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1、学习好资料欢迎下载Microeconomics - Key TermsGlossary Chapter 1 business cycle fluctuations in economic activity, such as employment and production 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 pr
2、operty of distributing economic prosperity fairly among the members of society externality the impact of one persons actions on the well-being of a bystander incentive something that induces a person to act inflation an increase in the overall level of prices in the economy marginal changes small in
3、cremental adjustments to a plan of action 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 market failure a situation in which a market left on its own fails to allocate resources ef
4、ficiently market power the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices opportunity cost whatever must be given up to obtain some item productivity the quantity of goods and services produced from each hour of a workers time property
5、rights the ability of an individual to own and exercise control over scarce resources rational people people who systematically and purposefully do the best they can to achieve their objectives scarcity the limited nature of societys resources Chapter 2 circular-flow diagram a visual model of the ec
6、onomy that shows how dollars flow through markets among households and firms macroeconomics the study of economy wide phenomena, including inflation, unemployment, and economic growth microeconomics the study of how households and firms make decisions and how they interact in markets normative state
7、ments claims that attempt to prescribe how the world should be positive statements claims that attempt to describe the world as it is 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 1 页，共 10 页 - - - - - - - - - - 学习好资料欢迎下载production possibilities frontier a graph that shows the
8、combinations of output that the economy can possibly produce given the available factors of production and the available production technology Chapter 3 absolute advantage the ability to produce a good using fewer inputs than another producer comparative advantage the ability to produce a good at a
9、lower opportunity cost than another producer exports goods produced domestically and sold abroad imports goods produced abroad and sold domestically opportunity cost whatever must be given up to obtain some item Chapter 4 competitive market a market in which there are many buyers and many sellers so
10、 that each has a negligible impact on the market price complements two goods for which an increase in the price of one leads to a decrease in the demand for the other demand curve a graph of the relationship between the price of a good and the quantity demanded demand schedule a table that shows the
11、 relationship between the price of a good and the quantity demanded equilibrium a situation in which the market price has reached the level at which quantity supplied equals quantity demanded equilibrium price the price that balances quantity supplied and quantity demanded equilibrium quantity the q
12、uantity supplied and the quantity demanded at the equilibrium price inferior good a good for which, other things equal, an increase in income leads to a decrease in demand law of demand the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises law of
13、supply the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises law of supply and demand the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance 精品资料 - - - 欢迎下载 - - - - - - - -
14、- - - 欢迎下载 名师归纳 - - - - - - - - - -第 2 页，共 10 页 - - - - - - - - - - 学习好资料欢迎下载market a group of buyers and sellers of a particular good or service normal good a good for which, other things equal, an increase in income leads to an increase in demand quantity demanded the amount of a good that buyers
15、are willing and able to purchase quantity supplied the amount of a good that sellers are willing and able to sell shortage a situation in which quantity demanded is greater than quantity supplied substitutes two goods for which an increase in the price of one leads to an increase in the demand for t
16、he other supply curve a graph of the relationship between the price of a good and the quantity supplied supply schedule a table that shows the relationship between the price of a good and the quantity supplied surplus a situation in which quantity supplied is greater than quantity demanded Chapter 5
17、 cross-price elasticity of demand a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in the price of the second good elasticity a measure
18、of the responsiveness of quantity demanded or quantity supplied to one of its determinants income elasticity of demand a measure of how much the quantity demanded of a good responds to a change in consumers income, computed as the percentage change in quantity demanded divided by the percentage chan
19、ge in income 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 price elasticity of supply a measure of how much the quantity
20、 supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied 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 good times the quantity sold Ch
21、apter 6 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 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 3 页，共 10 页 - - - - - - - - - - 学习好资料欢迎下载tax incidence the manner in which the burde
22、n of a tax is shared among participants in a market Chapter 7 consumer surplus the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it cost the value of everything a seller must give up to produce a good efficiency the property of a resource allocation of maxi
23、mizing the total surplus received by all members of society equity the fairness of the distribution of well-being among the members of society producer surplus the amount a seller is paid for a good minus the sellers cost of providing it welfare economics the study of how the allocation of resources
24、 affects economic well-being willingness to pay the maximum amount that a buyer will pay for a good Chapter 8 deadweight loss the fall in total surplus that results from a market distortion, such as a tax Chapter 9 tariff a tax on goods produced abroad and sold domestically world price the price of
25、a good that prevails in the world market for that good Chapter 10 Coase theorem the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own corrective tax a tax designed to induce private decision makers
26、to take account of the social costs that arise from a negative externality externality the uncompensated impact of one persons actions on the well-being of a bystander internalizing the externality altering incentives so that people take account of the external effects of their actions transaction c
27、osts the costs that parties incur in the process of agreeing to and following through on a bargain 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 4 页，共 10 页 - - - - - - - - - - 学习好资料欢迎下载Chapter 11 common resources goods that are rival in consumption but not excludable cost bene
28、fit analysis a study that compares the costs and benefits to society of providing a public good excludability the property of a good whereby a person can be prevented from using it free rider a person who receives the benefit of a good but avoids paying for it private goods goods that are both exclu
29、dable and rival in consumption public goods goods that are neither excludable nor rival in consumption rivalry in consumption the property of a good whereby one persons use diminishes other peoples use Tragedy of the Commons a parable that illustrates why common resources get used more than is desir
30、able from the standpoint of society as a whole Chapter 12 ability-to-pay principle the idea that taxes should be levied on a person according to how well that person can shoulder the burden average tax rate total taxes paid divided by total income benefits principle the idea that people should pay t
31、axes based on the benefits they receive from government services budget deficit an excess of government spending over government receipts budget surplus an excess of government receipts over government spending horizontal equity the idea that taxpayers with similar abilities to pay taxes should pay
32、the same amount lump-sum tax a tax that is the same amount for every person marginal tax rate the extra taxes paid on an additional dollar of income progressive tax a tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayers proportional tax a tax for whi
33、ch high-income and low-income taxpayers pay the same fraction of income 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 5 页，共 10 页 - - - - - - - - - - 学习好资料欢迎下载regressive tax a tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayer
34、s vertical equity the idea that taxpayers with a greater ability to pay taxes should pay larger amounts Chapter 13 accounting profit total revenue minus total explicit cost average fixed cost fixed costs divided by the quantity of output average total cost total cost divided by the quantity of outpu
35、t average variable cost variable costs divided by the quantity of output constant returns to scale the property whereby long-run average total cost stays the same as the quantity of output changes diminishing marginal product the property whereby the marginal product of an input declines as the quan
36、tity of the input increases diseconomies of scale the property whereby long-run average total cost rises as the quantity of output increases economic profit total revenue minus total cost, including both explicit and implicit costs economies of scale the property whereby long-run average total cost
37、falls as the quantity of output increases efficient scale the quantity of output that minimizes average total cost explicit costs input costs that require an outlay of money by the firm fixed costs costs that do not vary with the quantity of output produced implicit costs input costs that do not req
38、uire an outlay of money by the firm marginal cost the increase in total cost that arises from an extra unit of production marginal product the increase in output that arises from an additional unit of input production function the relationship between quantity of inputs used to make a good and the q
39、uantity of output of that good profit total revenue minus total cost 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 6 页，共 10 页 - - - - - - - - - - 学习好资料欢迎下载total cost the market value of the inputs a firm uses in production total revenue the amount a firm receives for the sale
40、of its output variable costs costs that do vary with the quantity of output produced Chapter 14 average revenue total revenue divided by the quantity sold competitive market a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker marginal reven
41、ue the change in total revenue from an additional unit sold sunk cost a cost that has already been committed and cannot be recovered Chapter 15 monopoly a firm that is the sole seller of a product without close substitutes natural monopoly a monopoly that arises because a single firm can supply a go
42、od or service to an entire market at a smaller cost than could two or more firms price discrimination the business practice of selling the same good at different prices to different customers Chapter 16 cartel a group of firms acting in unison collusion an agreement among firms in a market about qua
43、ntities to produce or prices to charge dominant strategy a strategy that is best for a player in a game regardless of the strategies chosen by the other players game theory the study of how people behave in strategic situations monopolistic competition a market structure in which many firms sell pro
44、ducts that are similar but not identical Nash equilibrium a situation in which economic participants interacting with one another each choose their best strategy given the strategies that all the others have chosen oligopoly a market structure in which only a few sellers offer similar or identical p
45、roducts prisoners dilemma a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial Chapter 17 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 7 页，共 10 页 - - - - - - - - - - 学习好资料欢迎下载monopolis
46、tic competition a market structure in which many firms sell products that are similar but not identical Chapter 18 capital the equipment and structures used to produce goods and services diminishing marginal product the property whereby the marginal product of an input declines as the quantity of th
47、e input increases factors of production the inputs used to produce goods and services marginal product of labor the increase in the amount of output from an additional unit of labor production function the relationship between the quantity of inputs used to make a good and the quantity of output of
48、that good value of the marginal product the marginal product of an input times the price of the output Chapter 19 compensating differential a difference in wages that arises to offset the nonmonetary characteristics of different jobs discrimination the offering of different opportunities to similar
49、individuals who differ only by race, ethnic group, sex, age, or other personal characteristics efficiency wages above-equilibrium wages paid by firms to increase worker productivity human capital the accumulation of investments in people, such as education and on-the-job training strike the organize
50、d withdrawal of labor from a firm by a union union a worker association that bargains with employers over wages and working conditions Chapter 20 in-kind transfers transfers to the poor given in the form of goods and services rather than cash liberalism the political philosophy according to which th