微观经济学-(英文版)名词解释

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1、微观经济名词解释CHAPTER1Scarcity：thelimitednatureofsociety’sresources.Economics：thestudyofhowsocietymanagesitsscarceresources.Efficiency：thepropertyofsocietygettingthemostitcanfromitsscarceresources.Equity：thepropertyofdistributingeconomicprosperityfairlyamongthemembersofsociety.Opportun

2、itycost：whatevermustbegivenuptoobtainsomeitem.Rationalpeople：peoplewhosystematicallyandpurposefullydothebesttheycantoachievetheirobjectives.Marginalchanges：smallincrementaladjustmentstoaplanofaction.Incentive：somethingthatinducesapersontoact.Marketeconomy：aneconomythatallocatesre

3、sourcesthroughthedecentralizeddecisionsofmanyfirmsandhouseholdsastheyinteractinmarketsforgoodsandservices.Propertyrights：theabilityofanindividualtoownandexercisecontroloverscarceresources.Marketfailure：asituationinwhichamarketleftonitsownfailstoallocateresourcesefficiently.Extern

4、ality：theimpactofoneperson’sactionsonthewell-beingofabystander.Marketpower：theabilityofasingleeconomicactor(orsmallgroupofactors)tohaveasubstantialinfluenceonmarketprices.Productivity：thequantityofgoodsandservicesproducedfromeachhourofaworker’stime.Inflation：anincreaseintheoveral

5、llevelofpricesintheeconomy.Businesscycle：fluctuationsineconomicactivity,suchasemploymentandproduction.CHAPTER2Circular-flowdiagram：avisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirms.Productionpossibilitiesfrontier：agraphthatshowsthecombinationsof

6、outputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnology.Microeconomics：thestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinmarkets.Macroeconomics：thestudyofeconomy-widephenomena,includinginflation,unemployment,ande

7、conomicgrowth.Positivestatements：claimsthatattempttodescribetheworldasitis.Normativestatements：claimsthatattempttoprescribehowtheworldshouldbe.Chapter3Absoluteadvantage：theabilitytoproduceagoodusingfewerinputsthananotherproducerOpportunitycost：whatevermustbegivenuptoobtainsomeite

8、mComparativeadvantage：theabilitytoproduc