːlɪŋ] price floor tax
incidencthe manner in which the burden of a tax is shared among e['ɪnsɪd(ə)ns]
a legal maximum['mæksɪməm] on the price at which a good can be sold
a legal minimum on the price at which a good can be sold
participants in a market
Chapter 7 consumer[kən'sjuːmə] surplus ['sɜːpləs]
the amount a buyer is willing to pay for a good minus ['maɪnəs] the amount the buyer actually pays for it
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消费者剩余 cost
the value of everything a seller must give up to produce a good
efficiency t he property of society getting the most it can from its scarce
resources
equality the property of distributing economic prosperity uniformly
among the members of society
producer the amount a seller is paid for a good minus the seller’s cost surplus of providing it welfare economics willingness to pay 受益者负担
Chapter 8
the study of how the allocation美[ˌæləˈkeɪʃn]分配，配给 of resources affects economic well-being
the maximum amount that a buyer will pay for a good
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Dead weight loss 无谓损失又为社会净损失
the fall in total surplus过剩的; 多余的[ˈsɜ:rpləs] that results from a market distortion变形; 失真[dɪˈstɔrʃən], such as a tax
Chapter 9 tariff n关税;
a tax on goods produced abroad and sold
. 关税表; domestically 价格表
world price
the price of a good that prevails in the world market for that good
Chapter 10 Coase
the proposition that if private parties can bargain without
theoremcost over the allocation of resources, they can solve the ['θɪərə
problem of externalities外在性 on their own
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m] 科斯定理
correctiva tax designed to induce private decision makers to take e tax 矫account of the social costs that arise from a negative 正税 externality [,ekstɜː'nælɪtɪ] n外形; 外
. 在性; 外the uncompensated impact of one person’s actions on 部事物; the well-being of a bystander （经济学名词） 外部效应
externality
internali
zing the altering incentives[ɪn'sɛntɪv] so that people take account externaliof the external effects of their actions ty 内化
transactithe costs that parties incur in the process of agreeing to on[træn'and following through on a bargain
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zækʃən]交易 costs
Chapter 11 club goods common resources
goods that are excludable but not rival in consumption
goods that are rival in consumption but not excludable可排他的; 包括在外的;
cost–benefit analysis
成本效益分析
a study that compares the costs and benefits to society of providing a public good
excludability [ɪks,kluːdə
the property of a good whereby a person can be prevented from using it
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'bɪlətɪ]排他性 free rider
[释义]坐享a person who receives the benefit of a good but avoids 其成，无本paying for it 获利; private goods public goods rivalry in
consumpthe property of a good whereby one person’s use tion消费diminishes other people’s use 竞争 Tragedy of the
a parable寓言; 格言; that illustrates why common
goods that are both excludable and rival in consumption
goods that are neither excludable nor rival in consumption
Commonresources are used more than is desirable from the s 公共地悲剧
standpoint of society as a whole
Chapter
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12 ability-to-pay
principle the idea that taxes should be levied on a person [释义]负担according to how well that person can shoulder the 能力原则，burden 付税能力原则; average tax rate
total taxes paid divided by total income
benefits the idea that people should pay taxes based on the principle benefits they receive from government services budget deficit n.预算赤字; budget surplus 预算结余 horizontal equity 纳税横向
an excess of tax revenue over government spending
a shortfall亏空; 缺空 of tax revenue from government spending
the idea that taxpayers with similar abilities to pay taxes should pay the same amount
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均等; lump-su
m tax 总a tax that is the same amount for every person 量税 marginal
tax rate the extra taxes paid on an additional dollar of income 边际税率
progressa tax for which high-income taxpayers pay a larger ive tax 累进税 proportional tax 比例税率 regressive tax 累退税 vertical equity 纵向公平
fraction分数; 一小部分 of their income than do low-income taxpayers
a tax for which high-income and low-income taxpayers pay the same fraction of income
a tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayers
the idea that taxpayers with a greater ability to pay taxes should pay larger amounts
Chapter
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13 accounting profit average
total revenue minus total explicit清楚的，明确的 cost
fixed cost divided by the quantity of output
fixed cost average
total cost divided by the quantity of output
total cost average variable cost constant returns to scale diminishing
marginal the property whereby the marginal product of an input product 边际产量递减规律
diseconothe property whereby long-run average total cost rises mies of
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variable cost divided by the quantity of output
the property whereby long-run average total cost stays the same as the quantity of output changes
declines as the quantity of the input increases
as the quantity of output increases
scale 规模不经济
economic total revenue minus total cost, including both explicit profit economies of scale 规模经济 efficient
scale最小the quantity of output that minimizes average total cost 有效规模 explicit costs fixed costs固定成本 implicit costs隐性成本 marginal cost边际成本
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and implicit costs
the property whereby long-run average total cost falls as the quantity of output increases
input costs that require an outlay of money by the firm
costs that do not vary with the quantity of output produced
input costs that do not require an outlay of money by the firm
the increase in total cost that arises from an extra unit of production
marginal the increase in output that arises from an additional unit product of input production
function profit
the relationship between the quantity of inputs used to make a good and the quantity of output of that good
total revenue minus total cost
total cost the market value of the inputs a firm uses in production total revenue
the amount a firm receives for the sale of its output
(for firm) variable costs[释义]变动成本;
costs that vary with the quantity of output produced
Chapter 14 average revenue
total revenue divided by the quantity sold
competita market with many buyers and sellers trading identical
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ive market marginal revenue sunk cost 沉没成本
products so that each buyer and seller is a price taker
the change in total revenue from an additional unit sold
a cost that has already been committed and cannot be recovered
Chapter 15 monopoly[mə'nɒp(ə)lɪ] natural
monopola monopoly that arises because a single firm can supply y n.垄断;
a good or service to an entire market at a smaller cost
a firm that is the sole seller of a product without close substitutes
专卖; 垄断than could two or more firms 者; 专利品; price discrimination
the business practice of selling the same good at different prices to different customers
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Chapter 16 monopolistic competition垄断竞争市场 oligopoly 求过于供的市场情况;
a market structure in which many firms sell products that are similar but not identical
a market structure in which only a few sellers offer similar or identical products
Chapter 17 cartel <经>卡特尔，企业联合
a group of firms acting in unison ['juːnɪs(ə)n]
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collusion an agreement among firms in a market about quantities to
produce or prices to charge
<经>卡特尔，企业联合 game theory GDP deflator[di'fleitə]GDP缩减指数 Nash equilibrium 纳什均衡 oligopoly[,ɑlə'gɑpəli] 寡头
prisonersa particular “game” between two captured prisoners that ’
illustrates why cooperation is difficult to maintain even when
a strategy that is best for a player in a game regardless of the strategies chosen by the other players
the study of how people behave in strategic situations
a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100
a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen
a market structure in which only a few sellers offer similar or identical products
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dilemma it is mutually beneficial [dɪˈlemə囚徒困境”是1950年美国兰德公司提出的博弈论模型
Chapter 18
capital the equipment and structures used to produce goods and
services
diminishing
marginal the property whereby the marginal product of an input product declines as the quantity of the input increases 边际产量递减规律 factors
the inputs used to produce goods and services
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of production marginal product of labor production
the increase in the amount of output from an additional unit of labor
the relationship between the quantity of inputs used to
make a good and the quantity of output of that good
function value of the marginal 边际价值product
the marginal product of an input times the price of the output
Chapter 19 compensating
a difference in wages that arises to offset the
differentinon-monetary characteristics of different jobs al 补偿微
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分 discrimination[d
the offering of different opportunities to similar
ɪ,skrɪmɪ'neindividuals who differ only by race, ethnic group, sex, ɪʃ(ə)n] ; 歧age, or other personal characteristics 视 efficiency wages 效率工资 human capital*人力资本 strike n攻击; 罢
the organized withdrawal移开; 撤回 of labor from a firm
above- equilibrium平衡，均势; 平静ˌ[ikwəˈlɪbriəm] wages paid by firms to increase worker productivity
the knowledge and skills that workers acquire through education, training, and experience
. 工[课，市]; by a union 发现
union a worker association that bargains with employers over wages, benefits, and working conditions
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