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1、How people make decisions: 1. people face tradeoffs 2. The cost of something is what you give up to get it 3. Rational people think at the margin 4. People respond to incentives How people interact: 5.trade can make every
2、one better off 6. Markets are usually a good way to organize economic activity 7. Government can sometimes improve market outcomes How the economy as 8. A country’s standard of living depends on its ability to produce A whole works:
3、 goods and services 9. Prices rise when the government prints too much money 10. Society faces a short-run tradeoff between inflation and unemployment Key concepts: Ability-to-pay principle（税收的）能力支付原则: The idea that t
4、axes 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 Adverse selection逆向选择: The tendency for the m
5、ix of unobserved 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 Aggregate-demand curve: a curve that shows the quantity of goods and services that households, firms, and the government
6、 want to buy at each price level Aggregate risk: risk that affects all economic actors at once Aggregate-supply curve: a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level Appreciation: an increase in the value of a currency as measured b
7、y the amount of foreign currency it can buy 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 set of social preferences Average fixed cost平均固定成本: Fixed costs divided by
8、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 outpu
9、t Automatic stabilizers: changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action Balance trade: a situation in which exports equal imports Benefits principle受益原则: The idea that people should pay taxe
10、s based on the benefits they receive from government services Bond: 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
11、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 used to produce goods and services Capital flight: a large and sudden reduction in the demand for assets located in a count
12、ry Cartel 卡特尔: A group of firms acting in unison Catch-up effect: the property whereby countries that start off poor tend to grow more rapidly that countries that start off rich Central bank: an institution designed to oversee the banking system and regulate the quantity of money in the economy
13、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 Closed economy: an economy that does not interact with other economies in the world Collective bargaining: the process by which unions and firms agree on the terms of em
14、ployment Commodity money: money that takes the form of a commodity with intrinsic value 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 Collusion共谋: An agreement among fi
15、rms 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 arises
16、 to offset the nonmonetary characteristics of different jobs Competitive market竞争性市场: A market with many buyers and sellers trading identical products so that each buyer and seller is a price taker Complements互补性商品: Two goods for which an increase in the price of one leads to a decrease in the dem
17、and for the other Condorcet paradox: the failure of majority rule to produce transitive preferences for society Compounding: the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the future Constant returns to s
18、cale规模报酬不变: The property whereby long-run average total cost stays the same as the quantity of output Consumer price index (CPI): 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 actu
19、ally pays Consumption: 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 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 goo
20、d Crowding out: a decrease in investment that results from government borrowing Crowding-out effect: the offset in aggregate demand that results when expansionary fiscal policy raise the interest rate and thereby reduces investment spending Cross-price elasticity of demand需求的交叉价格弹性: A measure of
21、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 Currency: the paper bills and coins in the hands of the public Cyc
22、lical unemployment: the deviation of unemployment from a market distortion, such as a tax 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
23、deposits: 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: a decrease in the value of a currency as measured by the amount of foreigh currenc
24、y it can buy Depression: a severe recession 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 increases Discrimination歧视: The offering of different opportunities to similar individuals who differ only by race, ethnic gr
25、oup, sex, age, or other personal characteristics Diseconomies of scale规模不经济: The property whereby long-run average total cost rises as the quantity of output increases Discount rate: the interest rate on the loans that the Fed makes to banks Discouraged workers: individuals who would like to work
26、 but have given up looking for job Diversification: the reduction of risk achieved by replacing a single risk with a large number of smaller unrelated risks Dominant strategy占优策略: A strategy that is best for a player in a game regardless of the strategies chosen by the other players Economic pro
27、fit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 increases Efficiency效率: The property of
28、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: the quantity of output that minimizes average total cost Elasticity: a measure of the responsiveness of quantity demanded
29、 or quantity supplied to one of its determinants 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 th
30、e quantity demanded at the equilibrium price Equity: the property of distributing economic prosperity fairly among the members of society Excludability: the property of a good whereby a person can be prevented from using it Explicit costs: input costs that require an outlay of money by the firm
31、Export: goods produced domestically and sold abroad Externality: the uncompensated impact of one person’s actions on the wellbeing of a bystander Factors of production: the inputs used to produce goods and services Federal reserve (Fed) : the central bank of the united states Fiat money: money w
32、ithout intrinsic value that is used as money because of government decree Finance: the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk Financial intermediaries: financial institutions through which savers can indirectly provide
33、funds to borrowers Financial markets: financial institutions through which savers can directly provide funds to borrowers Financial system: the group of institutions in the economy that help to match one person’s saving with another person’s investment Fisher effect: the one-for-one adjustment of
34、 the nominal interest rate to the inflation rate Fractional-reserve banking: a banking system in which banks hold only a fraction of deposits as reserves Frictional unemployment: unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skil
35、ls Fundamental analysis: the study of a company’s accounting statements and future prospects to determine its value Future value: the amount of money in the future that an amount of money today will yield, given prevailing interest rates Fixed costs: costs that do not vary with the quantity of ou
36、tput produced Free rider: a person who receives the benefit of a good but avoids paying for it Game theory: the study of how people behave in strategic situations GDP deflator: a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100 Government purchases: spendi
37、ng on goods and services by local, state, and federal governments Gross domestic product GDP: the market value of all final goods and services produced within a country in a given period of time Horizontal equity: the idea that taxpayers with similar abilities to pay taxes should pay the same amou
38、nt Human capital: 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: input costs that do not require an outlay of money by the firm Import quota: a limit on the quantity of a good
39、that can be produced abroad and sold domestically Imports: goods produced abroad and sold domestically Income effect: the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve Income elasticity of demand: a measure of how much the quanti
40、ty 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 Indexation: the automatic correction of a dollar amount for the effects of inflation by law or contract Indifference curve: a curve tha
41、t shows consumption bundles that give the consumer the same level of satisfaction Inferior good: a good for which, other things equal, an increase in income leads to a decrease in demand Inflation: an increase in the overall level of prices in the economy Inflation rate: the percentage change in
42、the price index from the preceding period Inflation tax: the revenue the government raises by creating money Informationally efficient: reflecting all available information in a rational way In-kind transfers: transfers to the poor given in the form of goods and services rather than cash Interna
43、lizing an externality: altering incentives so that people take account of the external effects of their actions Investment: spending on capital equipment, inventories, and structures, including household purchases of new housing Job search: the process by which workers find appropriate jobs given
44、their tastes and skills labor force: the total number of workers, including both the employed and the unemployed Labor-force participation rate: the percentage of the adult population that is in the labor force Law of demand: the claim that, other things equal, the quantity demanded of a good fal
45、ls when the price of the good rises Law of supply: the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises Law of supply and demand: the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that goo
46、d into balance Liberalism: the political philosophy according to which the government should choose policies deemed to be just, as evaluated by an impartial observe behind a “veil of ignorance” Libertarianism: the political philosophy according to which the government should punish crimes and enfo
47、rce voluntary agreements but not redistribute income Life cycle: the regular pattern of income variation over a person’s life Liquidity: the ease with which an asset can be converted into the economy’s medium of exchange Lump-sum tax: a tax that is the same amount for every person Macroeconomics
48、 the study of economy-wide phenomena, including inflation, unemployment, and economic growth Marginal changes: small incremental adjustments to a plan of action Marginal cost: the increase in total cost that arises from an extra unit of production Marginal product: the increase in output that ar
49、ises from an additional unit of input Marginal product of labor: the increase in the amount of output from an additional unit of labor Marginal rate of substitution: the rate at which a consumer is willing to trade one good for another Marginal revenue: the change in total revenue from an additio
50、nal unit sold Marginal tax rate: the extra taxes paid on an additional dollar of income Market: a group of buyers and sellers of a particular good or services Market economy: an economy that allocates resources through the decentralized decisions of many firms and households as they interact in m
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