曼昆经济学原理第四版名词解释.docxVIP

Chap1Principle #1: People Face Tradeoffsscarcity: the limited nature of society’s resources.economics: the study of how society manages its scarce resources.efficiency: the property of society getting the most it can from its scarce resources.equity: the property of distributing economic prosperity fairly among the members of society.Principle #2: The Cost of Something Is What You Give Up to Get Itopportunity cost: whatever must be given up to obtain some item.marginal changes: small incremental adjustments to a plan of action.Principle #4: People Respond to IncentivesPrinciple #5: Trade Can Make Everyone Better OffPrinciple #6: Markets Are Usually a Good Way to Organize Economic Activitymarket economy: an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.Principle #7: Governments Can Sometimes Improve Market Outcomesmarket failure: a situation in which a market left on its own fails to allocate resources efficiently.externality: the impact of one person’s actions on the well-being of a bystander.market power: the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices.Principle #8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Servicesproductivity: the quantity of goods and services produced from each hour of a worker’s time.Principle #9: Prices Rise When the Government Prints Too Much Moneyinflation: an increase in the overall level of prices in the economy.Principle #10: Society Faces a Short-Run Tradeoff between Inflation and UnemploymentChap3absolute advantage: the comparison among producers of a good according to their productivity.opportunity cost: whatever must be given up to obtain some parative advantage: the comparison among producers of a good according to their opportunity cost.imports: goods produced abroad and sold domestically.exports: goods produced domestically and sol