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边际效益和边际成本（Marginal benefit and marginal cost）The marginal benefit is a concept in economics, it can be understood, that is a market economic entity for the pursuit of maximum profits, many times to expand production, there must be a difference between every investment benefits and investment will have a benefit, this difference is marginal benefit. If the marginal benefit of a growing trend, so, investment benefit more than a big one, the investment is successful. However, each economic entity of the plant and production equipment is fixed in the short term, so the pursuit of maximum profit can only rely on the increase in labor input to obtain, when labor more than production equipment, some of the work is in the state of inefficiency, the marginal benefit will maintain growth trend but, to reach an equilibrium point fall after the decline. Thus, a well-known truth is that an enterprise can not only rely on increasing labor force to achieve maximum profit, but also need to introduce advanced equipment and raise its management level.The marginal cost is to increase yield per unit, the need for additional costs, if the MR marginal revenue, variation ratio, sales volume is MR = total revenue. MC said the marginal cost is MC = amount of change, the total cost of sales (output) variation.If u said the profits of the manufacturer, is n = TRTC. To maximize the profit maximization so it can be used to represent TRTC = n.So, when is the difference between total revenue and total cost? The answer is that when marginal revenue equals marginal cost.Because if the marginal income is greater than the marginal cost, means to increase the unit output can make the total profit increase, so the manufacturers will continue to increase production; if the marginal income is less than marginal cost means increasing unit yield but the total profit decline, so manufacturers will reduce production; only when marginal profit equals marginal cost, increase revenue and increase the the cost of offset, at the firm's profit maximization, so manufacturers will be in the best state, stable production.For a complete competition, facing the demand curve level, it means that all products, all competitors can sell at market prices he wanted to sell or, in the face of a large number of consumers in the case, in the eyes of the manufacturers, the market for his products demand is infinite.Under the condition of complete competition, marginal revenue, average revenue and commodity prices are equal, not only a single vendor is commodity market price taker and a single manufacturer sales does not affect the price of the goods, the manufacturer adds one unit sales increased the income of unit price of goods. Therefore, the condition of maximizing the profit of the manufacturer is that the marginal cost equals the price of the commodity. That is to say, as long as marginal cost is lower than the market price of the commodity, the manufacturer increases the production to increase the profit, otherwise the profit will be reduced, and the total profit will be the maximum when the two are equal.The characteristics of short-term production is the production of only changes of production factors, the scale of the firmwill not change, namely in the production of constant inputs can not be changed, only manufacturers established production scale production. Therefore, a fully competitive manufacturer can only achieve maximum profit through adjustment of output. As the market price of goods is also established, manufacturers can only passively accept. Therefore, in the short term, every manufacturers because of their scale of production, production in accordance with the principle of marginal benefit equals marginal cost, n will still have three kinds of cases: greater than 0; equal to 0 and less than 0. Please note: profit maximization does not mean that the company would get the total revenue is greater than the total cost in the profit, with negative, the pursuit of profit maximization is refers to the minimum after 0 thanks to, does not mean that there is no profit, but to obtain normal profits, which is included in the cost of it is firm entrepreneur management remuneration is the entrepreneur factor prices. The problem now is that there is a loss,Will manufacturers still produce? Let's look at figure 5-1 below:When the market price is higher than P1, the horizontal line D1 from P1 is the demand curve that the manufacturer faces. According to the principle of marginal revenue equals marginal cost, the output level that the manufacturer chooses best is Q1, that is edgeFigure 5-1 profit maximization of manufacturersThe yield level of E1 determines the intersection between pointyield curve and marginal cost curve, the average income for the average cost of Q1 E1 manufacturer F1 Q1, the average income is greater than the average cost, the average profit per unit of product manufacturers in the E1 F1, E1 F1 * OQ1 total profit, equivalent to the H1P1 E1 F1 rectangular area.When the market price is P2, the demand curve facing the horizontal line starting from P2 D2's manufacturer, its lowest point coincided with the short term average cost curve tangent to the SAC E2 of the latter, the marginal cost curve of SMC has also been in the same point, according to the marginal benefit equals marginal cost principle, the yield level of the best choice is that marginal manufacturers the yield curve and the marginal cost curve of intersection of E2 determines the yield level of Q2, the average income for the average cost of Q2 E2 manufacturers for E2 Q2, the firm's profit is zero and that there is no profit, no loss (but normal profit), this is often referred to as the breakeven point.If the market price is P3, correspondingly, the demand curve faced by manufacturers of D3, according to the marginal benefit equals marginal cost principle, the yield level of manufacturers best choice is Q3 that is the marginal revenue curve and marginal cost curves intersect the yield level of E3 decision, then the manufacturer for E3Q3 average revenue average cost of F3Q3, average income less than the average cost, the manufacturer is a loss, per unit of product losses of $E3F3, total loss amount is E3F3 * OQ3. This time despite the loss, but it should be wise to manufacturers to continue production, because the average variable cost is G3Q3 it is less than the average income E3Q3, only to continue production,manufacturers can after all income make up for all variable costs, but also make up always exist in the short term does not become a part of this, in this case, the production is not strong production.When the market price is P4, the corresponding demand curve faced by manufacturers of D4, and the D4 curve and the average variable cost curve is tangent to the lowest point in the E4, the short-run marginal cost curve through this point, according to the marginal benefit equals marginal cost principle, the yield level of manufacturers best choice is Q4 that is the marginal revenue curve and the marginal cost curve crosses yield level decision point E4. At this point, the average yield is less than the average cost, and the manufacturer is deficit. At the same time, the average return is equal to the average variable cost of E3Q3, so the firm's decision can be either continuous or non productive,. Because, if continued production, the entire income of the manufacturer can only compensate for all the variable costs, but can not make up for any fixed costs. Without production, the firm does not have to pay variable costs, but the constant cost is still there. This is often referred to as a stop point or a closing point.When the market price is P5, the demand curve for the corresponding manufacturer is D5, although the optimal yield Q5 can be determined according to the principle that marginal revenue equals marginal cost. However, at this time, the average yield was E5Q5, which is less than average variable cost G5Q5, if manufacturers continue to produce, the full benefits of this can even become all make up, it would not make up for the cost of the same, and in fact, as long as the manufacturersto stop production, can be turned into the drop to zero. At this point, manufacturers do not produce more than production.Therefore, in the short term, the manufacturers to adjust production scale under the condition that the average variable cost as long as the commodity market price is higher than the per unit of product manufacturers, it should be in accordance with the marginal benefit equals marginal cost principle to determine the appropriate output, realize the profit maximization.In long-term production, all the inputs of production factors are variable, and the fully competitive firms realize the maximum profit by adjusting the input of all the factors of production.All competitors in the long term of all production factors can be adjusted in two aspects: on the one hand, for manufacturers to enter or exit a industry, this is also the number of enterprises in the industry adjustment; on the other hand, for manufacturers of production scale adjustment.In the long run, if a single firm in the industry can make a profit, it will attract other new vendors to the industry. With the addition of new manufacturers, the number of firms in the industry increases, and the supply of the whole industry increases, and the market price drops and falls to the profitability of a single manufacturer. On the contrary, if the individual firms in the industry production losses, the original manufacturer in the industry part will automatically exit, the number of manufacturers in the industry will bereduced, the whole industry supply will be reduced, the market price will rise, rise to the loss of individual firms lost so far. Finally, because every vendor in the industry is in the state of neither profit nor loss, the entry and exit of the firms in the industry have ceased.In the enterprise production and business activities, in every change of the price level, individual firms will adjust to the scale of production and can meet the marginal revenue is equal to the optimal production scale long-term marginal cost yield to. In such a constant process of adjustment, a single manufacturer will eventually adjust the production scale to the optimal scale of production in line with the output required by the zero profit. In short, in the long-term production, by entering the industry vendors and manufacturers continue to exit, and adjust the scale of production, production in accordance with the marginal revenue is equal to the long-run marginal cost principle, the final single firm's profit is zero, or a single vendor can be stably to normal profit.。
utility专业术语翻译1. Utility (noun): 实用性，效用- The utility of a product is determined by its ability to meet consumers' needs and desires. (产品的实用性由其满足消费者需求和愿望的能力决定。
)- This software has high utility for businesses looking to streamline their operations. (该软件对于希望简化业务流程的企业来说具有很高的实用性。
)2. Utility (adjective): 实用的，有用的- These tools are utility knives, designed for a variety of tasks. (这些工具是多功能刀，用于各种任务。
)- The utility room in the house is equipped with a washing machine and a dryer. (房子里的实用房间里配备了洗衣机和烘干机。
)3. Public utility: 公用事业- Electricity and water supply are considered public utilities. (供电和供水被视为公用事业。
)- The government regulates public utilities to ensure fair pricing and service quality. (政府对公用事业进行监管，以确保定价公正和服务质量。
)4. Utility function: 效用函数- In economics, a utility function is used to model an individual's preferences. (在经济学中，效用函数用于建模个体的偏好。
在短期中，低通货膨胀通常是以高失业率为代价的，这是由短期内价格粘性造成的。
政府为了抑制通货膨胀会减少流通中的货币量，人们可用的货币量减少,但商品价格在短期内具有粘性仍居高不下，于是社会消费的商品和劳务量减少，消费量不足又会引起企业开工不足，导致失业。
失业率高，通胀率低;失业率低，通胀率高。
通货膨胀和失业之间是此消彼长、相互交替的关系。
1.描述下列每种情形中当事人面对的权衡：a.某个家庭决定是否购买一辆新车；a tradeoff between the cost of the car and other things they might want to buy.b.国会成员决定对国家公园拨多少款the tradeoff is between parks and other spending items or tax cuts.（不增加拨款可少征税）c.公司总裁决定是否建个新工厂；the decision is based on whether the new factory will increase the firm's profits compared to other alternatives. （upgrade existing equipment or expand existing factories）increase profit the mostd.某个教授决定用多少时间备课between the value of improving the qualityof the lecture compared to other things she could do with her time, such as working on additional research.e.刚毕业的大学生决定是否读研究生2.你正决定是否去度假。
度假的大部分成本（机票、住宿费和放弃的工资）是用货币衡量的，但度假的收益是心理上的。
英语中宏观经济常用词汇以及实际应用1. Gross Domestic Product (GDP) (国内生产总值)Sentence:The country's Gross Domestic Product grew by 3% this year, indicating economic expansion.中文翻译:该国今年的国内生产总值增长了3%，显示出经济的扩张。
2. Inflation (通货膨胀)Sentence:High inflation rates can erode consumers' purchasing power over time.中文翻译:高通货膨胀率会随着时间的推移侵蚀消费者的购买力。
3. Unemployment Rate (失业率)Sentence:The unemployment rate decreased to 5% last month, signaling a recovering labor market.中文翻译:上个月失业率下降至5%，表明劳动力市场正在恢复。
4. Fiscal Policy (财政政策)Sentence:The government implemented expansionary fiscal policy to stimulate economic growth.中文翻译:政府实施了扩张性的财政政策以刺激经济增长。
5. Monetary Policy (货币政策)Sentence:The central bank adjusted its monetary policy by lowering interest rates to encourage borrowing.中文翻译:中央银行通过降低利率调整了货币政策，以鼓励借贷。
6. Balance of Trade (贸易平衡)Sentence:A positive balance of trade occurs when a country's exports exceed its imports.中文翻译:当一个国家的出口超过进口时，就会出现贸易平衡顺差。
消费者抱怨英语作文Consumer Complaints。
Nowadays, consumer complaints have become increasingly common in our daily lives. People often encounter various problems when purchasing goods or services, leading to dissatisfaction and frustration. In this essay, we will explore the reasons behind consumer complaints and discuss possible solutions to address this issue.One of the main reasons for consumer complaints is the poor quality of products. Many consumers find that the products they purchase do not meet their expectations in terms of durability, performance, or safety. For example, electronic devices may break down shortly after purchase, clothing may shrink or fade after a few washes, and food products may be expired or contaminated. As a result, consumers feel cheated and demand refunds or replacements.Another common reason for consumer complaints is thelack of transparency and honesty in advertising and marketing. Companies often use misleading or exaggerated claims to promote their products, leading consumers to have unrealistic expectations. For example, a skincare product may promise to eliminate wrinkles and blemishes overnight,a weight-loss supplement may claim to help people lose 10 pounds in a week, and a cleaning product may advertiseitself as "100% natural" when it contains harmful chemicals. When consumers realize that these claims are false, theyfeel deceived and demand compensation.Furthermore, poor customer service is also a majorcause of consumer complaints. Many consumers have had negative experiences with rude, unresponsive, orincompetent customer service representatives. They may have difficulty reaching a live person, have to wait on hold for hours, or receive unhelpful responses to their inquiries or complaints. In some cases, companies may even ignore or dismiss consumer complaints altogether, leaving consumers feeling frustrated and powerless.To address the issue of consumer complaints, companiesneed to prioritize quality control and customer satisfaction. They should invest in research and development to improve the quality and safety of their products, conduct thorough testing and inspections before releasing products to the market, and provide clear and accurate information to consumers. Companies should also be transparent and honest in their advertising and marketing, avoid making false or exaggerated claims, and ensure that their products live up to consumers' expectations.In addition, companies need to improve their customer service processes and train their employees to provide excellent customer service. They should make it easy for consumers to contact them, respond promptly to inquiries and complaints, and resolve issues in a timely and satisfactory manner. Companies should also listen to consumer feedback, take complaints seriously, and use them as opportunities to improve their products and services.In conclusion, consumer complaints are a common and pervasive issue that affects consumers and companies alike. By addressing the root causes of consumer complaints andimplementing effective solutions, companies can build trust and loyalty with their customers, improve their reputation, and ultimately achieve long-term success in the marketplace. It is essential for companies to prioritize quality, transparency, and customer service to ensure that consumers have positive and satisfying experiences with theirproducts and services.。
The Ten Principles of EconomicsEconomics is a social science that studies how individuals, businesses, and governments make decisions regarding the allocation of scarce resources to satisfy their unlimited needs and wants. Through a systematic analysis of economic behavior, economists have formulated several principles that underpin the study of economics. These principles help us understand how the economy operates and how individuals and societies make economic choices. Here are the ten fundamental principles of economics:Principle 1: People Face Trade-offsIndividuals face trade-offs due to limited resources. A person can only allocate their time, money, and energy to certain activities, which necessitates sacrificing others. For example, a student must choose between studying for an exam and going out with friends. Similarly, governments face trade-offs when allocating their budgets between defense, healthcare, education, and other areas.Principle 2: The Cost of Something is What You Give Up to Get ItMaking decisions always involves considering opportunity costs. Opportunity cost refers to the value of the next best alternative that is forgone when making a choice. For instance, if you choose to spend your money on a new smartphone, the opportunity cost is the vacation you could have taken instead. Understanding opportunity costs is essential for making rational decisions.Principle 3: Rational People Think at the MarginRational decision-making involves weighing the marginal benefits against the marginal costs. The marginal benefit is the additional benefit derived from consuming or producing one more unit of a good or service, while the marginal cost is the additional cost of producing or consuming that unit. Rational individuals make decisions by comparing these marginal benefits and costs.Principle 4: People Respond to IncentivesIncentives play a crucial role in economics. An incentive is anything that influences the behavior of individuals or firms. People respond to incentives in predictable ways. For example, when the price of a product increases, consumers tend to buy less of that product. Understanding incentives helps predict how people will react to changes in prices, taxes, subsidies, or regulations.Principle 5: Trade Can Make Everyone Better OffTrade allows individuals and countries to specialize in what they do best, leading to increased productivity and overall welfare. By specializing in their comparative advantage and engaging in trade, individuals can consume a greater variety of goods and services at a lower opportunity cost. Trade allows for the efficient allocation of resources and can make everyone involved better off.Principle 6: Markets Are Usually a Good Way to Organize Economic ActivityMarkets have proven to be effective in organizing economic activity. The interaction of buyers and sellers in a market determines prices and quantities. Prices serve as signals to individuals and firms, guiding them on how to allocate resources. Markets also encourage competition, leading to efficiency and innovation. However, there are cases where markets may fail to allocate resources efficiently, such as when there are externalities or monopoly power.Principle 7: Governments Can Sometimes Improve Market OutcomesGovernments intervene in the economy to address market failures and promote the general welfare. They enforce property rights and contracts, provide public goods and services, and regulate market activities. Additionally, governments aim to correct market failures caused by externalities, information asymmetry, or natural monopolies. However, government intervention can also lead to unintended consequences and inefficiencies if not carefully implemented.Principle 8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and ServicesProductivity is the key driver of a nation’s standard of living. Countries with high levels of productivity can produce more goods and services per unit of input. Productivity growth is essential for sustained improvements in living standards over time. Factors that contribute to productivity growth include investments in physical and human capital, technological advancements, and efficient institutions.Principle 9: Prices Rise When the Government Prints Too Much MoneyInflation is primarily caused by the excessive growth of the money supply. When the government prints more money, the value of money decreases, leading to higher prices. Inflation erodes the purchasing power of individuals and businesses, distorts price signals, and hampers economic stability. Central banks play a key role in managing the money supply and controlling inflation.Principle 10: Society Faces a Short-Run Trade-off between Inflation and UnemploymentThe Philips curve illustrates the short-run trade-off between inflation and unemployment. In the short run, policies that aim to reduce unemployment may lead to higher inflation, and policies that aim to decrease inflation may result in higher unemployment. This trade-off highlights the challenges faced by policymakers in balancing price stability and low unemployment rates.These ten principles provide a foundation for understanding the complexities of economics. By applying these principles, economists can analyze economic behavior, develop models, and make predictions about the effects of policy changes. Understanding these principles is not only important for economists but also for individuals, businesses, and policymakers in making informed decisions to improve economic outcomes.。
微观经济名词解释CHAPTER 1Scarcity : 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 property 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 action.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 over 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 action s on the well-being of a bystander.Market power : the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices.Productivity : the quantity of goods and services produced from each hour of a worker’s t ime. 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 cycle : fluctuations in economic activity, such as employment and production.CHAPTER 2Circular-flow diagram : a visual model of the economy that shows how dollars flow through markets among households and firms.Production possibilities frontier : a graph that shows the combinations of output that the economycan possibly produce 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.Macroeconomics : the 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.CHAPTER 4Quantity 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 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 equal, 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.quantity 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 supplied.Supply curve: a graph of the relationship between the price of a good and the quantity supplied. Equilibrium : a situation in which the price has reached the level where quantity supplied equals quantity demanded.Equilibrium price : the price that balances quantity supplied and quantity demanded. Equilibrium quantit y : 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 quantity 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.CHAPTER 5Elasticity a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants.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.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.Income lasticity 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 change in income.Crossprice 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 the quantity demanded of the first good divided by the percentage change in the price of the second good.Price elasticity of supply: a measure of how much the quantity supplied of a good responds toa change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price.CHAPTER 6Price 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.CHAPTER 7Welfare economics: the study of how the allocation of resources affects economic well-being. Willingness to pay: the maximum amount that a buyer will pay for a good.Consumer surplus: a buyer’s willingness to pay minus the amount the buyer actually pays. Cost：the value of everything a seller must give up to produce a good.Producer surplus: the amount a seller is paid for a good minus the seller’s cost. Eficiency: the property of a resource allocation of maximizing the total surplus received by all members of society.Euity :fairness of the distribution of well-being among the members of society.CHAPTER 8Deadweight loss: the fall in total surplus that results from a market distortion, such as a tax.CHAPTER 10Externality :the uncompensated impact of one person’s ac tions on the well-being of a bystander. Internalizing an externality: altering incentives so that people take account of the external effects of their actions.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. Transaction costs: the costs that parties incur in the process of agreeing and following throughon a bargain.CHAPTER11Excludability:the property of a good whereby a person can be prevented from using it.Rivalry in consumption: the property of a good whereby one person’s use diminishes other people’s use.Private goods: goods that are both excludable and rival.Public goods :goods that are neither excludable nor rival.Common resources: goods that are rival but not excludable.Free rider: a person who receives the benefit of a good but avoids paying for it.Costbenefit analysis: a study that compares the costs and benefits to society of providing a public good.Tragedy of the commons: a parable that illustrates why common resources get used more than is desirable from the standpoint of society as a whole.CHAPTER 13Total revenue: the amount a firm receives for the sale of its output.Total cost: the market value of the inputs a firm uses in production.profit :total revenue minus total cost.explicit costs: input costs that require an outlay of money by the firm.Implicit costs: input costs that do not require an outlay of money by the firm.Economic profit: total revenue minus total cost, including both explicit and implicit costs. Accounting profit: total revenue minus total explicit cost.Production function: the relationship between quantity of inputs used to make a good and the quantity of output of that good.Marginal product: the increase in output that arises from an additional unit of input. Diminishing marginal product: the property whereby the marginal product of an input declines as the quantity of the input increases.Fixed costs: costs that do not vary with the quantity of output produced.Variable costs: costs that do vary with the quantity of output produced.Average total cost: total cost divided by the quantity of output.Average fixed cost: fixed costs divided by the quantity of output.Average variable cost: variable costs divided by the quantity of output.Marginal cost: the increase in total cost that arises from an extra unit of production. Efficient scale: the quantity of output that minimizes average total cost.Economies of scale: the property whereby long-run average total cost falls as the quantity of output increases.Diseconomies of scale: the property whereby long-run average total cost rises as the quantity of output increases.Constant returns to scale: the property whereby long-run average total cost stays the same as the quantity of output changes.CHAPTER 14Competitive market: a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker.Average revenue: total revenue divided by the quantity sold.Marginal revenue: the change in total revenue from an additional unit sold.Sunk cost: a cost that has been committed and cannot be recovered.CHAPTER 15Monopoly 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 good 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 16Oligopoly :a market structure in which only a few sellers offer similar or identical products. Monopolistic competition: a market structure in which many firms sell products that are similar but not identical.Collusion :an agreement among firms in a market about quantities to produce or prices to charge. Carte : a group of firms acting in unison.Nash equilibrium: 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.Game theory: the study of how people behave in strategic situations.Prisoners’dilemma: a particular "game" between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial.Dominant strategy: a strategy that is best for a player in a game regardless of the strategies chosen by the other players.CHAPTER 17Monopolistic competition: a market structure in which many firms sell products that are similar but not identical.。
宏微观经济学名词解释英语Macroeconomics and Microeconomics TerminologyMacroeconomics:1. Aggregate Demand (AD): The total demand for all goods and services in an economy at a given time and price level.2. Aggregate Supply (AS): The total supply of all goods and services in an economy at a given time and price level.3. Business Cycle: The periodic fluctuations in economic activity, measured by variables such as GDP, employment, and inflation.4. Fiscal Policy: The use of government spending and taxation to influence the economy.5. Gross Domestic Product (GDP): The total market value of all final goods and services produced within a countryin a given period.6. Inflation: The sustained increase in the generalprice level of goods and services in an economy over time.7. Monetary Policy: The actions taken by a central bank, such as the Federal Reserve, to influence the money supply and interest rates to achieve economic objectives.8. Recession: A period of temporary economic decline, generally identified by a fall in GDP for two consecutive quarters.9. Unemployment: The state of being without a job, actively seeking employment, and available for work.Microeconomics:1. Demand: The willingness and ability of consumers to purchase a good or service at different prices.2. Supply: The willingness and ability of producers to offer a good or service for sale at different prices.3. Equilibrium Price: The price at which the quantity demanded equals the quantity supplied.4. Elasticity: A measure of the responsiveness of one variable to changes in another variable.5. Marginal Cost: The additional cost of producing one more unit of a good or service.6. Marginal Revenue: The additional revenue earned from selling one more unit of a good or service.7. Opportunity Cost: The value of the next bestalternative that must be forgone to pursue a certain action.8. Perfect Competition: A market structure characterized by many small firms selling identical products, with no individual firm having the ability to influence the market price.9. Monopoly: A market structure with a single seller ofa product for which there are no close substitutes.10. Externality: A cost or benefit that affects a party who did not choose to incur that cost or benefit.宏观经济学和微观经济学术语宏观经济学:1. 总需求(AD)：在某一时间和价格水平下,经济中所有商品和服务的总需求。
