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1、精品word学习资料可编辑微观经济名词说明名师归纳总结欢迎下载精品word学习资料可编辑|精.|品.|可.|编.|辑.|学.|习.|资.|料.CHAPTER 1Scarcity : 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
2、property of distributing economic prosperity fairly among the members of society. Opportunity cost: whatever must be given up to obtain some item.Rational : systematically and purposefully doing the best you can to achieve your objectives. Marginal changes : small incremental adjustments to a plan o
3、f action.Incentive : something that induces a person to act.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.Property rights: the ability of an individual to own and exercise contro
4、l over scarce resources. 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 w-beelling of a bystander.Market power: the ability of a single economic actor (or small group of actors) to have a
5、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. Busi
6、ness cycle : fluctuations in economic activity, such as employment and production.CHAPTER 2Circular-flowdiagram : 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
7、 the economy can possiblyproduce 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, unemploy
8、ment, and economic growth.Positive statements : claims that attempt to describe the world as it is. Positive statements : claims that attempt to describe the world as it is.CHAPTER 4Quantity demanded : the amount of a good that buyers are willing and able to purchase.Law of demand : the claim that,
9、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. Nor
10、mal 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.名师归纳总结欢迎下载精品word学习资料可编辑Substitutes : two goods for which an increase in the price of one goo
11、d 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 the demand for the other.quantity supplied: the amount of a good that sellers are willing and able to sell.Law of supply: the claim that, other things equal
12、, the quantity supplied of a good rises when the price of the good rises.Supply schedule : a table that shows the relationship between the price of a good and the quantity supplied. Supply curve : a graph of the relationship between the price of a good and the quantity supplied.Equilibrium: a situat
13、ionin whichthe price has reached the level where quantitysupplied equals quantitydemanded.Equilibrium price: the price that balances quantity supplied and quantity demanded. Equilibrium quantity : the quantity supplied and the quantity demanded at the equilibrium price. Surplus : a situation in whic
14、h quantity supplied is greater than quantity demanded.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.名师归纳总结欢迎下载精品word学习资料可编辑|精.|品.|可.|
15、编.|辑.|学.|习.|资.|料.CHAPTER 5Elasticitya measureoftheresponsivenessofquantitydemandedorquantitysuppliedtooneofits determinants.Price elasticity of demand: 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 : the amount paid by buyers and received by sellers of a good, computed as the price of the goodtimes the quantity sold.Income lasticity of demand:a measure
