《需求的几个关键名词》由会员分享，可在线阅读，更多相关《需求的几个关键名词（5页珍藏版）》请在金锄头文库上搜索。
1、关键名词Key Concepts in ECONOMICS scarcity the limited nature of societys resources economics the study of how society manages its scarce resources HOW PEOPLE MAKE DECISIONS PRINCIPLE #1: PEOPLE FACE TRADEOFFS PRINCIPLE #2: THE COST OF SOMETHING IS WHAT YOU GIVE UP TO GET IT oppor tunity cost whatever m
2、ust be given up to obtain some item marginal changes small incremental adjustments to a plan of action PRINCIPLE #3: RATIONAL PEOPLE THINK AT THE MARGIN PRINCIPLE #4: PEOPLE RESPOND TO INCENTIVES HOW PEOPLE INTERACT PRINCIPLE #5: TRADE CAN MAKE EVERYONE BETTER OFF PRINCIPLE #6: MARKETS ARE USUALLY A
3、 GOOD WAY TO ORGANIZE ECONOMIC ACTIVITY 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 PRINCIPLE #7: GOVERNMENTS CAN SOMETIMES IMPROVE MARKET OUTCOMES market failure a situation in
4、 which a market left on its own fails to allocate resources efficiently externality the impact of one persons 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 HOW THE ECONOMY AS A
5、WHOLE WORKS PRINCIPLE #8: A COUNTRYS STANDARD OF LIVING DEPENDS ON ITS ABILITY TO PRODUCE GOODS AND SERVICES Productivity：the amount of goods and services produced from each hour of a workers time PRINCIPLE #9: PRICES RISE WHEN THE GOVERNMENT PRINTS TOO MUCH MONEY Inflation：an increase in the overal
6、l level of prices in the economy PRINCIPLE #10: SOCIETY FACES A SHORT-RUN TRADEOFF BETWEEN INFLATION AND UNEMPLOYMENTcircular-flow diagram:a visual model of the economy that shows how dollars flow through markets among households and firmsTHE CIRCULAR FLOW. This diagram is a schematic representation
7、 of the organization of the economy. Decisions are made by households and firms. Households and firms interact in the markets for goods and services (where households are buyers and firms are sellers) and in the markets for the factors of production (where firms are buyers and households are sellers
8、). The outer set of arrows shows the flow of dollars, and the inner set of arrows shows the corresponding flow of goods and services. production possibilities f rontier：a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and t
9、he 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 growthpositive statements:claims that attempt to describe the
10、world as it is normative statements:claims that attempt to prescribe how the world should bequantity demanded：the amount of a good that buyers are willing and able to purchase the law of demand: Other things equal, when the price of a good rises, the quantity demanded of the good falls. normal good：
11、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 leads to an increase in the demand for the
12、other Complements：two goods for which an increase in the price of one leads to a decrease in the demand for the other Price Income Prices of Related Goods Tastes Expectations demand schedule：a table that shows the relationship between the price of a good and the quantity demanded. demand curve：a gra
13、ph of the relationship between the price of a good and the quantity demanded ceteris paribus：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 quantity supplied：the amount of a good that seller
14、s are willing and able to sell law of supply：the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises Price Input Price Technology Expectations supply schedule：a table that shows the relationship between the price of a good and the quantity supplied
15、supply curve：a graph of the relationship between the price of a good and the quantity supplied equilibrium：a situation in which supply and demand have been brought into balance equilibrium price：the price that balances supply and demand equilibrium quantity：the quantity supplied and the quantity dem
16、anded when the price has adjusted to balance supply and demand surplus：a situation in which quantity supplied is greater than quantitydemanded shortage：a situation in which quantity demanded is greater than quantity supplied law of supply and demand：the claim that the price of any good adjusts to bring the supply and demand for that good into balance
