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 persons life
Liquidity流動性
The ease with which an asset can be converted into the economys 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 firms 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
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 persons life
Liquidity流動性
The ease with which an asset can be converted into the economys 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 firms 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