微观经济学 (英文版)名词解释.doc

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

2、hemembersofsociety.Opportunitycost:whatevermustbegivenuptoobtainsomeitem.Rational:systematicallyandpurposefullydoingthebestyoucantoachieveyourobjectives.Marginalchanges:smallincrementaladjustmentstoaplanofaction.Incentive:somethingthatinducesapersontoac

3、t.Marketeconomy:aneconomythatallocatesresourcesthroughthedecentralizeddecisionsofmanyfirmsandhouseholdsastheyinteractinmarketsforgoodsandservices.Propertyrights:theabilityofanindividualtoownandexercisecontroloverscarceresources.Marketfailure:asituationi

4、nwhichamarketleftonitsownfailstoallocateresourcesefficiently.Externality:theimpactofoneperson’sactionsonthewell-beingofabystander.Marketpower:theabilityofasingleeconomicactor(orsmallgroupofactors)tohaveasubstantialinfluenceonmarketprices.Productivity:th

5、equantityofgoodsandservicesproducedfromeachhourofaworker’stime.Inflation:anincreaseintheoveralllevelofpricesintheeconomy.Phillipscurve:acurvethatshowstheshort-runtradeoffbetweeninflationandunemployment.Businesscycle:fluctuationsineconomicactivity,suchas

6、employmentandproduction.CHAPTER2Circular-flowdiagram:avisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirms.Productionpossibilitiesfrontier:agraphthatshowsthecombinationsofoutputthattheeconomycanpossiblyproducegiventheavail

7、ablefactorsofproductionandtheavailableproductiontechnology.Microeconomics:thestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinmarkets.Macroeconomics:thestudyofeconomy-widephenomena,includinginflation,unemployment,andeconomicgrowth.Positivest

8、atements:claimsthatattempttodescribetheworldasitis.Positivestatements:claimsthatattempttodescribetheworldasitis.CHAPTER4Quantitydemanded:theamountofagoodthatbuyersarewillingandabletopurchase.Lawofdemand:theclaimthat,otherthingseq