H

　　Horizontal equity 横向公平

　　The idea that taxpayers with similar abilities to pay taxes should pay the same amount

　　Human capital 人力资本

　　The knowledge and skills that workers acquire through education, training, and experience;The accumulation of investments in people, such as education and on-the-job training

　　horizontal integration 横向一体化

　　the integration of a firm with other firms producing the same product (at the same level of production)

　　horizontal merger 横向兼并

　　a merger between two firms that produce the same goods

　　horizontal restrictions 横向约束

　　restrictions (such as an agreement not to compete in price or to enter each others' markets) by competing firms (at the same level of production, for instance, among producers, or among wholesalers, or among retailers)

　　hostile takeover 恶意收购

　　when one management team (one firm) takes over the control of another, against the will of the second firm

　I

Import quota 进口限额

　　A limit on the quantity of a good that can be produced abroad and sold domestically

　　Imports 进口

　　Goods and services that are produced abroad and sold domestically

　　In-kind transfers 实物转移支付

　　Transfers to the poor given in the form of goods and services rather than cash

　　Income effect 收入效应

　　The change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

　　Income elasticity of demand 需求收入弹性

　　A measure of how much the quantity demanded of a good responds to a change in consumers' income, computed as the percentage change in quantity demanded divided by the percentage change in income

　　Indexation 指数化

　　The automatic correction of a dollar figure for the effects of inflation by law or contract

　　Indifference curves 无差异曲线

　　Curves that show consumption bundles that give the consumer the same level of satisfaction A good for which an increase in income reduces the quantity demanded

　　Inferior good 低档商品

　　A good for which, other things being equal, an increase in income leads to a decrease in quantity demanded

　　Inflation 通货膨胀

　　An increase in the overall level of prices in the economy

　　Inflation rate 通货膨胀率

　　The percentage change in the price index from the preceding period

　　Internalizing an externality 外部性的内在化

　　Altering incentives so that people take account of the external effects of their actions

　　Investment 投资

　　Spending on capital equipment, inventories, and structures, including household purchases of new housing

　　imperfect competition 不完全竞争

　　any market structure in which there is some competition but firms face downward-sloping demand curves

　　implicit contract 隐含合同

　　an unwritten understanding between two groups involved in an exchange, such as an understanding between employer and employees that employees will receive a stable wage throughout fluctuating economic conditions

　　import function 进口函数

　　the relationship between imports and national income

　　incomplete markets 不完全市场

　　situations in which no market may exist for some good or for some risk, or in which some individuals cannot borrow for some purposes

　　increasing, constant or diminishing returns to scale 规模收益递增/不变/递减

　　when all inputs are increased by a certain proportion, output increases by a greater proportion (also known as economies of scale)

　　indexing 指数化

　　the formal linking of any payment to a price index

　　individual income tax 个人所得税

　　a tax based on the income received by any individual or household

　　infant industry argument for protection 幼稚工业保护论

　　the argument that industries must be protected from foreign competition while they are young, until they have a chance to acquire the skills to enable them to compete on equal terms

　　infinite elasticity of demand 无限需求弹性

　　the situation that exists when any amount will be demanded at a particular price, but nothing will be demanded if the price rises even a small amount

　　infinite elasticity of supply 无限供给弹性

　　situation that exists when any amount will be supplied at a particular price, but nothing will be supplied if the price falls even a small amount

　　inflation tax 通货膨胀税

　　the decrease in buying power (wealth) that inflation imposes on those who hold currency (and other assets, like bonds, the payments for which are fixed in terms of dollars)

　　inflationary spiral 通货膨胀螺旋

　　a self-perpetuating system in which price increases lead to higher wages, which lead to further price increases

　　infrastructure 基础设施

　　the roads, ports, bridges, and legal system that provide the necessary basis for a working economy

　　insider-outsider theory 局内人—局外人理论

　　the theory that firms are reluctant to pay new workers (outsiders) a lower wage than current workers (insiders), because current workers will fear beingreplaced by the new log-wage workers and will not participate in cooperating with and training them

　　interest 利息

　　the return a saver receives in addition to the original amount she deposited, and the amount that a borrower must pay in addition to the original amount she deposited

　　interest rate effect 利率效应

　　the situation that exists when lower interest rates (resulting from an increase in the money supply, or a fall in the price level) induce firms to invest more

　　investment schedule 投资曲线

　　the relationship between the level of investment and the (real) rate of interest

　　investment tax credit (ITC) 投资税减免

　　a provision of the tax code in which the government reduces a company's tax bill by an amount equal to a percentage of its spending on investment

　　involuntary unemployment 非自愿失业

　　the situation that occurs when the supply of those willing to work at the going market wage exceeds the demand for labor

J

Job search 寻找工作

　　The process by which workers find appropriate jobs given their tastes and skills

　　K

Keynesian monetary theory 凯恩斯货币理论

　Keynesian unemployment 凯恩斯失业

　　unemployment that occurs as a result of insufficient aggregate demand; it arises in the demand-constrained equilibrium (where aggregate demand is less than aggregate supply), so that rightward shifts in aggregate demand reduce the level of unemployment

　　kinked demand curve 有折点的需求曲线

　　the demand curve perceived by an oligopolist who believes that rivals will match any price cuts but will not match price increases

　　L

　　Labor force 劳动力

　　The total number of workers, including both the employed and unemployed

　　Labor-force participation rate 劳动力参工率

　　The percentage of the population that is in the labor force

　　Law of demand 需求规律

　　The claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

　　Law of supply 供给规律

　　The claim that, others things being equal, the quantity supplied of a good rises when the price of the good rises

　　Law of supply and demand 供求规律

　　The claim that the price of any good adjusts to bring the supply and demand for that good into balance

　　Life Cycle 生命周期

　　The regular pattern of income variation over a person's life

　　Liquidity 流动性

　　The ease with which an asset can be converted into the economy's medium of exchange

　　Lump-sum tax 定额税

　　A tax that is the same amount for every person

　　learning by doing 干中学

　　the increase in productivity that occurs as a firm gains experience from producing, and that results in a decrease in the firm's production costs

　　learning curve 学习曲线；经验曲线

　　the curve describing how costs of production decline as cumulative output increases over time

　　less developed countries (LDCs) 发展中国家

　　the poorest nations of the world, including much of Africa, Latin America, and Asia

　　life-cycle hypothesis 生命周期假说

　　the theory that individuals typically save when they are young and working and spend their savings as they age and retire

　　life-cycle savings motive 生命周期储蓄动机

　　people save during their working lives so that they can consume more during retirement

　　limit pricing 限制性定价

　　the practice of charging a lower price than the level at which marginal revenue equals marginal cost, as a way of deterring entry by persuading potential competitors that their profits from entering are likely to be limited

　　Lorenz curve 洛伦兹曲线

　　a curve that shows the cumulative proportion of income that goes to each cumulative proportion of the population, starting with the lowest income group

　　Luddites 卢德派分子

　　early nineteenth-century workmen who destroyed labor-saving machinery rather than see it taking over their jobs

M

Macroeconomics 宏观经济学

　　The study of economy-wide phenomena, including inflation, unemployment, and economic growth

　　Marginal changes 边际变动

　　Small incremental adjustments to a plan of action

　　Marginal cost 边际成本

　　The increase in total cost that arises from an extra unit of production

　　Marginal product 边际产量

　　The increase in output that arises from an additional unit of input

　　Marginal product of labor 劳动的边际产量

　　The increase in the amount of output from an additional unit of labor

　　Marginal rate of substitution 边际替代率

　　The rate at which a consumer is willing to trade one good for another

　　Marginal revenue 边际收益

　　The change in total revenue from an additional unit sold

　　Marginal tax rate 边际税率

　　The extra taxes paid on an additional dollar of income

　　Market 市场

　　A group of buyers and sellers of a particular good or service

　　Market economy 市场经济

　　An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

　　Market failure 市场失灵

　　A situation in which a market left on its own fails to allocate resources efficiently

　　Market for loanable funds 可贷资金市场

　　The market in which those who want to save supply funds and those who want to borrow to invest demand funds

　　Market power 市场力量

　　The ability of a single economic factor (or small group of factors) to have a substantial influence on market prices

　　Medium of exchange 交换媒介

　　An item that buyers give to sellers when they want to purchase goods and services

　　Menu costs 菜单成本

　　The costs of changing prices

　　Microeconomics 微观经济学

　　The study of how households and firms make decisions and how they interact in markets

　　Model of aggregate supply and aggregate demand 总需求与总供给模型

　　The model that most economists use to explain short-run fluctuations in economic activity around its long-run trend

　　Monetary neutrality 货币中性

　　The proposition that changes in the money supply do not affect real variables

　　Monetary policy 货币政策

　The setting of the money supply by policymakers in the central bank

　　Money 货币

　　The set of assets in the economy that people regularly use to buy goods and services from other people

　　Money multiplier 货币乘数

　　The amount of money the banking system generates with each dollar of reserves

　　Money supply 货币供给

　　The quantity of money available in the economy

　　Monopolistic competition 垄断竞争

　　A market structure in which many firms sell products that are similar but not identical

　　Monopoly 垄断

　　A firm that is the sole seller of a product without close substitutes

　　Multiplier effect 乘数效应

　　The additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending

　　Mutual fund 共同基金

　　An institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds

　　M1, M2, M3 货币供给量的度量

　　measures of the money supply: M1 includes currency and checking accounts; M2 includes M1 plus savings deposits, CDs, and money market funds; M3 includes M2 plus large-denomination savings deposits and institutional money market mutual funds

　　managerial slack 管理松懈

　　the lack of managerial efficiency (for instance, in cutting costs) that occurs when firms are insulated from competition

　　marginal costs and benefits 边际成本和边际收益

　　costs and benefits that result from choosing a little bit more of one thing and a little bit less of another

　　marginal propensity to consume 边际消费倾向

　　the amount by which consumption increases when disposable income increases by a dollar

　　marginal propensity to import 边际进口倾向

　　the amount by which imports increase when disposable income increases by a dollar

　　marginal propensity to save 边际储蓄倾向

　　the amount by which savings increase when disposable income increases by a dollar

　　marginal utility 边际效用

　　the extra utility, or enjoyment, a person receives from the consumption of one additional unit of a goo

　　market clearing 市场出清

　　situation that exists when there is neither excess supply nor excess demand

　　market failures approach 市场失灵论

　　the argument that government may have an economic role to play when markets fail to produce efficient outcomes

　　market labor supply curve 劳动的市场供给曲线

　　the relationship between the wage paid and the amount of labor willingly supplied, found by adding up the labor supply curves of all individuals in the economy

　　median voter 中间投票人

　　the voter such that half the population have preferences on one side of this voter (for instance, they want higher government expenditures and taxes),while the other half of the population have preferences on the other side of this voter (they want lower taxes and expenditures)

　　merit goods and bads 公益品和公害品

　　goods that are determined by the government to be good or bad for people, regardless for whether people desire them for themselves or not

　　mixed economy 混合经济

　　an economy that allocates resources through a mixture of public (governmental)and private decision making

　　model 模型

　　a set of assumptions and data used by economists to study an aspect of the economy and make predictions about the future or about the consequences of various policy changes

　　Modigliani-Miller theorem 莫迪利安尼—米勒定理

　　the theorem that says that under a simplified set of conditions, the manner in which a firm finances itself does not matter

　　monetarists 货币主义者

　　economists who emphasize the importance of money in the economy; they tend to believe that an appropriate monetary policy is all the economy needs from the government, and market forces will otherwise solve any macroeconomic problems

　　moral hazard 败德；道德陷阱

　　principle that says that those who purchase insurance have a reduced incentive to avoid what they are insured against

　　multiplier-accelerator model 乘数—加速数模型

　　a model that relates business cycles to the internal workings of the economy, showing how changes in investment and output reinforce each other; the central ingredients of the model are the multiplier and the accelerator

　　multilateral trade 多边贸易

　　trade between more than two parties

　　N

Nash equilibrium 纳什均衡

　A situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

　　National saving (saving) 国民储蓄

　　The total income in the economy that remains after paying for consumption and government purchases

　　Natural monopoly 自然垄断

　　A monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

　　Natural rate of unemployment 自然失业率

　　The normal rate of unemployment around which the unemployment rate fluctuates

　　Natural resources 自然资源

　　The inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits

　　Natural-rate hypothesis 自然率假说

　　The claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation

　　Net exports 净出口

　　The value of a nation's exports minus the value of its imports, also called the trade balance; Spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)

　　Net foreign investment 国外净投资

　　The purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners

　　Nominal GDP 名义GDP

　　The production of goods and services valued at current prices

　　Nominal Variables 名义变量

　　Variables measured in monetary units

　　Nominal exchange rate 名义汇率

　　The rate at which a person can trade the currency of one country for the currency of another

　　Nominal interest rate 名义利率

　　The interest rate as usually reported without a correction for the effects of inflation

　　Normal good 正常物品

　　A good for which an increase in income raises the quantity demanded; A good for which, other things being equal, an increase in income leads to an increase in quantity demanded

　　Normative statements 规范表述

　　Claims that attempt to prescribe how the world should be

　　natural endowments 自然禀赋

　　a country's natural resources, like good climate, fertile land, or minerals

　　net export function 净出口函数

　　a curve that gives the level of net exports at each level of income

　　net domestic product (NDP) 国内生产净值

　　GDP minus the value of the depreciation of the country's capital goods

　　new classical economists 新古典经济学家

　　economists who, beginning in the 1970;s, built on the tradition of classical economists and believed that by and large, market forces, if left to themselves, would solve the problems of unemployment and recessions

　　new growth economists 新增长经济学家

　　economists who, beginning in the 1980's, sought to understand better the basic forces that led the economy to grow fast at one time and slower at another, or some countries to grow faster than others

　　new Keynesian economists 新凯恩斯主义经济学家

　　economists who, beginning the 1980's, built on the tradition of Keynesian economists and focused attention on unemployment; they sought explanations for the failure of wages and prices to adjust to make labor markets and possibly other markets clear

　　newly industrialized countries 新工业化国家

　　nations that have recently moved from begin quite poor to being middle-income countries; including South Korea, Taiwan, Singapore, and Hong Kong

　　normative economics 规范经济学

　　economics in which the conclusions rest on value judgments as well as facts and theories

　　O

Oligopoly 寡头

　　A market structure in which only a few sellers offer similar or identical products

　　Open economy 开放经济

　　An economy that interacts freely with other economies around the world

　　Open-market operations 公开市场活动

　　The purchase and sale of United States government bonds by the Fed

　　Opportunity cost 机会成本

　　Whatever must be given up to obtain some item

　　Okun's law 奥肯定律

　the observation that as the economy pulls out of a recession, output increases more than proportionately to increases in employment

　　opportunity sets 机会集合

　　a summary of the choices available to individuals, as defined by budget constraints and time constraints

　　output per capita 人均产量

　　a nation's output divided by the number of individuals in the country

　　outputs 产量

　　the outcomes of a production process

　　overhead costs 管理费用

　　the costs a firm must pay just to remain in operation. They do not depend on the scale of production