(完整版)微观经济学(英文版)名词解释

微观经济名词解释CHAPTER1Scarcity:thelimitednatureofsociety’sresources.Economics:thestudyofhowsocietymanagesitsscarceresources.Efficiency:thepropertyofsocietygettingthemostitcanfromitsscarceresources.Equity:thepropertyofdistributingeconomicprosperityfairlyamongthemembersofsociety.Opportunitycost:whatevermustbegivenuptoobtainsomeitem.Rational:systematicallyandpurposefullydoingthebestyoucantoachieveyourobjectives.Marginalchanges:smallincrementaladjustmentstoaplanofaction.Incentive:somethingthatinducesapersontoact.Marketeconomy:aneconomythatallocatesresourcesthroughthedecentralizeddecisionsofmanyfirmsandhouseholdsastheyinteractinmarketsforgoodsandservices.Propertyrights:theabilityofanindividualtoownandexercisecontroloverscarceresources.Marketfailure:asituationinwhichamarketleftonitsownfailstoallocateresourcesefficiently.Externality:theimpactofoneperson’sactionsonthewell-beingofabystander.Marketpower:theabilityofasingleeconomicactor(orsmallgroupofactors)tohaveasubstantialinfluenceonmarketprices.Productivity:thequantityofgoodsandservicesproducedfromeachhourofaworker’stime.Inflation:anincreaseintheoveralllevelofpricesintheeconomy.Phillipscurve:acurvethatshowstheshort-runtradeoffbetweeninflationandunemployment.Businesscycle:fluctuationsineconomicactivity,suchasemploymentandproduction.CHAPTER2Circular-flowdiagram:avisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirms.Productionpossibilitiesfrontier:agraphthatshowsthecombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnology.Microeconomics:thestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinmarkets.Macroeconomics:thestudyofeconomy-widephenomena,includinginflation,unemployment,andeconomicgrowth.Positivestatements:claimsthatattempttodescribetheworldasitis.Positivestatements:claimsthatattempttodescribetheworldasitis.CHAPTER4Quantitydemanded:theamountofagoodthatbuyersarewillingandabletopurchase.Lawofdemand:theclaimthat,otherthingsequal,thequantitydemandedofagoodfallswhenthepriceofthegoodrises.Demandschedule:atablethatshowstherelationshipbetweenthepriceofagoodandthequantitydemanded.Demandcurve:agraphoftherelationshipbetweenthepriceofagoodandthequantitydemanded.Normalgood:agoodforwhich,otherthingsequal,anincreaseinincomeleadstoanincreaseindemand.Inferiorgood:agoodforwhich,otherthingsequal,anincreaseinincomeleadstoadecreaseindemand.Substitutes:twogoodsforwhichanincreaseinthepriceofonegoodleadstoanincreaseinthedemandfortheother.Complements:twogoodsforwhichanincreaseinthepriceofonegoodleadstoadecreaseinthedemandfortheother.quantitysupplied:theamountofagoodthatsellersarewillingandabletosell.Lawofsupply:theclaimthat,otherthingsequal,thequantitysuppliedofagoodriseswhenthepriceofthegoodrises.Supplyschedule:atablethatshowstherelationshipbetweenthepriceofagoodandthequantitysupplied.Supplycurve:agraphoftherelationshipbetweenthepriceofagoodandthequantitysupplied.Equilibrium:asituationinwhichthepricehasreachedthelevelwherequantitysuppliedequalsquantitydemanded.Equilibriumprice:thepricethatbalancesquantitysuppliedandquantitydemanded.Equilibriumquantity:thequantitysuppliedandthequantitydemandedattheequilibriumprice.Surplus:asituationinwhichquantitysuppliedisgreaterthanquantitydemanded.Shortage:asituationinwhichquantitydemandedisgreaterthanquantitysupplied.Lawofsupplyanddemand:theclaimthatthepriceofanygoodadjuststobringthesupplyanddemandforthatgoodintobalance.CHAPTER5Elasticityameasureoftheresponsivenessofquantitydemandedorquantitysuppliedtooneofitsdeterminants.Priceelasticityofdemand:ameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.Totalrevenue:theamountpaidbybuyersandreceivedbysellersofagood,computedasthepriceofthegoodtimesthequantitysold.Incomelasticityofdemand:ameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinconsumers’income,computedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinincome.Crosspriceelasticityofdemand:ameasureofhowmuchthequantitydemandedofonegoodrespondstoachangeinthepriceofanothergood,computedasthepercentagechangeinthequantitydemandedofthefirstgooddividedbythepercentagechangeinthepriceofthesecondgood.Priceelasticityofsupply:ameasureofhowmuchthequantitysuppliedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitysupplieddividedbythepercentagechangeinprice.CHAPTER6Priceceiling:alegalmaximumonthepriceatwhichagoodcanbesold.Pricefloor:alegalminimumonthepriceatwhichagoodcanbesold.Taxincidence:themannerinwhichtheburdenofataxissharedamongparticipantsinamarket.CHAPTER7Welfareeconomics:thestudyofhowtheallocationofresourcesaffectseconomicwell-being.Willingnesstopay:themaximumamountthatabuyerwillpayforagood.Consumersurplus:abuyer’swillingnesstopayminustheamountthebuyeractuallypays.Cost：thevalueofeverythingasellermustgiveuptoproduceagood.Producersurplus:theamountasellerispaidforagoodminustheseller’scost.Eficiency:thepropertyofaresourceallocationofmaximizingthetotalsurplusreceivedbyallmembersofsociety.Euity:fairnessofthedistributionofwell-beingamongthemembersofsociety.CHAPTER8Deadweightloss:thefallintotalsurplusthatresultsfromamarketdistortion,suchasatax.CHAPTER10Externality:theuncompensatedimpactofoneperson’sactionson-beingthewellofabystander.Internalizinganexternality:alteringincentivessothatpeopletakeaccountoftheexternaleffectsoftheiractions.Coasetheorem:thepropositionthatifprivatepartiescanbargainwithoutcostovertheallocationofresources,theycansolvetheproblemofexternalitiesontheirown.Transactioncosts:thecoststhatpartiesincurintheprocessofagreeingandfollowingthroughonabargain.CHAPTER11Excludability:thepropertyofagoodwherebyapersoncanbepreventedfromusingit.Rivalryinconsumption:thepropertyofagoodwherebyoneperson’susediminishesotherpeople’suse.Privategoods:goodsthatarebothexcludableandrival.Publicgoods:goodsthatareneitherexcludablenorrival.Commonresources:goodsthatarerivalbutnotexcludable.Freerider:apersonwhoreceivesthebenefitofagoodbutavoidspayingforit.Costbenefitanalysis:astudythatcomparesthecostsandbenefitstosocietyofprovidingapublicgood.Tragedyofthecommons:aparablethatillustrateswhycommonresourcesgetusedmorethanisdesirablefromthestandpointofsocietyasawhole.CHAPTER13Totalrevenue:theamountafirmreceivesforthesaleofitsoutput.Totalcost:themarketvalueoftheinputsafirmusesinproduction.profit:totalrevenueminustotalcost.explicitcosts:inputcoststhatrequireanoutlayofmoneybythefirm.Implicitcosts:inputcoststhatdonotrequireanoutlayofmoneybythefirm.Economicprofit:totalrevenueminustotalcost,includingbothexplicitandimplicitcosts.Accountingprofit:totalrevenueminustotalexplicitcost.Productionfunction:therelationshipbetweenquantityofinputsusedtomakeagoodandthequantityofoutputofthatgood.Marginalproduct:theincreaseinoutputthatarisesfromanadditionalunitofinput.Diminishingmarginalproduct:thepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases.Fixedcosts:coststhatdonotvarywiththequantityofoutputproduced.Variablecosts:coststhatdovarywiththequantityofoutputproduced.Averagetotalcost:totalcostdividedbythequantityofoutput.Averagefixedcost:fixedcostsdividedbythequantityofoutput.Averagevariablecost:variablecostsdividedbythequantityofoutput.Marginalcost:theincreaseintotalcostthatarisesfromanextraunitofproduction.Efficientscale:thequantityofoutputthatminimizesaveragetotalcost.Economiesofscale:thepropertywherebylong-runaveragetotalcostfallsasthequantityofoutputincreases.Diseconomiesofscale:thepropertywherebylong-runaveragetotalcostrisesasthequantityofoutputincreases.Constantreturnstoscale:thepropertywherebylong-runaveragetotalcoststaysthesameasthequantityofoutputchanges.CHAPTER14Competitivemarket:amarketwithmanybuyersandsellerstradingidenticalproductssothateachbuyerandsellerisapricetaker.Averagerevenue:totalrevenuedividedbythequantitysold.Marginalrevenue:thechangeintotalrevenuefromanadditionalunitsold.Sunkcost:acostthathasbeencommittedandcannotberecovered.CHAPTER15Monopolyafirmthatisthesolesellerofaproductwithoutclosesubstitutes.Naturalmonopoly:amonopolythatarisesbecauseasinglefirmcansupplyagoodorservicetoanentiremarketatasmallercostthancouldtwoormorefirms.Pricediscrimination:thebusinesspracticeofsellingthesamegoodatdifferentpricestodifferentcustomers.CHAPTER16Oligopoly:amarketstructureinwhichonlyafewsellersoffersimilaroridenticalproducts.Monopolisticcompetition:amarketstructureinwhichmanyfirmssellproductsthataresimilarbutnotidentical.Collusion:anagreementamongfirmsinamarketaboutquantitiestoproduceorpricestocharge.Carte:agroupoffirmsactinginunison.Nashequilibrium:asituationinwhicheconomicactorsinteractingwithoneanothereachchoosetheirbeststrategygiventhestrategiesthatalltheotheractorshavechosen.Gametheory:thestudyofhowpeoplebehaveinstrategicsituations.Prisoners’dilemma:aparticular"game"betweentwocapturedprisonersthatillustrateswhycooperationisdifficulttomaintainevenwhenitismutuallybeneficial.Dominantstrategy:astrategythatisbestforaplayerinagameregardlessofthestrategieschosenbytheotherplayers.CHAPTER17Monopolisticcompetition:amarketstructureinwhichmanyfirmssellproductsthataresimilarbutnotidentical.