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经济学原理名词解释

CHAPTER 1

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 households as they interact in markets for goods and services.

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 services produced from each hour of a worker’s time. Inflation : an increase 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.

CHAPTER 2

Circular-flow diagram : a visual model of the economy that shows how dollars flow through markets among households 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 households 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 comparison among producers of a good according to their productivity.

Opportunity Cost: whatever must be given 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.

CHAPTER 4

Market: a group of buyers and sellers of a particular good or service.

Competitive market: a market in which there are many buyers and many sellers 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 purchase. Law of demand: the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises.

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 increase in income leads to an increase in demand.

Inferior good : a good for which, other things equal, an increase in income leads to a decrease in demand.

Substitutes : two goods for which an increase in the price of one good leads to an increase in the demand for the other.

Complements : two goods for which an increase in the price of one good leads to a decrease in