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1. economics:经济学scarcity:稀缺性2.Factors of production:投入要素3.Exports:出口Imports:进口Self-Sufficiency 一Principle：1. People Face Tradeoffs. efficiency:效率equality:公平2.The Cost of Something Is What You Give Up to Get It. opportunity cost: 机会成本3.Rational People理性人Think at the Margin. marginal change:边际变动marginal benefit:边际收益marginal cost:边际成本4.People Respond to Incentives激励. 5.Trade贸易Can Make Everyone Better Off. 6. Markets Are Usually a Good Way to Organize Economic Activity. market economy:市场经济7.Governments Can Sometimes Improve Market Outcomes. Property rights:产权market failure:市场失灵externality:外部性 8.The Standard of Living depends on a Countrys Production. productivity:生产率 9.Prices Rise When the Government Prints Too Much Money. Inflation:通货膨胀10.Society Faces a Short-run Tradeoff between Inflation and Unemployment. Business cycle:周期二.1.Economists play two roles: Scientists: try to explain the world; Policy advisors: try to improve it2.scientific method经济模型: the dispassionate development and testing of theories about how the world works. 3.Assumptions假设simplify the complex world, make it easier to understand. 4.The Circular-Flow Diagram循环流向图 :A visual model of the economy, shows how dollars flow through markets among households and firms.5.The Production Possibilities Frontier (PPF)生产可能性边界: the combinations of two goods the economy can possibly produce given the available resources and technology. 6.Microeconomics微观 Macroeconomics宏观 is the study of economy-wide phenomena, including inflation, unemployment, and economic growth.7.scientists- positive statements实证表述, describe the world as it is. policy advisors-normative statements规范表述, prescribe how the world should be. 三Production Possibilities生产可能性 Interdependence相互依赖 Specialization and Trade专业化与贸易Absolute advantage绝对优势: the ability to produce a good using fewer inputs than another producer.Comparative advantage比较优势:the ability to produce a good at a lower opportunity cost than another producer比较优势与贸易Trade makes everyone better off because it allows people to specialize in those activities in which they have a comparative advantage. The gains from trade are based on comparative advantage.四competitive market:竞争性市场 Quantity demanded/supplied需求/供给量 demand schedule需求表 Perfect Competition:完全竞争 Monopoly垄断 Oligopoly寡头 Monopolistic Competition垄断性竞争Law of demand需求定理: other things equal, the quantity demanded of a good falls when the price of the good rises. normal good正常品inferior good低档品 Substitutes替代品complements互补品Shifts in the Demand Curve需求曲线的移动-Consumer income收入Prices of related goods相关物品的价格Tastes嗜好Expectations预期Number of buyers买者的数量Change in Quantity Demanded/Supplied需求量的变化-priceLaw of supply供给定理: other things equal, the quantity supplied of a good rises when the price of the good rises. Shifts in Supply Curve-Input prices投入品的价格Technology技术Expectations预期Number of sellers卖家的数量 Equilibrium均衡refers to a situation in which the price has reached the level where quantity supplied equals quantity demanded. Equilibrium Price均衡价格Equilibrium Quantity均衡数量Law of supply and demand供求定理Surplus过剩（excess supply超额供给）When price equilibrium price, then quantity supplied quantity demandedShortage短缺(excess demand超额需求) Analyzing Changes in Equilibrium分析均衡变动1.Decide whether the event shifts the supply or demand curve (or both).2.Decide whether the curve(s) shift(s) to the left or to the right.3.Use the supply-and-demand diagram to see how the shift affects equilibrium price and quantity.五Price elasticity of demand 需求价格弹性 Its Determinants决定因素Availability of Close Substitutes相近替代品的可获得性Necessities必需品versus Luxuries奢侈品Definition of the Market市场的定义Time Horizon时间框架The midpoint formula中点法 The flatter the curve, the bigger the elasticity. steeperPerfectly Inelastic完全无弹性Qd doesnt respond to price changes. Perfectly Elastic完全有弹性 Unit Elastic单位弹性 Inelastic缺乏弹性 Elastic富有弹性The slope斜率of a linear demand curve is constant, but its elasticity is not.Total Revenue总收益= P x Q When D is elastic, a price increase causes revenue to fall. When D is inelastic, a price increase revenue to rise. Income elasticity of demand需求收入弹性 normal goods: necessitiesinelastic,luxurieselastic; inferior goodscross-price elasticity of demand需求的交叉价格弹性Determinants of Elasticity of Supply。Ability of sellers to change the amount of the good they produce.卖者改变他们所生产的物品量的灵活性 Time period时间长短. Supply is more elastic in the long run六Price Ceiling最高限价The price ceiling is binding限制性-set below the equilibrium price, leading to a shortage and nonprice rationing非价格配比.The price ceiling is not binding非限制性-set above the equilibrium price.Price Floor最低限价The price floor is not binding if set below the equilibrium price.The price floor is binding限制性 if set above the equilibrium price, leading to a surplus and nonprice rationing. Tax incidence税收归宿 Taxes discourage market activity. When a good is taxed, the quantity sold is smaller 税收抑制了市场活动 Buyers and sellers share the tax burden 买者与卖者分摊了税收负担The burden of a tax falls more heavily on the side of the market that is less elastic.七Welfare economics福利经济学:Equilibrium in the market results in maximum benefits, and therefore maximum total welfare for both the consumers and the producers of the productWillingness to pay支付意愿-the maximum amount that a buyer will pay for a good.Consumer surplus消费者剩余=WTP-P It measures the benefit to sellers participating in a market. At any Q, the height of the D curve is the WTP of the marginal buyer边际买者, who would leave the market if P were any higher. At each Q, the height of the S curve is the cost of the marginal seller边际卖者, who would leave the market if the price were any lower. Total surplus总剩余= CS + PS = (value to buyers)(cost to sellers)Producer surplus生产者剩余= P cost成本（the value of everything a seller must give up to produce a good）The market eqm is efficient有效的市场均衡:Eqm Q maximizes total surplus. Goods produced by the lowest-cost producers. Consumed by buyers who value them the most.Market Power市场势力-can cause markets to be inefficient无效率的 because it keeps price and quantity from the equilibrium of supply and demand. When buyers and sellers do not take externalities外部性into account when deciding how much to consume and produce, the equilibrium in the market can be inefficient.八A tax on a good cause the size of the market for the good to shrink缩小.With the tax, CS = A. PS = F. Tax revenue=B+D. Total surplus=A+B+D+F. The tax reduces total surplus by C + EC + E is called the deadweight loss (DWL)无谓损失of the tax,