微观经济名词解释
CHAPTER 1 Briefing
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.英语听力mp3下载
Equity ： the property of distributing economic prosperity fairly among the members of society.jms什么意思
Opportunity cost : whatever must be given up to obtain some item。
Rational : systematically and purpofully doing the best you can to achieve your objectives。
Marginal changes : small incremental adjustments to a plan of action。
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 ： 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.
Phillips curve : a curve that shows the short—run tradeoff between inflation and unemployment.
Business cycle ： fluctuations in economic activity， such as employment and production。
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.
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Microeconomics : 教师节英语怎么说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。
Positive statements托福词汇下载： claims that attempt to describe the world as it is。
Invisibal hand
Economic man
Perfect information
Market clearing
CHAPTER 2 Supply—Demand Equilibrium
身份证翻译
Quantity demanded： the amount of a good that buyers are willing and able to purcha.
Law of demand美国国情咨文： 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。
diy美白面膜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。
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 good leads to an increa in the demand for the other.
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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.
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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.
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。
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。
