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微观经济名词解释
CHAPTER 1
Scarcity：the limited nature of society's resources。
Economics：wanglthe study of how society manages its scarce resources.
Efficiency：the property of society getting the most it can from its scarce resources。
Equity：the property of distributing economic prosperity fairly among the members of society。
Opportunity cost：whatever must be given up to obtain some item.
Rational people：people who systematically and purpofully do the best they can to achieve their objectives.
Marginal changes：small incremental adjustments to a plan of action.
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Incentive：something that induces a person to act。
Market economy：an economy that allocates resources through the decentralized decisions of many firms and houholds as they interact in markets for goods and rvices。
Property rights：the ability of an individual to own and exerci control over scarce resources。
Market failure:a situation in which a market left on its own fails to allocate resources efficiently.
Externality:火柴the impact of one person's actions on the well-being of a bystander.
Market power：the ability of a single economic actor （or small group of actors） to have a substantial influence on market prices。
Productivity：the quantity of goods and rvices produced from each hour of a worker’s time.
Inflation：an increa in the overall level of prices in the economy.
Business cycle：fluctuations in economic activity， such as employment and production。小孩子感冒
CHAPTER 2
Circular-flow diagram：a visual model of the economy that shows how dollars flow through markets among houholds and firms。
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。
Microeconomics：the study of how houholds and firms make decisions and how they interact in markets.
Macroeconomics:the study of economy—wide phenomena, including inflation, unemployment, and economic growth。
Positive statements:claims that attempt to describe the world as it is.
Normative statements：claims that attempt to prescribe how the world should be。
Chapter 3
Absolute advantage:the ability to produce a good using fewer inputs than another producer
Opportunity cost：whatever must be given up to obtain some item
Comparative advantage:the ability to produce a good at a lower opportunity cost than another producer
Exports：goods produced domestically合乎国内的and sold abroad
Imports：goods produced abroad and sold domestically
CHAPTER 4
Market:a group of buyers and llers of a particular good or rvice
Competitive market:a market in which there are many buyers and many llers so that each has a negligible impact on the market price
Quantity demanded：the amount of a good that buyers are willing and able to purcha。
Law of demand：the claim that, other things equal， the quantity demanded of a good falls when the price of the good ris.
Demand schedule:a table that shows the relationship between the price of a good and the quantity demanded.
Demand curve:a graph of the relationship between the price of a good and the quantity demanded.
Normal good下酒菜菜谱大全：a good for which, other things equal， an increa in income leads to an increa in demand。
Inferior good:杭椒牛柳a good for which， other things equal， an increa in income leads to a decrea in demand。
Substitutes：two goods for which an increa in the price of one good leads to an increa in the demand for the other.
Complements：two goods for which an increa in the price of one good leads to a decrea in the demand for the other.
Quantity supplied：the amount of a good that llers are willing and able to ll.
Law of supply：好看的表格the claim that, other things equal, the quantity supplied of a good ris when the price of the good ris.
Supply schedule:a table that shows the relationship between the price of a good and the quantity supplied.
Supply curve：a graph of the relationship between the price of a good and the quantity supplied.
Equilibrium:a situation in which the price has reached the level where quantity supplied equals quantity demanded.
Equilibrium price：the price that balances quantity supplied and quantity demanded。
Equilibrium quantity：the quantity supplied and the quantity demanded at the equilibrium price。
