Society has insufficient productive resources to fulfill unlimited human wants and needs.
2. Resource allocation problem 資源分配問題
The assignment of available resources to various uses.
3. Factors in production 生產要素
Inputs used to produce goods and services.
4. Microeconomics 微觀經濟學
How household sand firms make decisions and how they interact in specific markets.
5. Macroeconomics 宏觀經濟學
Economy-wide phenomena, including inflation, unemployment, and economic growth.
6. Normative statements 規范表述
What the economy should go and what intervention should be adopted?
7. Positive statements 實證表述
What is the economy like and what happened?
8. Productivity 生產效率
Amount of goods and services produced from each hour of a worker’s time.
9. Central planning channels resource
Inputs are based on direct allocation. Centralized manner depending on the specific organization of economic institutions.(price will not have directing power).
10. Opportunity cost 機會成本
The value (not a benefit) of the choice of a best alternative lost while making a decision.
11. Market power 市場支配力
The ability of a single person or firm to unduly influence market prices.
12.production possibility frontier 生產可能性邊界
Graphical representation of possible combination of two goods with constant resources and technology.
13. Absolute advantage 絕對優勢
Ability of a party (anindividual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors,using the same amount of resources.
14. Comparative advantage 比較優勢
Agents have acomparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price.
15. Asymmetric information 信息不對稱
In decisions in transactions where one party has more or better information than the other. This creates an imbalance of power in transactions.
16. Demand 需求
A buyer's willingness and ability to pay a price for a specific quantity of a good or service.
17. PED
The percentage change in quantity demanded given a percent change in the price.
18. XED
Measure the demand quantity change from the price change of relevant good.
19. YED
Measure the demand quantity change from income changes.
20. Willingness to pay 支付意愿
Maximum price at or below which a consumer will definitely buy one unit of the product.
21. Consumer surplus 消費者剩余
The difference between the maximum price aconsumer is willing to pay and the actual price they do pay.
22. Law of diminishing marginal returns 邊際收益遞減規律
Diminishing returns is the decrease in the marginal (incremental) output of a production process as the amount of a single factor of production is incrementally increased, while the amounts of all other factors of production stay constant.(ceteris paribus)
23. Explicit cost 顯性成本
A direct payment made to others in the course of running a business, such as wage, rent and materials.
24. Implicit cost 隱性成本
Is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent.(foregone income from choosing not to work).
25. Accounting profit 會計利潤
Total revenue – total explicit cost.
26. Economic profit 經濟利潤
Total revenue – total cost (explicit+implicit);Economic profit =0: normal economic profit
27. Supply curve 供給曲線
In the goods market, supply is the amount of a product that producers are willing to sell at various given prices when all other factors are held constant. (ceteris paribus).
28.??Producer surplus 生產者剩余
The difference between the minimum price a producer is willing to sell and the actual price they do to sell.
29. Equilibrium 經濟平衡
Economic equilibrium is a state where economic forces such as supply and demand are balanced. In goods market, equilibrium price stands for aprice that sellers sold the same amount that buyers want to buy (clearance).
30. Market structure 市場結構
Characterization of how market operates differentlyHow many producers?How many buyers?What do buyers know about product?How products differ from each other?Is producer easy to entry or exit?
31. Perfect competition 完全競爭
There are numerous sellers and buyers;Both are price taker in market;Free move for producer;Homogeneous products
32. Monopoly 壟斷
Unique supplier in the market;No substitutes;Price maker
33. Oligopoly 寡頭壟斷
Two or several supplier;Barriers to entry;Product differentiation or homogeneous;Non-price competition;Interdependence
34. Monopolistic competition 壟斷性競爭
Every producer has its own market demand;Good in every market is substitutes;Markets are interdependent
35. Production efficiency 生產效率
No additional output can be obtained without increasing the amount of inputs.(lowest ATC).
36. Allocative efficiency 配置效率
Any changes made to assist one person would harm another(Equilibrium price= MC=AC);Market can be said to have allocative efficiency if the price of a product that the market is supplying is equal to the marginal value consumers place on it, and equals marginal cost.
37. Excludable 可排除的
Individual can be effectively exclude from use.
38. Rivalrous? 競爭性的
One individual reduce availability to others.
39. Externality 外部性
The cost or benefit that affects a party who did not choose to incur that cost or benefit.
40. Negative externality 負外部性
An economic activity that imposes a negative effect on an unrelated third party.