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2006-1-25 15:11  


  Capital 资本

  The equipment and structures used to produce goods and services

  Capital flight 资本外流

  A large and sudden reduction in the demand for assets located in a country

  Cartel 卡特尔

  A group of firms acting in unison

  Catch-up effect 追赶效应

  The property that countries that start off poor tend to grow more rapidly than countries that start off rich

  Central bank 中央银行

  An institution designed to oversee the banking system and regulate the quantity of money in the economy

  Ceteris paribus 其它条件相同

  A Latin phrase, translated as other things being equal, used as a reminder that all variables other than the ones being studied are assumed to be constant

  Circular-flow diagram 循环流向图

  A visual model of the economy that shows how dollars flow through markets among households and firms

  Classical dichotomy 古典二分法

  The theoretical separation of nominal and real variables

  Closed economy 封闭经济

  An economy that does not interact with other economies in the world

  Coase theorem 科斯定理

  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

  Collective bargaining 集体谈判

  The process by which unions and firms agree on the terms of employment

  Collusion 勾结

  An agreement among firms in a market about quantities to produce or prices to charge

  Commodity money 商品货币

  Money that takes the form of a commodity with intrinsic value

  Common resources 共有资源

  Goods that are rival but not excludable

  Comparable worth 同工同酬

  A doctrine according to which jobs deemed comparable should be paid the same wage

  Comparative advantage 比较优势

  The comparison among producers of a good according to their opportunity cost

  Compensating wage differential 补偿性工资差别

  A difference in wages that arises to offset the nonmonetary characteristics of different jobs

  Competitive market 竞争市场

  A market with many buyers and sellers trading identical products so that each buyer and seller is a price taker

  Complements 互补品

  Two goods for which an increase in the price of one good leads to a decrease in the demand for the other good

  Constant returns to scale 规模收益不变

  The property that long-run average total cost stays the same as the quantity of output changes

  Consumer price index 消费物价指数

  A measure of the overall cost of the goods and services bought by a typical consumer

  Consumer surplus 消费者剩余

  A buyers willingness to pay minus the amount the buyer actually pays

  Consumption 消费

  Spending by households on goods and services, with the exception of purchases of new housing

  Cost 成本

  The value of everything a seller must give up to produce a good

  Cost-benefit analysis 成本—收益分析

  A study that compares the costs and benefits to society of providing a public good

  Crowding-out effect 挤出效应

  The offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending

  Currency 通货

  The paper bills and coins in the hands of the public

  Cyclical unemployment 周期性失业

  The deviation of unemployment from its natural rate

  capital gain 资本增值

  the increase in the value of an asset between the time it is purchased and the time it is sold

  capital market 资本市场

  the market in which savings are made available to investors

  categorical assistance 分类帮助

  public assistance aimed at a particular category of people, like the elderly or the disabled

  causation 因果关系

  relationship that results when an change in one variable is not only correlated with but actually causes the change in another one

  central planning 中央计划

  the system in which central government bureaucrats (as opposed to private entrepreneurs or even local government bureaucrats) determine what will be produced an how it will be produced

  centralization 集权

  organizational structure in which decision making is concentrated at the top

  centrally planned economy 中央计划经济

  an economy in which most decisions about resource allocation are made by the central government

  certificate of deposit (CD) 存单

  account in which money is deposited for a preset length of time, that must yield a slightly higher return to compensate for the reduced liquidity

  circular flow 循环流程

  how funds move through the capital, labor, and product markets between households, firms, the government, and the foreign sector

  classical economists 古典经济学家

  economists prevalent before the Great Depression who believed that the basic competitive model provided a good description of the economy and that if short periods of unemployment did occur, market forces would quickly restore the economy to full employment

  classical unemployment 古典失业

  unemployment that results from too-high real wages; it occurs in the supply constrained equilibrium, so that rightwards shifts in aggregate supply reduce the level of unemployment

  competitive equilibrium price 竞争性均衡价格

  the price at which the quantity supplied and the quantity demanded are equal to each other

  consumer protection legislation 消费者保护法

  laws aimed at protecting consumers, for instance by assuring that consumers have more complete information about items they are considering buying

  consumer sovereignty 消费者权益

  the principle that holds that each individual is the best judge of what makes him better off

  consumption function 消费函数

  the relationship between disposable income and consumption

  contingency clauses 应变条款

  statements within a contract that make the level of payment or the work to be performed conditional upon various factors

  corporate income tax 公司所得税

  a tax based on the income, or profit, received by a corporation

  correlation 相关

  relationship that results when a change in one variable is consistently associated with a change in another one

  cost-push inflation 成本推动型通货膨胀

  inflation whose initial cause is a rise in production costs

  Cournot competition 古诺竞争

  an oligopoly in which each firm believes that its rivals are committed to a certain level of production and that rivals will reduce their prices as needed to sell that amount

  credentials competition 文凭竞争

  the trend in which prospective workers acquire higher educational credentials, not so much because of anything they actually learn in the process but to convince potential employers to hire them by signaling that they will be more productive employees than those with weaker credentials

  credit constraint effect 信贷约束效应

  when prices fall, firms revenues also fall, but the money they owe creditors remains unchanged; as a result, firms have fewer funds of their own to invest. Because of credit rationing, firms cannot make up the difference; accordingly, investment decreases

  credit rationing 信贷配给

  credit is rationed when no lender is willing to make a loan to a borrower or the amount lenders are willing to lend to borrowers is limited, even if the borrower is willing to pay more than other borrowers of comparable risk who are getting loans

  cross subsidization 交叉补贴

  the practice of charging higher prices to one group of consumers in order to subsidize lower prices for another group



  The study of how society manages its scarce resources

  Economies of scale规模经济

  The property that long-run average total cost falls as the quantity of output increases


  The property of a resource allocation of maximizing the total surplus received by all members of society; The property of society getting the most it can from its scarce resources

  Efficiency wages效率工资

  Above-equilibrium wages paid by firms in order to increase worker productivity

  Efficient scale有效规模

  The quantity of output that minimizes average total cost


  A measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants


  A situation in which supply and demand have been brought into balance

  Equilibrium price均衡价格

  The price that balances supply and demand

  Equilibrium quantity均衡数量

  The quantity supplied and the quantity demanded when the price has adjusted to balance supply and demand


  The fairness of the distribution of well-being among the various buyers and sellers; The property of distributing economic prosperity fairly among the members of society

  Excess demand超额需求

  A situation in which quantity demanded is greater than quantity supplied

  Excess supply超额供给

  A situation in which quantity supplied is greater than quantity demanded


  The property of a good that a person can be prevented from using it


  Goods and services that are produced domestically and sold abroad; Goods produced domestically and sold abroad


  The impact of one persons actions on the well-being of a bystander

  economic rents经济租金

  payments made to a factor that are in excess of what is required to elicit the supply of that factor

  efficiency wage theory效率工资理论

  the theory that paying higher wages (up to a point) lowers total production costs, for instance by leading to a more productive labor force

  economies of scope范围经济

  what exists when it is less expensive to produce two products together than it would be to produce each one separately

  efficient markets theory有效市场理论

  the theory that all available information is reflected in the current price of an asset

  elasticity of labor supply劳动供给弹性

  the percentage change in labor supplied resulting from a 1% change in wages

  equity, shares, stock股票

  terms that indicate part ownership of a firm, which the firm sells in order to raise money, or capital

  equity capital股份资本

  capital, such as shares (or stock), supplied to a firm by its owners(shareholders); the returns received by the owners are not guaranteed but depend on how well the firm does

  exchange efficiency交换的效率

  the condition in which whatever the economy produces is distributed among individuals in an efficient way

  exchange rate汇率

  the rate at which one currency (such as dollars) can be exchanged for another(such as marks, yen, or pounds)

  excise tax货物税

  a tax on a particular good or service

  expected return预期收益

  the average return——a single number that combines the various possible returns per dollar invested with the chances that each of these returns will actually be paid

  export-led growth出口导向型增长

  the strategy that government should encourage exports in which the country has a comparative advantage to stimulate growth