AP微观经济学词汇（上篇）

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　　AP微观经济学词汇(上篇)

　　scarcity 稀缺性

　　The limited nature of society's resources.

　　economics 经济学

　　The study of how society manages its scare resources.

　　microeconomics 微观经济学

　　The study of how households and firms make decisions and how they interact in markets.

　　macroeconomics 宏观经济学

　　The study of economy-wide phenomena, including inflation, unemployment,and economic growth.

　　opportunity cost 机会成本

　　Whatever must be given up to obtain some item.

　　positive statements

　　实证表述 Claims that attempt to describe the world as it is.

　　normative statements

　　规范表述

　　Claims that attempt to prescribe how the world should be.

　　production possibilities frontier

　　生产可能性边界

　　A graph that shows the combinations of output that an economy can possibly produce given the available factors of production and available production technology.

　　absolute advantage 绝对优势

　　The ability to produce a good using fewer inputs than another producer.

　　comparative advantage

　　相对优势

　　The ability to produce a good at a lower opportunity cost than another producer.

　　imports 进口商品

　　Goods produced abroad and sold domestically.

　　exports 出口商品

　　Goods produced domestically and sold abroad.

　　market economy 市场经济

　　An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.

　　property rights 产权

　　The ability of an individual to own and exercise control over scarce resources.

　　incentive 动机

　　Something that induces a person to act.

　　marginal change 边际变化

　　A small incremental change such as the addition or subtraction to a variable by one unit.

　　demand schedule 需求表

　　A table that shows the relationship between the price of a good and the quantity demanded.

　　quantity demanded 需求量 The amount of a good that buyers are willing and able to purchase.

　　law of demand 需求定律

　　The claim that, other things equal, the quantity demanded of a good falls when the price of the good rises.

　　demand curve 需求曲线

　　A graph of the relationship between the price of a good and the quantity demanded.

　　quantity supplied 供给量 The amount of a good that sellers are willing and able to sell.

　　law of supply 供给定律

　　The claim that, other things equal, the quantity supplied of a good rises when the price of the good rises.

　　supply schedule 供给表

　　A table that shows the relationship between the price of a good and the quantity supplied.

　　supply curve 供给曲线

　　A graph of the relationship between the price of a good and the quantity supplied.

　　equilibrium 均衡点

　　A situation in which the market price has reached the level at which 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.

　　surplus 过剩

　　A situation in which quantity supplied is greater than quantity demanded.

　　shortage 短缺

　　A situation in which quantity demanded is greater than quantity supplied.

　　normal good 普通商品

　　A good for which, other things equal, an increase in income leads to an increase in demand.

　　inferior good 劣等商品

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

　　substitutes 替代品

　　Two goods for which an increase in the price of one leads to an increase in the demand for the other.

　　complements 互补品

　　Two goods for which an increase in the price of one leads to a decrease in the demand for the other.

　　price ceiling 价格上限

　　A legal maximum on the price at which a good can be sold.

　　price floor 价格下限

　　A legal minimum on the price at which a good can be sold.

　　elasticity 弹性

　　A measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants.

　　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.

　　total revenue 总收入

　　The amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold.

　　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.

　　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.

　　cross-price elasticity of demand

　　需求交叉弹性

　　A measure of how much the quantity demanded 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 second good.

　　willingness to pay 实付意愿

　　The maximum amount that a buyer will pay for a good.

　　consumer surplus 消费者剩余

　　The amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.

　　producer surplus 生产者剩余

　　The amount a seller is paid for a good minus the seller’s cost of providing it.

　　efficiency 经济效率

　　The property of a resource allocation of maximizing the total surplus received by all members of society.

　　deadweight loss 无谓损失

　　The fall in total surplus that results from a market distortion, such as a tax.

　　tax incidence 税负归宿

　　The manner in which the burden of a tax is shared among participants in a market.

　　utility 效用

　　Happiness, benefits, satisfaction, or enjoyment gained from consumption.

　　total utility 总效用

　　Total happiness received form consumption of a number of units of a good.

　　marginal utility 边际效应

　　The incremental happiness received, or lost, when the consumer increases consumption of a good by one unit.

　　util 效用单位

　　A unit of measurement often used to quantify utility. Also known as “happy point.”

　　law of diminishing marginal utility 边际效用递减法则

　　In a given time period, the marginal /additional utility for consumption of more and more of one item falls.

　　constrained utility maximization

　　效用最大化约束

　　For a one-good case, constrained by prices and income, a consumer stops consuming a good when the price paid for the next unit is equal to the marginal benefit received.

　　utility maximizing rule

　　效用最大化法则

　　The consumer maximizes utility when they choose amount of goods X and Y, with their limited income, so that the marginal utility per dollar spent is equal for both goods. Mathematically: MU1/P1=MU2/P2, or MU1/MU2=P1/P2.

　　income effect 收入效应

　　The change in quantity demanded that results from a change in the consumer's purchasing power (or real income).

　　substitution effect 替代效应

　　The change in quantity demanded resulting from a change in the price of one good relative to the price of other goods.

　　total revenue 总收益

　　The amount a firm receives for the sale of its output.

　　total cost 总成本

　　The market value of the inputs a firm uses in production.

　　profit 利润

　　Total revenue minus total cost.

　　explicit costs 显性成本

　　Input costs that require an outlay of money by the firm.

　　implicit costs 隐性成本

　　Input costs that do not require an outlay of money by the firm.

　　economic profit 经济利润

　　Total revenue minus total cost, including both explicit and implicit costs.

　　accounting profit 会计利润

　　Total revenue minus total explicit cost.

　　production function 生产函数

　　The relationship between quantity of inputs used to make a good and the quantity of output of that good.

　　marginal product 边际产量

　　The increase in output that arises from an additional unit of input.

　　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.

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