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USAD 2022 Economics 词汇
此学习集的词语(196)
Scarcity资源的稀缺性 It is a situation in which unlimited wants exceed the limited
resources available to fulfill those wants
Law of Demand需求定律;The quantity demanded of a good falls when the price of the
good rises, ceteris paribus.
Ceteris Paribus 其他事物相同;holding all other factors or conditions constant
Determinants of Demand
需求的决定因素;the factors that cause consumers to buy more or less at
the same price; there are substitutes, preferences, population, income,
complements, and expectations.
Determinants of Supply
供给的决定因素;the factors that cause sellers to offer more or less at the
same price; these are costs of inputs, opportunity cost of alternative
production, technology, taxes and subsidies, expectations, and number of
sellers.
Equilibrium Price 均衡价格;Price at which quantity supplied equals quantity demanded
Income Effect
⼯资效应;A reason for the law of demand, the purchasing power of
income is inversely related to the price of a product; if the price of a
particular good decreases, a consumer may buy more of this good as his
income has more buying power.
Inferior goods 劣等商品;when an increase in income leads to a decrease in demand.
Law of Supply供给定律;law that states that when the price of a product increases, the
quantity demanded decreases and a re inversely related.
Market市场;place where buyers and sellers meet to exchange goods and
services.
Normal goods 正常商品;As income increases, the demand for a product increase.
Price Ceiling 价格上限;a maximum legal price established below the equilibrium price.
Price Floor 价格下限;a minimum legal price established above the equilibrium price.
Quantity Demanded需求量;has an inverse relationship with changes in the price of a particular
good.
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Quantity supplied供给量;has a direct relationship with changes in the price of a particular
good.
Shortage短缺;when the quantity demanded is greater than the quantity supplied; in
a competitive market with a surplus, prices will fall to equilibrium price.
Substitution Effect
替代效应;a reason for the law of demand, as the price of a particular
good decreases, a consumer may buy kore of this good relative to higher-
priced goods.
Surplus
剩余;when the quantity supplied is greater than the quantity demanded,
which is above the equilibrium, price; in a competitive market with a
surplus, prices will fall to the equilibrium price.
Consumer Surplus消费者剩余;the difference between the highest price a consumer would
pay for a product and the annual price paid.
Cross-Price Elasticity
交叉价格弹性;the percentage change in demand for good X if there is a
price change for good Y. If the number is negative, they are complements,
and if it is positive, they are substitutes.
Deadweight Loss⽆谓损失;the loss of total surplus for society when a market fails to reach
a competitive equilibrium due to market distortion, like a tax.
Elasticity弹性;a measure of how producers and consumers respond to changes in
price.
Excise Tax 消费税;a per-unit tax on production
Income Elasticity of Demand
需求的收⼊弹性;how a change in income affects the quantity demanded
for a product. If income goes up and the quantity demanded goes down, it
is an inferior good. If the quantity demanded increases with income, it's a
normal good.
Producer Surplus⽣产者剩余;the difference between the lowest price a producer would
sell a product and the actual price received.
Total Revenue总收益;the amount of money taken in by a firm from its sales, which is the
price of a product multiplied by the quantity sold.
Total Revenue Test
总收益检验;a way to determine elasticity by multiplying the price of a
good times the quantity sold. If price and total revenues are directly
related, a good is inelastic; if inversely related, a good is elastic; and if they
equal each other, the good is unit elastic.
Diminishing Marginal Utility边际效应递减;at some point in the consumption pattern of a good, each
additional unit consumed yields less additional satisfaction (utility)
Total Utility总效应;the total satisfaction a consumer receives from the consumption of
a good or service.
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Accounting Profit会计利润;the difference between total revenues and explicit costs only.
Average Fixed Cost 平均固定成本;a firm's total fixed cost divided by total output.
Average Product 平均产品;total product divided by the variable input used in production
Diseconomies of Scale⾮规模经济;at this stage of output, as a firm's output increases, its long-run
average total cost curve increases. The upward sloping part of the LRATC.
Economic Profit经济利润;total revenues: subtracted by both explicit and implicit costs;
this is the type of profit referred to in Economics.
Fixed Costs固定成本;these costs do not change when quantity changes in the short
run, but can change in the long run.
Law of Diminishing Marginal Returns
边际收益递减原理;the range of output over which smaller and smaller
additional units of output are produced as successive equal increments of a
variable input are added to fixed quantities of other inputs in the short run.
Long Run⻓期;period of time over which supply can fully adjust to changes in
demand.
Lump-Sum Tax定额税;a fixed tax on producers regardless of the amount produced;
affects average fixed cost and average total cost.
Marginal Cost边际成本;what it costs to produce an additional unit of output; equal to
ΔTC/ΔQ
Marginal Product边际产品;how much additional output is produced when an input is
added by a firm.
Normal Profit正常利润;zero economic profit, where an entrepreneur will not be better
off in any other venture.
Per-Unit Tax单位税;a tax on each additional unit produced, and affects variable costs:
marginal cost, average total cost, and average variable cost.
Short Run短期;period of time over which supply cannot fully adjust to changes in
demand due to fixed resources.
Total Costs 总成本;the total of fixed and variable costs.
Variable Costs 变动成本;these costs change as production increases.
Equimarginal Principle
边际均等原理 in pollution control with multiple polluting firms, an outcome
where each polluter has reduced pollution to the level where the marginal
cost of the last unit of pollution reduction is equal across all firms
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Water Right⽤⽔权 a property right to water that provides the owner with a set of
privileges for the use and modification of water
Consumptive Use消耗性⽤⽔ the use of water that is not returned to the natural system via
return flows or seepage into groundwater
Instream flow ⽣态基流 water flowing naturally in a river
Instream flow right 径流⽔权 the right of a river to keep a certain amount of water in its
Coal Ash煤灰 a byproduct of coal combustion that can contaminate water with
heavy metals like lead and mercury
Marginal Control Cost 边际控制成本 the marginal cost of reducing pollution by an additional unit
Marginal Social Damage 边际社会损失 the total cost to society of one additional unit of pollution
Prescriptive regulations规定性管制 regulatory measures that use defined rules, like quotas or
technology standards, rather than price to reduce pollution
Economic regulations经济性管制 regulatory measures that rely on price to achieve a regulatory
objective
Pigouvian taxes
庇古税 a tax on a negative externality, such as a tax on pollution, set equal
to the cost of the negative externality; equalizes the marginal cost of
abatement across firms
Clean Water Act
净⽔法案 a U.S. federal statute passed in 1972 with the goal of restoring and
maintaining the chemical, physical, and biological integrity of the nation's
rivers, lakes, and streams
Point sources 点源 a localized and stationary pollution source
Nonpoint sources⾮点源 a source of pollution that issues from widely distributed or
pervasive environmental elements
Safe Drinking Water Act
安全饮⽤⽔法案 it is an act passed by Congress in 1974 to protect public
health by regulating the nation's public drinking water supply (i.e. protect
the quality of drinking water)
Cap-and-trade
总量管制与排放交易计划 a system for controlling pollution by which an
upper limit is set on the amount a given business or other organization may
create but which allows further capacity to be bought from other
organizations that have not used their full allowance
Nutrient credit markets避免⽔富营养化的市场 a system in which individuals or firms earn credits for
improving water quality through investments in restoration or preservation
Grandfathering(在⼀定程度上)不受新规定限制 the granting of rights or privileges based
on historic use
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Pollution hot spots污染热点 areas of more intense pollution due to co-located polluting
facilities
Eutrophication
富营养化 the excess nutrient loading of a waterway resulting in excessive
plant (algae) growth, a reduction of dissolved oxygen in the water, and
harm to aquatic animals
Appropriative Rights Doctrine
专⽤的权利学说 An appropriative right is generally based upon physical
control and beneficial use of the water. These rights are entitlements to a
specific amount of water, for a specified use, at a specific location with a
definite date of priority. Allocate surface water based on seniority
Common-pool resource (CPR)公共池资源 A good which has decreases availability when used but is
difficult to exclude from others
Scarcity Value稀缺价值 Value created because of scarcity (difference between value and
cost of supply)
Market Failure市场失灵 Happens when a good or service is not allocated efficiently in a
market
Economic Institutions
经济机构 The "rules of the game" that control economic activity. Includes
legal systems and courts, property rights and markets, and government
regulation.
Surface Water地表⽔ Stored in reservoirs and diverted through canals and pipes,
requiring infrastructure investment
Ground Water地下⽔ Pumped through wells from subsurface aquifers, where water
collects in the pore space between rocks
Water Quantity ⽔量 Amount of water available at a given time and place
Tragedy of the Commons公地悲剧 When an unregulated common-pool resource is subject to
overuse
Water Quality⽔的质量 The condition of water for a specific purpose in terms of
chemical, physical, and biological characteristics
China's South-North Water Transfer Project南⽔北调 A series of inter-basin transfers to move up to forty-eight billion
cubic meters of water per year from the Yangtze to the Yellow River.
Economies of Scale规模经济 Occurs when the marginal cost of production is decreasing as
production increases
Shortage 短缺 A temporary condition where demand is larger than supply
Regulated Monopoly
监管垄断 A monopoly that is regulated and monitored by the government.
It acts in the interest of consumers by setting prices at an affordable range
for the general public.
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Flat Fee固定费⽤ A hookup or other charge is applied, but the charge does not
change with changes in water use.
Constant marginal price 恒定的边际价格 Each unit of water has the same charge
Decreasing block rate (Bulk discounts)递减边际价格 As the volume purchased increases, the price per unit
decreases
Increasing block rate 递增边际价格 As more water is used, the charge per unit increases
Mean elasticity of urban water demand 城市⽔需求的平均弹性 -0.41
Subsidies
补贴 A sum of money granted by the government or a public body to assist
an industry or business so that the price of a commodity or service may
remain low or competitive.
Irrigation灌溉 The supply of water to land or crops to help growth, typically by
means of channels.
Green Revolution绿⾊⾰命 Movement in the 1960s. Included the introduction of fertilizers,
pesticides, and high yield seed varieties
Bilateral Monopoly双边垄断 Players on both sides of an exchange can exercise bargaining
power.
Acequia
灌溉⽔渠 A water allocation system, in place since the southwest United
States was under Spanish and Mexican control, that consists of a
decentralized but complex set of rules from both Spanish and Anglo-
American water law to allocate scarce water resources to irrigators.
Mutual ditch companies共同沟公司 Irrigator-owners invested time and money in the construction
of a ditch for a share of water
Irrigation Efficiency Paradox
灌溉效率悖论 Increased water use efficiency can lead to only small gains in
usable water. This happens because farmers switch to water-intensive crops
or even apply more water to the same crop
Legal rules 法律规则 Assign the benefits and the costs of a resource to people
Spanish Water Law
⻄班⽛⽔法律 Consists of a set of customs for allocating scarce water
based on prior usage, need, existing legal rights or precedents, and intent
of use; equity and the common good of the community are prioritized.
English Common Law 英国普通法 Law that relies on legal precedents
Property Rights产权 Outline expectations for resource use, investment, and exchange by
owners
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Riparian Doctrine
⽔产权理论 Water is allocated equally to users along a water body's path or
location. The rights to water are actually rights to the flow of water; the
quantity of water allocated is not precisely specified, and all users face an
obligation to use water responsibly
Natural Flow Riparian Rights
⾃然流量河岸权 Permit the use of water for domestic purposes only, and
each user is entitled to the maintenance of their adjacent watercourse at its
normal level.
Reasonable Use Riparian Rights
合理使⽤河岸权 Permit each user to divert water for any lawful purpose to
the extent that their use does not infringe upon the rights of other riparian
users
Prior-appropriation rights
分配权⼒ Assigned through first possession, or "first-in-time, first-in-right."
Appropriative water rights grant possessory rights to a fixed quantity or
flow of water for diversion from a stream based on the date of the original
claim.
Beneficial use
有益的使⽤ Beneficial use means a use that is of benefit as a substitute for
natural or commercial products and does not contribute to adverse effects
on health or environment.
Third Parties第三⽅ A person or group besides the two primarily involved in a situation,
especially a dispute.
Monopolistic Competition
垄断竞争 market structure characterized by many medium-sized firms who
need to be innovative and differentiate their products in price and
nonprice ways.
Monopoly垄断 one firm constitutes the market selling a product for which there are
no close substitutes.
Oligopoly
寡头垄断 market structure characterized by relatively few sellers who act
interdependently and/or collusively to be price-makers and control
markets.
Perfect Competition
完全竞争 market structure characterized by a large number of sellers with a
homogeneous product, infinitely elastic demand for firms, and no barriers
to entry or exit.
Economic Efficiency 经济效率 the allocation of resources to most productive and desired uses.
Profit-Maximizing Criterion利润Y⼤化准则 the level of output at which marginal revenue (MR) equals
marginal cost (MC)
Shut-Down Point亏损点 in the short run, the firm should shut down when price is less than
average variable cost (AVC)
Allocative efficiency配置效率
producing the exact amount of units that society wants, where P
=MC. (Price = Marginal Cost)
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Productive efficiency⽣产效率 an optimal use of resource as goods are being produced at the
lowest minimum cost, where P =ATC (Price = Average Total Cost)
Natural Monopoly⾃然垄断 Monopolies that have extensive economies of scale and can
provide a product at a lower cost than several firms.
Price Discrimination价格歧视 this practice charges different customers with different prices for
the same product.
Cartel垄断联盟 a group of firms that act together and have a formal agreement
not to compete.
Collusion合谋 an agreement (usually illegal) to agree on the price and the quantity
produced in a market.
Dominant strategy优势策略 the best choice for one player regardless of what the other player
chooses.
Break and even point
损益两平点 The break-even point is the point at which total cost and total
revenue are equal, meaning there is no loss or gain for your small business.
In other words, you've reached the level of production at which the costs
of production equals the revenues for a product.
Derived Demand派⽣需求 the demand for a resource such as labor is derived from the
product that the resource helps to produce.
The Least-Cost Rule
Y低成本法则 production at least cost requires the ratio of labor's marginal
product to its price equals the ratio of capital's marginal product to its
price. The amounts of labor and capital employed must be adjusted, all the
while keeping output constant, until this condition is achieved.
Monopsony 买⽅垄断 a market in which there is a single buyer of labor
Externality
外部性 Externalities refers to situations when the effect of production or
consumption of goods and services imposes costs or benefits on others
which are not reflected in the prices charged for the goods and services
being provided.
Positive Externality正外部性 the production or consumption of a good or service that creates
benefits for third parties not involved in the transaction.
Negative Externalities
负外部性 A negative externality is a cost that is suffered by a third party as a
consequence of an economic transaction. In a transaction, the producer
and consumer are the first and second parties, and third parties include any
individual, organization, property owner, or resource that is indirectly
affected.
Coase Theorem科斯定理 theory that states private parties can solve the issues created by
externality on their own without the government intervention.
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Public Goods
公共货物 goods that are nonexclusive and nonrival, as one person's
consumption of a public good does not exclude others from benefiting
from it.
Private Goods
私⼈物品 goods that both has exclusion and is a rival in consumption. For
example, a person may be excluded from the benefits of private goods by
not being willing or able to pay.
Collective Goods
集体财产 goods that have a low degree of rivalry but a high degree of
excludability (upper right corner). Such goods can easily be privatized but
they are often natural monopolies because non rivalry in consumption
means that the marginal cost of producing them is zero or close to zero.
Common Resources
共⽤资源 goods that no one individual or organization can lay claim to.
These may include public spaces (such as parks or nature preserves),
certain natural resources (such as fish in the sea), and so on.
Free-Rider Problem
搭便⻋问题 a moral issue that occurred because people know they can
benefit from public goods without paying, government ends up providing
public goods.
per capita⼈均;The economy's total output divided by the total number of people
employed.
average labor productivity⼈均劳动⽣产⼒;The economy's total output divided by the total number
of workers employed.
expansion 增⻓;a period between a trough and a peak in economic activity
recession 衰退;a period between a peak and a trough in economic activity
depression ⼤萧条;a particularly severe recession
business cycle 商业周期;the alternation of periods of expansion and recession
The unemployment rate失业率;the percentage of the labor force that would like to work but
cannot find employment.
The labor force 劳动⼒;made up of all individuals who are employed or unemployed
Inflation rate通货膨胀率;(the price in this year-the price in last year)/ the price in last
year
Deflation 通货紧缩;opposite to inflation
trade surplus 贸易顺差;exports exceed imports
trade deficit 贸易逆差;imports exceed exports
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Aggregation集合;the combination of many different things into a single economic
variable
Gross Domestic Product (GDP)国内⽣产总值;the market value of all final goods and services produced
within a country during a specified period of time
Final goods制成品;goods that are the products of a complex chain of production
activities
Intermediate goods 半成品;goods that are used up in the production of a final good
Capital goods资本货物;long-lived goods that are used to produce other goods and
services but are not used up in production e.g.: machine/factory
Consumer durable 耐⽤消费品;long-lived consumer goods
Consumer nondurable ⾮耐⽤消费品;goods that are used up more quickly than durable goods
Services 服务;intangible goods
Business fixed investment企业固定投资;business purchases of factories, offices, machinery, and
equipment
Residential fixed investment 住宅固定投资;the purchase of new homes and apartment buildings