Ability-to-pay principle（税收的）能力支付原则: The idea that taxes should be levied on a person according to how well that person can shoulder the burden
Absolute advantage绝对优势: The comparison among producers of a good according to their productivity
Accounting profit会计利润: Total revenue minus total explicit cost
Adver lection逆向选择: The tendency for the mix of unobrved attributes to become undesirable from the standpoint of an uninformed party
Agent代理人: A person who is performing an act for another person, called the principal
Arrow’s impossibility theorem阿罗不可能定理: A mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid t of social preferences
Average fixed cost平均固定成本: Fixed costs divided by the quantity of output
Average revenue平均收益: Total revenue divided by the quantity sold
Average tax rate平均税率: Total taxes paid divided by total income
Average total cost平均总成本: Total cost divided by the quantity of output
Average variable cost平均可变成本: Variable costs divided by the quantity of output
Benefits principle受益原则: The idea that people should pay taxes bad on the benefits they receive from government rvices
Budget constraint预算约束: The limit on the consumption bundles that a consumer can afford
Budget deficit预算赤字: An excess of government spending over government receipts
Budget surplus预算盈余: An excess of government receipts over government spending
Business cycle经济周期: Fluctuations in economic activity, such as employment and production
Capital资产: The equipment and structures ud to produce goods and rvices
Cartel 卡特尔: A group of firms acting in unison
Circular-flow diagram循环流向图: A visual model of the economy that shows how dollars flow through markets among houholds and firms
Coa theorem科斯定理: 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
Collusion共谋: An agreement among firms in a market about quantities to produce or prices to charge
Common resources共同资源: Goods that are rival but not excludable
Comparative advantage比较优势: The comparison among producers of a good according to their opportunity cost
Compensating differential补偿性工资差别: A difference in wages that aris to offt the nonmonetary characteristics of different jobs
Competitive market竞争性市场: A market with many buyers and llers trading identical products so that each buyer and ller is a price taker
Complements互补性商品: Two goods for which an increa in the price of one leads to a decrea in the demand for the other
Condorcet paradox孔多塞伯伦: the failure of majority rule to produce transitive preferences for society
Constant return
s to scale规模报酬不变: The property whereby long-run average total cost stays the same as the quantity of output changes
Consumer surplus消费者剩余: A buyer’s willingness to pay minus the amount the buyer actually pays
Cost成本: The value of everything a ller must give up producing a good
Cost-benefit analysis成本收益分析: A study that compares the costs and benefits to society of providing a public good
Cross-price elasticity of demand需求的交叉价格弹性: A measure of how much the quantity demande
d of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in the price of the cond good
Deadweight loss无谓损失: The fall in total surplus that results from a market distortion, such as a tax
Demand curve需求曲线: A graph of the relationship between the price of a good and the quantity demanded
Demand schedule需求表: A table that shows the relationship between the price of a good and the quantity demanded
Diminishing marginal product边际产品递减: The property whereby the
marginal product of an input declines as the quantity of the input increas
Discrimination歧视: The offering of different opportunities to similar individuals who differ only by race, ethnic group, x, age, or other personal characteristics
Diconomies of scale规模不经济: The property whereby long-run average total cost ris as the quantity of output increas
Dominant strategy占优策略: A strategy that is best for a player in a game regardless of the strategies chon by the other players
Economic profit经济利润: Total revenue minus total cost, including both explicit and implicit costs
Economics经济学: The study of how society manages its scarce resources
Economies of scale规模经济: The property whereby long-run average total cost falls as the quantity of output increas
Efficiency效率: The property of society getting the most it can from its scarce resources
Efficiency wages效率工资: Above-equilibrium wages paid by firms in order to increa worker productivity
Efficient scale有效规模: the quantity of output that minimizes average total cost
Elasticity弹性: a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
Equilibrium均衡: a situation in which the price has reached the level where quantity supplied equals quantity demanded
Equilibrium price均衡价格: the price that balances quantity supplied and quantity demanded
Equilibrium quantity均衡数量: the quantity supplied and the quantity demanded at the equilibrium price
Equity平等: the property of distributing economic prosperity fairly among the members of society
Excludability排他性: the property of a good whereby a person can be prevented from using it
Explicit costs显性成本: input costs that require an outlay of money by the firm
Export
出口: goods produced domestically and sold abroad
Externality外部性: the uncompensated impact of one person’s actions on the wellbeing of a bystander
Factors of production生产要素: the inputs ud to produce goods and rvices
Fixed costs固定成本: costs that do not vary with the quantity of output produced
Free rider免费搭车者: a person who receives the benefit of a good but avoids paying for it
Game theory博弈论: the study of how people behave in strategic situations
Horizontal equity横向公平: the idea that taxpayers with similar abilities to pay taxes should pay the same amount
Human capital人力资本: the accumulation of investment in people, such as education and on-the-job training
Idiosyncratic risk: risk that affects only a single economic actor
Implicit costs隐性成本: input costs that do not require an outlay of money by the firm
Import quota进口配额: a limit on the quantity of a good that can be produced abroad and sold domestically
Imports进口: goods produced abroad and sold domestically
Income effect收入效应: the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve
Income elasticity of demand需求的收入弹性: 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
Indifference curve无差异曲线: a curve that shows consumption bundles that give the consumer the same level of satisfaction
Inferior good低档商品: a good for which, other things equal, an increa in income leads to a decrea in demand
Inflation通货膨胀: an increa in the overall level of prices in the economy
Inflation rate: the percentage change in the price index from the preceding period
In-kind transfers实物转移支付: transfers to the poor given in the form of goods and rvices rather than cash
Internalizing an externality外部性的内在化: altering incentives so that people take account of the external effects of their actions
Law of demand需求定理: the claim that, other things equal, the quantity demanded of a good falls when the price of the good ris
Law of supply供给定理: the claim that, other things equal, the quantity supplied of a good ris when the price of the good ris
Law of supply and demand需求与供给定理: the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
Liberalism自由主义: the political philosophy according to which the government should choo policies deemed to be just, as evaluated by an impartial obrve behind a “veil of ignorance”
Libertarianism自由至上主义: the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income
Life cycle生命周期: the regular pattern
of income variation over a person’s life
Lump-sum tax定额税: a tax that is the same amount for every person
Market power市场势力: the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
Maximin criterion极大极小准则: the claim that the government should aim to maximize the well-being of the worst-off person in society
Median voter theorem中位选举人订立: a mathematical result showing that if voters are choosing a point along a line and each voter wants the point clost to his most preferred point, then majority rule will pick the most preferred point of the median voter
Macroeconomics宏观经济学: the study of economy-wide phenomena, including inflation, unemployment, and economic growth
Marginal changes边际变动: small incremental adjustments to a plan of action
Marginal cost边际成本: the increa in total cost that aris from an extra unit of production
Marginal product边际产品: the increa in output that aris from an additional unit of input
Marginal product of labor劳动的边际产品: the increa in the amount of output from an additional unit of labor
Marginal rate of substitution边际替代率: the rate at which a consumer is willing to trade one good for another
Marginal revenue边际收益: the change in total revenue from an additional unit sold
Marginal tax rate边际税率: the extra taxes paid on an additional dollar of income
Market市场: a group of buyers and llers of a particular good or rvices
Market economy市场经济: 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市场失灵: a situation in which a market left on its own fails to allocate resources efficiently
Microeconomics微观经济学: the study of how houholds and firms make decisions and how they interact in markets
monopolistic competition垄断竞争: market structures in which many firms ll products that are similar but not identical
Monopoly垄断: a firm that is the sole ller of a product without clo substitutes
Moral hazard道德风险: the tendency of a person who is imperfectly monitored to engage in dishonest or otherwi undesirable behavior
Nash equilibrium纳什均衡: a situation in which economic actors interacting with one another each choo their best strategy given the strategies that all the more firms
Negative income tax负所得税: a tax system that collects revenue from high-income houholds and gives transfers to low-income houholds
Normal good正常商品: a good for which, other things equal, an increa in income leads to an increa in demand
Normative statement规范性表述: claims that attempt to prescribe how the world should be
Oligopoly寡头: a market structure in which only a few llers offer similar or identical products
Opportunity cost机会成本: whatever must
be given up to obtain some item
Perfect complement完全互补品: two goods with right-angle indifference curves
Perfect substitutes完全替代品: two goods with straight-line indifference curves
Permanent income持久性收入: a person’s normal income
Phillips curve菲利普斯曲线: a curve that shows the short-run tradeoff between inflation and unemployment
Pigovian tax庇古税: a tax enacted to correct the effects of a negative externality
Poverty line贫困线: an absolute level of income t by the federal government for each family size below which a family is deemed to be in poverty
Poverty rate贫困率: The percentage of the population who family income falls below an absolute level called the poverty line
Price ceiling价格天花板（上限）: a legal maximum on the price at which a good can be sold
Price discrimination价格歧视: the business practice of lling the same good at different prices to different customers
Price elasticity of demand需求的价格弹性: 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 change in quantity demanded divided by the percentage change in price
Price elasticity of supply供给的价格弹性: 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 floor价格地板（下限）: a legal minimum on the price at which a good can be sold
Principal委托人: a person for whom another person, called the agent, is performing some act
Prisoners’ dilemma囚徒困境: a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial
Private goods私人物品: goods that are both excludable and rival
Producer price index: a measure of the cost of a basket of goods and rvices bought by firms
Producer surplus生产者剩余: the amount a ller is paid for a good minus the ller’s cost
Production function生产函数: the relationship between quantity of input ud to make a good and the quantity of output of that good
Production possibilities frontier生产可能性曲线: 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
Productivity生产率: the quantity of goods and rvices produced from each hour of a worker’s time
Profit 利润: Total revenue minus total cost
Progressive tax累进税: a tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayers
Proportional tax比例税: a tax for which high-income and low-income taxpayers pay the same fraction of income
Public goods公共产品: goods that are neither excludable nor rival
Quantity demanded需求数量: the amount of a good that buyers
