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 nations 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 countrys 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 countrys 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 1980s, 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 1980s, 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
Okuns 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 nations 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
P
Perfect complements完全互补品
Two goods with right-angle indifference curves
Perfect substitutes完全替代品
Two goods with straight-line indifference curves
Permanent income持久收入
A persons normal income
Phillips curve菲利普斯曲线
A curve that shows the short-run tradeoff between inflation and unemployment
Physical capital物质资本
The stock of equipment and structures that are used to produce goods and services
Pigovian tax庇古税
A tax enacted to correct the effects of a negative externality
Positive statements实证表述
Claims that attempt to describe the world as it is
Poverty line贫困线
An absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty
Poverty rate贫困率
The percentage of the population whose family income falls below an absolute level called the poverty line
Price ceiling价格上限
A legal maximum on the price at which a good can be sold
Price discrimination价格歧视
The business practice of selling the same good at different prices to different customers
Price elasticity of demand需求价格弹性
A measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as a percentage change in quantity demanded divided by the percentage change in price
Price elasticity of supply供给价格弹性
A measure of how much the quantity 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
Price floor价格下限
A legal minimum on the price at which a good can be sold
Prisoners dilemma囚犯的两难处境
A particular game between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial
Private goods私人物品
Goods that are both excludable and rival
Private saving私人储蓄
The income that households have left after paying for taxes and consumption
Producer price index生产物价指数
A measure of the cost of a basket of goods and services bought by firms
Producer surplus生产者剩余
The amount a seller is paid for a good minus the sellers cost
Production function生产函数
The relationship between quantity of inputs used to make a good and the quantity of output of that good
Production possibilities frontier生产可能性边界
A graph that shows the various combinations of output that the economy can possibly produce given the available factors of production and the available production technology
Productivity生产率
The amount of goods and services produced from each hour of a workers time; The quantity of goods and services produced from each hour of a workers time
Profit利润
Total revenue minus total cost
Progressive tax累进税
A tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayers
Proportional tax比例税
A tax for which high-income and low-income taxpayers pay the same fraction of income
Public goods公共物品
Goods that are neither excludable nor rival
Public saving公共储蓄
The tax revenue that the government has left after paying for its spending
Pareto-efficient allocations帕雷托有效配置
resource allocations, that cannot make a person better off without making someone else worse off
partial equilibrium analysis局部均衡分析
an analysis that focuses on only one or a few markets at a time
partnership合伙制
a business owned by two or more individuals, who share the profits and are jointly liable for any losses
patent专利
a government decree giving an inventor the exclusive right to produce, use, or sell an invention
paternalism父爱主义
the making of judgments by government about what is good for people to have, rather than letting people choose on their own
payroll tax工薪税
a tax based on payroll (wages) that is used to finance the Social Security and Medicare programs
perfect competition完全竞争
situation in which each firm is a price taker——it cannot influence the market price; at the market price the firm can sell as much as it wishes, but if it raises its price, it loses all sales
perfectly mobile capita具有完全流动性的资本
capital that responds quickly to changes in returns in different countries
permanent-income hypothesis永久收入假说
the theory that individuals base their current consumption levels on their permanent (long-run average) income
permanent-income savings motive永久收入储蓄动机
people save in good years, to tide them over in bad years; they choose their pattern of savings and spending year by year to average or smooth their consumption over good years and bad
piece-rate system计件工资制度
a compensation system in which workers are paid specifically for each item produced
planned or unplanned inventories计划或无计划库存
planned inventories are those firms choose to have on hand because they make business more efficient; unplanned inventories result when cannot sell what they produce
policy ineffectiveness政策无效性命题
the proposition that government policies are ineffective——policies aimed at stimulating aggregate demand at most change the price level
planned economy计划经济
an economy in which most decisions about resource allocation are made by the government
portfolio theories资产组合理论
theories that argue that monetary policy affects output through its effect on prices of various assets, in particular the prices of stocks
portfolio资产组合
an investors entire collection of assets and liabilities
potential GDP潜在GDP
a measure of what the value of GDP would be if the economys resources were fully employed
potential output潜在产出
the level of output that would prevail if labor were fully employed (output may exceed that level if workers work more than the normal level of overtime)
precautionary savings motive谨慎储蓄动机
people save to guard against the chance of an unexpected illness or accident
predatory pricing掠夺性定价
the practice of cutting prices below the marginal costs of production to drive out a new firm (or to deter future entry), at which point prices can be raised again
present discounted value现期贴现值
how much an amount of money to be received in the future is worth right now
price index价格指数
a measure of the level of prices found by comparing the cost of a certain basket of goods in one year with that cost in a base year
principal本金
the original amount a saver deposits in a bank or a borrower borrows
principal-agent problem所有者—代理人问题
any situation in which one party (the principal) needs to delegate actions to another party (the agent), and thus wishes to provide the agent with incentives to work hard and make decisions about risk that reflects the interests of the principal
private marginal cost私人边际成本
the marginal cost of production borne by the producer of a good; when there is a negative externality, such as air pollution, private marginal cost is less than social marginal cost
privatization私有化
the process whereby functions that were formally run by the government are delegated instead to the private sector
product differentiation产品差异
the fact that similar products (like breakfast cereals or soft drinks) are perceived to differ from one another and thus are imperfect substitutes
product market产品市场
the market in which goods and services are bought and sold
product-mix efficiency产品组合效应
the condition in which the mix of goods produced by the economy reflects the preferences of consumers
production efficiency生产效率
the condition in which firms cannot produce more of some goods without producing less of other goods
productivity (GDP per hour)生产率/平均每人时的GDP
how much an average worker produces per hour, calculated by dividing real GDP by hours worked in the economy
proprietorship独资企业
a business owned by a single person, usually a small business
protectionism保护主义
a policy of protecting domestic industries from foreign-made competition
pure profit (monopoly rents)纯利润或垄断租金
the profit earned by a monopolist that results from its reducing output and increasing the price from the level at which price equals marginal cost
