H
Horizontal equity 横向公平
The idea that taxpayers with similar abilities to pay taxes should pay the same amount
Human capital 人力资本
The knowledge and skills that workers acquire through education, training, and experience;The accumulation of investments in people, such as education and on-the-job training
horizontal integration 横向一体化
the integration of a firm with other firms producing the same product (at the same level of production)
horizontal merger 横向兼并
a merger between two firms that produce the same goods
horizontal restrictions 横向约束
restrictions (such as an agreement not to compete in price or to enter each others' markets) by competing firms (at the same level of production, for instance, among producers, or among wholesalers, or among retailers)
hostile takeover 恶意收购
when one management team (one firm) takes over the control of another, against the will of the second firm
I
Import quota 进口限额
A limit on the quantity of a good that can be produced abroad and sold domestically
Imports 进口
Goods and services that are produced abroad and sold domestically
In-kind transfers 实物转移支付
Transfers to the poor given in the form of goods and services rather than cash
Income effect 收入效应
The change in consumption that results when a price change moves the consumer to a higher or lower indifference curve
Income elasticity of demand 需求收入弹性
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 change in income
Indexation 指数化
The automatic correction of a dollar figure for the effects of inflation by law or contract
Indifference curves 无差异曲线
Curves that show consumption bundles that give the consumer the same level of satisfaction A good for which an increase in income reduces the quantity demanded
Inferior good 低档商品
A good for which, other things being equal, an increase in income leads to a decrease in quantity demanded
Inflation 通货膨胀
An increase in the overall level of prices in the economy
Inflation rate 通货膨胀率
The percentage change in the price index from the preceding period
Internalizing an externality 外部性的内在化
Altering incentives so that people take account of the external effects of their actions
Investment 投资
Spending on capital equipment, inventories, and structures, including household purchases of new housing
imperfect competition 不完全竞争
any market structure in which there is some competition but firms face downward-sloping demand curves
implicit contract 隐含合同
an unwritten understanding between two groups involved in an exchange, such as an understanding between employer and employees that employees will receive a stable wage throughout fluctuating economic conditions
import function 进口函数
the relationship between imports and national income
incomplete markets 不完全市场
situations in which no market may exist for some good or for some risk, or in which some individuals cannot borrow for some purposes
increasing, constant or diminishing returns to scale 规模收益递增/不变/递减
when all inputs are increased by a certain proportion, output increases by a greater proportion (also known as economies of scale)
indexing 指数化
the formal linking of any payment to a price index
individual income tax 个人所得税
a tax based on the income received by any individual or household
infant industry argument for protection 幼稚工业保护论
the argument that industries must be protected from foreign competition while they are young, until they have a chance to acquire the skills to enable them to compete on equal terms
infinite elasticity of demand 无限需求弹性
the situation that exists when any amount will be demanded at a particular price, but nothing will be demanded if the price rises even a small amount
infinite elasticity of supply 无限供给弹性
situation that exists when any amount will be supplied at a particular price, but nothing will be supplied if the price falls even a small amount
inflation tax 通货膨胀税
the decrease in buying power (wealth) that inflation imposes on those who hold currency (and other assets, like bonds, the payments for which are fixed in terms of dollars)
inflationary spiral 通货膨胀螺旋
a self-perpetuating system in which price increases lead to higher wages, which lead to further price increases
infrastructure 基础设施
the roads, ports, bridges, and legal system that provide the necessary basis for a working economy
insider-outsider theory 局内人—局外人理论
the theory that firms are reluctant to pay new workers (outsiders) a lower wage than current workers (insiders), because current workers will fear beingreplaced by the new log-wage workers and will not participate in cooperating with and training them
interest 利息
the return a saver receives in addition to the original amount she deposited, and the amount that a borrower must pay in addition to the original amount she deposited
interest rate effect 利率效应
the situation that exists when lower interest rates (resulting from an increase in the money supply, or a fall in the price level) induce firms to invest more
investment schedule 投资曲线
the relationship between the level of investment and the (real) rate of interest
investment tax credit (ITC) 投资税减免
a provision of the tax code in which the government reduces a company's tax bill by an amount equal to a percentage of its spending on investment
involuntary unemployment 非自愿失业
the situation that occurs when the supply of those willing to work at the going market wage exceeds the demand for labor
J
Job search 寻找工作
The process by which workers find appropriate jobs given their tastes and skills
K
Keynesian monetary theory 凯恩斯货币理论
Keynesian unemployment 凯恩斯失业
unemployment that occurs as a result of insufficient aggregate demand; it arises in the demand-constrained equilibrium (where aggregate demand is less than aggregate supply), so that rightward shifts in aggregate demand reduce the level of unemployment
kinked demand curve 有折点的需求曲线
the demand curve perceived by an oligopolist who believes that rivals will match any price cuts but will not match price increases
L
Labor force 劳动力
The total number of workers, including both the employed and unemployed
Labor-force participation rate 劳动力参工率
The percentage of the population that is in the labor force
Law of demand 需求规律
The claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises
Law of supply 供给规律
The claim that, others things being equal, the quantity supplied of a good rises when the price of the good rises
Law of supply and demand 供求规律
The claim that the price of any good adjusts to bring the supply and demand for that good into balance
Life Cycle 生命周期
The regular pattern of income variation over a person's life
Liquidity 流动性
The ease with which an asset can be converted into the economy's medium of exchange
Lump-sum tax 定额税
A tax that is the same amount for every person
learning by doing 干中学
the increase in productivity that occurs as a firm gains experience from producing, and that results in a decrease in the firm's production costs
learning curve 学习曲线;经验曲线
the curve describing how costs of production decline as cumulative output increases over time
less developed countries (LDCs) 发展中国家
the poorest nations of the world, including much of Africa, Latin America, and Asia
life-cycle hypothesis 生命周期假说
the theory that individuals typically save when they are young and working and spend their savings as they age and retire
life-cycle savings motive 生命周期储蓄动机
people save during their working lives so that they can consume more during retirement
limit pricing 限制性定价
the practice of charging a lower price than the level at which marginal revenue equals marginal cost, as a way of deterring entry by persuading potential competitors that their profits from entering are likely to be limited
Lorenz curve 洛伦兹曲线
a curve that shows the cumulative proportion of income that goes to each cumulative proportion of the population, starting with the lowest income group
Luddites 卢德派分子
early nineteenth-century workmen who destroyed labor-saving machinery rather than see it taking over their jobs
M
Macroeconomics 宏观经济学
The study of economy-wide phenomena, including inflation, unemployment, and economic growth
Marginal changes 边际变动
Small incremental adjustments to a plan of action
Marginal cost 边际成本
The increase in total cost that arises from an extra unit of production
Marginal product 边际产量
The increase in output that arises from an additional unit of input
Marginal product of labor 劳动的边际产量
The increase in the amount of output from an additional unit of labor
Marginal rate of substitution 边际替代率
The rate at which a consumer is willing to trade one good for another
Marginal revenue 边际收益
The change in total revenue from an additional unit sold
Marginal tax rate 边际税率
The extra taxes paid on an additional dollar of income
Market 市场
A group of buyers and sellers of a particular good or service
Market economy 市场经济
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 市场失灵
A situation in which a market left on its own fails to allocate resources efficiently
Market for loanable funds 可贷资金市场
The market in which those who want to save supply funds and those who want to borrow to invest demand funds
Market power 市场力量
The ability of a single economic factor (or small group of factors) to have a substantial influence on market prices
Medium of exchange 交换媒介
An item that buyers give to sellers when they want to purchase goods and services
Menu costs 菜单成本
The costs of changing prices
Microeconomics 微观经济学
The study of how households and firms make decisions and how they interact in markets
Model of aggregate supply and aggregate demand 总需求与总供给模型
The model that most economists use to explain short-run fluctuations in economic activity around its long-run trend
Monetary neutrality 货币中性
The proposition that changes in the money supply do not affect real variables
Monetary policy 货币政策
The setting of the money supply by policymakers in the central bank
Money 货币
The set of assets in the economy that people regularly use to buy goods and services from other people
Money multiplier 货币乘数
The amount of money the banking system generates with each dollar of reserves
Money supply 货币供给
The quantity of money available in the economy
Monopolistic competition 垄断竞争
A market structure in which many firms sell products that are similar but not identical
Monopoly 垄断
A firm that is the sole seller of a product without close substitutes
Multiplier effect 乘数效应
The additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending
Mutual fund 共同基金
An institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds
M1, M2, M3 货币供给量的度量
measures of the money supply: M1 includes currency and checking accounts; M2 includes M1 plus savings deposits, CDs, and money market funds; M3 includes M2 plus large-denomination savings deposits and institutional money market mutual funds
managerial slack 管理松懈
the lack of managerial efficiency (for instance, in cutting costs) that occurs when firms are insulated from competition
marginal costs and benefits 边际成本和边际收益
costs and benefits that result from choosing a little bit more of one thing and a little bit less of another
marginal propensity to consume 边际消费倾向
the amount by which consumption increases when disposable income increases by a dollar
marginal propensity to import 边际进口倾向
the amount by which imports increase when disposable income increases by a dollar
marginal propensity to save 边际储蓄倾向
the amount by which savings increase when disposable income increases by a dollar
marginal utility 边际效用
the extra utility, or enjoyment, a person receives from the consumption of one additional unit of a goo
market clearing 市场出清
situation that exists when there is neither excess supply nor excess demand
market failures approach 市场失灵论
the argument that government may have an economic role to play when markets fail to produce efficient outcomes
market labor supply curve 劳动的市场供给曲线
the relationship between the wage paid and the amount of labor willingly supplied, found by adding up the labor supply curves of all individuals in the economy
median voter 中间投票人
the voter such that half the population have preferences on one side of this voter (for instance, they want higher government expenditures and taxes),while the other half of the population have preferences on the other side of this voter (they want lower taxes and expenditures)
merit goods and bads 公益品和公害品
goods that are determined by the government to be good or bad for people, regardless for whether people desire them for themselves or not
mixed economy 混合经济
an economy that allocates resources through a mixture of public (governmental)and private decision making
model 模型
a set of assumptions and data used by economists to study an aspect of the economy and make predictions about the future or about the consequences of various policy changes
Modigliani-Miller theorem 莫迪利安尼—米勒定理
the theorem that says that under a simplified set of conditions, the manner in which a firm finances itself does not matter
monetarists 货币主义者
economists who emphasize the importance of money in the economy; they tend to believe that an appropriate monetary policy is all the economy needs from the government, and market forces will otherwise solve any macroeconomic problems
moral hazard 败德;道德陷阱
principle that says that those who purchase insurance have a reduced incentive to avoid what they are insured against
multiplier-accelerator model 乘数—加速数模型
a model that relates business cycles to the internal workings of the economy, showing how changes in investment and output reinforce each other; the central ingredients of the model are the multiplier and the accelerator
multilateral trade 多边贸易
trade between more than two parties
N
Nash equilibrium 纳什均衡
A situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen
National saving (saving) 国民储蓄
The total income in the economy that remains after paying for consumption and government purchases
Natural monopoly 自然垄断
A monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms
Natural rate of unemployment 自然失业率
The normal rate of unemployment around which the unemployment rate fluctuates
Natural resources 自然资源
The inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits
Natural-rate hypothesis 自然率假说
The claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation
Net exports 净出口
The value of a nation's exports minus the value of its imports, also called the trade balance; Spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)
Net foreign investment 国外净投资
The purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners
Nominal GDP 名义GDP
The production of goods and services valued at current prices
Nominal Variables 名义变量
Variables measured in monetary units
Nominal exchange rate 名义汇率
The rate at which a person can trade the currency of one country for the currency of another
Nominal interest rate 名义利率
The interest rate as usually reported without a correction for the effects of inflation
Normal good 正常物品
A good for which an increase in income raises the quantity demanded; A good for which, other things being equal, an increase in income leads to an increase in quantity demanded
Normative statements 规范表述
Claims that attempt to prescribe how the world should be
natural endowments 自然禀赋
a country's natural resources, like good climate, fertile land, or minerals
net export function 净出口函数
a curve that gives the level of net exports at each level of income
net domestic product (NDP) 国内生产净值
GDP minus the value of the depreciation of the country's capital goods
new classical economists 新古典经济学家
economists who, beginning in the 1970;s, built on the tradition of classical economists and believed that by and large, market forces, if left to themselves, would solve the problems of unemployment and recessions
new growth economists 新增长经济学家
economists who, beginning in the 1980's, sought to understand better the basic forces that led the economy to grow fast at one time and slower at another, or some countries to grow faster than others
new Keynesian economists 新凯恩斯主义经济学家
economists who, beginning the 1980's, built on the tradition of Keynesian economists and focused attention on unemployment; they sought explanations for the failure of wages and prices to adjust to make labor markets and possibly other markets clear
newly industrialized countries 新工业化国家
nations that have recently moved from begin quite poor to being middle-income countries; including South Korea, Taiwan, Singapore, and Hong Kong
normative economics 规范经济学
economics in which the conclusions rest on value judgments as well as facts and theories
O
Oligopoly 寡头
A market structure in which only a few sellers offer similar or identical products
Open economy 开放经济
An economy that interacts freely with other economies around the world
Open-market operations 公开市场活动
The purchase and sale of United States government bonds by the Fed
Opportunity cost 机会成本
Whatever must be given up to obtain some item
Okun's law 奥肯定律
the observation that as the economy pulls out of a recession, output increases more than proportionately to increases in employment
opportunity sets 机会集合
a summary of the choices available to individuals, as defined by budget constraints and time constraints
output per capita 人均产量
a nation's output divided by the number of individuals in the country
outputs 产量
the outcomes of a production process
overhead costs 管理费用
the costs a firm must pay just to remain in operation. They do not depend on the scale of production