经济学英语术语.doc

The Words For Examation:1、 Microeconomics :Microeconomics focus on individual markets and decisions by individual households and firms.2、 Private sector:The resources owned by private individuals3、 Public sector:The resources owned by the state.4、 Primary sector:The extractive industries,e.g.forestry,fishing,coal5、 Secondary sector:The converts materials into goods,e.g.manufacturing 6、 Tertiary sector:The service sector,e.g.finance,tourism.7、 Opportunity cost:Opportunity cost is the sacrifice foregone in the next best alternative,If a firmInvests more in project A rather project B,for example then project B is the opportunity cost.If we useour income to buy X not Y,Y is the opportunity cost.8、 Factors of production: Land; Labour; Capital; Entrepreneurship 9、 Disadvantages of free market: public goods; merit goods; externalities; instablity.10、 Demand curve: A demand curve shows the quantity that consumers are willing and able to purchase at each and every price, all other things unchanged. If other things do change the consumers are likely to want more or less each and every price and the demand curve shifts 11、 Advantages of planed economy: The Government can influence the distribution of income to make it more equal; The Government can determine which goods are supplied. 12、 Types of goods: Capital goods; Consumption goods; Free goods 13、 Substitution effect: With the fall in price of good A, A becomes relatively cheaper than other goods and inevitably switch to the relatively cheaper good 14、 Market demand curve:The horizontal summation of individuals demand curve.15、 Marginal utility: is the extra satisfaction gained from consuming another unit of a good 16、 Total utility: is the total satisfaction gained from consuming a given number of goods.17、 Price elasticity of demand: Measures the sensitivity of demand to a change in price. 18、 Cross elasticity of demand: Measures the sensitivity of the demand for one good to a change in price of another. Cross elasticity of good A with respect to good B= percentage change in quantity demanded of good A / percentage change in the price of good B 19、 Income elasticity of demand: Measures the sensitivity of the demand to a change in income 20、 Uses of cross elasticity: Firms can estimate the effect on their demand of a competitors price cut; Firms can estimate impact on demand for their product if they cut price of a complement.1.Supply curve:shows the quantity that producers are willing and able to supply at each and every price,all other things unchanged.2.Equilibrium:occurs when the quantity supplied equals the quantity demanded.3.Equilibrium price: the price at a level where supply equates the demanded.4.Short run:fixed factors are not changed.5.Long run:all factors are variable.6.Indirect taxes:the taxes are placed on the supplier and have the effect of raising costs.7.Consumer surplus:is the difference between the price the consumer is willing to pay and the price the consumer actually pays.8.Producer surplus:is the difference between the price the producer is willing to supply and the price they actually receive.9.Community surplus:is the welfare of society which is made up of consumer surplus and producer surplus.10.Externalities:occurs when there is a divergence between social and private costs and benefits.11.Marginal cost:means the extra cost of producing another unit.12.Marginal revenue:means the extra revenue from selling another unit.13.Merit goods:these are goods which are socially desirable.14.Demerit goods:these are goods which are not socially desirable.15.The price elasticity of supply: measures the responsiveness of supply to a change in price .1.Marginal: 边际the extra ;marginal cost is the extra cost of producing another unit, the marginal revenue from selling another unit.2.Average: 平均divide the total into number of units3.Average product : 平均产量the average output per unit of the variable factor4.fixed costs : 固定成本the costs which do not change with output5.variable costs: 可变成本the costs which do vary with output6.average costs: 平均成本the average costs per unit of the total output7.short run cost curve: 短期成本曲线 the minimum cost per unit for different levels of output given a fixed ernal diseconomy of scale: 内在规模不经济the unit cost per unit rises with more output9.bulk buying: 大量购买larger firms tend to buy larger quantities of inputs and so are in a position with advantage10.specialization:专业化 the repetition that employees can be undertake as specialist , which lead to higher productivity11.financial economy: 金融经济the industry that often borrow money at some rate , lubricate the economy.12.Cost minimization: 成本最小化the situation lead cost combination that made per pound of each factor of production is equal13.Input: 投入goods and services that used to produce the goods or services 14.Marginal revenue: 边际收益the extra revenue from selling another unit 15.Normal profit : 正常利润pay the remuneration to the manufacturer who provided the entrepreneurial talent 16.Abnormal profit: 超额利润the part of the profits that more than the average market normal profitc when the other conditions in social average 17.Productive efficiency：生产效率 the firm obtain the high productivity the produce at the lowest cost per unit ,vice versa.18.Theory of second best : 次佳理论if a distortion or inefficiency exists in one market it is inefficient to treat other market as if that distortion did not exist.19.Perfect competition: 完全竞争the market structure in the situation without any block up and interference 20.Barrier: 壁垒the price must be paid that the other manufacturers which want to access this industry.1 long-run supply curve： The long-run supply curve in a perfectly competitive market shows the relationship between market price and quantity supplied.2 constant cost industry ：A constant cost industry is an industry in which the typical firms average total costs do not change as the industry expands. This means that the firm will have a horizontal long-run supply curve. 3 increasing cost industry ：An increasing cost industry is an industry in which the typical firms long run average total cost increases as the industry expands. This means the firm will have an upward sloping long run supply curve. 4 decreasing cost industry： A decreasing cost industry is an industry in which the typical firms average total costs decrease as the industry expands. This means that the firm will have a downward sloping long run supply curve.5 Monopoly： A monopoly is a firm that is the only seller of a good or service that does not have a close substitute.6 barrier to entry ： A barrier to entry is anything that keeps new firms from entering an industry in which firms are earning economic profits.7 patent ： A patent is the exclusive right to a product for a certain period of time from the date the product was invented.8 Product differentiation: By making their product seem very different from the competition through their marketing and branding,a firm can establish a monopoly position.9 natural monopoly ：A natural monopoly is a situation in which one firm can supply the entire market at a lower average total cost than can two or more firms.10 Monopolistic competition : Monopolistic competition is a market structure in which barriers to entry are low, and many firms compete by selling similar, but not identical, products.11 Price discrimination : Price discrimination is the practice of selling the same good or service at different prices not because of the cost of production, but the consumers willingness and ability to pay.12 short run monopolistic competition: In monopolistic competition firms can behave like monopolies in the short-run, including using market power to generate profit. 13 long run monopolistic competition: In the long-run, other firms enter the market and the benefits of differentiation decrease with competition; the market becomes more like perfect competition where firms cannot gain economic profit. 14 perfect Price discrimination: the consumer is charged the maximum he/she is willing to pay for each unit.the price is different for every single unit.this removes all consumer surplus.15 oligopoly： An oligopoly is a market structure in which a small number of interdependent firms compete.16 Duopoly: the duopoly occur when two firms dominate a market.17 Nash equilibrium.： An equilibrium where each firm chooses the best strategy, given the strategies chosen by other firms, is called a Nash equilibrium.18 Collusion： Collusion is an agreement among firms to charge the same price, or to otherwise not compete.19 Game theory ：Game theory is the study of how people make decisions in situations where attaining their goals depends on their interactions with others.20 payoff matrix for pricing strategy: A payoff matrix is a table that shows the payoffs that each firm earns from every combination of strategies by the firms.21 Non price competition: Non-price competition is a marketing strategy in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship.22 Concentration ratio:the N firm Concentration ratio measures the market share of the largest N firms.23 full line forcing: full line forcing making retailers buy the whole product range even if they only want to one product.24 Exclusive supply: selling to only one outlet in an area.25 sole trader : A sole proprietorship also known as a sole trader, or simply proprietorship is a type of business entity which is owned and run by one individual and where there is no legal distinction between the owner and the business. All profits and all losses accrue to the owner (subject to taxation). 26 Partnership: individuals work together and share joint responsibility for any decisions; unlimited liability.1.Marginal product of labour 劳动的边际产量Marginal product of labour is the extra output produced by an additional worker. 2.Demand for labour 对劳动力的需求The demand for labour is derived from the marginal revenue product of labour.3.Aggregate demand 总需求Aggregate demand is the total planned expenditure on final goods and services in an economy.4.Marginal cost of labour 劳动的边际成本Marginal cost of labour is extra cost of hiring another employee5. Elasticity of demand for labor劳动力的需求弹性Elasticity of demand for labor is the labor demand (and supply) of the change on the influence of changes in wage levels.6.Paradox of thrift 节约悖论Saving is a good thing for the individual and is a commendable virtue, but for the whole country is concerned.It is a bad thing which will lead to the decline of national economic depression7. Price level 价格水平Price level is a weighted average of the prices of various goods and services in the economic society,8.Trade unions 行会，商会Trade unions are organisations which represent employees.9. Labour immobility 劳动力的不流动性Workers cannot move from one job to another due to geographical or occupational immobility10. Perfectly competitive labour market 完全竞争劳动力市场There are many firms and many employees;each firm is a wage taker.11. Bilateral monopoly 双边垄断This accurs when a monopoly buyer of labour faces a monopoly seller,the outcome depends on the bargaining strength of each side.12. Transfer earnings 转让收益This is the amount that a factor of production must earn to keep it in its present usage in the long run.13.Gross Domestic Product 国内生产总值Gross Domestic Product shows the value of final goods and services produced by factors of production within a country.14. Gross National Product 国民生产总值Gross Domestic Product shows the value of final goods and services produced by factors of production owned by a countrys citizens,regardless of where in the world this is earned.15.Lorenz curve洛伦茨曲线Lorenz curve illustrates the distribution of incomes in an economy.16.Aggregate demand 总需求Aggregate demand is the total planned expenditure on final goods and services in an economy.17.Planned injections 计划注入Planned injections represent spending in addition to that of the households in the economy.18. Planned withdrawals 计划漏出Planned withdrawals represent income which the households have earned which they do not want to spend within the economy.19.Consumption 消费The level of consumption in the economy is the planned level of spending on final goods and services by households.20.Savings 储蓄Savings are related to consumption.If we are spending more of our income,we are saving less.1.Net investment :it is the increase in the capital stock-some investment simply replace capital which has worn out.2.Planned investmen:it is the level of investment which firms intend to undertake at the beginning of the period.3.Actual investment ；it is the level which had occurred an the end of the period.4.Marginal efficiency of capital (MES) :it shows rate of return on each additional unit of capital.5.Accelerator :it shows the relationship between net investment and the rate of change of national output.6.Interest : it shows that the return generated on capital and the cost of borrowing money.7.Real interest rates :means that the interest have been adjusted for inflation.8.The multiplier :it shows how a increase in the planned injection into the economy leads to a large increase in output and income.9.Stable price :that is to keep inflation under control.This is important to keep Uk firm competitive abroad and to help firm plan.10.Full employments : that is when all those willing and able to work at the given real wage are working .11.A balance of the balance of payments : a deficit means more money is leaving the country than is coming in;a surplus means another country has a deficit.A balance may be desirable.12.Regional :Aim to reduce unemployment and increase the income of depressed regions or areas.13.Demand side policies：attempts to influence aggregate.14.regulation :the government can make it difficult for firm to expand in richer areas and easier to expand in poorer regions.15.Enterprise zones:they are very small districts in the urban areas.Major incentives are given to th firm setting up here.16.Reflationary policies:increasing aggregate demand.17. Deflationary policies:decreasing aggregate demand.18.Inflationary gap:this occurs where the level of aggregate demand exceeds the level of output at all full employment.19.Deflationary gap:this occurs where the level of aggregate demand is low the level of output at all full employment.20.Discounted cash flow:technique of assessing investment,firms estimate future expected revenues and costs and discount these to get their present value. 1 Property tax(财产税): A tax on property. This is a popular tax at the local level for cities, counties, and school districts. In many places it has been a primary source of funding for public schools. Because this invariably leads to tremendous differences in school funding, with wealthy areas getting the most funding, schools have moved toward income taxes and sales taxes for revenue. 2 Automatic stabilizer(自动稳定器)：A feature of the federal governments budget that tends to reduce the ups and downs of the business cycle without the need for any special legislative action, that is stabilization policies. The two key automatic stabilizers are income taxes and transfer payments. 3 Expansionist police(扩张政策)：A stabilization policy consisting of an increase in government spending and/or a decrease in taxes (fiscal policy) and/or an increase in the amount of money in circulation (monetary policy). This policy is designed to avoid or correct the problems associated with a business-cycle contraction.4 Contractionary policy（紧缩政策）：A stabilization policy consisting of a decrease in government spending and/or an increase in taxes (fiscal policy) and/or a decrease in the amount of money in circulation (monetary policy). This policy is designed to avoid or correct the problems associated with a business-cycle expansion.5 Keynesian fiscal policy(凯恩斯财政政策):the economy will not necessarily be in equilibrium at full employment,and that the Government need to intervene to get it to full employment.6 Stabilization policies(稳定政策)：Economic policies undertaken by government to counteract business cycle fluctuations and prevent high rates of unemployment and inflation. These are also termed counter-cyclical policies. To counter a business cycle contraction and high rates of unemployment, expansionary policies that promote increasing economic activity are appropriate. To counter an inflationary expansion, contractionary policies are recommended.7 Money multiplier(货币乘数):The magnified change in money, both checkable deposits and currency, resulting from a change in bank reserves. Compared to the simple deposit multiplier, the money multiplier builds on the inverse of the required-reserves ratio, but also takes into consideration that banks keep excess reserves, and the public transfers some checkable deposits into cash and savings.8 Monetary base（货币基础）：Also termed the high-powered money, the total of currency held by the nonbank public, vault cash held by banks, and Federal Reserve deposits of the banks. This contains the monetary components over which the Federal Reserve System has relatively complete control and is often used as a guide for the Feds money control ability and monetary policy.9 Money market(货币市场)：A financial market that trades U.S. Treasury bills, commercial paper and other short-term financial instruments. This market is often used by businesses when they need short-term funds to bridge the gap between paying operating costs and collecting revenue from product sales. As such, the term money in money market indica