名词解释
1.Scarcity
The limited nature of society’s resources.
人教版高一英语单词2.Efficiency
The property of society getting the most it can from its scarce resources.
3.Opportunity Cost
Whatever must be given up to obtain some item.
4.Market Failure
A situation in which a market left on its own fails to allocate resources efficiently.
5.Externality
The impact of one person’s actions on the well-being of a bystander.
6.Circular-flow Diagram
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A visual model of the economy that shows how dollars flow through markets among houholds and firms.
7.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.
8.Microeconomicsjuggernaut
改善英文 The study of how houholds and firms make decisions and how they interact in markets.
9.Macroeconomics
The study of economy-wide phenomena, including inflation,unemployment, and economic growth.
10.Positive Statements
Claims that attempt to describe the world as it is.
11.Normative Statements
Claims that attempt to prescribe how the world should be.
12.Absolute Advantage
The comparison among producers of a good according to their productivity.
control13.Comparative Advantage
The comparison among producers of a good according to their opportunity cost.
14.Competitive Market
A market in which there are many buyers and many llers so that each has a negligible impact on the marketprice.
15.Law of Demand出国出国留学
The claim that, other things equal, the quantity demanded of a good falls when the price of the good ris.
16.Normal Good
A good for which, other things equal,an increa in income leads to an increa in demand.
17.Inferior Good
A good for which, other things equal,an increa in income leads to a decrea in demand.
18.Law of Supply
The claim that, other things equal, the quantity supplied of a good ris when the price of the good ris.
19.Equilibrium Price
The price that balances supply and demand.
20.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.
21.Elasticity
A measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants.
22.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 changein quantity demanded divided by the percentage change in price.
23.Income Elasticity of Demand
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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.
24.Cross-price 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 quantity demanded of the firstgood divided by the percentage change in the price of the condgood.
25.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.
26.Price Ceiling
A legal maximum on the price at which a good can be sold.
brainpower27.Price Floor
A legal minimum on the price at which a good can be sold.
28.Tax Incidence
The study of who bears the burdenof taxation.
29.Welfare Economics
toplan The study of how the allocation of resources affects economic well-being.
30.Willingness to Pay
The maximum amount that a buyer will pay for a good.
31.Consumer Surplus
A buyer’lingeries willingness to pay minus the amount the buyer actually pays.
32.Producer Surplus
The amount a ller is paid for a good minus the ller’s cost.
33.Deadweight Loss
The fall in total surplus that results from a market distortion, such as a tax.
34.Internalizing an Externality
Altering incentives so that people take account of the external effects of their actions.
35.Coa 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.
36.Transaction Costs
