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2006-1-25 15:11  


  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



  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


  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


  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


  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


  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


  a business owned by two or more individuals, who share the profits and are jointly liable for any losses


  a government decree giving an inventor the exclusive right to produce, use, or sell an invention


  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


  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


  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


  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


  a business owned by a single person, usually a small business


  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