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A
Ability-to-pay principle 能力纳税原则
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
Aggregate-demand curve 总需求曲线
A curve that shows the quantity of goods and services that households, firms, and the government want to buy at any price level
Aggregate-supply curve 总供给曲线
A curve that shows the quantity of goods and services that firms choose to produce and sell at any level
Appreciation 升值
An increase in the value of a currency as measured by the amount of foreign currency it can buy
Automatic stabilizers 自动稳定器
Changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action
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
Variables costs divided by the quantity of output
Accelerator 加速数
the effect on GDP of the increase in investment that results from an increase in output. For instance, the greater output leads a firm to believe that the demand for its products will rise in the future; the resulting increase in investment leads to growth in output and still further increases in investment, accelerating the expansion of the economy
Acquired endowments 后天禀赋
resources a country builds for itself, like a network of roads or an educated population
Adaptive expectations 适应性预期
expectations based on the extrapolation of events in the recent past into the future
aggregate expenditures schedule 总支出曲线
a curve that traces out the relationship between expenditures--the sum of consumption, investment, government expenditures, and net exports--and the national income, at a fixed price level
antitrust laws 反托拉斯法
laws that discourage monopoly and restrictive practices and encourage greater competition
arbitrage 套利
the process by which assets with comparable risk, liquidity, and tax treatment are priced to yield comparable expected returns
adverse selection 逆向选择
principle that says that those who most want to buy insurance tend to be those most at risk, but charging a high price for insurance (to cover the high risk)will discourage those at less risk from buying insurance at all
asset 资产
any item that is long-lived, purchased for the service it renders over its life and for what one will receive when one sells it
assistance in kind 实物援助
public assistance that provides particular goods and services, like food or medical care, rather than cash
asymmetric information 信息不对称
a situation in which the parties to a transaction have different information, as when the seller or a used car has more information about its quality then the buyer
autonomous consumption 自主消费
that part of consumption that does not depend on income
average costs 平均成本
the total costs divided by the total output
average productivity 平均产量
total quantity divided by the total quantity of input
B
Benefits principle 受益原则
The idea that people should pay taxes based on the benefits they receive from government services
Bond 债券
A certificate of indebtedness
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 spendin
barriers to entry 进入障碍
factors that prevent firms from entering a market, such as government rules or patents
basic competitive model 基本竞争模型
the model of the economy that pulls together the assumptions of self-interested consumers, profit maximizing firms, and perfectly competitive markets
bequest savings motive 储蓄的遗产动机
people save so that they can leave an inheritance to their children
Bertrand competition 伯特兰竞争
an oligopoly in which each firm believes that its rivals are committed to keeping their prices fixed and that customers can be lured away by offering lower prices
bilateral trade 双边贸易
trade between two parties
boom 繁荣
a period of time when resources are being fully used and GDP is growing steadily
C
Capital 资本
The equipment and structures used to produce goods and services
Capital flight 资本外流
A large and sudden reduction in the demand for assets located in a country
Cartel 卡特尔
A group of firms acting in unison
Catch-up effect 追赶效应
The property that countries that start off poor tend to grow more rapidly than countries that start off rich
Central bank 中央银行
An institution designed to oversee the banking system and regulate the quantity of money in the economy
Ceteris paribus 其它条件相同
A Latin phrase, translated as 'other things being equal,' used as a reminder that all variables other than the ones being studied are assumed to be constant
Circular-flow diagram 循环流向图
A visual model of the economy that shows how dollars flow through markets among households and firms
Classical dichotomy 古典二分法
The theoretical separation of nominal and real variables
Closed economy 封闭经济
An economy that does not interact with other economies in the world
Coase 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
Collective bargaining 集体谈判
The process by which unions and firms agree on the terms of employment
Collusion 勾结
An agreement among firms in a market about quantities to produce or prices to charge
Commodity money 商品货币
Money that takes the form of a commodity with intrinsic value
Common resources 共有资源
Goods that are rival but not excludable
Comparable worth 同工同酬
A doctrine according to which jobs deemed comparable should be paid the same wage
Comparative advantage 比较优势
The comparison among producers of a good according to their opportunity cost
Compensating wage differential 补偿性工资差别
A difference in wages that arises to offset the nonmonetary characteristics of different jobs
Competitive market 竞争市场
A market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
Complements 互补品
Two goods for which an increase in the price of one good leads to a decrease in the demand for the other good
Constant returns to scale 规模收益不变
The property that long-run average total cost stays the same as the quantity of output changes
Consumer price index 消费物价指数
A measure of the overall cost of the goods and services bought by a typical consumer
Consumer surplus 消费者剩余
A buyer's willingness to pay minus the amount the buyer actually pays
Consumption 消费
Spending by households on goods and services, with the exception of purchases of new housing
Cost 成本
The value of everything a seller must give up to produce 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
Crowding-out effect 挤出效应The offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending
Currency 通货
The paper bills and coins in the hands of the public
Cyclical unemployment 周期性失业
The deviation of unemployment from its natural rate
capital gain 资本增值
the increase in the value of an asset between the time it is purchased and the time it is sold
capital market 资本市场
the market in which savings are made available to investors
categorical assistance 分类帮助
public assistance aimed at a particular category of people, like the elderly or the disabled
causation 因果关系
relationship that results when an change in one variable is not only correlated with but actually causes the change in another one
central planning 中央计划
the system in which central government bureaucrats (as opposed to private entrepreneurs or even local government bureaucrats) determine what will be produced an how it will be produced
centralization 集权
organizational structure in which decision making is concentrated at the top
centrally planned economy 中央计划经济
an economy in which most decisions about resource allocation are made by the central government
certificate of deposit (CD) 存单
account in which money is deposited for a preset length of time, that must yield a slightly higher return to compensate for the reduced liquidity
circular flow 循环流程
how funds move through the capital, labor, and product markets between households, firms, the government, and the foreign sector
classical economists 古典经济学家
economists prevalent before the Great Depression who believed that the basic competitive model provided a good description of the economy and that if short periods of unemployment did occur, market forces would quickly restore the economy to full employment
classical unemployment 古典失业
unemployment that results from too-high real wages; it occurs in the supply constrained equilibrium, so that rightwards shifts in aggregate supply reduce the level of unemployment
competitive equilibrium price 竞争性均衡价格
the price at which the quantity supplied and the quantity demanded are equal to each other
consumer protection legislation 消费者�；し�
laws aimed at protecting consumers, for instance by assuring that consumers have more complete information about items they are considering buying
consumer sovereignty 消费者权益
the principle that holds that each individual is the best judge of what makes him better off
consumption function 消费函数
the relationship between disposable income and consumption
contingency clauses 应变条款
statements within a contract that make the level of payment or the work to be performed conditional upon various factors
corporate income tax 公司所得税
a tax based on the income, or profit, received by a corporation
correlation 相关
relationship that results when a change in one variable is consistently associated with a change in another one
cost-push inflation 成本推动型通货膨胀
inflation whose initial cause is a rise in production costs
Cournot competition 古诺竞争
an oligopoly in which each firm believes that its rivals are committed to a certain level of production and that rivals will reduce their prices as needed to sell that amount
credentials competition 文凭竞争
the trend in which prospective workers acquire higher educational credentials, not so much because of anything they actually learn in the process but to convince potential employers to hire them by signaling that they will be more productive employees than those with weaker credentials
credit constraint effect 信贷约束效应
when prices fall, firms' revenues also fall, but the money they owe creditors remains unchanged; as a result, firms have fewer funds of their own to invest. Because of credit rationing, firms cannot make up the difference; accordingly, investment decreases
credit rationing 信贷配给
credit is rationed when no lender is willing to make a loan to a borrower or the amount lenders are willing to lend to borrowers is limited, even if the borrower is willing to pay more than other borrowers of comparable risk who are getting loans
cross subsidization 交叉补贴
the practice of charging higher prices to one group of consumers in order to subsidize lower prices for another group
D
Deadweight loss 无谓损失
The reduction in total surplus that results from a tax
Demand curve 需求曲线
A graph of the relationship between the price of a good and the quantity demanded
Demand deposits 活期存款
Balances in bank accounts that depositors can access on demand by writing a check
Demand schedule 需求表
A table that shows the relationship between the price of a good and the quantity demanded
Depreciation 贬值
A decrease in the value of a currency as measured by the amount of foreign currency it can buy
Depression 萧条
A severe recession
Diminishing marginal product 边际产量递减
The property whereby the marginal product of an input declines as the quantity of the input increases
The property that the marginal product of an input declines as the quantity of the input increases
Diminishing returns 收益递减
The property that the benefit from an extra unit of an input declines as the quantity of the input increases
Discount rate 贴现率
The interest rate on the loans that the Fed makes to banks
Discouraged workers 丧失信心的工人
Individuals who would like to work but have given up looking for a job
Discrimination 歧视
The offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics
Diseconomies of scale 规模不经济
The property that long-run average total cost rises as the quantity of output increases
Dominant strategy 优势战略
A strategy that is best for a player in a game regardless of the strategies chosen by the other players
debt 债务
capital, such as bonds and bank loans, supplied to a firm by lenders; the firm promises to repay the amount borrowed with interest
decentralization 分权化
organizational structure in which many individuals or subunits can make decisions
decision tree 决策树
a device for structured decision making that spells out the choices and possible consequences of alternative actions
deficit spending 赤字支出
the situation that exists when government expenditures are greater than revenues
deflation 通货紧缩
a persistent decrease in the general level of prices
demand-constrained equilibrium 受需求约束的平衡
the equilibrium that occurs when prices are stuck at a level above that at which aggregate demand equals aggregate supply at the current price level
demand-pull inflation 需求拉动型通货膨胀
inflation whose initial cause is aggregate demand exceeding aggregate supply at the current price level
demographic effects 人口效应
effects that arise from changes in characteristics of the population such as age, birthrates, and location
deregulation 放松管制
the lifting of government regulations to allow the market to function more freely
devaluation 贬值
a reduction in the rate of exchange between one currency and other currencies under a fixed exchange rate system
developed countries 发达国家或工业化国家
the wealthiest nations in the world, including Western Europe, the United States, Canada, Japan, Australia, and New Zealand
diminishing marginal utility 边际效用递减
the principle that says that as an individual consumes more and more of a good, each successive unit increases her utility, or enjoyment, less and less
dividends 股息
that portion of corporate profits paid out to shareholders
downward rigidity of wages 工资下降刚性
the situation that exists when wages do not fall quickly in response to a shift in the demand or supply curve for labor, resulting in an excess supply of labor
dual economy 二元经济
the separation in many LDCs between an impoverished rural sector and an urban sector that has higher wages and more advanced technology
duopoly 双头垄断
an industry with only two firms
durable goods 耐用品
goods that provide a service over a number of years, such as cars, major appliances, and furniture
dynamic consistency 动态一致性
a policy is said to have dynamic consistency when government announces a course of action and then has the incentives to actually carry out that policy
E
Economics 经济学
The study of how society manages its scarce resources
Economies of scale 规模经济
The property that long-run average total cost falls as the quantity of output increases
Efficiency 效率
The property of a resource allocation of maximizing the total surplus received by all members of society; 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 increase 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 supply and demand have been brought into balance
Equilibrium price 均衡价格
The price that balances supply and demand
Equilibrium quantity 均衡数量
The quantity supplied and the quantity demanded when the price has adjusted to balance supply and demand
Equity 平等
The fairness of the distribution of well-being among the various buyers and sellers; The property of distributing economic prosperity fairly among the members of society
Excess demand 超额需求
A situation in which quantity demanded is greater than quantity supplied
Excess supply 超额供给
A situation in which quantity supplied is greater than quantity demanded
Excludability 排他性
The property of a good that a person can be prevented from using it
Exports 出口
Goods and services that are produced domestically and sold abroad; Goods produced domestically and sold abroad
Externality 外部性
The impact of one person's actions on the well-being of a bystander
economic rents 经济租金
payments made to a factor that are in excess of what is required to elicit the supply of that factor
efficiency wage theory 效率工资理论
the theory that paying higher wages (up to a point) lowers total production costs, for instance by leading to a more productive labor force
economies of scope 范围经济
what exists when it is less expensive to produce two products together than it would be to produce each one separately
efficient markets theory 有效市场理论
the theory that all available information is reflected in the current price of an asset
elasticity of labor supply 劳动供给弹性
the percentage change in labor supplied resulting from a 1% change in wages
equity, shares, stock 股票
terms that indicate part ownership of a firm, which the firm sells in order to raise money, or capital
equity capital 股份资本
capital, such as shares (or stock), supplied to a firm by its owners(shareholders); the returns received by the owners are not guaranteed but depend on how well the firm does
exchange efficiency 交换的效率
the condition in which whatever the economy produces is distributed among individuals in an efficient way
exchange rate 汇率
the rate at which one currency (such as dollars) can be exchanged for another(such as marks, yen, or pounds)
excise tax 货物税
a tax on a particular good or service
expected return 预期收益
the average return--a single number that combines the various possible returns per dollar invested with the chances that each of these returns will actually be paid
export-led growth 出口导向型增长
the strategy that government should encourage exports in which the country has a comparative advantage to stimulate growth
F
Factors of production 生产要素
The inputs used to produce goods and services
Federal Reserve (Fed) 联邦储备
The central bank of the United States
Fiat money 法定货币
Money without intrinsic value that is used as money because of government decree
Financial intermediaries 金融中介机构
Financial institutions through which savers can indirectly provide funds to borrowers
Financial markets 金融市场
Financial institutions through which savers can directly provide funds to borrowers
Financial system 金融体系
The group of institutions in the economy that help to match one person's saving with another person's investment
Fisher effect 费雪效应
The one-for-one adjustment of the nominal interest rate to the inflation rate
Fixed cost 固定成本
Costs that do not vary with the quantity of output produced
Fractional-reserve banking 部分准备金银行体系
A banking system in which banks hold only a fraction of deposits as reserves
Free rider 搭便车者
A person who receives the benefit of a good but avoids paying for it
factor demand 要素需求
the amount of an input demanded by a firm, given the price of the input and the quantity of output being produced; an input will be demanded up to the point where the value of the input's marginal product equals the price of theinput
federal government structure 联邦政府结构
a system in which government activity takes place at several levels--national, state, county, city, and others
firm wealth effect 厂商的财富效应
lower prices or lower demand cause firms' profits and net worth to fall, and this makes them less willing to undertake the risks involved with investment
fiscal policies 财政政策
policies that affect the level of government expenditures and taxes
fixed exchange rate system 固定汇率体系
an exchange rate system in which the value of each currency is fixed in relationship to other currencies
flexible exchange rate system 浮动汇率体系
a system in which exchange rates are determined by market forces, the law of supply and demand, without government interference
fixed or overhead inputs 不变投入或分摊投入
inputs that do not change depending on the quantity of output, at least over the short term
flow statistics 流量统计
measurements of a certain rate of quantity per period of time, such as GDP, which measures output per year
full-employment deficit 充分就业赤字
the budget deficit that would have prevailed if the economy were at full employment, thus with higher tax revenues and lower public assistance expenditures
full-employment output/ potential output 充分就业产出或潜在产出
the level of output that would prevail if labor were fully employed (output may exceed that level if workers work more than the normal level of overtime
G
GDP deflator 平减指数
A measure of the price level calculated as the ratio of nominal GDP to real GDP times 100
Game theory 博弈理论
The study of how people behave in strategic situations
Giffen good 吉芬物品
A good for which an increase in the price raises the quantity demanded
Gross domestic product (GDP) 国内生产总值
The market value of all final goods and services produced within a country in a given period of time
Gross national product (GNP) 国名生产总值
The market value of all final goods and services produced by permanent residents of a nation within a given period of time
gains from trade 交易所得
the benefits that each side enjoys from a trade
GDP per capita 人均国内生产总值
the value of all goods and services produced in the economy divided by population
general equilibrium analysis 一般均衡分析
a simultaneous analysis of all capital, product, and labor markets throughout the economy
Gini coefficient 基尼系数
a measure of inequality (equal to twice the area between the 45 degree line and the Lorenz curve)
green revolution 绿色革命
the invention and dissemination of new seeds and agricultural practices that led to vast increases in agricultural output in LDCs during the 1960's and 1970's