经济学专业英语 复习资料 考试必看.docVIP

专业英语 一．主要知识点 Unit 1 *Business(Economic) Cycle: Prosperity-recession-depression-recovery Prosperity:a rapid increase in sales,profits,production. Recession:a phase of business cycle characterized by a reduction in the level of production and unemployment from the previous phase. Depression:a period with very little economic activities,resulting in mass unemployment and the failure of many business. *law of demand: When the price of a product goes up,the demand for it goes down and vice versa.This rule applies to certain unessential products. *mathematical formula for price elasticity of demand: percent of change in quantity divided by (b) percent change in price.If the absolute value of this expression exceeds 1,demand is elastic.If it is less than 1,demand is inelastic. *opportunity cost:means the production or consumption lost as a result of the decision to produce or to consume an alternative good or service.In other words,the opportunity cost of choosing to use resources for one purpose is the sacrifice of the next best alternative for the use of those resources. *scarce: Be useful and be of alternative usages. Be of peoples needswants. Cant be shared by all the people. *economics is often thought of as a science.However,it is a very inexact science because it is a social science,and is affected by the many influences that lead to incessant change. Unit 2 *natural good:something given by nature and untouched by human(efforts),such as rivers,mineral deposits,virgin land. *capital good:a good which is manufactured and is used to produce another good,i.e,manufactured resource used in the process of production. *free good:if theres enough to satisfy every persons wants at a zero price,the article is a free good.(public good isnt free good) *economic good:something,in addition to being useful,is also scarce,i.e,an economic good can satisfy peoples wants but are not free. *consumer good:those goods when produced for a consumer are called consumer goods.This means that