微观经济学名词解释双语版.doc

微观经济名词解释
CHAPTER 1 Briefing
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 actions 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 time.
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.
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.
Invisibal hand
Economic man
Perfect information
Market clearing

CHAPTER 2 Supply-Demand Equilibrium
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.
Price ceiling: a legal maximum on the price at which a good can be sold.
Price floor: a legal minimum on the price at which a good can be sold.
Tax incidence: the manner in which the burden of a tax is shared among participants in a market.
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.
Arc elasticity:弧弹性
Engel's Coefficient

CHAPTER 3 Utility Theory
Cardinal utility theory
Ordinal utility theory
Consumer’s preference
Consumer’s equilibrium
Optimization
Budget constraints
marginal utility边际效用 is the change in utility an individual enjoys from consuming an additional unit of a good.
Total utility
Utility function
an indifference curve represents all combinations of two goods that make the consumer equally well off.
the law of diminishing marginal returns边际收益递减规律 states that as we continue to add more of any one input, its marginal product will eventually decline.
Consumer Surplus
Economic Well-Being
Marginal Rate of Substitution (MRSXY)
Law of Diminishing Marginal Rate of Substitution
Price-consumption curve
Income-consumption curve
Substitution & Income Effects
Compensated Budget Line
Perfect substitutes
Perfect complements
Engel curve

CHAPTER 4 Production Theory
Production function: the relationship between quantity of inputs used to make a good and the quantity of output of that good.
Marginal product: the increase in output that arises from an additional unit of input.
Total product
Average product
Diminishing marginal product: the property whereby the marginal product of an input declines as the quantity of the input increases.
Isoquants curves : showing all possible combinations of inputs that yield the same output
MRTS: It is the rate at which a firm is willing to trade one factor for another.
Law of Diminishing Marginal Rate of Technical Substitution
Isocost line
Producer Equilibrium: at the point where the highest isoquant curve and the isocost curve are tangent.
Returns to Scale
Constant returns to scale denote a case where a change in all inputs leads to a proportional change in output.
Increasing returns to scale arise when an increase in all inputs leads to a more-than-proportional increase in the level of output.
Decreasing returns to scale occur when a balanced increase of all inputs leads to a less-than-proportional increase in total output.

CHAPTER 5 Cost Theory
Total revenue: the amount a firm receives for the sale of its output.
Total cost: the market value of the inputs a firm uses in production.
Profit :total revenue minus total cost.
Economic profit: total revenue minus total cost, including both explicit and implicit costs.
Accounting profit: total revenue minus total explicit cost.
Explicit costs: input costs that require an outlay of money by the firm.
Implicit costs: input costs that do not require an outlay of money by the firm.
conomic cost:
Accounting cost:
Opportunity cost
Sunk cost: a cost that has been committed and cannot be recovered.
Short run cost / Long run cost:
Total cost:
Fixed costs: costs that do not vary with the quantity of output produced.
Variable costs: costs that do vary with the quantity of output produced.
Average total cost: total cost divided by the quantity of output.
Average fixed cost: fixed costs divided by the quantity of output.
Average variable cost: variable costs divided by the quantity of output.
Marginal cost: the increase in total cost that arises from an extra unit of production.
Efficient scale: the quantity of output that minimizes average total cost.
Economies of scale: the property whereby long-run average total cost falls as the quantity of output increases.
Diseconomies of scale: the property whereby long-run average total cost rises as the quantity of output increases.
Constant returns to scale: the property whereby long-run average total cost stays the same as the quantity of output changes.

CHAPTER 6 Perfectly competitive market
Competitive market: a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker.
Average revenue: total revenue divided by the quantity sold.
Marginal revenue: the change in total revenue from an additional unit sold.
AR、MR、D coincide
MR=MC —maximize profit
Break Even Point
Shut down Point
Producer surplus
Constant Cost Industry
Increasing Cost Industry
Decreasing Cost Industry

CHAPTER 7 Imperfectly competitive markets
Monopoly :a firm that is the sole seller of a product without close substitutes.
Natural monopoly: a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.
Government-created monopoly
Because a monopoly firm is the sole producer in its market, it faces the downward-sloping market demand curve
Price discrimination: the business practice of selling the same good at different prices to different customers.
Monopolistic competition: a market structure in which many firms sell products that are similar but not identical.
Oligopoly: a market structure in which only a few sellers offer similar or identical products.
Duopoly
Collusion: an agreement among firms in a market about quantities to produce or prices to charge.
Carte: a group of firms acting in unison.
Nash equilibrium: 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.
Game theory: the study of how people behave in strategic situations.
Prisoners’ dilemma: a particular "game" between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial.
Dominant strategy: a strategy that is best for a player in a game regardless of the strategies chosen by the other players.

CHAPTER 8 The factors of production markets
VMP=MP X P
PEP

CHAPTER 9 General equilibrium
Pareto efficient
Welfare economics: the study of how the allocation of resources affects economic well-being.
Willingness to pay: the maximum amount that a buyer will pay for a good.
Consumer surplus: a buyer’s willingness to pay minus the amount the buyer actually pays.
Producer surplus: the amount a seller is paid for a good minus the seller’s cost.
Eficiency: the property of a resource allocation of maximizing the total surplus received by all members of society.
Equity : fairness of the distribution of well-being among the members of society.
CHAPTER 10 Market failure and Macroeconomic policies
Market failure:
Deadweight loss: the fall in total surplus that results from a market distortion, such as a tax.
Externality :the uncompensated impact of one person’s actions on the well-being of a bystander.
Internalizing an externality: altering incentives so that people take account of the external effects of their actions.
Coase theorem: 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.
Transaction costs: the costs that parties incur in the process of agreeing and following through on a bargain.
Excludability:the property of a good whereby a person can be prevented from using it.
Rivalry in consumption: the property of a good whereby one person’s use diminishes other people’s use.
Private goods: goods that are both excludable and rival.
Public goods :goods that are neither excludable nor rival.
Common resources: goods that are rival but not excludable.
Free rider: a person who receives the benefit of a good but avoids paying for it.
Cost-benefit analysis: a study that compares the costs and benefits to society of providing a public good.
Tragedy of the commons: a parable that illustrates why common resources get used more than is desirable from the standpoint of society as a whole.
asymmetry information
adverse selection
moral hazard
稀缺性:有限的社会资源的性质。
经济学:研究社会如何管理自己的稀缺资源。
效率:社会的财产得到最能从它的稀缺资源。
公平:经济繁荣相当的财产分配的社会成员。
机会成本:无论必须放弃获得一些项目。
理性:系统地,有目的地做最好的你可以实现你的目标。
边际变化:小增量调整行动计划。
激励:东西诱发一个人采取行动。
市场经济:经济分配资源通过分散决策的许多企业和家庭在市场上相互作用对商品和服务。
产权:个体拥有的能力和运动控制稀缺资源。
市场失灵:情况:市场本身不能有效地分配资源
边际效用边际效用从消费效用的改变一个人享受一个额外的单位好。
总效用
效用函数
一个无差异曲线表示两种商品的所有组合,使消费者同样。
边际收益递减规律边际收益递减规律指出,随着我们继续任何一个输入的增加,其边际产品最终将下降。
竞争市场:市场上许多买家和卖家交易相同的产品,每一个买方和卖方都是价格接受者。
平均收入:总收入除以数量出售。
边际收益:总收入的变化从一个额外的单位出售。
规模回报
规模收益不变表示,所有输入的变化会导致输出的比例变化。
规模收益递增时出现所有输入的增加导致more-than-proportional增加产出的水平。
规模回报减少发生在一个平衡的所有输入的增加导致less-than-proportional总产量的增加。
外部性:一个人的行为的影响幸福的旁观者。
市场力量:一个经济参与者的能力(或一小群演员)对市场价格有实质性的影响。
生产力:产品和服务的数量从一个工人每小时的时间。
通货膨胀:增加价格经济的整体水平。
菲利普斯曲线:一个曲线,显示了通货膨胀与失业之间的短期权衡取舍。
商业周期:经济活动的波动,如就业和生产。
经济循环流图:可视模型显示美元流入市场如何在家庭和公司。
生产可能性边界:一个图,显示了输出的组合,经济可能产生可用的生产要素和可用的生产技术。
微观经济学:研究家庭和企业在市场决策,以及他们如何相互作用。
宏观经济学:整体经济现象的研究,包括通货膨胀,失业和经济增长。
均衡数量:数量提供均衡价格和数量要求。
盈余:情况供给数量大于需求数量。
不足:情况需求数量大于供给数量。
供求定律:声称任何好的价格调整带来的供需平衡。
价格上限:法律最大的价格可以卖。
价格下限:法定最低的价格可以卖。
税收归宿:税收负担的方式在市场参与者之间共享。
弹性:测量响应的需求数量或数量提供给它的决定因素之一。
需求的价格弹性:衡量有多少的需求量对价格的变化作出反应,好,计算作为需求量变化的百分比除以价格变化的百分比。
总收入:收到的金额支付的买家和卖家的好,计算的价格好的时候数量出售。
收入截面失效的需求:衡量有多少好的响应变化的需求数量在消费者的收入,计算需求量变化的百分比除以收入的百分比变化。
Crossprice需求弹性:衡量一个好的响应变化的需求数量价格的另一个好,计算的百分比变化的数量要求第一个好除以价格变化百分比的第二个好。
供给的价格弹性:衡量有多少好的响应变化的供给数量的价格好,计算是需求量变动的百分比除以价格变化的百分比。
总收入:一个公司出售其输出接收。
总成本:输入一个公司的市场价值在生产中使用。
利润:总收益减去总成本。
经济利润:总收入减去总成本,包括显性和隐性的成本。
会计利润:总收入减去总显性成本。
明确成本:投入成本需要支出的钱的公司。
隐性成本:投入成本,不需要花费钱的公司。
经济成本:
会计成本:
机会成本
沉没成本:成本已提交,不能恢复。
长期短期成本/费用:
总成本:
固定成本:成本不随产量的数量生产。
可变成本:成本随产出的数量生产。
平均总成本:总成本除以产量的数量。
平均固定成本:固定成本除以产量的数量。