surplus

Scarcitythelimitednatureofsociety‟sresources

Economicsthestudyofhowsocietymanagesitsscarceresources

Efficiencythepropertyofsocietygettingthemostitcanfromitsscarceresources

Equitythepropertyofdistributingeconomicprosperityfairlyamongthemembersofsociety

Opportunitycostwhatevermustbegivenuptoobtainsomeitem

Marginalchangessmallincrementaladjustmentstoaplanofaction

Marketeconomyaneconomythatallocatesresourcesthroughthedecentralizeddecisionsofmany

firmsandhouholdsastheyinteractinmarketsforgoodsandrvices

Marketfailureas/tuitioninwhichamarketleftonitsownfailstoallocateresourcefficiently

Externalitytheimpactofoneperson‟sactionsonthewell-beingofabystander

Marketpowertheabilityofasingleeconomicactor(orsmallgroupofactors)tohavea

substantialinfluenceonmarketprices

Productivitythequantityofgoodsandrvicesproducedfromeachhourofaworker‟stime

Inflationanincreaintheoveralllevelofpricesintheeconomy

Philipscurveacurvethatshowstheshort-runtradeoffbetweeninflationandunemployment

Businesscyclefluctuationsineconomicactivity，suchamploymentandproduaion

Circular-flowdiagramavisualmodeloftheeconomythatshowshowdollarsflowthrough

marketsamonghouholdsandfirms

Productionpossibilitiesfrontieragraphthatshowsthecombinationsofoutputthattheeconomy

canpossiblyproducegiventheavailablefactorsofproductionandtheavailableproduction

technology

Positivestatementsclaimsthatattempttododescribetheworldasitis

Normativestatementsclaimsthatattempttoprescribehowtheworldshouldbe

Absoluteadvantagethecomparisonamongproducersofagoodaccordingtotheirproductivity

Opportunitycostwhatevermustbegivenuptoobtainsomeitem

Comparativeadvantagethecomparisonamongproducersofagoodaccordingtotheiropportunity

cost

Importsgoodsproducedabroadandsolddomestically

Exportsgoodsproduceddomesticallyandsoldabroad

Marketagroupofbuyersandllersofaparticulargoodorrvice

Competitivemarketamarketinwhichtherearemanybuyersandmanyllerssothateachhasa

negligibleimpactonthemarketprice

Quantitydemandedtheamountofagoodthatbuyersarewillingandableto-purcha

Lawofdemandtheclaimthat,otherthingqual,thequantitydemandedofagoodfallswhenthe

priceofthegoodris

Demandscheduleatablethatshowstherelationshipbetweenthepriceofagoodand-thequantity

demanded

Demandcurveagraphoftherelationshipbetweenthepriceofagoodandthequantitydemanded

Normalgoodagoodforwhich,otherthingqual,anincreainincomeleadstoanincreain

demand

Inferiorgoodagoodforwhich,otherthingqual,anincreainincomeleads„toadecreain

demand

Substitutestwogoodsforwhichanincreainthepriceofoneleadstoanincreainthedemand

fortheother

Complementstwogoodsforwhichanincreainthepriceofoneleadstoadecreainthe

demandfortheother

Quantitysuppliedtheamountofagoodthatllersarewillingandabletoll

Lawofsupplytheclaimthat,otherthingqual,thequantitysuppliedofagoodriswhenthe

priceofthegoodris

Supplyscheduleatablethatshowstherelationshipbetweenthepriceofagoodandthequantity

supplied

Supplycurveagraphoftherelationshipbetweenthepriceofagoodandthequantitysupplied

Equilibriumasituationinwhichthepricehasreachedthelevelwherequantitysuppliedequals

quantitydemanded

Equilibriumpricethepricethatbalancesquantitysuppliedandquantitydemanded

Equilibriumquantitythequantitysuppliedandthequantitydemandedattheequilibriumprice

Surplusasituationinwhichquantitysuppliedisgreaterthanquantitydemanded

Shortageasituationinwhichquantitydemandedisgreaterthanquantitysupplied

Lawsofsupplyanddemandtheclaimthatthepriceofanygoodadjuststobringthequantity

suppliedandthequantitydemandedforthatgoodintobalance

Elasticityameasureoftheresponsivenessofquantitydemandedorquantitysuppliedtooneofits

determinants

Priceelasticityofdemandameasureofhowmuchthequantitydemandedofagoodrespondstoa

changeinthepriceofthatgood,computedastheepercentagechangeinquantitydemanded

dividedbythepercentagechangeinprice

Incomeelasticityofdemandameasureofhowmuchthequantitydemandedofagoodresponds

toachangeinconsumers‟income,computedasthepercentagechangetnquantitydemanded

dividedbythepercentagechangeinincome

Cross-priceelasticityofdemandameasureofhowmuchthequantitydemandedofonegood

respondtoachangeinthepriceofanothergood,computedasthepercentagechangemquantity

demandedofthefirstgooddividedbythepercentagechangeinthepriceofthecondgood

Priceelasticityofsupplyameasureofhowmuchthequantitysuppliedofagoodrespondstoa

changeinthepriceofthatgood,computedasthepercentagechangeinquantitysupplieddivided

bythepercentagechangeinprice

Priceceilingalegalmaximumonthepriceatwhichagoodcanbesold

Priceflooralegalminimumonthepriceatwhichagoodcanbesold

Taxincidencethemannerinwhichtheburdenofataxissharedamongparticipantsinamarket

Welfareeconomicsthestudyofhowtheallocationofresourcesaffectconomicwell-being

Willingnesstopaythemaximumamountthatabuyerwillpayforagood

Consumersurplusabuyer‟swillingnesstopayminustheamountthebuyeractuallypays

Costthevalueofeverythingallermustgiveuptoproduceagood

Producersurplustheamountallerispaidforagoodminustheller‟scost

Efficiencythepropertyofaresourceallocationofmaximizingthetotalsurplusreceivedbyall

membersofsociety

Equitythefairnessofthedistributionofwell-beingamongthemembersofsociety

Deadweightlossthefallintotalsurplusthatresultsfromamarketdistortion,suchasatax

Worldpricethepriceofagoodthatprevailsintheworldmarketforthatgood

Tariffataxongoodsproducedabroadandsolddomestically

Importquotaalimitonthequantityofagoodthatcanbeproducedabroadandsolddomestically

Externalitytheuncompensatedimpactofoneperson‟sactionsonthewell-beingofabystander

Internalizinganexternalityalteringincentivessothatpeopletakeaccountoftheexternaleffectsof

theiractions

Coatheoremthepropositionthatifprivatepartiescanbargainwithoutcostovertheallocation

ofresources,theycansolvetheproblemofexternalitiesontheirown

Transactioncoststhecoststhatpartiesincurintheprocessofagreeingandfollowingthroughona

bargain

Pigoviantaxataxenactedtocorrecttheeffectsofanegativeexternality

Excludabilitythepropertyofagoodwherebyapersoncanbepreventedfromusingit

Rivalrythepropertyofagoodwherebyoneperson‟sudiminishesotherpeople‟su

Privategoodsgoodsthatarebothexcludableandrival

Publicgoodsgoodsthatareneitherexcludablenorrival

Commonresourcesgoodsthatarerivalbutnotexcludable

Freeriderapersonwhoreceivesthebenefitofagoodbutavoidspayingforit

Cost-benefitanalysisastudythatcomparesthecostsandbenefitstosocietyofprovidingapublic

good

TragedyoftheCommonsaparablethatillustrateswhycommonresourcesgetudmorethanis

desirablefromthestandpointofsocietyasawhole

Budgetsurplusanexcessofgovernmentreceiptsovergovernmentspending

Budgetdeficitanexcessofgovernmentspendingovergovernmentreceipts

Averagetaxratetotaltaxespaiddividedbytotalincome

Marginaltaxratetheextrataxespaidonanadditionaldollarofincome

Lump-sumtaxataxthatisthesameamountforeveryperson

Benefitsprincipletheideathatpeopleshouldpaytaxesbadonthebenefitstheyreceivefrom

governmentrvices

Ability-to-payprincipletheideathattaxes‟shouldbeleviedonapersonaccordingtohowwell

thatpersoncanshouldertheburden

Verticalequitytheideathattaxpayerswithagreaterabilitytopaytaxesshouldpaylargeramounts

Horizontalequitytheideathattaxpayerswithsimilarabilitiestopaytaxesshouldpaythesame

amount

Proportionaltaxataxforwhichhigh-incomeandlow-incometaxpayerspaythesamefractionof

income

Regressivetaxataxforwhichhigh-incometaxpayerspayasmallerfractionoftheirincomethan

dolow-incometaxpayers

Progressivetaxataxforwhichhigh-incometaxpayerspayalargerfractionoftheirincomethan

dolow-incometaxpayers

Totalrevenuetheamountafirmreceivesforthesaleofitsoutput

Totalcostthemarketvalueoftheinputsafirmusinproduction

Profittotalrevenueminustotalcost

Explicitcostsinputcoststhatrequireanoutlayofmoneybythefirm

Implicitcostsinputcoststhatdonotrequireanoutlayofmoneybythefirm

Economicprofittotalrevenueminustotalcost,includingbothexplicitandimplicitcosts

Accountingprofittotalrevenueminustotalexplicitcost

Productionfunctiontherelationshipbetweenquantityofinputsudtomakeagoodandthe

quantityofoutputofthegood

Marginalproducttheincreainoutputthatarisfromanadditionalunitofinput

Diminishingmarginalproductthepropertywherebythemarginalproductofaninputdeclinesas

thequantityoftheinputincreas

Fixedcostscoststhatdonotvarywiththequantityofoutputproduced

Variablecostscoststhatdovarywiththequantityofoutputproduced

Averagetotalcosttotalcostdividedbythequantityofoutput

Averagefixedcostfixedcostsdividedbythequantityofoutput

Averagevariablecostvariablecostsdividedbythequantityofoutput

Marginalcosttheincreaintotalcostthatarisfromanextraunitofproduction

Efficientscalethequantityofoutputthatminimizesaveragetotalcost

Economiesofscalethepropertywherebylong-runaveragetotalcostfallsasthequantityofoutput

increas

Diconomiesofscalethepropertywherebylong-runaveragetotalcostrisasthequantityof

outputincreas

Constantreturnstoscalethepropertywherebylong-runaveragetotalcoststaysthesameasthe

quantityofoutputchanges

Competitivemarketamarketwithmanybuyersandllerstradingidenticalproductssothateach

buyerandtterisapricetaker

Averagerevenuetotalrevenuedividedbythequantitysold

Marginalrevenuethechangeintotalrevenuefromanadditionalunitsold

Sunkcostacostthathasalreadybeencommittedandcannotberecovered

Monopolyafirmthatisthesolellerofaproductwithoutclosubstitutes

Naturalmonopolyamonopolythatarisbecauasinglefirmcansupplyagoodorrvicetoan

entiremarketatasmallercostthancouldtwoormorefirms

Pricediscriminationthebusinesspracticeofllingthesamegoodatdifferentpricestodifferent

customers

Oligopolyamarketstructureinwhichonlyafewttlersoffersimilaroridenticalproducts

Monopolisticcompetitionamarketstructureinwhichmanyfirmsllproductsthataresimilarbut

notidentical

Collusionanagreementamongfirmsinamarketaboutquantitiestoproduceorpricestocharge

Cartelagroupoffirmsactinginunison

Nashequilibriumasituationinwhicheconomicactorsinteractingwithoneanothereachchoo

theirbeststrategygiventhestrategiesthata/ltheotheractorshavechon

Gametheorythestudyofhowpeoplebehaveinstrategicsituations

Prisoners‟dilemmaaparticular“game‟betweentwocapturedprisonersthatillustrateswhy

cooperationisdifficulttomaintainevenwhenitismutuallybeneficial

Dominantstrategyastrategythatisbestforaplayerinagameregardlessofthestrategieschon

bytheotherplayers

Monopolisticcompetitionamarketstructureinwhichmanyfirmsllproductsthataresimilarbut

notidentical

Factorsofproductiontheinputsud‟toproducegoodsandrvices

Productionfunctiontherelationshipbetweenthequantityofinputsudtomakeagoodandthe

quantityofoutputofthatgood

Marginalproductoflabortheincreaintheamountofoutputfromanadditionalunitoflabor

Diminishingmarginalproductthepropertywherebythemarginalproductofaninputdeclinesas

thequantityoftheinputincreas

Valueofthemarginalproductthemarginalproductofaninputtimesthepriceoftheoutput

Capitaltheequipmentandstructuresudtoproducegoodsandrvices

Compensatingdifferentialadifferenceinwagesthataristoofftthenonmonetary

characteristicsofdifferentjobs

Humancapitaltheaccumulationofinvestmentsinpeople,suchaducationandon-the-job

training

Unionaworkerassociationthatbargainswithemployersoverwagesandworkingconditions

Striketheorganizedwithdrawaloflaborfromafirmbyunion

Efficiencywagesabove-equilibriumwagespaidbyfirmsinordertoincreaworkerproductivity

Discriminationtheofferingofdifferentopportunitiestosimilarindividualswhodifferonlyby

race,ethnicgroup,x,age,orotherpersonalcharacteristics

Povertyratethepercentageofthepopulationwhofamilyincomefallsbelowanabsolutelevel

calledthepovertyline

Povertylineanabsolutelevelofincometbythefederalgovernmentforeachfamilysizebelow

whichafamilyisdeemedtobeinpoverty

In-kindtransferstransferstothepoorgivenintheformofgoodsandrvices-ratherthancash

Lifecycletheregularpatternofincomevariationoveraperson‟slife

Permanentincomeaperson‟snormalincome

Utilitarianismthepoliticalphilosophyaccordingtowhichthegovernmentshouldchoopolicies

tomaximizethetotalutilityofeveryoneinsociety

Utilityameasureofhappinessorsatisfaction

Liberalismthepoliticalphilosophyaccordingtowhichthegovernmentshouldchoopolicies

deemedtobejust,avaluatedbyanimpartialobrverbehinda“veilofignorance‟‟

Maximincriteriontheclaimthatthegovernmentshouldaimtomaximizethewell-beingofthe

worst-offpersoninsociety

Libertarianismthepoliticalphilosophyaccordingtowhichthegovernmentshouldpunishcrimes

andenforcevoluntaryagreementsbutnotredistributeincome

Welfaregovernmentprogramsthatsupplementtheincomesoftheneedy

Negativeincometaxataxsystemthatcollectsrevenuefromhigh-incomehouholdsandgives

transferstotow-incomehouholds

Budgetconstraintthelimitontheconsumptionbundlesthataconsumercanafford

Indifferencecurveacurvethatshowsconsumptionbundlesthatgivetheconsumerthesamelevel

ofsatisfaction

Marginalrateofsubstitutiontherateatwhichaconsumeriswillingtotradeonegoodforanother

Perfectsubstitutestwogoodswithstraight-lineindifferencecurves

Perfectcomplementstwogoodswithright-angleindifferencecurves

Normalgoodagoodforwhichanincreainincomeraisthequantitydemanded

Inferiorgoodagoodforwhichanincreainincomereducesthequantitydemanded

Incomeeffectthechangeinconsumptionthatresultswhenapricechangemovestheconsumerto

ahigherorlowerindifferencecurve

Substitutioneffectthechangeinconsumptionthatresultswhenapricechangemovesindifference

curvetoapointwithnewmarginalrateofsubstitution

Giffengoodagoodtorwhichanincreainthepriceraisthequantitydemanded

Moralhazardthetendencyofapersonwhoisimperfectlymonitoredtoengageindishonestor

otherwiundesirablebehavior

Agentapersonwhoisperforminganactforanotherperson,calledtheprincipal

Principalapersonforwhomanotherperson,calledtheagent,isperformingsomeact

Adverlectionthetendencyforthemixofunobrvedattributestobecomeundesirablefrom

thestandpointofanuninformedparty

Signalinganactiontakenbyaninformedpartytorevealprivateinformationtoanuninformed

party

Screeninganactiontakenbyanuninformedpartytoinduceaninformedpartytoreveal

information

Condorcetparadoxthefailureofmajorityruletoproducetransitivepreferencesforsociety

Arrow‟simpossibilitytheoremamathematicalresultshowingthat,undercertainassumed

conditions,thereisnoschemeforaggregatingindividualpreferencesintoavalidtofsocial

preferences

Ability-to-Payprinciple(税收的)能力支付原则theideathattaxesshouldbeleviedonaperson

accordingtohowwellthatpersoncanshouldertheburden

Absoluteadvantage绝对优势thecomparisonamongproducersofagoodaccordingtotheir

productivity

Accountingprofit会计利润totalrevenueminustotalexplicitcost

Adverlection逆向选择thetendencyforthemixofunobrvedattributestobecome

undesirablefromthestandpointofanuninformedparty

Agent代理人apersonwhoisperforminganactforanotherperson,calledtheprincipal

Arrow‟simpossibilitytheorem阿罗不可能定理amathematicalresultshowingthat,under

certainassumedconditions,thereisnoschemeforaggregatingindividualpreferencesintoavalid

tofsocialpreferences

Averagefixedcost平均固定成本fixedcostsdividedbythequantityofoutput

Averagerevenue平均收益totalrevenuedividedbythequantitysold

Averagetaxrate平均税率totaltaxespaiddividedbytotalincome

Averagetotalcost平均总成本totalcostdividedbythequantityofoutput

Averagevariablecost平均可变成本variablecostsdividedbythequantityofoutput

Benefitsprinciple受益原则theideathatpeopleshouldpaytaxesbadonthebenefitsthey

receivefromgovernmentrvices

Budgetconstraint预算约束thelimitontheconsumptionbundlesthataconsumercanafford

Budgetdeficit预算赤字anexcessofgovernmentspendingovergovernmentreceipts

Budgetsurplus预算盈余anexcessofgovernmentreceiptsovergovernmentspending

Businesscycle经济周期fluctuationsineconomicactivity,suchamploymentandproduction

Capital资产theequipmentandstructuresudtoproducegoodsandrvices

Cartel卡特尔agroupoffirmsactinginunison

Circular-flowdiagram循环流向图avisualmodeloftheeconomythatshowshowdollarsflow

throughmarketsamonghouholdsandfirms

Coatheorem科斯定理thepropositionthatifprivatepartiescanbargainwithoutcostover

theallocationofresources,theycansolvetheproblemofexternalitiesontheirown

Collusion共谋anagreementamongfirmsinamarketaboutquantitiestoproduceorpricesto

charge

Commonresources共源goodsthatarerivalbutnotexcludable

Comparativeadvantage比较优势thecomparisonamongproducersofagoodaccordingtotheir

opportunitycost

Compensatingdifferential补偿性工资差别adifferenceinwagesthataristoofftthe

nonmonetarycharacteristicsofdifferentjobs

Competitivemarket竞争性市场amarketwithmanybuyersandllerstradingidentical

productssothateachbuyerandllerisapricetaker

Complements互补性商品twogoodsforwhichanincreainthepriceofoneleadstoa

decreainthedemandfortheother

Condorcetparadox孔多塞悖论（投票悖论）thefailureofmajorityruletoproducetransitive

preferencesforsociety

Constantreturnstoscale规模报酬不变thepropertywherebylong-runaveragetotalcoststays

thesameasthequantityofoutputchanges

Consumersurplus消费者剩余abuyer‟swillingnesstopayminustheamountthebuyeractually

pays

Cost成本thevalueofeverythingallermustgiveuptoproduceagood

Cost-benefitanalysis成本收益分析astudythatcomparesthecostsandbenefitstosocietyof

providingapublicgood

Cross-priceelasticityofdemand需求的交叉价格弹性ameasureofhowmuchthequantity

demandedofonegoodrespondstoachangeinthepriceofanothergood,computedasthe

percentagechangeinquantitydemandedofthefirstgooddividedbythepercentagechangeinthe

priceofthecondgood

Deadweightloss无谓损失thefallintotalsurplusthatresultsfromamarketdistortion,suchasa

tax

Demandcurve需求曲线agraphoftherelationshipbetweenthepriceofagoodandthe

quantitydemanded

Demandschedule需求表atablethatshowstherelationshipbetweenthepriceofagoodand

thequantitydemanded

Diminishingmarginalproduct边际产品递减thepropertywherebythemarginalproductofan

inputdeclines．Asthequantityoftheinputincreas

Discrimination歧视theofferingofdifferentopportunitiestosimilarindividualswhodiffer

onlybyrace,ethnicgroup,x,age,orotherpersonalcharacteristics

Diconomiesofscale规模不经济thepropertywherebylong-runaveragetotalcostrisasthe

quantityofoutputincreas

Dominantstrategy占优策略astrategythatisbestforaplayerinagameregardlessofthe

strategieschonbytheotherplayers

Economicprofit经济利润totalrevenueminustotalcost,includingbothexplicitandimplicit

costs

Economics经济学thestudyofhowsocietymanagesitsscarceresources

Economiesofscale规模经济thepropertywherebylong-runaveragetotalcostfallsasthe

quantityofoutputincreas

Efficiency效率thepropertyofsocietygettingthemostitcanfromitsscarceresources

Efficiencywages效率工资above-equilibriumwagespaidbyfirmsinordertoincreaworker

productivity

Efficientscale有效规模thequantityofoutputthatminimizesaveragetotalcost

Elasticity弹性ameasureoftheresponsivenessofquantitydemandedorquantitysuppliedto

oneofitsdeterminants

Equilibrium均衡asituationinwhichthepricehasreachedthelevelwherequantitysupplied

equalsquantitydemanded

Equilibriumprice均衡价格thepricethatbalancesquantitysuppliedandquantitydemanded

Equilibriumquantity均衡数量thequantitysuppliedandthequantitydemandedatthe

equilibriumprice

Equity平等thepropertyofdistributingeconomicprosperityfairlyamongthemembersof

society

Excludability排他性thepropertyofagoodwherebyapersoncanbepreventedfromusingit

Explicitcosts显性成本inputcoststhatrequireanoutlayofmoneybythefirm

Exports出口goodsproduceddomesticallyandsoldabroad

Externality外部性theuncompensatedimpactofoneperson‟sactionsonthewellbeingofa

bystander

Factorsofproduction生产要素theinputsudtoproducegoodsandrvices

Fixedcasts固定成本coststhatdonotvarywiththequantityofoutputproduced

Freerider免费搭车者apersonwhoreceivesthebenefitofagoodbutavoidspayingforit

Gametheory博弈论thestudyofhowpeoplebehaveinstrategicsituations

Giffengood吉芬商品agoodforwhichanincreainthepriceraisthequantitydemanded

Horizontalequity横向公平theideathattaxpayerswithsimilarabilitiestopaytaxesshould

paythesameamount

Humancapital人力资本theaccumulationofinvestmentsinpeople,suchaducationand

on-the-jobtraining

Implicitcosts隐性成本inputcoststhatdonotrequireanoutlayofmoneybythefirm

Importquota进口配额alimitonthequantityofagoodthatcanbeproducedabroadand

solddomestically

Imports进口goodsproducedabroadandsolddomestically

Incomeeffect收入效应thechangeinconsumptionthatresultswhenapricechangemoves

theconsumertoahigherorlowerindifferencecurve

Incomeelasticityofdemand需求的收入弹性ameasureofhowmuchthequantitydemandedof

agoodrespondstoachangeinconsumers‟income,computedasthepercentagechangeinquantity

demandeddividedbythepercentagechangeinincome

Indifferencecurve无差异曲线acurvethatshowsconsumptionbundlesthatgivetheconsumer

thesamelevelofsatisfaction

Inferiorgood低档物品agoodforwhich,otherthingqual,anincreainincomeleads

toadecreaindemand

Inflation通货膨胀anincreaintheoveralllevelofpricesintheeconomy

In-kindtransfers实物转移支付transferstothepoorgivenintheformofgoodsandrvices

ratherthancash

Internalizinganexternality外部性的内在化alteringincentivessothatpeopletakeaccountof

theexternaleffectsoftheiractions

Lawofdemand需求定理theclaimthat,otherthingqual,thequantitydemandedofagood

fallswhenthepriceofthegoodris

Lawofsupplyanddemand需求与供给定理theclaimthatthepriceofanygoodadjuststo

bringthequantitysuppliedandthequantitydemandedforthatgoodintobalance

Liberalism自由主义thepoliticalphilosophyaccordingtowhichthegovernmentshould

choopoliciesdeemedtobejust,avaluatedbyanimpartialobrverbehinda“veilof

ignorance”

Libertarianism自由至上主义thepoliticalphilosophyaccordingtowhichthegovernment

shouldpunishcrimesandenforcevoluntaryagreementsbutnotredistributeincome

Lifecycle生命周期theregularpatternofincomevariationoveraperson‟slife

Lump-sumtax定额税ataxthatisthesameamountforeveryperson

Macroeconomics宏观经济学thestudyofeconomy-widephenomena,includinginflation,

unemployment,andeconomicgrowth

Marginalchanges边际变动smallincrementaladjustmentstoaplanofaction

Marginalcost边际成本theincreaintotalcostthatarisfromanextraunitofproduction

Marginalproduct边际产品theincreainoutputthatarisfromanadditionalunitofinput

Marginalproductoflabor劳动的边际产品theincreaintheamountofoutputfroman

additionalunitoflabor

Marginalrateofsubstitution边际替代率therateatwhichaconsumeriswillingtotradeone

goodforanother

Marginalrevenue边际收益thechangeintotalrevenuefromanadditionalunitsold

Marginaltaxrate边际税率theextrataxespaidonanadditionaldollarofincome

Market市场agroupofbuyersandllersofaparticulargoodorrvice

Marketeconomy市场经济aneconomythatallocatesresourcesthroughthedecentralized

decisionsofmanyfirmsandhouholdsastheyinteractinmarketsforgoodsandrvices

Marketfailure市场失灵asituationinwhichamarketleftonitsownfailstoallocateresources

efficiently

Marketpower市场势力theabilityofasingleeconomicactor(orsmallgroupofactors)to

haveasubstantialinfluenceonmarketprices

Maximincriterion极大极小准则theclaimthatthegovernmentshouldaimtomaximizethe

well-beingoftheworst-offpersoninsociety

Medianvotertheorem中位选举人定理amathematicalresultshowingthatifvotersare

choosingapointalongalineandeachvoterwantsthepointclosttohismostpreferredpoint,

thenmajorityrulewillpickthemostpreferredpointofthemedianvoter

Microeconomics微观经济学thestudyofhowhouholdsandfirmsmakedecisionsandhow

theyinteractinmarkets

Monopolisticcompetition垄断竞争amarketstructureinwhichmanyfirmsllproductsthat

aresimilarbutnotidentical

Monopoly垄断afirmthatisthesolellerofaproductwithoutclosubstitutes

Moralhazard道德风险thetendencyofapersonwhoisimperfectlymonitoredtoengagein

dishonestorotherwiundesirablebehavior

Nashequilibrium纳什均衡asituationinwhicheconomicactorsinteractingwithoneanother

eachchootheirbeststrategygiventhestrategiesthatalltheotheractorshavechon

Naturalmonopoly自然垄断amonopolythatarisbecauasinglefirmcansupplyagoodor

rvicetoanentiremarketatasmallercostthancouldtwoormorefirms

Negativeincometax负所得税ataxsystemthatcollectsrevenuefromhigh-income

houholdsandgivestransferstolow-incomehouholds

Normalgood正常商品agoodforwhich,otherthingqual,anincreainincomeleadsto

anincreaindemand

Normativestatements规范性表述claimsthatattempttoprescribehowtheworldshouldbe

Oligopoly寡头amarketstructureinwhichonlyafewllersoffersimilaroridentical

products

Opportunitycost机会成本whatevermustbegivenuptoobtainsomeitem

Perfectcomplements完全互补品twogoodswithright-angleindifferencecurves

Perfectsubstitutes完全替代品twogoodswithstraight-lineindifferencecurves

Permanentincome持久性收入aperson‟snormalincome

Phillipscurve菲利普斯曲线acurvethatshowstheshort-runtradeoffbetweeninflationand

unemployment

Pigoviantax庇古税ataxenactedtocorrecttheeffectsofanegativeexternality

Positivestatements实证表述claimsthatattempttodescribetheworldasitis

Povertyline贫困线anabsolutelevelofincometbythefederalgovernmentforeachfamily

sizebelowwhichafamilyisdeemedtobeinpoverty

Povertyrate贫困率thepercentageofthepopulationwhofamilyincomefallsbelowan

absolutelevelcalledthe„povertyline

Priceceiling价格天花板（上限）alegalmaximumonthepriceatwhichagoodcanbesold

Pricediscrimination价格歧视thebusinesspracticeofllingthesamegoodatdifferentprices

todifferentcustomers

Priceelasticityofdemand需求的价格弹性ameasureofhowmuchthequantitydemandedofa

goodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangein

quantitydemandeddividedbythepercentagechangeinprice

Priceelasticitysupply供给的价格弹性ameasureofhowmuchthequantitysuppliedofagood

respondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantity

supplieddividedbythepercentagechangeinprice

Pricefloor价格地板I下限）alegalminimumonthepriceatwhichagoodcanbesold

Principal委托人apersonforwhomanotherperson,calledtheagent,isperformingsomeact

Prisoners‟dilemma囚徒困境aparticular“game”betweentwocapturedprisonersthatillustrates

whycooperationisdifficulttomaintainevenwhenitismutuallybeneficial

Privategoods私人物品goodsthatarebothexcludableandrival

Producersurplus生产者剩余theamountallerispaidforagoodminustheller‟scost

Productionfunction生产函数therelationshipbetweenquantityofinputsudtomakea

goodandthequantityofoutputofthatgood

Productionpossibilitiesfrontier生产可能性曲线agraphthatshowsthecombinationsofoutput

thattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailable

productiontechnology

Productivity生产率thequantityofgoodsandrvicesproducedfromeachhourofaworker‟s

time

Profit利润totalrevenueminustotalcost

Progressivetax累进税ataxforwhichhigh-incometaxpayerspayalargerfractionoftheir

incomethandolow-incometaxpayers

Proportionaltax比例税ataxforwhichhigh-incomeandlow-incometaxpayerspaythesame

fractionofincome

Publicgoods公共产品goodsthatareneitherexcludablenorrival

Quantitydemanded需求数量theamountofagoodthatbuyersarewillingandabletopurcha

Quantitysupplied供给数量theamountofagoodthatllersarewillingandabletoll

Regressivetax累退税ataxforwhichhigh-incometaxpayerspayasmallerfractionoftheir

incomethandolow-incometaxpayers

Rivalry竞争thepropertyofagoodwherebyoneperson‟sudiminishesotherpeople‟su

Scarcity稀缺性thelimitednatureofsociety‟sresources

Screening筛选anactiontakenbyanuninformedpartytoinduceaninformedpartytoreveal

information

Shortage短缺asituationinwhichquantitydemandedisgreaterthanquantitysupplied

Signaling信号显示anactiontakenbyaninformedpartytorevealprivateinformationtoan

uninformedparty

Strike罢工theorganizedwithdrawaloflaborfromafirmbyaunion

Substitutes替代品twogoodsforwhichanincreainthepriceofoneleadstoanincreain

thedemandfortheother

Substitutioneffect替代效应thechangeinconsumptionthatresultswhenapricechangemoves

theconsumeralongagivenindifferencecurvetoapointwithanewmarginalrateofsubstitution

Sunkcost沉淀成本acostthathasalreadybeencommittedandcannotberecovered

Supplycurve供给曲线agraphoftherelationshipbetweenthepriceofagoodandthequantity

supplied

Supplyschedule供给表atablethatshowstherelationshipbetweenthepriceofagoodandthe

quantitysupplied

Surplus过剩asituationinwhichquantitysuppliedisgreaterthanquantitydemanded

Tariff关税ataxongoodsproducedabroadandsolddomestically

Taxincidence税收归宿themannerinwhichtheburdenofataxissharedamongparticipants

inamarket

Totalcost总成本themarketvalueoftheinputsafirmusinproduction

Totalrevenue(forafirm)总收益theamountafirmreceivesforthesaleofitsoutput

Totalrevenue(inamarket)总收益theamountpaidbybuyersandreceivedbyllersofagood,

computedasthepriceofthegoodtimesthequantitysold

TragedyoftheCommons公共地的悲剧aparablethatillustrateswhycommonresourcesget

udmorethanisdesirablefromthestandpointofsocietyasawhole

Transactioncosts交易成本thecoststhatpartiesincurintheprocessofagreeingandfollowing

throughonabargain

Union工会aworkerassociationthatbargainswithemployersoverwagesandworking

conditions

Utilitarianism功利主义thepoliticalphilosophyaccordingtowhichthegovernmentshould

choopoliciestomaximizethetotalutilityofeveryoneinsociety

Utility效用ameasureofhappinessorsatisfaction

Valueofthemarginalproduct边际产品价值themarginalproductofaninputtimesthepriceof

theoutput

Variablecosts可变成本coststhatvarywiththequantityofoutputproduced

Verticalequity纵向公平theideathattaxpayerswithagreaterabilitytopaytaxesshouldpay

largeramounts

Welfare福利governmentprogramsthatsupplementtheincomesoftheneedy

Welfareeconomics福利经济学thestudyofhowtheallocationofresourcesaffectconomic

well-being

Willingnesstopay支付意愿themaximumamountthatabuyerwillpayforagood

Worldprice世界价格thepriceofagoodthatprevailsintheworldmarketforthatgood