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2006-1-25 15:11  


  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 persons life


  The ease with which an asset can be converted into the economys 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 firms 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


  early nineteenth-century workmen who destroyed labor-saving machinery rather than see it taking over their jobs



  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


  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


  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


  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


  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


  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


  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