H

　　Horizontal equity 橫向公平

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

　　Human capital 人力資本

　　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 橫向一體化

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

　　horizontal merger 橫向兼并

　　a merger between two firms that produce the same goods

　　horizontal restrictions 橫向約束

　　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 惡意收購

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

　I

Import quota 進(jìn)口限額

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

　　Imports 進(jìn)口

　　Goods and services that are produced abroad and sold domestically

　　In-kind transfers 實物轉(zhuǎn)移支付

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

　　Income effect 收入效應(yīng)

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

　　Income elasticity of demand 需求收入彈性

　　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 指數(shù)化

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

　　Indifference curves 無差異曲線

　　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 低檔商品

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

　　Inflation 通貨膨脹

　　An increase in the overall level of prices in the economy

　　Inflation rate 通貨膨脹率

　　The percentage change in the price index from the preceding period

　　Internalizing an externality 外部性的內(nèi)在化

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

　　Investment 投資

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

　　imperfect competition 不完全競爭

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

　　implicit contract 隱含合同

　　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 進(jìn)口函數(shù)

　　the relationship between imports and national income

　　incomplete markets 不完全市場

　　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 規(guī)模收益遞增/不變/遞減

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

　　indexing 指數(shù)化

　　the formal linking of any payment to a price index

　　individual income tax 個人所得稅

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

　　infant industry argument for protection 幼稚工業(yè)保護(hù)論

　　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 無限需求彈性

　　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 無限供給彈性

　　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 通貨膨脹稅

　　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 通貨膨脹螺旋

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

　　infrastructure 基礎(chǔ)設(shè)施

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

　　insider-outsider theory 局內(nèi)人—局外人理論

　　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 利率效應(yīng)

　　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 投資曲線

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

　　investment tax credit (ITC) 投資稅減免

　　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 非自愿失業(yè)

　　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 尋找工作

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

　　K

Keynesian monetary theory 凱恩斯貨幣理論

　Keynesian unemployment 凱恩斯失業(yè)

　　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 有折點的需求曲線

　　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 勞動力

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

　　Labor-force participation rate 勞動力參工率

　　The percentage of the population that is in the labor force

　　Law of demand 需求規(guī)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 供給規(guī)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 供求規(guī)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 流動性

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

　　Lump-sum tax 定額稅

　　A tax that is the same amount for every person

　　learning by doing 干中學(xué)

　　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 學(xué)習(xí)曲線；經(jīng)驗曲線

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

　　less developed countries (LDCs) 發(fā)展中國家

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

　　life-cycle hypothesis 生命周期假說

　　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 生命周期儲蓄動機(jī)

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

　　limit pricing 限制性定價

　　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 洛倫茲曲線

　　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 盧德派分子

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

M

Macroeconomics 宏觀經(jīng)濟(jì)學(xué)

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

　　Marginal changes 邊際變動

　　Small incremental adjustments to a plan of action

　　Marginal cost 邊際成本

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

　　Marginal product 邊際產(chǎn)量

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

　　Marginal product of labor 勞動的邊際產(chǎn)量

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

　　Marginal rate of substitution 邊際替代率

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

　　Marginal revenue 邊際收益

　　The change in total revenue from an additional unit sold

　　Marginal tax rate 邊際稅率

　　The extra taxes paid on an additional dollar of income

　　Market 市場

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

　　Market economy 市場經(jīng)濟(jì)

　　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 市場失靈

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

　　Market for loanable funds 可貸資金市場

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

　　Market power 市場力量

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

　　Medium of exchange 交換媒介

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

　　Menu costs 菜單成本

　　The costs of changing prices

　　Microeconomics 微觀經(jīng)濟(jì)學(xué)

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

　　Model of aggregate supply and aggregate demand 總需求與總供給模型

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

　　Monetary neutrality 貨幣中性

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

　　Monetary policy 貨幣政策

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

　　Money 貨幣

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

　　Money multiplier 貨幣乘數(shù)

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

　　Money supply 貨幣供給

　　The quantity of money available in the economy

　　Monopolistic competition 壟斷競爭

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

　　Monopoly 壟斷

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

　　Multiplier effect 乘數(shù)效應(yīng)

　　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 貨幣供給量的度量

　　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 邊際成本和邊際收益

　　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 邊際消費傾向

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

　　marginal propensity to import 邊際進(jìn)口傾向

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

　　marginal propensity to save 邊際儲蓄傾向

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

　　marginal utility 邊際效用

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

　　market clearing 市場出清

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

　　market failures approach 市場失靈論

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

　　market labor supply curve 勞動的市場供給曲線

　　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 中間投票人

　　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 混合經(jīng)濟(jì)

　　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 貨幣主義者

　　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 敗德；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 乘數(shù)—加速數(shù)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 多邊貿(mào)易

　　trade between more than two parties

　　N

Nash equilibrium 納什均衡

　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) 國民儲蓄

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

　　Natural monopoly 自然壟斷

　　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 自然失業(yè)率

　　The normal rate of unemployment around which the unemployment rate fluctuates

　　Natural resources 自然資源

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

　　Natural-rate hypothesis 自然率假說

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

　　Net exports 凈出口

　　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 國外凈投資

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

　　Nominal GDP 名義GDP

　　The production of goods and services valued at current prices

　　Nominal Variables 名義變量

　　Variables measured in monetary units

　　Nominal exchange rate 名義匯率

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

　　Nominal interest rate 名義利率

　　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 規(guī)范表述

　　Claims that attempt to prescribe how the world should be

　　natural endowments 自然稟賦

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

　　net export function 凈出口函數(shù)

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

　　net domestic product (NDP) 國內(nèi)生產(chǎn)凈值

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

　　new classical economists 新古典經(jīng)濟(jì)學(xué)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 新增長經(jīng)濟(jì)學(xué)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 新凱恩斯主義經(jīng)濟(jì)學(xué)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 新工業(yè)化國家

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

　　normative economics 規(guī)范經(jīng)濟(jì)學(xué)

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

　　O

Oligopoly 寡頭

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

　　Open economy 開放經(jīng)濟(jì)

　　An economy that interacts freely with other economies around the world

　　Open-market operations 公開市場活動

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

　　Opportunity cost 機(jī)會成本

　　Whatever must be given up to obtain some item

　　Okun's law 奧肯定律

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

　　opportunity sets 機(jī)會集合

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

　　output per capita 人均產(chǎn)量

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

　　outputs 產(chǎn)量

　　the outcomes of a production process

　　overhead costs 管理費用

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