Kneel for the explanation of macroeconomic terms and microeconomic terms (English version). It is better to have an interpreter ~

Economics-a social science that studies how to realize the optimal allocation of scarce resources and meet human needs to the maximum extent.

Scarcity of resources-refers to the fact that the amount of economic resources is always relatively insufficient relative to the infinite diversity of human needs, and it needs to pay a price when it is taken.

Normative analysis-study what economic activities should be and how to solve social and economic problems.

Empirical Analysis-Describe what economic phenomena are and how social and economic problems are actually solved.

Demand-the quantity of goods or services that consumers are willing and able to buy at a certain price.

Changes in demand-changes in commodity demand caused by changes in commodity prices.

Changes in demand level-changes in demand caused by other factors when commodity prices remain unchanged.

Law of demand-the changing relationship between commodity prices and demand.

Supply-the quantity that producers are willing and able to provide for a commodity or service at a certain moment at various possible price levels.

Law of supply-commodity prices are in direct proportion to supply.

Equilibrium price-the price when the demand price and supply price of a commodity are consistent, that is, the price when the demand quantity equals the supply quantity.

Equilibrium quantity-the supply and demand when the demand price is equal to the supply price are called equilibrium quantity.

Price elasticity of demand-the degree to which the price of a commodity or service changes due to its own demand when other conditions remain unchanged.

Cross-price elasticity of demand-the degree to which the price change of one commodity or service causes the demand change of another commodity or service when other conditions remain unchanged.

Income elasticity of demand-the degree to which changes in consumer income cause changes in demand for goods or services when other conditions remain unchanged.

Cobweb model-a dynamic analysis theory that explains the different fluctuations of some commodities with long production cycle when they are out of balance by using elasticity principle.

The stable condition of cobweb-supply elasticity is equal to demand elasticity, and market price changes have the same influence on supply and demand.

Utility-the ability of a commodity or service to meet the needs or desires of consumers.

Marginal utility-every increase or decrease in the consumption of a commodity leads to an increase or decrease in the total utility.

Consumer surplus-the difference between the price consumers are willing to pay for goods or services and the price they actually pay.

Consumer preference-an important subjective psychological factor that affects and restricts consumer behavior.

Consumer balance-a certain number of consumers who sell various commodities can do it under the condition of a certain income and a certain price.

The state with the greatest total utility.

Indifference curve-used to represent the trajectory of all combinations of two commodities with the same consumer preference.

Marginal substitution rate-on the premise of maintaining the same utility level, consumers' consumption of a certain commodity increases by one unit.

When to give up the consumption of another commodity.

Engel coefficient-the proportion of food consumption expenditure to total expenditure.

Price-consumption curve-a curve formed by the trajectory connecting the equilibrium points of all consumers' utility maximization.

Income-consumption curve-under the condition of constant consumer preferences and commodity prices, consumer ownership caused by income changes

The changing trajectory of the equilibrium point.

Income effect-the change of real income level caused by the change of commodity price, which in turn causes the change of real income level.

Changes in commodity demand caused by changes.

Substitution effect-the change of relative price caused by the change of commodity price, which in turn causes the change of relative price of commodity.

Changes in commodity demand caused by sports.

Jia Xu products refer to special low-grade goods whose demand and price change in the same direction.

Comparative effect-a typical joint external positive effect, a fashion preference of consumers, that is, they want to have a kind of

Goods already owned by other consumers.

Snobbish effect-a typical joint external negative effect, consumers want to have something that only a few people can enjoy or something unique.

Second, the preference for goods.

Retained wages-

Lorenz curve-the vertical axis represents the percentage of social wealth, and the horizontal axis classifies all the population from low income to high income.

Arranged from left to right, the percentage of social wealth owned by each percentage of the population is cumulative, and the corresponding points are connected.

Turn into a curve.

Gini coefficient, an index used to evaluate the equality of income distribution, is the equality of income distribution in economic society.

The measurability and comparability are discussed. It is the sum of the area between OY and Lorenz curve and the area below OY.

Than. G=A/(A+B)

Human capital-refers to the ability or skill that people acquire at a certain price and have a price in the labor market.

Opportunity cost-other possible maximum benefits that producers give up when they use a certain resource to obtain a certain benefit. or

The greatest value created by human capital in other activities.

On-the-job training is an important form of human capital investment, which means having a certain educational background and having been engaged in this work.

Re-education activities carried out by all kinds of paid workers.

General training-the technical knowledge and skills of employees after training can be used in the original manufacturer and other manufacturers.

Specialized training-the technical knowledge and skills of employees after training can only be used by the original manufacturer.

Life cycle savings motivation-people's motivation for saving comes from their understanding of the life cycle, and usually people like to collect money.

Entering the army is distributed in various periods. Save for retirement consumption.

Bell-shaped income curve-people's income in adolescence and old age is below average, while that in middle age is higher than that in middle age.

Average level, with income as the vertical axis and age as the horizontal axis.

Permanent income theory—

Target saving—

Deterministic prospect—

The prospect of uncertainty—

Law of diminishing marginal income-under the condition of constant technical level, the input of a certain production factor keeps increasing to 1.

After a fixed quantity, the increment of total output and marginal products will decrease.

Equal output line-under the condition of constant technical level, all different groups of inputs of two production factors producing the same output.

The trajectory of the approach.

Marginal rate of technology substitution-under the condition of constant technology level, one input factor replaces another input factor on the equal output line.

The proportion of vegetarian food.

Output Elasticity-When the technical level and input price remain unchanged, other inputs will change independently if they are fixed.

When the input is the same, the relative change of output caused by the relative change of input.

Productivity elasticity-all input factors change in a unified proportion under the condition of constant technical level and input price.

When the relative change of output.

Elasticity of substitution-the investment caused by the relative change of marginal rate of technological substitution under the condition of constant technical level and input price.

A relative change to green.

Scale reward-when the technical level and factor price remain unchanged, when all the input factors of the manufacturer meet the unified proportion,

The change of output after the change.

Production function-the number of various production factors used in production under the condition that the technical level remains unchanged in a certain period of time.

And the maximum output that can be produced.

Technical progress and types-all the factors that can make a certain amount of inputs combine to produce more products work together.

Cheng. It can be divided into capital use technology progress, labor use technology progress and neutral technology progress.

Cost-the price of the factors of production used by the manufacturer in production activities or the remuneration that the owner of the factors of production must receive or

Compensation.

Hidden cost-the remuneration that should be paid to the manufacturer because of its own production factors, but it is not actually paid.

Incremental cost-the related cost due to production decision, that is, the increment of total cost.

Economic profit-also known as super profit, that is, the total income of manufacturers selling products MINUS the production cost calculated by opportunity cost.

Balance.

The learning curve-also called the progress function-is used to reflect the cost change that the average cost decreases with the increase of cumulative output.

The curve of the situation.

Production Economic Zone —— On the road of equal output, the input combination points connecting marginal product equal to 0 respectively represent factor inputs.

The rising curve is the ridge line, and the area between the ridge lines is the production economic zone.

Economies of scale-With the expansion of production scale, the average cost gradually decreases.

Scope economy-the combined output of multi-product enterprises exceeds the sum of the output of single-product enterprises. That is to say, the harmony exceeds the score.

Does not produce a sum.

Cost elasticity-the assembly caused by the relative change of total output along the expansion line under the condition of constant technical level and price.

The relative changes of this book.

Enterprise, a long-standing form of economic organization, is an economy engaged in production and sales activities in order to obtain profits.

Unit. A substitute for the price mechanism, an organization that replaces the market for resource allocation.

Transaction cost-the cost of exchange activities.

Innovation-establishing new production functions or introducing new combinations of production factors through the activities of entrepreneurs.

Production system.

Maximize profits—

Cash-refers to deposits and cash equivalents that can be used for payment at any time, including cash on hand.

Bank deposits, other monetary funds and cash equivalents.

Cash equivalent-short term, strong liquidity, easy to convert into known cash, and variable value.

An investment with little risk.

Income statement—

Cash flow statement-a statement based on cash and reflecting cash inflow and outflow in a certain accounting period.

The ability of an enterprise to obtain cash and cash equivalents.

Principal-agent problem-refers to that both the principal and the agent pursue their own utility maximization, and both sides maximize their own utility.

Goals are often inconsistent. Performance for moral hazard, the pursuit of maximum sales revenue, vocational high school consumption. Because of that letter

Information asymmetry, uncertainty and incomplete contract lead to.

Principal-agent theory-A theory aiming at the principal-agent problem in modern enterprise system.

Information asymmetry-refers to the fact that some participants in a contractual relationship have information, while others do not.

Incomplete contract-refers to a contract that cannot accurately describe all possible future states related to the transaction, and

Obligations of both parties in each state.

Residual claim-the right to claim the residual income of enterprise income after paying factor compensation and input price.

Market-a group of manufacturers and individuals who are interrelated to buy and sell a certain commodity, or the relationship between supply and demand of the same commodity.

Function forms the "place" of price.

Market structure-refers to the degree of competition of a commodity or service in the market, which is mainly affected by the number of manufacturers.

And the degree of difference between products.

Perfect competition-pure competition, a market situation without any monopoly factors, and a market without any obstacles and interference.

Structure.

Stop loss point-when the market price is the intersection of MC and AVC, only the variable cost can be recovered, which is a stop loss point.

Short-term supply curve of manufacturers-in a perfectly competitive market, MC curve is above the lowest point of AVC curve.

Average income-the monetary income obtained by a manufacturer from each unit of goods after selling a certain number of goods.

Marginal income-the added value of the total income brought by each additional unit of goods sold by the manufacturer.

Marginal material products-production technology and other production factors remain unchanged, and finally a unit factor is added.

An increase in total output. Massive parallel processing (same as massive parallel processing)

Marginal product value-finally, by adding a unit element, the sales value of marginal material products increases. VMP = one in a million

Marginal factor cost-the increase in the total cost of the manufacturer due to the final increase of one unit of variable production factors.

General equilibrium-all markets reach equilibrium at the same time.

Pareto optimality-any allocation of production resources can no longer make anyone's situation better and make another.

The deterioration of people's situation makes the utility of the collective reach the maximum.

Monopoly-Monopoly refers to the market structure in which the market is completely controlled by one manufacturer and there is only one supplier in the market.

Monopoly competition-there are product differences between manufacturers, competition and monopoly factors coexist, and the market structure is dominated by competitive factors.

Structure.

Natural monopoly-some products need a lot of investment in fixed equipment, and economies of scale are very significant, which makes them natural monopoly.

Cost of sales—

Rent-seeking-the activity of seeking and maintaining the existing rent by seeking or maintaining the monopoly position in the industry.

Oligopoly-oligopoly. Monopoly and competition coexist, with monopoly as the main market structure. be listed

There are a few monopoly manufacturers, and they are competing fiercely.

Cournot equilibrium-the point where the reaction curves of manufacturers intersect in a duopoly market, which is called Cournot equilibrium. Each manufacturer competes in a given competition.

When the opponent's output reaches the maximum profit, no manufacturer will have the impulse to change the output at this time.

Price leadership-the price of an industry is usually set by one manufacturer first, and other manufacturers follow suit or change prices.

Cartel-In an oligopoly market, if several manufacturers allocate market share as a whole, they decide the price of the products they sell.

Or conditions, control the quantity and quality of exports, share profits or benefits, and exchange technologies, trademarks or patents.

Into an open joint agreement.

Differential pricing-price discrimination means that manufacturers charge different buyers different prices for the same product at the same time.

, or after fully considering the changes in production, sales and risks, the sales price of the same product and its marginal cost are not

In proportion.

Skimming method-adopt high-priced short-term pricing strategy at the beginning, so as to skim the oil floating on the surface first.

Cost-plus pricing-price setting should cover the cost of obtaining or producing products, plus the cost sufficient for the enterprise to meet the requirements.

Profit at standard rate of return.

The basic competition model consists of the following three parts: rational consumers who pursue the maximization of their own interests; reasonable

, the pursuit of profit maximization manufacturers; A perfectly competitive market.

Market failure-in the actual economic operation, the market mechanism shows many insurmountable defects, while the market economy does not.

There is an operating state that achieves economic benefits.

Externality-when the behavior of a manufacturer or individual directly affects others, but it is not compensated or paid.

Time externalities-the possible additional gains or losses from current economic activities in the future.

Spatial externalities-the extra gains or losses caused by an economic activity to the surrounding economic entities in a certain space.

Currency externalities-externalities that can be reflected by market prices.

Technological externalities-externalities that cannot be reflected by market prices.

Coase Theorem-If the property right is clearly defined and the transaction cost of negotiation is zero, no matter what the initial value is.

One party has property rights, which can bring about the effective allocation of resources.

Public goods-non-competitive and non-exclusive products, can not be effectively configured through market forces.

Correct externalities.

Quasi-public goods-non-competitive to some extent, but exclusive, such as fire protection, medical care, transportation, etc.

Public resources-competitive and non-exclusive projects.

Public goods-goods that the government forces to consume, such as compulsory education.

Public goods-goods that the government forbids to consume, such as medicines.

1. Economics is a modern independent discipline, which studies how a society uses scarce resources to produce valuable goods and services and distribute them among different people. Economics mainly considers three points: the scarcity of resources is the premise of economic analysis; Choice behavior is the object of economic analysis; The effective allocation of resources is the central goal of economic analysis. Its primary task is to use the limited earth resources to develop the commodities needed by human beings and their reasonable distribution as much as possible, that is, productivity and production relations.

2. The production possibility curve is used to represent the combination of the maximum quantity of various commodities that can be produced by the economy and society under the given resources and technical conditions. The production possibility curve reflects the economic characteristics of scarcity and selectivity of resources, and the scarcity of resources determines that the available resources are limited in a certain period of time in a certain society, so the number of products that can be produced is also limited. Production possibility refers to the maximum yield combination that can be produced by using existing resources under certain resource conditions.

3. When the nominal price of a commodity changes, it will have two effects on the demand of the commodity at the same time: one is the substitution between the commodity and other commodities in the commodity combination purchased by consumers because of the change of the nominal price of the commodity, which is called substitution effect.

4. The proportion of output increase is not equal to the proportion of various production factors, which is called constant scale reward. For example, the factor input of manufacturers increased by 100%, and the output increased by 100%.

5. Inflation refers to the phenomenon that the money supply is greater than the actual demand in the case of paper money circulation, that is, the actual purchasing power is greater than the output supply, which leads to the devaluation of the currency and the continuous general rise of prices for a period of time. Its essence is that the total social demand is greater than the total social supply (supply is far less than demand).

6. Phillips curve is a curve showing the alternating relationship between unemployment and inflation. When the inflation rate is high, the unemployment rate is low. When the inflation rate is low, the unemployment rate is high. Phillips curve is a curve used to express the alternating relationship between unemployment and inflation.

Pollution permit trading-a means for the government to deal with the externalities caused by pollution, so that manufacturers can discharge pollutants only with permits.

But licenses can be traded.

That's enough. Looking for English translated by Google.