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1、名师归纳总结 精品word资料 - - - - - - - - - - - - - - -学习必备欢迎下载微观经济名词说明CHAPTER 1 BriefingScarcity: 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 prope
2、rty 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 of actio
3、n.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 control ove
4、r 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-eblleing of a bystander.Market power : the ability of a single economic actor or small group of actors to have a substan
5、tial influence on market prices.Productivity : the quantity of goods and services produced from each hourof 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 cycl
6、e: fluctuations in economic activity, such as employment and production.Circular-flow diagram : a visual modelof the economy that shows how dollars flowthroughmarkets among households and firms.Production possibilities frontier: a graph that shows the combinations of output that the economy can poss
7、iblyproduce 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. 第 1 页，共 14 页 - - - - - - - - -名师归纳总结 精品word资料 - - - - - - - - - - - - - - -学习必备欢迎下载Macroeconomics : th
8、e study of economy-wide phenomena, including inflation, unemployment, 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. Invisibal handEconomic man Perfect information Market clearingCH
9、APTER 2 Supply-Demand EquilibriumQuantity 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
10、 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 eq
11、ual, 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 the demand for the other.quant
12、ity supplied : the amount of a good that sellers 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.Supply schedule: a table that shows the relationship between the price of a good and the quantity s
13、upplied.Supply curve: a graph of the relationship between the price of a good and the quantity supplied.Equilibrium : a situationin whichthe price has reached thelevel where quantitysupplied equals quantity 第 2 页，共 14 页 - - - - - - - - -名师归纳总结 精品word资料 - - - - - - - - - - - - - - -学习必备欢迎下载demanded.E
14、quilibrium 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 which quantity supplied is greater than quantity demanded.Shortage: a situation in which quanti
15、ty 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.Price ceiling: a legal maximum on the price at which a good can be sold.Price floor: a legal minimum on the price at which a good can be sold.Tax incidence: the manner in which the burden of a tax is shared among participants in a market.Elasticity:a measure of the responsiveness of quantity demanded or quantity supplied to one of it
