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USAD 2022 Economics 词汇单词卡 | Quizlet

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USAD 2022 Economics 词汇

此学习集的词语(196)

Scarcity资源的稀缺性 It is a situation in which unlimited wants exceed the limited

resources available to fulfill those wants

Law of Demand需求定律；The quantity demanded of a good falls when the price of the

good rises, ceteris paribus.

Ceteris Paribus 其他事物相同；holding all other factors or conditions constant

Determinants of Demand

需求的决定因素；the factors that cause consumers to buy more or less at

the same price; there are substitutes, preferences, population, income,

complements, and expectations.

Determinants of Supply

供给的决定因素；the factors that cause sellers to offer more or less at the

same price; these are costs of inputs, opportunity cost of alternative

production, technology, taxes and subsidies, expectations, and number of

sellers.

Equilibrium Price 均衡价格；Price at which quantity supplied equals quantity demanded

Income Effect

⼯资效应；A reason for the law of demand, the purchasing power of

income is inversely related to the price of a product; if the price of a

particular good decreases, a consumer may buy more of this good as his

income has more buying power.

Inferior goods 劣等商品；when an increase in income leads to a decrease in demand.

Law of Supply供给定律；law that states that when the price of a product increases, the

quantity demanded decreases and a re inversely related.

Market市场；place where buyers and sellers meet to exchange goods and

services.

Normal goods 正常商品；As income increases, the demand for a product increase.

Price Ceiling 价格上限；a maximum legal price established below the equilibrium price.

Price Floor 价格下限；a minimum legal price established above the equilibrium price.

Quantity Demanded需求量；has an inverse relationship with changes in the price of a particular

good.



Quantity supplied供给量；has a direct relationship with changes in the price of a particular

good.

Shortage短缺；when the quantity demanded is greater than the quantity supplied; in

a competitive market with a surplus, prices will fall to equilibrium price.

Substitution Effect

替代效应；a reason for the law of demand, as the price of a particular

good decreases, a consumer may buy kore of this good relative to higher-

priced goods.

Surplus

剩余；when the quantity supplied is greater than the quantity demanded,

which is above the equilibrium, price; in a competitive market with a

surplus, prices will fall to the equilibrium price.

Consumer Surplus消费者剩余；the difference between the highest price a consumer would

pay for a product and the annual price paid.

Cross-Price Elasticity

交叉价格弹性；the percentage change in demand for good X if there is a

price change for good Y. If the number is negative, they are complements,

and if it is positive, they are substitutes.

Deadweight Loss⽆谓损失；the loss of total surplus for society when a market fails to reach

a competitive equilibrium due to market distortion, like a tax.

Elasticity弹性；a measure of how producers and consumers respond to changes in

price.

Excise Tax 消费税；a per-unit tax on production

Income Elasticity of Demand

需求的收⼊弹性；how a change in income affects the quantity demanded

for a product. If income goes up and the quantity demanded goes down, it

is an inferior good. If the quantity demanded increases with income, it's a

normal good.

Producer Surplus⽣产者剩余；the difference between the lowest price a producer would

sell a product and the actual price received.

Total Revenue总收益；the amount of money taken in by a firm from its sales, which is the

price of a product multiplied by the quantity sold.

Total Revenue Test

总收益检验；a way to determine elasticity by multiplying the price of a

good times the quantity sold. If price and total revenues are directly

related, a good is inelastic; if inversely related, a good is elastic; and if they

equal each other, the good is unit elastic.

Diminishing Marginal Utility边际效应递减；at some point in the consumption pattern of a good, each

additional unit consumed yields less additional satisfaction (utility)

Total Utility总效应；the total satisfaction a consumer receives from the consumption of

a good or service.



Accounting Profit会计利润；the difference between total revenues and explicit costs only.

Average Fixed Cost 平均固定成本；a firm's total fixed cost divided by total output.

Average Product 平均产品；total product divided by the variable input used in production

Diseconomies of Scale⾮规模经济；at this stage of output, as a firm's output increases, its long-run

average total cost curve increases. The upward sloping part of the LRATC.

Economic Profit经济利润；total revenues: subtracted by both explicit and implicit costs;

this is the type of profit referred to in Economics.

Fixed Costs固定成本；these costs do not change when quantity changes in the short

run, but can change in the long run.

Law of Diminishing Marginal Returns

边际收益递减原理；the range of output over which smaller and smaller

additional units of output are produced as successive equal increments of a

variable input are added to fixed quantities of other inputs in the short run.

Long Run⻓期；period of time over which supply can fully adjust to changes in

demand.

Lump-Sum Tax定额税；a fixed tax on producers regardless of the amount produced;

affects average fixed cost and average total cost.

Marginal Cost边际成本；what it costs to produce an additional unit of output; equal to

ΔTC/ΔQ

Marginal Product边际产品；how much additional output is produced when an input is

added by a firm.

Normal Profit正常利润；zero economic profit, where an entrepreneur will not be better

off in any other venture.

Per-Unit Tax单位税；a tax on each additional unit produced, and affects variable costs:

marginal cost, average total cost, and average variable cost.

Short Run短期；period of time over which supply cannot fully adjust to changes in

demand due to fixed resources.

Total Costs 总成本；the total of fixed and variable costs.

Variable Costs 变动成本；these costs change as production increases.

Equimarginal Principle

边际均等原理 in pollution control with multiple polluting firms, an outcome

where each polluter has reduced pollution to the level where the marginal

cost of the last unit of pollution reduction is equal across all firms



Water Right⽤⽔权 a property right to water that provides the owner with a set of

privileges for the use and modification of water

Consumptive Use消耗性⽤⽔ the use of water that is not returned to the natural system via

return flows or seepage into groundwater

Instream flow ⽣态基流 water flowing naturally in a river

Instream flow right 径流⽔权 the right of a river to keep a certain amount of water in its

Coal Ash煤灰 a byproduct of coal combustion that can contaminate water with

heavy metals like lead and mercury

Marginal Control Cost 边际控制成本 the marginal cost of reducing pollution by an additional unit

Marginal Social Damage 边际社会损失 the total cost to society of one additional unit of pollution

Prescriptive regulations规定性管制 regulatory measures that use defined rules, like quotas or

technology standards, rather than price to reduce pollution

Economic regulations经济性管制 regulatory measures that rely on price to achieve a regulatory

objective

Pigouvian taxes

庇古税 a tax on a negative externality, such as a tax on pollution, set equal

to the cost of the negative externality; equalizes the marginal cost of

abatement across firms

Clean Water Act

净⽔法案 a U.S. federal statute passed in 1972 with the goal of restoring and

maintaining the chemical, physical, and biological integrity of the nation's

rivers, lakes, and streams

Point sources 点源 a localized and stationary pollution source

Nonpoint sources⾮点源 a source of pollution that issues from widely distributed or

pervasive environmental elements

Safe Drinking Water Act

安全饮⽤⽔法案 it is an act passed by Congress in 1974 to protect public

health by regulating the nation's public drinking water supply (i.e. protect

the quality of drinking water)

Cap-and-trade

总量管制与排放交易计划 a system for controlling pollution by which an

upper limit is set on the amount a given business or other organization may

create but which allows further capacity to be bought from other

organizations that have not used their full allowance

Nutrient credit markets避免⽔富营养化的市场 a system in which individuals or firms earn credits for

improving water quality through investments in restoration or preservation

Grandfathering（在⼀定程度上）不受新规定限制 the granting of rights or privileges based

on historic use



Pollution hot spots污染热点 areas of more intense pollution due to co-located polluting

facilities

Eutrophication

富营养化 the excess nutrient loading of a waterway resulting in excessive

plant (algae) growth, a reduction of dissolved oxygen in the water, and

harm to aquatic animals

Appropriative Rights Doctrine

专⽤的权利学说 An appropriative right is generally based upon physical

control and beneficial use of the water. These rights are entitlements to a

specific amount of water, for a specified use, at a specific location with a

definite date of priority. Allocate surface water based on seniority

Common-pool resource (CPR)公共池资源 A good which has decreases availability when used but is

difficult to exclude from others

Scarcity Value稀缺价值 Value created because of scarcity (difference between value and

cost of supply)

Market Failure市场失灵 Happens when a good or service is not allocated efficiently in a

market

Economic Institutions

经济机构 The "rules of the game" that control economic activity. Includes

legal systems and courts, property rights and markets, and government

regulation.

Surface Water地表⽔ Stored in reservoirs and diverted through canals and pipes,

requiring infrastructure investment

Ground Water地下⽔ Pumped through wells from subsurface aquifers, where water

collects in the pore space between rocks

Water Quantity ⽔量 Amount of water available at a given time and place

Tragedy of the Commons公地悲剧 When an unregulated common-pool resource is subject to

overuse

Water Quality⽔的质量 The condition of water for a specific purpose in terms of

chemical, physical, and biological characteristics

China's South-North Water Transfer Project南⽔北调 A series of inter-basin transfers to move up to forty-eight billion

cubic meters of water per year from the Yangtze to the Yellow River.

Economies of Scale规模经济 Occurs when the marginal cost of production is decreasing as

production increases

Shortage 短缺 A temporary condition where demand is larger than supply

Regulated Monopoly

监管垄断 A monopoly that is regulated and monitored by the government.

It acts in the interest of consumers by setting prices at an affordable range

for the general public.



Flat Fee固定费⽤ A hookup or other charge is applied, but the charge does not

change with changes in water use.

Constant marginal price 恒定的边际价格 Each unit of water has the same charge

Decreasing block rate (Bulk discounts)递减边际价格 As the volume purchased increases, the price per unit

decreases

Increasing block rate 递增边际价格 As more water is used, the charge per unit increases

Mean elasticity of urban water demand 城市⽔需求的平均弹性 -0.41

Subsidies

补贴 A sum of money granted by the government or a public body to assist

an industry or business so that the price of a commodity or service may

remain low or competitive.

Irrigation灌溉 The supply of water to land or crops to help growth, typically by

means of channels.

Green Revolution绿⾊⾰命 Movement in the 1960s. Included the introduction of fertilizers,

pesticides, and high yield seed varieties

Bilateral Monopoly双边垄断 Players on both sides of an exchange can exercise bargaining

power.

Acequia

灌溉⽔渠 A water allocation system, in place since the southwest United

States was under Spanish and Mexican control, that consists of a

decentralized but complex set of rules from both Spanish and Anglo-

American water law to allocate scarce water resources to irrigators.

Mutual ditch companies共同沟公司 Irrigator-owners invested time and money in the construction

of a ditch for a share of water

Irrigation Efficiency Paradox

灌溉效率悖论 Increased water use efficiency can lead to only small gains in

usable water. This happens because farmers switch to water-intensive crops

or even apply more water to the same crop

Legal rules 法律规则 Assign the benefits and the costs of a resource to people

Spanish Water Law

⻄班⽛⽔法律 Consists of a set of customs for allocating scarce water

based on prior usage, need, existing legal rights or precedents, and intent

of use; equity and the common good of the community are prioritized.

English Common Law 英国普通法 Law that relies on legal precedents

Property Rights产权 Outline expectations for resource use, investment, and exchange by

owners



Riparian Doctrine

⽔产权理论 Water is allocated equally to users along a water body's path or

location. The rights to water are actually rights to the flow of water; the

quantity of water allocated is not precisely specified, and all users face an

obligation to use water responsibly

Natural Flow Riparian Rights

⾃然流量河岸权 Permit the use of water for domestic purposes only, and

each user is entitled to the maintenance of their adjacent watercourse at its

normal level.

Reasonable Use Riparian Rights

合理使⽤河岸权 Permit each user to divert water for any lawful purpose to

the extent that their use does not infringe upon the rights of other riparian

users

Prior-appropriation rights

分配权⼒ Assigned through first possession, or "first-in-time, first-in-right."

Appropriative water rights grant possessory rights to a fixed quantity or

flow of water for diversion from a stream based on the date of the original

claim.

Beneficial use

有益的使⽤ Beneficial use means a use that is of benefit as a substitute for

natural or commercial products and does not contribute to adverse effects

on health or environment.

Third Parties第三⽅ A person or group besides the two primarily involved in a situation,

especially a dispute.

Monopolistic Competition

垄断竞争 market structure characterized by many medium-sized firms who

need to be innovative and differentiate their products in price and

nonprice ways.

Monopoly垄断 one firm constitutes the market selling a product for which there are

no close substitutes.

Oligopoly

寡头垄断 market structure characterized by relatively few sellers who act

interdependently and/or collusively to be price-makers and control

markets.

Perfect Competition

完全竞争 market structure characterized by a large number of sellers with a

homogeneous product, infinitely elastic demand for firms, and no barriers

to entry or exit.

Economic Efficiency 经济效率 the allocation of resources to most productive and desired uses.

Profit-Maximizing Criterion利润Y⼤化准则 the level of output at which marginal revenue (MR) equals

marginal cost (MC)

Shut-Down Point亏损点 in the short run, the firm should shut down when price is less than

average variable cost (AVC)

Allocative efficiency配置效率

producing the exact amount of units that society wants, where P

=MC. (Price = Marginal Cost)



Productive efficiency⽣产效率 an optimal use of resource as goods are being produced at the

lowest minimum cost, where P =ATC (Price = Average Total Cost)

Natural Monopoly⾃然垄断 Monopolies that have extensive economies of scale and can

provide a product at a lower cost than several firms.

Price Discrimination价格歧视 this practice charges different customers with different prices for

the same product.

Cartel垄断联盟 a group of firms that act together and have a formal agreement

not to compete.

Collusion合谋 an agreement (usually illegal) to agree on the price and the quantity

produced in a market.

Dominant strategy优势策略 the best choice for one player regardless of what the other player

chooses.

Break and even point

损益两平点 The break-even point is the point at which total cost and total

revenue are equal, meaning there is no loss or gain for your small business.

In other words, you've reached the level of production at which the costs

of production equals the revenues for a product.

Derived Demand派⽣需求 the demand for a resource such as labor is derived from the

product that the resource helps to produce.

The Least-Cost Rule

Y低成本法则 production at least cost requires the ratio of labor's marginal

product to its price equals the ratio of capital's marginal product to its

price. The amounts of labor and capital employed must be adjusted, all the

while keeping output constant, until this condition is achieved.

Monopsony 买⽅垄断 a market in which there is a single buyer of labor

Externality

外部性 Externalities refers to situations when the effect of production or

consumption of goods and services imposes costs or benefits on others

which are not reflected in the prices charged for the goods and services

being provided.

Positive Externality正外部性 the production or consumption of a good or service that creates

benefits for third parties not involved in the transaction.

Negative Externalities

负外部性 A negative externality is a cost that is suffered by a third party as a

consequence of an economic transaction. In a transaction, the producer

and consumer are the first and second parties, and third parties include any

individual, organization, property owner, or resource that is indirectly

affected.

Coase Theorem科斯定理 theory that states private parties can solve the issues created by

externality on their own without the government intervention.



Public Goods

公共货物 goods that are nonexclusive and nonrival, as one person's

consumption of a public good does not exclude others from benefiting

from it.

Private Goods

私⼈物品 goods that both has exclusion and is a rival in consumption. For

example, a person may be excluded from the benefits of private goods by

not being willing or able to pay.

Collective Goods

集体财产 goods that have a low degree of rivalry but a high degree of

excludability (upper right corner). Such goods can easily be privatized but

they are often natural monopolies because non rivalry in consumption

means that the marginal cost of producing them is zero or close to zero.

Common Resources

共⽤资源 goods that no one individual or organization can lay claim to.

These may include public spaces (such as parks or nature preserves),

certain natural resources (such as fish in the sea), and so on.

Free-Rider Problem

搭便⻋问题 a moral issue that occurred because people know they can

benefit from public goods without paying, government ends up providing

public goods.

per capita⼈均；The economy's total output divided by the total number of people

employed.

average labor productivity⼈均劳动⽣产⼒；The economy's total output divided by the total number

of workers employed.

expansion 增⻓；a period between a trough and a peak in economic activity

recession 衰退；a period between a peak and a trough in economic activity

depression ⼤萧条；a particularly severe recession

business cycle 商业周期；the alternation of periods of expansion and recession

The unemployment rate失业率；the percentage of the labor force that would like to work but

cannot find employment.

The labor force 劳动⼒；made up of all individuals who are employed or unemployed

Inflation rate通货膨胀率；(the price in this year-the price in last year)/ the price in last

year

Deflation 通货紧缩；opposite to inflation

trade surplus 贸易顺差；exports exceed imports

trade deficit 贸易逆差；imports exceed exports



Aggregation集合；the combination of many different things into a single economic

variable

Gross Domestic Product (GDP)国内⽣产总值；the market value of all final goods and services produced

within a country during a specified period of time

Final goods制成品；goods that are the products of a complex chain of production

activities

Intermediate goods 半成品；goods that are used up in the production of a final good

Capital goods资本货物；long-lived goods that are used to produce other goods and

services but are not used up in production e.g.: machine/factory

Consumer durable 耐⽤消费品；long-lived consumer goods

Consumer nondurable ⾮耐⽤消费品；goods that are used up more quickly than durable goods

Services 服务；intangible goods

Business fixed investment企业固定投资；business purchases of factories, offices, machinery, and

equipment

Residential fixed investment 住宅固定投资；the purchase of new homes and apartment buildings

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