经济学名词解释英文版.doc

How people make decisions: 1. people face trade offs 2. The cost of something is what you give up to get it 3. Rational people think at the margin 4. People respond to incentives How people interact: 5.trade can make everyone better off 6. Markets are usually a good way to organize economic activity 7. Government can sometimes improve market outcomes How the economy as 8. A country’s standard of living depends on its ability to produce A whole works: goods and services 9. Prices rise when the government prints too much money 10. Society faces a short-run tradeoff between inflation and unemployment Key concepts: Ability-to-pay principle（税收的）能力支付原则: The idea that taxes should be levied on a person according to how well that person can shoulder the burden Absolute advantage绝对优势: The comparison among producers of a good according to their productivity Accounting profit会计利润: Total revenue minus total explicit cost Adverse selection逆向选择: The tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party Agent代理人: A person who is performing an act for another person, called the principal Aggregate-demand curve: a curve that shows the quantity of goods and services that households, firms, and the government want to buy at each price level Aggregate risk: risk that affects all economic actors at once Aggregate-supply curve: a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level Appreciation: an increase in the value of a currency as measured by the amount of foreign currency it can buy Arrow’s impossibility theorem阿罗不可能定理: A mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a va