Scarcity the limited nature of society‟s resources
Economics the 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
Marginal changes small incremental adjustments to a plan of action
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
Market failure a s/tuition in which a market left on its own fails to allocate resources efficiently Externality 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
Philips curve a curve that shows the short-run tradeoff between inflation and unemployment Business cycle fluctuations in economic activity，such as employment and produaion
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
Positive statements claims that attempt to do describe the world as it is
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Normative statements claims that attempt to prescribe how the world should be
Absolute advantage the comparison among producers of a good according to their productivity Opportunity cost whatever must be given up to obtain some item
Comparative advantage the comparison among producers of a good according to their opportunity cost
Imports goods produced abroad and sold domestically
Exports goods produced domestically and sold abroad
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 a good for which, other things equal, an increa in income leads to an increa in demand清蒸螃蟹的做法和步骤
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Inferior good 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 leads to an increa in the demand for the other
Complements two goods for which an increa in the price of one 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 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 Surplus a situation in which quantity supplied is greater than quantity demanded
Shortage a situation in which quantity demanded is greater than quantity supplied
Laws of supply and demand the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
Elasticity a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
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 e percentage change in quantity demanded divided by the percentage change in price
Income elasticity of demand a measure of how much the quantity demanded of a good responds to a change in consumers‟ income, computed as the percentage change tn quantity demanded divided by the percentage change in income
Cross-price elasticity of demand a measure of how much the quantity demanded of one good respond to a change in the price of another good, computed as the percentage change m quantity demanded of the first good divided by the percentage change in the price of the cond good 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
Price ceiling a legal maximum on the price at which a good can be sold
Price floor a legal minimum on the price at which a good can be sold
Tax incidence the manner in which the burden of a tax is shared among participants in a market Welfare economics the study of how the allocation of resources affects economic well-being Willingness to pay the maximum amount that a buyer will pay for a good
Consumer surplus a buyer‟s willingness to pay minus the amount the buyer actually pays
Cost the value of everything a ller must give up to produce a good
Producer surplus the amount a ller is paid for a good minus the ller‟s cost
Efficiency the property of a resource allocation of maximizing the total surplus received by all members of society跟随的英文
Equity the fairness of the distribution of well-being among the members of society Deadweight loss the fall in total surplus that results from a market distortion, such as a tax World price the price of a good that prevails in the world market for that good
Tariff a tax on goods produced abroad and sold domestically
Import quota a limit on the quantity of a good that can be produced abroad and sold domestically Externality the uncompensated impact of one person‟s actions on the well-being of a bystander Internalizing an externality altering incentives so that people take account of the external effects of their actions
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
Transaction costs the costs that parties incur in the process of agreeing and following through on a bargain
Pigovian tax a tax enacted to correct the effects of a negative externality
Excludability the property of a good whereby a person can be prevented from using it
Rivalry the property of a good whereby one person‟s u diminishes other people‟s u
Private goods goods that are both excludable and rival
Public goods goods that are neither excludable nor rival
Common resources goods that are rival but not excludable
Free rider a person who receives the benefit of a good but avoids paying for it
Cost-benefit analysis a study that compares the costs and benefits to society of providing a public good
Tragedy of the Commons a parable that illustrates why common resources get ud more than is desirable from the standpoint of society as a whole
Budget surplus an excess of government receipts over government spending
Budget deficit an excess of government spending over government receipts
A verage tax rate total taxes paid divided by total income
Marginal tax rate the extra taxes paid on an additional dollar of income
Lump-sum tax a tax that is the same amount for every person
Benefits principle the idea that people should pay taxes bad on the benefits they receive from government rvices
Ability-to-pay principle the idea that taxes‟ should be levied on a person according to how well that person can shoulder the burden
V ertical equity the idea that taxpayers with a greater ability to pay taxes should pay larger amounts Horizontal equity the idea that taxpayers with similar abilities to pay taxes should pay the same amount羽毛球场地尺寸
Proportional tax a tax for which high-income and low-income taxpayers pay the same fraction of income
Regressive tax a tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayers
Progressive tax a tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayers
Total revenue the amount a firm receives for the sale of its output
正反打印Total cost the market value of the inputs a firm us in production
Profit total revenue minus total cost
Explicit costs input costs that require an outlay of money by the firm
Implicit costs input costs that do not require an outlay of money by the firm
Economic profit total revenue minus total cost, including both explicit and implic it costs Accounting profit total revenue minus total explicit cost
Production function the relationship between quantity of inputs ud to make a good and the quantity of output of the good
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Marginal product the increa in output that aris from an additional unit of input
Diminishing marginal product the property whereby the marginal product of an input declines as the quantity of the input increas
Fixed costs costs that do not vary with the quantity of output produced
V ariable costs costs that do vary with the quantity of output produced
A verage total cost total cost divided by the quantity of output
A verage fixed cost fixed costs divided by the quantity of output
A verage variable cost variable costs divided by the quantity of output
Marginal cost the increa in total cost that aris from an extra unit of production
Efficient scale the quantity of output that minimizes average total cost
Economies of scale the property whereby long-run average total cost falls as the quantity of output increas
Diconomies of scale the property whereby long-run average total cost ris as the quantity of output increas
Constant returns to scale the property whereby long-run average total cost stays the same as the quantity of output changes
Competitive market a market with many buyers and llers trading identical products so that each buyer and tter is a price taker
A verage revenue total revenue divided by the quantity sold
Marginal revenue the change in total revenue from an additional unit sold
浮潜Sunk cost a cost that has already been committed and cannot be recovered
Monopoly a firm that is the sole ller of a product without clo substitutes
Natural monopoly a monopoly that aris becau a single firm can supply a good or rvice to an entire market at a smaller cost than could two or more firms
Price discrimination the business practice of lling the same good at different prices to different customers
Oligopoly a market structure in which only a few ttlers offer similar or identical products Monopolistic competition a market structure in which many firms ll products that are similar but not identical
Collusion an agreement among firms in a market about quantities to produce or prices to charge Cartel a group of firms acting in unison
Nash equilibrium a situation in which economic actors interacting with one another each choo their best strategy given the strategies that a/l the other actors have chon
Game theory the study of how people behave in strategic situations
Prisoners‟ dilemma a particular “game‟ between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial
Dominant strategy a strategy that is best for a player in a game regardless of the strategies chon by the other players
Monopolistic competition a market structure in which many firms ll products that are similar but not identical
Factors of production the inputs ud‟ to produce goods and rvices
Production function the relationship between the quantity of inputs ud to make a good and the
quantity of output of that good
Marginal product of labor the increa in the amount of output from an additional unit of labor Diminishing marginal product the property whereby the marginal product of an input declines as the quantity of the input increas
V alue of the marginal product the marginal product of an input times the price of the output Capital the equipment and structures ud to produce goods and rvices
Compensating differential a difference in wages that aris to offt the nonmonetary characteristics of different jobs
Human capital the accumulation of investments in people, such as education and on-the-job training
Union a worker association that bargains with employers over wages and working conditions Strike the organized withdrawal of labor from a firm by union
Efficiency wages above-equilibrium wages paid by firms in order to increa worker productivity Discrimination the offering of different opportunities to similar individuals who differ only by race, ethnic group, x, age, or other personal characteristics
Poverty rate the percentage of the population who family income falls below an absolute level called the poverty line
Poverty line an absolute level of income t by the federal government for each family size below which a family is deemed to be in poverty
In-kind transfers transfers to the poor given in the form of goods and rvices-rather than cash Life cycle the regular pattern of income variation over a person‟s life
Permanent income a person‟s normal income
Utilitarianism the political philosophy according to which the government should choo policies to maximize the total utility of everyone in society
Utility a measure of happiness or satisfaction
Liberalism the political philosophy according to which the government should choo policies deemed to be just, as evaluated by an impartial obrver behind a “veil of ignorance‟‟
Maximin criterion the claim that the government should aim to maximize the well-being of the worst-off person in society
Libertarianism the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income
Welfare government programs that supplement the incomes of the needy
Negative income tax a tax system that collects revenue from high-income houholds and gives transfers to tow-income houholds
Budget constraint the limit on the consumption bundles that a consumer can afford Indifference curve a curve that shows consumption bundles that give the consumer the same level of satisfaction
Marginal rate of substitution the rate at which a consumer is willing to trade one good for another Perfect substitutes two goods with straight-line indifference curves
Perfect complements two goods with right-angle indifference curves
Normal good a good for which an increa in income rais the quantity demanded
Inferior good a good for which an increa in income reduces the quantity demanded
Income effect the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve
