APS专业审核考试宏观经济学.docVIP

Economics Absolute advantage: ability of a party (an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources. Comparative advantage: the ability of a party to produce a particular good or service at a lower opportunity cost over another. Even if one country is more efficient in the production of all goods (absolute advantage in all goods) than the other, both countries will still gain by trading with each other, as long as they have different relative efficiencies. Opportunity cost:the loss of potential gain from other alternatives when one alternative is chosen. 例子： Tomato Pork A 10 kg 2kg B 10 kg 1kg Supply and demand Supply and demand is an economic model of price determination in a market. A supplyschedule is a table that shows the relationship between the price of a good and the quantity supplied. The determinants of supply are: Production costs: how many a good costs to be produced. Production costs are the cost of the inputs, primarily labor, capital, energy and materials. Production costs depend on the technology used in production, and/or technological advances. Firms expectations about future prices Number of suppliers A demand schedule represents the amount of some good that buyers are willing and able to purchase at various prices. Following the law of demand, the demand curve is almost always represented as downward-sloping, meaning that as price decreases, consumers will buy more of the good. The determinants of demand are: Income. Tastes preferences. Prices of related goods and services. Consumers expectations about future prices and incomes that can be checked. Number of potential consumers. The four basic laws of? \o Supply (economics) supply?and? \o Demand demand?are: If demand increases (demand curve shifts to the right) and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price. When consumers increase the quantity d