国际Edexcel单词查询

UNIT 1: MARKETS IN ACTION

Section 1 INTRODUCTORY CONCEPTS

Chapter 1 ECONOMICS AS A SOCIAL SCIENCE

序号	重要标记	单词	含义	概念
1	*	ceteris paribus	其他条件不变	all things being equal; the assumption that, while the effects of a change in one variable are being investigated, all other variables are kept constant.
2	*	disposable income	可支配收入	the amount of money you have left to spend after you have paid your taxes, bills etc.
3		empirical	实证的	based on scientific testing or practical experience, not on ideas.
4		good	商品	a thing that is produced in order to be sold.
5		hypothesis (hypotheses)	假设	an idea that is suggested as an explanation for something, but that has not yet been proved to be true.
6		inequality	不平等	an unfair situation, in which some groups in society have more money, opportunities, or power than others.
7		law	规律	a theory or model that has been verified by empirical evidence.
8		normative economics	规范经济学	the study and presentation of policy prescriptions involving value judgements about the way in which scarce resources are allocated.
9	*	normative statements	规范性陈述	statements that cannot be supported or refuted because it is a value judgement.
10		positive economics	实证经济学	the scientific or objective study of the allocation of resources.
11	*	positive statements	实证性陈述	statements that can be supported or refuted by evidence.
12	*	production possibility frontier	生产可能性边界	shows how much an economy can produce given existing resources.
13		scientific method	科学的方法	a method that subjects theories or hypotheses to being disproved by empirical evidence.
14		social science	社会科学	the study of societies and human behaviour using a variety of methods, including the scientific method.
15		theory / model	理论/模型	a hypothesis that is capable of being refuted by empirical evidence.

Chapter 2 THE ECONOMIC PROBLEM

序号	重要标记	单词	含义	概念
1	*	basic economic problem	基本经济问题	resources have to be allocated between competing uses because wants are infinite but resources are scarce.
2		capital	资本	as a factor of production is the stock of manufactured resources used in the production of goods and services.
3		choice	选择	economic choices involve the alternative uses of scarce resources.
4	*	economic goods	经济商品	goods that are scarce because their use has an opportunity cost.
5		enterprise / entrepreneurship	企业	as a factor of production is the seeking out of profitable opportunities for production and taking risks in attempting to exploit these.
6		entrepreneurs	企业家	individuals who seek out profitable opportunities for production and take risks in attempting to exploit these.
7	*	factors of production	生产要素	the inputs to the production process: land, labour, capital and enterprise or entrepreneurship.
8		fixed capital	固定资本	economic resources, such as factories and hospitals, that are used to transform working capital into goods and services.
9	*	free goods	免费商品	goods that are unlimited in supply and therefore have no opportunity cost.
10	*	human capital	人力资本	the value of the productive potential of an individual or group or workers; it is made up of the skills, talents, education and training of an individual or group and represents the value of future earnings and production.
11		labour	劳动力	as a factor of production is the workforce.
12		land	土地	as a factor of production is all natural resources.
13	*	needs	需求	the minimum that is necessary for a person to survive as a human being.
14	*	non-renewable resources	不可再生资源	resources, such as coal or oil, which once exploited cannot be replaced.
15		non-sustainable resource	不可持续资源	a resource which that can be economically exploited in such as a way that its stock is being reduced over time.
16	*	opportunity cost	机会成本	the benefits of the next best alternative that are given up.
17	*	renewable resources	可再生资源	resources, such as fish stocks or forests, that can be exploited over and over again because they have the potential to renew themselves.
18		scarce resources	稀缺的资源	resources that are limited in supply so that choices have to be made about their use.
19	*	wants	愿望	desires for the consumption of goods and services.
20		working capital / circulating capital	周转资本	resources that are in the production system waiting to be transformed into goods or other materials before being finally sold to the consumer.

Chapter 3 PRODUCTION POSSIBILITY FRONTIERS

序号	重要标记	单词	含义	概念
1	*	allocatively efficient	分配效率	allocative efficiency occurs when social welfare is maximised. The distribution of resources is such that it is not possible to redistribute them without making someone worse off.
2		capital goods	资本品	goods that are used in the production of other goods, such as factories, offices, roads, machines and equipment.
3		consumer goods	消费品	goods and services that are used by people to satisfy their needs and wants.
4	*	margin	边际	a point of possible change.
5	*	production possibility frontier (the production possibility curve / the production possibility boundary / the transformation curve)	生产可能性边界(生产可能性曲线/生产可能性边界/转换曲线)	a curve that shows the maximum potential level of output of one good given a level of output for all others goods in the economy.

Chapter 4 SPECIALISATION AND THE DIVISION OF LABOUR

序号	重要标记	单词	含义	概念
1	*	barter	物物交换	swapping one good for another without the use of money.
2	*	capital productivity	资本生产率	output per unit of capital employed.
3	*	division of labour	劳动分工	specialisation by workers, who perform different tasks at different stages of production to make a good or service, in co-operation with other workers.
4		equity	股本	in a company, is the value of the assets owned by the shareholders.
5		financial market	金融市场	any convenient set of arrangements where buyers and sellers can buy or trade a range of services or assets that are fundamentally monetary in nature.
6		globalisation	全球化	the tendency for the world economy to work as one unit, led by large international companies doing business all over the world.
7	*	hyperinflation	恶性通货膨胀	a very fast rise in prices that seriously damages a country’s economy.
8		illiquid	流动性不佳	difficult to convert an asset into cash. Completely illiquid means it is impossible to do so.
9	*	labour productivity	劳动生产率	output per worker.
10	*	liquidity	流动性	the ability to change an asset into cash. The more liquid an asset is, the easier it is to do this.
11	*	market	市场	any convenient set of arrangements by which buyers and sellers communicate to exchange goods and services.
12		money	钱	any item, such as a coin or a bank balance, which fulfils four functions: a medium of exchange, a measure of value, a store of value and a method of deferred payment.
13		money substitutes	货币替代物	anything that can be used as a medium of exchange but are not stores of value. Examples are charge cards or credit cards.
14	*	primary sector	第一产业	industries involving extraction and agriculture.
15	*	private sector	私有部门	the part of the economy owned by individuals, companies and charities.
16	*	productivity	生产率	output per unit of input employed.
17	*	public sector	公共部门	the part of the economy where production is organised by the state or the government.
18		retail banks	零售银行	banks that provide services to individuals.
19	*	secondary sector / manufacturing sector	第二产业（制造业）	industries involved in the production of goods, mainly manufactured goods.
20		self-sufficiency	自给自足	being able to provide all the things you need without help from other people.
21	*	specialisation	专业化	a system of organisation where economic units such as households or nations are not self-sufficient but concentrate on producing certain goods and services and trading the surplus with others.
22		sub-market	次级市场	a market that is a distinct and identifiable part of a larger market.
23	*	tertiary sector / service sector	第三产业（服务业）	industries involved in the production of services.

Chapter 5 TYPES OF ECONOMY

序号	重要标记	单词	含义	概念
1	*	command economy / planned economy / centrally planned economy	计划经济	an economic system where government, through a planning process, allocates resources in society.
2		economic system	经济体制	a complex network of individuals, organisations and institutions and their social and legal inter-relationships which allocate resources.
3	*	free market economy / free enterprise economy / capitalist economy / market economy	自由市场经济	an economic system that resolves the basic economic problems mainly through the market mechanism.
4	*	mixed economy	混合经济	an economy where both the free market mechanism and the government planning process allocate significant proportions of total resources.
5	*	protectionism	贸易保护主义	when a government tries to help industries in its own country by taxing or restricting foreign goods.
6		supranational	超国家的	involving more than one country.

Section 2 CONSUMER BEHAVIOUR AND DEMAND

Chapter 6 RATIONAL DECISION MAKING

序号	重要标记	单词	含义	概念
1		behavioural economics	行为经济学	a branch of economics that accepts that consumers and other economic agents do not always act rationally and looks at why this might be so.
2		default	违约	to fail to pay money that you owe at the right time.
3	*	economic welfare	经济福利	the level of well-being or prosperity or living standards of an individual or group of individuals such as a country.
4	*	homo-economicus	理性经济人	the rational human used by economists when constructing, explaining and verifying models.
5		macroeconomics	宏观经济学	the study of the economy as a whole, including inflation, growth and unemployment.
6		microeconomics	微观经济学	the study of the behaviour of individuals or groups such as consumers, firms or workers, typically within a market context.
7		neo-classical theory	新古典理论	a theory of economics that typically starts with the assumption that economic agents will maximise their benefits and act rationally, and that develops how resources will be allocated in markets and at what price through the forces of demand and supply; the margin is a key concept in neo-classical theory.
8	*	utility	效用	the satisfaction or benefit derived from consuming a good or a set of goods.

Chapter 7 DEMAND

序号	重要标记	单词	含义	概念
1		conditions of demand	影响需求的因素	factors other than price, such as income or the price of other goods, which lead to changes in demand and are associated with shifts in the demand curve.
2	*	consumer surplus	消费者剩余	the difference between how much buyers are prepared to pay for a good and what they actually pay.
3		contraction of demand	需求萎缩	when quantity demanded for a good falls because its price rises; it is shown by a movement up the demand curve.
4		demand curve	需求曲线	the line on a price/quantity diagram that shows the level of effective demand at any given price.
5	*	demand / effective demand	需求（有效需求）	the quantity purchased of a good at any given price, given that other factors of demand remain unchanged.
6		extension of demand	需求扩张	when quantity demanded for a good increases because its price falls; it is shown by a movement down the demand curve.
7	*	law of diminishing marginal utility	边际效用递减法则	the value or utility that individual consumers gain from the last product consumed falls the greater the number consumed. So the marginal utility of consuming the sixth product is lower than the second product consumed.
8		shift in the demand curve	需求曲线移动（线移动）	a movement of the whole demand curve to the right or left of the original caused by a change in any variable affecting demand except price.
9		underlying growth rate	潜在增长率	the long-run average growth rate for an economy over a period of time.

Chapter 8 PRICE ELASTICITY OF DEMAND

序号	重要标记	单词	含义	概念
1	*	elastic (demand)	（需求）弹性	where the price elasticity of demand is greater than 1. The responsiveness of demand is proportionally greater than the change in price. Demand is perfectly elastic if price elasticity of demand is infinity.
2	*	inelastic (demand)	（需求）非弹性	where the price elasticity of demand is less than 1. The responsiveness of demand is proportionally less than the change in price. Demand is perfectly inelastic if price elasticity of demand is zero.
3	*	price elasticity of demand / own price elasticity of demand	需求的价格弹性	the proportionate response of changes in quantity demanded to a proportionate change in price, measured by the formula: (P/Qd)×(ΔQd/ΔP)
4		total expenditure	总支出	quantity bought multiplied by the average price of a product.
5	*	total revenue	总收入	quantity sold multiplied by the average price of a product.
6	*	unitary elasticity	单位弹性	where the value of price elasticity of demand is 1. The responsiveness of demand is proportionally equal to the change in price.

Chapter 9 INCOME AND CROSS-ELASTICITIES

序号	重要标记	单词	含义	概念
1	*	complements	互补品	goods that are purchased with other goods to satisfy a want. Complements have a negative cross elasticity of demand with each other.
2	*	cross elasticity / cross-price elasticity of demand	需求的交叉弹性	a measure of the responsiveness of quantity demanded of one good to a change in price of another good. It is measured by dividing the percentage change in quantity demanded of one good by the percentage change in price of the other good.
3	*	income elasticity of demand	需求的收入弹性	a measure of the responsiveness of quantity demanded to a change in income. It is measured by dividing the percentage change in quantity demanded by the percentage change in income.
4	*	inferior goods	劣等商品	goods for which demand falls when income increases (i.e. it has a negative income elasticity of demand).
5	*	normal goods	通常商品	goods for which demand increases when income increases (i.e. has a positive income elasticity of demand).
6	*	substitutes	替代品	goods that can be replaced by another to satisfy a want. Substitutes have a positive cross elasticity of demand with each other.

Section 3 SUPPLY

Chapter 10 SUPPLY AND PRICE ELASTICITY OF SUPPLY

序号	重要标记	单词	含义	概念
1		conditions of supply	影响供给的因素	factors other than price, such as income or the price of other goods, that lead to changes in supply and are associated with shifts in the supply curve.
2	*	long run	长期失业	the period of time in which all factor inputs can be varied but the state of technology remains constant.
3	*	price elasticity of supply	供给的价格弹性	a measure of the responsiveness of quantity supplied to a change in price. It is measured by dividing the percentage change in quantity supplied by the percentage change in price.
4	*	producer surplus	生产者剩余	the difference between the market price that firms receive and the price at which they are prepared to supply.
5	*	short run	短期	the period of time when at least one factor input to the production process can be varied.
6	*	supply	供给	the quantity of goods that suppliers are willing to sell at any given price over a period of time.

Section 4 PRICE DETERMINATION

Chapter 11 MARKET EQUILIBRIUM

序号	重要标记	单词	含义	概念
1		equilibrium price	均衡价格	the price at which there is no tendency to change because planned (or desired or ex ante) purchases (i.e. demand) are equal to planned sales (i.e. supply).
2	*	excess demand	超额需求	where demand is greater than supply.
3	*	excess supply	超额供给	where supply is greater than demand.
4	*	free market forces	自由市场力	forces in free markets that act to reduce prices when there is excess supply and raise prices when there is excess demand.
5		market-clearing price	市场出清价格	the price at which there is neither excess demand nor excess supply, but where everything offered for sale is purchased.

Chapter 12 FUNCTIONS OF THE PRICE MECHANISM

序号	重要标记	单词	含义	概念
1	*	incentive function	激励功能	when changes in price encourage buyers and sellers to change the quantity they buy and sell. A rise in price encourages buyers to purchase less and sellers to produce more; and vice versa.
2	*	rationing function	分配功能	when changes in price lead to more or less being produced, so increasing or limiting the quantity demanded by buyers.
3	*	signalling function	信号功能	when changes in price give information to buyers and sellers that influence their decisions to buy and sell.

Chapter 13 INDIRECT TAXES AND SUBSIDIES

序号	重要标记	单词	含义	概念
1	*	ad valorem tax	从价税	tax charged as a percentage of the value of the good.
2		incidence of tax	税收分摊	the tax burden on the taxpayer.
3	*	specific tax / unit tax	从量税（单位税）	tax charged on volume.
4	*	subsidy	补贴	a grant given that lowers the price of a good, usually designed to encourage production or consumption of a good.

Section 5 MARKET FAILURE

Chapter 14 SOURCES OF MARKET FAILURE

序号	重要标记	单词	含义	概念
1	*	asymmetric information	非对称信息	when information is not shared equally between buyer and seller and one side has an advantage.
2		complete market failure	完全市场失灵	when a market fails to supply any of a good that is demanded, creating a missing market.
3	*	market failure	市场失灵	where resources are inefficiently allocated due to imperfections in the working of the market mechanism.
4		missing market	缺少市场	a market where the market mechanism fails to supply any of a good.
5		partial market failure	部分市场失灵	when a market for a good exists but there is too much or not sufficient production of the good.

Chapter 15 POSITIVE AND NEGATIVE EXTERNALITIES

序号	重要标记	单词	含义	概念
1	*	consumption externalities / external benefits of consumption	消费外部性（消费的外部收益）	when the social costs of consumption are different from the private costs of consumption.
2	*	externality / spillover effect	外部性/溢出效应	the difference between social costs and benefits and private costs and benefits.
3		marginal analysis	边际分析	focuses on small or incremental changes in an economic variable such as cost or output.
4	*	marginal social and private costs and benefits	边际(社会/私人)(成本/收益)	the social and private costs and benefits of the last unit either produced or consumed.
5		negative consumption externalities	负消费外部性	when social benefits are less than private benefits.
6	*	negative externality / external cost	负外部性或外部成本	exist if net social cost (social cost minus social benefit) is greater than net private cost (private cost minus private benefit).
7		negative production externalities	生产负外部性	when social costs exceed private costs.
8		positive consumption externalities	消费正外部性	when social benefits exceed private benefits.
9	*	positive externality / external benefit	正外部性（外部效益）	exists if net social benefit is greater than net private benefit.
10		positive production externalities	积极生产外部性	when social costs are less than private costs.
11	*	private cost and benefit	私人成本和收益	the cost or benefit of an activity to an individual economic unit such as a consumer or a firm.
12	*	production externalities / external benefits of production	生产外部性（生产的外部收益）	when the social costs of production are different from the private costs of production.

Chapter 16 NON-PROVISION OF PUBLIC GOODS

序号	重要标记	单词	含义	概念
1	*	free rider	搭便车	a person or organisation that receives benefits that others have paid for without making any contributions.
2	*	non-excludability	非排他性	once provided, it is impossible to prevent any economic agent from consuming the good.
3	*	non-rejectability	非拒绝性	once provided, it is impossible for any economic agent not to consume the good.
4	*	non-rivalry / non-diminishability / non-exhaustability	非竞争性	consumption by one economic agent does not reduce the amount available for consumption by others.
5	*	private goods	私人商品	goods that possess the characteristics of rivalry (once consumed, it cannot be consumed by any one else) and excludability (it is possible to prevent someone else from consuming the good).
6	*	public goods / pure public goods	公共物品/纯公共产品	goods that possess the characteristics of non-rivalry (or non-diminishability) and non-excludability (which includes the characteristic of non-rejectability).
7	*	quasi-public goods / non-pure public goods	准公共产品	a good that does not perfectly possess the characteristics of non-rivalry and non-excludability and yet which also is not perfectly rival or excludable.

Chapter 17 IMPERFECT MARKET

序号	重要标记	单词	含义	概念
1		imperfect information	不完全信息	where buyers or sellers or both lack information to make an informed decision.
2	*	information failure / information gap	信息失灵（信息差）	where buyers or sellers or both do not have the information that is available to make a decision.
3		moral hazard	道德风险	when an economic agent makes a decision in their own best interest knowing that there are potential negative risks, and that if problems result, the cost will be partly paid by other economic agents.
4	*	principal–agent problem	委托代理问题	occurs when the goals of principals, those who would gain or lose from a decision, are different from agents, those making decisions on behalf of the principal. Examples include shareholders (principals) and managers (agents), or children (principals) and parents (agents).

Chapter 18 MORAL HAZARD, SPECULATION AND MARKET BUBBLES

序号	重要标记	单词	含义	概念
1	*	asymmetric information	非对称信息	where buyers and sellers have different amounts of information, with one group having more information than the other.
2		cryptocurrency	加密货币	a digital or virtual currency that uses cryptography as security, thereby making it secure.
3	*	market bubble	市场泡沫	occurs when rising demand drives prices beyond the level that might normally be expected.
4		moral hazard	道德风险	when an economic agent makes a decision in their own best interest knowing that there are potential adverse risks, and that if problems result, the cost will be partly borne by other economic agents.
5		speculation	投机	means buying or selling something in the expectation of a future price change and a profit.
6		too big to fail	太大而不能倒闭	occurs when the cost to the economy is so great that the government cannot allow it to happen.

Section 6 GOVERNMENT INTERVENTION IN MARKETS

Chapter 19 PURPOSE AND METHODS OF GOVERNMENT INTERVENTION

序号	重要标记	单词	含义	概念
1		cap and trade schemes	限额和交易计划	schemes that set a limit on a particular type of pollution, and then issue pollution permits to the total of that limit, which can be bought and sold between firms that pollute.
2	*	trade pollution permit / pollution permit / pollution credit	污染许可证	a permission issued, usually by a government, to allow a fixed amount of pollution to be created; this permit can be used by the owner or sold to another firm.

Chapter 20 GOVERNMENT FAILURE

序号	重要标记	单词	含义	概念
1	*	government failure	政府失灵	occurs when government intervention leads to a net welfare loss compared to the free market solution.
2		public choice theory	公共选择理论	theories about how and why public spending and taxation decisions are made.
3		rent-seeking	寻租	the use of political power by an economic agent to influence the distribution of resources for their own benefit at the expense of others without creating any extra wealth for society.

UNIT 2: MACROECONOMIC PERFORMANCE AND POLICY

Section 7 MEASURES OF ECONOMIC PERFORMANCE

Chapter 21 INTRODUCTION TO THE MEASURES OF ECONOMIC PERFORMANCE

序号	重要标记	单词	含义	概念
1	*	balance of trade	贸易差额	part of the current account. The balance of trade records the value of goods and services sold abroad (exports) and the value of goods and services bought from abroad (imports). A positive value shows a surplus, a negative value shows a deficit.
2	*	balance of trade deficit	贸易逆差（赤字）	when the value of imports is greater than exports.
3	*	balance of trade surplus	贸易顺差（盈余）	when the value of exports is greater than the value of imports.
4	*	current account	经常账户	part of the balance of payments account. A major component of the current account is the balance of trade.
5	*	economic growth	经济增长	a measure of how much output has increased by over a 12-month period. It is expressed as a percentage.
6	*	exports	出口	goods and services sold abroad.
7	*	gross domestic product (GDP)	国内生产总值(GDP)	a standard measure of the output of an economy, used by countries around the world.
8	*	imports	进口	goods and services bought from abroad.
9	*	inflation	通货膨胀	a continuing and general rise in prices across an economy.
10	*	recession	经济衰退	two quarters of negative economic growth in a row.
11	*	unemployment	失业	occurs when individuals are without a job but are actively seeking work.

Chapter 22 ECONOMIC GROWTH AND GDP/GNI

序号	重要标记	单词	含义	概念
1	*	economic growth	经济增长	a measure of how much output has increased by, over a 12-month period. It is expressed as a percentage.
2		green GDP	绿色GDP	a measure of GDP that takes account of the environmental costs of production such as pollution and the use of non-renewable resources.
3	*	gross domestic product (GDP)	国内生产总值(GDP)	a measure of the output or value added of an economy that does not include output or income from investments abroad or an allowance for the depreciation of the nation’s capital stock.
4	*	gross national income (GNI)	国民总收入(GNI)	the value of the goods and services produced by a country over a period of time (GDP) plus net overseas interest payments and dividends (factor incomes).
5		gross national product (GNP)	国民生产总值(GNP)	the market value of goods and services produced over a period of time through the labour or property supplied by citizens of a country both domestically (GDP) and overseas.
6		hidden economy / black economy / informal economy	非正式经济	economic activity where trade and exchange take place but which goes unreported to the tax authorities and those collecting national income statistics.
7		national happiness and well-being	国民幸福度	the terms well-being, standard of living and quality of life are often used with the same meaning. However, the term 'living standards' tends to have a slightly narrower focus on material welfare. The term well-being covers every dimension of a person's life.
8		net national income	国民净收入	a measure of national income that includes both net income from investments abroad and an allowance for deprecation of the nation’s capital stock.
9	*	per person / per head / per capita	人均	per individual in a population.
10		public expenditure	公共支出	another name for government expenditure. Public spending is the amount of money spent by the government.
11	*	purchasing power parities	购买力平价	an exchange rate of one currency for another which compares how much a typical basket of goods in one country costs compared to that of another country.
12	*	recession	经济衰退	two consecutive quarters of negative economic growth.
13		standard of living	生活水平	how well off is an individual, household or economy, measured by a complex mix of variables such as income, health, and the environment.
14		subjective happiness	主观幸福度	this term is used when an individual rate their happiness by giving it a score, based on their self-evaluation of happiness. This can be problematic, since there is no measurement unit for happiness. This means objective indicators of happiness and well-being are also often used in studies to provide a clearer picture. Objective measures are things that affect our happiness or well-being, such as income, health, education, safety, etc.
15	*	transfer payments	转移支付	income for which there is no corresponding output, such as unemployment benefits or pension payments.
16		value of national income /volume of national income	国民收入值（国民收入调整值）	the value of national income is its money value at the prices of the day; the volume is national income adjusted for inflation and is expressed either as an index number or in money terms at the prices in a selected base year.

Chapter 23 MEASURING INFLATION AND UNEMPLOYMENT

序号	重要标记	单词	含义	概念
1		active population	参加经济活动的人口	those in work or actively seeking work; also known as the labour force.
2	*	activity rate / participation rate	参与率	the number of those in work or unemployed divided by the population of working age, expressed as a percentage.
3		anticipated inflation	预期通货膨胀	increases in prices that economic actors are able to predict with accuracy.
4	*	consumer price index (CPI)	消费者价格指数(CPI)	a measure of the price level used to measure inflation. It is produced to international standards.
5	*	deflation	通货紧缩	a fall in the price level.
6	*	disinflation	反通货膨胀	a fall in the rate of inflation.
7		employed	就业	the number of people in paid work.
8		employees	雇员	workers employed by another individual or firm.
9	*	employment	就业	those in paid work.
10	*	employment rate	就业率	the number of those in work divided by the population of working age, expressed as a percentage.
11		full-time workers	全职员工	workers who work the hours and days that are the norm for a particular job.
12		hidden unemployed	隐性失业	partly those in the population who would take a job if offered, but are not in work and are not currently seeking work; and partly those who are underemployed.
13	*	hyperinflation	恶性通货膨胀	large increases in the price level.
14		inactive	不参与经济活动的人	the number of those not in work and not unemployed.
15		inactivity rate	不活跃率	the number of those not in work and not unemployed divided by the population of working age, expressed as a percentage.
16		indexation	指数化	adjusting the value of economic variables such as wages or the rate of interest in line with inflation.
17	*	inflation	通货膨胀	a general and continued rise in prices.
18	*	labour force	劳动力	those in work or actively seeking work; also known as the active population.
19		part-time workers	兼职员工	workers who only work a fraction of the hours and days that are the norm for a particular job.
20	*	population of working age	劳动年龄人口	total number of people aged between the state school leaving age and the state retirement age.
21	*	price level	价格水平	average price of goods/services in the economy.
22		producer price index	生产者价格指数	used to measure the change in the price of a typical basket of goods bought and sold by the manufacturers of an economy.
23		reflation	通货再膨胀	the process of increasing the amount of money being used in a country in order to increase trade.
24		self-employed	自由职业者	workers who work on their own account and are not employees.
25	*	stagflation	滞胀	an economic situation in which there is inflation but many people do not have jobs and businesses are not doing well.
26		underemployed	未充分就业	those who would work more hours if available or are in jobs that are below their skill level.
27		unemployed	失业	those not in work but seeking work.
28	*	unemployment	失业	occurs when individuals are without a job but who are actively seeking work.
29	*	unemployment rate	失业率	the number of those not in work, but seeking work, divided by the labour force, expressed as a percentage.

Chapter 24 BALANCE OF PAYMENTS

序号	重要标记	单词	含义	概念
1		balance of payments account	国际收支账户	a record of all financial deals over a period of time between economic agents of one country and all other countries. It consists of the balance of trade in goods and services, the primary income account, the secondary income account, the capital account and the financial account.
2	*	balance of trade	贸易差额	the value of exports minus the value of imports. Data may distinguish between the balance of trade in goods, the balance of trade in services or the balance of trade in goods and services. Without any distinction, the balance of trade would refer to the balance of trade in goods and services.
3	*	balance of trade deficit / balance of trade surplus	贸易逆差/贸易顺差	a deficit exists when the value of imports is greater than the value of exports. A surplus exists when the value of exports is greater than the value of imports.
4		capital and financial accounts	资本与金融账户	that part of the balance of payments account where flows of savings, investment and currency are recorded.
5	*	current account	经常账户	part of the balance of payments. The current account has four components: the trade in goods, trade in services, primary income and secondary income accounts.
6		current account balance	经常账户余额	records the overall difference between the credits and debits on each separate part of the current account – the balance of trade in goods, the balance of trade in services (these two then form the balance of trade in goods and services), the primary income balance and the secondary income balance.
7	*	current account deficit / current account surplus	经常账户赤字/经常账户盈余	a deficit exists when overall debits exceed credits on the current account. A surplus exists when overall credits exceed debits on the current account.
8		primary income	初级收入	income that results from the loan of factors of production abroad.
9		secondary income	次级收入	income transfers between countries that occur without any corresponding output.

Chapter 25 EMPLOYMENT AND UNEMPLOYMENT (CAUSES AND EFFECTS)

序号	重要标记	单词	含义	概念
1	*	cyclical unemployment / demand-deficient unemployment	周期性失业/需求匮乏性失业	when there is insufficient demand in the economy for all workers who wish to work at current wage rates to obtain a job.
2	*	frictional unemployment	摩擦性失业	when workers are unemployed for short lengths of time between jobs.
3		long-term unemployed	长期失业	in the UK, those unemployed for more than one year.
4		real wage / classical unemployment	实际工资/古典失业	when workers are unemployed because real wages are too high and inflexible downwards, leading to insufficient demand for workers from employers.
5	*	seasonal unemployment	季节性失业	when workers are unemployed at certain times of the year, such as building workers or farm workers in winter.
6		short-term unemployed	短期失业	in the UK, those unemployed for less than a year.
7	*	structural unemployment	结构性失业	when the pattern of demand and production changes, leaving workers unemployed in labour markets where demand has shrunk. Examples of structural unemployment are regional unemployment, sectoral unemployment or technological unemployment.
8	*	technological unemployment	技术性失业	when developments in technology cause roles to become redundant.

Chapter 26 INFLATION (CAUSES AND EFFECTS)

序号	重要标记	单词	含义	概念
1		anticipated inflation	预期通货膨胀	increases in prices that economic actors are able to predict with accuracy.
2	*	cost-push inflation	成本推动型通胀	inflation caused by increases in the costs of production in the economy.
3	*	deflation	通货紧缩	a fall in the price level.
4	*	demand-pull inflation	需求拉动型通胀	inflation that is caused by excess demand in the economy.
5	*	disinflation	反通货膨胀	a fall in the rate of inflation.
6	*	hyperinflation	恶性通货膨胀	large increases in the price level.
7		indexation	指数化	adjusting the value of economic variables such as wages or the rate of interest in line with inflation.
8	*	inflation	通货膨胀	a general rise in prices.
9	*	price level	价格水平	the average price of goods and services in the economy.
10		unanticipated inflation	未预料的通胀	increases in prices that economic actors like consumers and firms fail to predict accurately and so their decisions are based on poor information.

Section 8 AGGREGATE DEMAND

Chapter 27 CHARACTERISTICS OF AGGREGATE DEMAND

序号	重要标记	单词	含义	概念
1		aggregate	总的	the sum or total.
2	*	aggregate demand	总需求	the total of all demand or expenditure in the economy at any given price.
3		aggregate demand curve	总需求曲线	shows the relationship between the price level and equilibrium national income. As the price level rises, the equilibrium level of national income falls.
4	*	average propensity to consume	平均消费倾向	the proportion of total income spent. It is calculated by C ÷ Y.
5		domestic economy	国内经济	the economy of a single country.
6	*	wealth effect	财富效应	the change in consumption following a change in wealth.

Chapter 28 CONSUMPTION

序号	重要标记	单词	含义	概念
1	*	average propensity to consume	平均消费倾向	the proportion of total income spent. It is calculated by C ÷ Y.
2	*	average propensity to save	平均储蓄倾向	the proportion of a total income that is saved. It is calculated by S ÷ Y.
3	*	consumption	消费	total expenditure by households on goods and services over a period of time.
4		consumption function	消费函数	the relationship between the consumption of households and the factors that determine it.
5	*	disposable income	可支配收入	household income over a period of time including state benefits, less direct taxes.
6		dis-saving	动用储蓄	when individuals spend an amount of money that was greater than their disposable income. This is financed either by running down existing stocks of savings, or by borrowing.
7		durable goods	耐用消费品	goods that are consumed over a long period of time, such as a television set or a car.
8	*	marginal propensity to consume	边际消费倾向	the proportion of a change in income that is spent. It is calculated by ∆C ÷ ∆Y.
9	*	marginal propensity to save	边际储蓄倾向	the proportion of a change in income that is saved. It is calculated by ∆S ÷ ∆Y.
10		non-durable goods	快速消费品	goods that are consumed almost immediately, like an ice cream or a packet of washing powder.
11		savings function	储蓄函数	the relationship between the saving of households and the factors that determine it.
12		saving (personal)	（个人）储蓄	the portion of households' disposable income that is not spent over a period of time.
13	*	savings ratio	储蓄率	usually expressed for household savings as a percentage of total household disposable income.
14	*	wealth effect	财富效应	the change in consumption following a change in wealth.

Chapter 29 INVESTMENT

序号	重要标记	单词	含义	概念
1	*	accelerator coefficient	加速器系数	the capital–output ratio.
2		accelerator theory	加速器理论	the theory that the level of investment is related to past changes in income.
3		animal spirits	动物精神	business confidence: the mood of managers and owners of firms about the future of their industry and the wider economy.
4		capital–output ratio	资本产出率	the ratio between the amount of capital needed to produce a given quantity of goods and the level of output.
5	*	depreciation (of the capital stock) / capital consumption	折旧/资本消耗	the value of the capital stock that has been used up or worn out.
6	*	gross investment	总投资	the addition to capital stock, both to replace the existing capital stock, which has been used up (depreciation), and the creation of additional capital.
7	*	investment	投资	the addition to the capital stock of the economy.
8	*	net investment	净投资	gross investment minus depreciation.
9		retained profit	留存利润	profit kept back by a firm for its own use that is not distributed to shareholders or used to pay taxation.

Chapter 30 GOVERNMENT EXPENDITURE AND NET TRADE

序号	重要标记	单词	含义	概念
1	*	budget deficit (or fiscal deficit)	预算赤字(或财政赤字)	when government spending is greater than tax revenue.
2	*	budget surplus (or fiscal surplus)	预算盈余(或财政盈余)	when government spending is less than the amount of money received in taxation or other income during a particular period. Income received by the government is sometimes called government receipts.
3	*	exchange rate	汇率	the price at which one currency is sold for another.
4	*	fiscal policy	财政政策	decisions about government spending, together with taxes and government borrowing, are called fiscal policy.
5	*	net exports / the net trade balance	净出口	exports minus imports.
6		non-price factors	非价格因素	factors, other than price, that affect the demand for a good or service.
7	*	protectionism	贸易保护主义	government actions or polices that restrict international trade.

Section 9 AGGREGATE SUPPLY

Chapter 31 AGGREGATE SUPPLY

序号	重要标记	单词	含义	概念
1		aggregate supply curve	总供给曲线	the relationship between the average level of prices in the economy and the level of total output.
2		disequilibrium	不均衡	a loss or lack of equilibrium or stability, especially in relation to supply, demand and prices.
3		full capacity	满负载	the level of output where no extra production can take in the long run with existing resources. The full capacity level of output for an economy is shown by the classical long-run aggregate supply curve or the vertical part of a Keynesian aggregate supply curve.
4	*	long-run aggregate supply curve	长期总供给曲线	the aggregate supply curve that assumes that wage rates are variable, both upward and downwards. Classical or supply side economists assume that wage rates are flexible. Keynesian economists assume that wage rates may be ‘sticky downwards’ and hence the economy may operate at less than full employment even in the long run.
5	*	output gap	产出缺口	the difference between actual level of GDP and the productive potential of the economy (actual output less trend output).
6	*	productivity	生产率	output per unit of input employed.
7	*	short-run aggregate supply curve	短期总供给曲线	the upward sloping aggregate supply curve that assumes that money wage rates are fixed.
8		supply-side shock	供给侧冲击	a factor, such as changes in wage rates or commodity prices, that causes the short-run aggregate supply curve to shift.

Section 10 NATIONAL INCOME

Chapter 32 CIRCULAR FLOW OF INCOME

序号	重要标记	单词	含义	概念
1	*	circular flow of income	收入的循环流	a model of the economy that shows the flow of goods, services and factors and their payments around the economy.
2	*	closed economy	封闭经济	an economy in which there is no foreign trade.
3	*	income	收入	rent, interest, wages and profits earned from wealth owned by economic actors.
4	*	injections	注入	in the circular flow of income, spending that is not generated by households including investment, government spending and exports.
5	*	national income	国民收入	the value of the output, expenditure or income of an economy over a period of time.
6		open economy	开放经济	an economy in which there is trade with other countries.
7	*	wealth	财富	a stock of assets that can be used to generate a flow of production or income. For example, physical wealth such as factories and machines is used to make goods and services.
8	*	withdrawals / leakages	漏出	in the circular flow of income, spending by households that does not flow back to domestic firms. It includes savings, taxes and imports.

Chapter 33 EQUILIBRIUM LEVELS OF REAL NATIONAL OUTPUT

序号	重要标记	单词	含义	概念
1		classical economists	古典经济学家	economists who hold the view that the long-run aggregate supply curve (LRAS) is vertical. So an increase in aggregate demand, in the long run, will be purely inflationary unless the LRAS curve shifts to the right.
2		equilibrium level of output	均衡产出水平	the level of real national output (real GDP) when aggregate demand equals aggregate supply.
3	*	full employment	充分就业	the level of real national output (real GDP) where the LRAS curve is vertical.
4		Keynesian economists	凯恩斯主义经济学家	economists who hold the view that an increase in aggregate demand may or may not cause real national output to rise. It depends on whether the economy is below full employment or at full employment.
5		long-run disequilibrium	长期不均衡	a term used by classical economists when the short-run equilibrium level of real GDP is either below or above the level of real national output (real GDP) where the LRAS curve is vertical.
6	*	long-run equilibrium	长期均衡	when aggregate demand equals long-run aggregate supply.

Chapter 34 THE MULTIPLIER

序号	重要标记	单词	含义	概念
1	*	marginal propensity to import (MPM)	边际进口倾向(MPM)	the increase in imports divided by the increase in income that caused them (i.e. ∆M ÷ ∆Y).
2	*	marginal propensity to save (MPS)	边际储蓄倾向(MPS)	the increase in saving divided by the increase in income that caused it (i.e. ∆S ÷ ∆Y).
3	*	marginal propensity to tax (MPT)	边际税收倾向(MPT)	the increase in tax revenues divided by the increase in income that caused them (i.e. ∆T ÷ ∆Y).
4	*	marginal propensity to withdraw (MPW)	边际漏出倾向(MPW)	the increase in withdrawals from the circular flow (S + T + M) divided by the increase in income that caused them (i.e. ∆W ÷ ∆Y ); this the same as the sum of the marginal propensity to save, tax and import (MPS + MPT + MPM).
5	*	multiplier (national income multiplier / Keynesian multiplier / real multiplier)	乘数	the figure used to multiply a change in an injection into the circular flow, such as investment, to find the final change in income (assuming the injection is not determined by income). It is the ratio of the final change in income to the initial change in an injection. It can be calculated as 1/(1 – MPC) or 1 / (MPS + MPT + MPM) or 1/MPW,
6	*	multiplier effect (or process)	乘数效应(或过程)	an increase in investment or other injection will lead to an even greater increase in income (assuming the injection is not determined by income).

Section 11 ECONOMIC GROWTH

Chapter 35 CAUSES OF ECONOMIC GROWTH AND OUTPUT GAPS

序号	重要标记	单词	含义	概念
1	*	actual growth	实际增长	economic growth as measured by recorded changes in real GDP over time.
2		demand-side shock	需求侧冲击	a sudden and large impact on aggregate demand.
3		downturn	经济低迷	a period when either economic growth or GDP itself is falling.
4	*	economic growth	经济增长	a rise in output in an economy that can be either actual growth or potential growth.
5	*	export-led growth	出口导向型增长	a rise in aggregate demand caused by a rise in exports.
6	*	foreign direct investment	外国直接投资	flows of money between countries where one firm buys or sets up another firm in another country.
7	*	GDP per capita	人均国内生产总值	GDP divided by the number of people in the population. GDP per capita is GDP per person.
8		hysteresis	磁滞	the process whereby a variable does not return to its former value when changed. In terms of the trade cycle, it is used to describe the phenomenon of an economy failing to return to its former long term trend rate of growth after a severe recession.
9	*	LRAS (long-run aggregate supply)	长期总供给	shows the productive potential of an economy.
10		nominal GDP	名义国内生产总值	GDP valued at current prices (i.e. GDP unadjusted for the effects of inflation)
11	*	output gap	产出缺口	the difference between the actual level of GDP and the productive potential of the economy. There is a positive output gap when actual GDP is above the productive potential of the economy and it is in boom. There is a negative output gap when actual GDP is below the productive potential of the economy.
12	*	production possibility frontier (PPF)	生产可能性边界(PPF)	a curve that shows the maximum potential level of output of one good, given a level of output for all other goods in the economy.
13	*	productive potential	生产潜力	the maximum output of an economy at a point in time if all its resources are fully and efficiently utilised.
14	*	potential growth	潜在增长	economic growth as measured by the changes in the productive potential of the economy over time.
15		process innovation	工艺创新	when more efficient methods for producing goods and services are developed.
16		product innovation	产品创新	the creation of new or better products.
17	*	real GDP	实际国内生产总值	GDP valued at constant prices (i.e. GDP adjusted for inflation).
18		spare capacity	闲置产能	for a whole economy, this exists when long-run aggregate supply is greater than aggregate demand and so there is a negative output gap.
19		supply-side shock	供给侧冲击	a sudden and large impact on aggregate supply.
20		trend rate of growth	趋势增长率	the long-run average rate of growth of the productive potential of an economy over time.

Chapter 36 THE BENEFITS AND COSTS OF ECONOMIC GROWTH

序号	重要标记	单词	含义	概念
1	*	economic growth	经济增长	a measure of how much output has increased by over a 12-month period. It is expressed as a percentage.
2	*	income inequality / wealth inequality	收入不平等/财富不平等	when income/wealth is shared out unevenly between different groups in society.
3	*	sustainable growth	可持续增长	growth in the productive potential of the economy today that does not lead to a fall in the productive potential of the economy for future generations.

Section 12 MACROECONOMIC OBJECTIVES AND POLICIES

Chapter 37 MACROECONOMIC OBJECTIVES

序号	重要标记	单词	含义	概念
1		balance of payments equilibrium on the current account	在经常账户收支平衡	where credits are equal to debits. Since the balance of trade is often a major component of the current account, equilibrium is broadly when the value of exports equals the value of imports.
2	*	balanced government budget	平衡政府预算	when government spending is equal to its revenue over a period of time, usually a year.
3	*	current account	经常账户	part of the balance of payments account. A major component of the current account is the balance of trade.
4	*	deflation	通货紧缩	a sustained and general fall in prices across an economy.
5	*	economic growth	经济增长	a measure of how much output has increased by over a 12-month period. It is expressed as a percentage.
6	*	gross domestic product (GDP)	国内生产总值(GDP)	a standard measure of the output of an economy, used by countries around the world.
7	*	income equality	收入平等	when total income in the economy is shared out equally.
8	*	inflation	通货膨胀	a sustained and general rise in prices across an economy.
9	*	unemployment	失业	occurs when individuals are without a job but are actively seeking work.

Chapter 38 POSSIBLE CONFLICTS BETWEEN MACROECONOMIC OBJECTIVES

序号	重要标记	单词	含义	概念
1	*	short-run Phillips curve	短期菲利普斯曲线	shows the relationship between the rate of unemployment and the rate of change of money wages (a proxy measure for inflation). The short-run Phillips curve shows the short-run trade-off between unemployment and inflation.
2	*	trade-off	权衡	when achieving one macroeconomic objective conflicts with achieving another.

Chapter 39 MACROECONOMIC SUPPLY-SIDE POLICIES

序号	重要标记	单词	含义	概念
1		bottlenecks	瓶颈	supply-side constraints in a particular market in an economy that prevent higher growth for the whole economy.
2	*	deregulation	放松管制	the process of removing government controls from markets.
3		free market policies / market-based policies	自由市场政策	government policies designed to promote economic growth by reducing barriers to the efficient working of free markets.
4		interventionist policies	干涉主义政策	government policies designed to correct market failures that are reducing the growth rate of the economy.
5	*	labour market flexibility	劳动力市场灵活性	the degree to which demand and supply in a labour market respond to external changes (such as changes in demand for a product or inpopulation size) to return the market to equilibrium.
6	*	minimum wage	最低工资	the least amount an employer can pay one of its workers, usually expressed as an hourly wage rate.
7		poverty trap / earnings trap	贫困陷阱/收入陷阱	occurs when an individual is little better off or even worse off when gaining an increase in wages because of the combined effect of increased tax and benefit withdrawal.
8	*	privatisation	私有化	the sale of government organisations or assets to the private sector.
9		red tape	繁文缛节	rules and regulations issued by government, that firms must follow to operate legally.
10		supply-side economics	供给侧经济学	the study of how changes in aggregate supply will affect variables such as national income; in particular, how government microeconomic policy might change aggregate supply through individual markets.
11		supply-side improvements	供给侧改进	changes in individual markets, such as investment by firms or improvements in the skills of workers, which lead to an increase in long-run aggregate supply without necessarily the intervention of government.
12	*	supply-side policies	供给侧政策	government policies designed to increase the productive potential of the economy and push the long-run aggregate supply curve to the right.
13		unemployment trap	失业陷阱	occurs when an individual is little better off or even worse off when getting a job after being unemployed because of the combined effect of increased tax and benefit withdrawal.

Chapter 40 MACROECONOMIC DEMAND-SIDE POLICIES

序号	重要标记	单词	含义	概念
1	*	balanced budget	预算平衡	government statement of spending and income plans where spending is equal to its receipts, mainly tax revenues.
2	*	base rate	基准利率	the rate of interest charged by central banks to other financial institutions, to borrow money overnight. The base rate is the most important interest rate in an economy’s financial system, because it influences all other interest rates in the economy, such as lending and savings rates offered by banks.
3	*	budget	预算	a statement of the spending and income plans of an individual firm or government.
4	*	budget deficit	预算赤字	a deficit that arises because government spending is greater than its receipts. Government therefore has to borrow money to finance the difference. The term 'fiscal deficit' is also used.
5	*	budget surplus (or fiscal surplus)	预算盈余(或财政盈余)	a government surplus arising from government spending being less than its receipts. Government can use the difference to repay part of the National Debt.
6		capital requirements	资本要求	the capital that a government says that a financial institution must have in relation to the amount that it lends, so that it can operate safely.
7	*	contractionary fiscal policy	紧缩性财政政策	fiscal policy that leads to a fall in aggregate demand.
8	*	contractionary monetary policy	紧缩性货币政策	monetary policy that leads to a fall in aggregate demand.
9		demand-side policies	需求侧政策	policies used by the government or central bank to manipulate aggregate demand.
10	*	expansionary fiscal policy	扩张性的财政政策	fiscal policy that leads to an increase in aggregate demand.
11	*	expansionary monetary policy	扩张性的货币政策	monetary policy that leads to a rise in aggregate demand.
12	*	fiscal policy	财政政策	the use of taxes, government spending and government borrowing by government to achieve its objectives.
13		fiscal stance / budget position	财政立场/预算的立场	whether fiscal policy is expansionary, contractionary or neutral.
14		instruments of policy	政策工具	economic variables, such as the rate of interest, income tax rate or government spending on education, that are used to achieve a target of government policy.
15		liquid assets	流动资产	assets that can easily be converted into cash.
16	*	liquidity	流动性	when a business or a person has money or goods that can be sold to pay debts.
17		liquidity crisis	流动性危机	a situation where depositors demand larger cash withdrawals than normal on such a scale that there is a risk that the bank may not have enough liquid assets to meet the demand. A liquidity crisis is often unpredictable and caused by a lack of confidence in a specific bank.
18	*	monetary policy	货币政策	government changes to monetary variables, e.g interest rates and the money supply, to achieve its objectives.
19		neutral fiscal policy	中性财政政策	when changes to government spending and taxation leave the overall budget surplus or deficit unchanged and have no effect on aggregate demand.
20	*	quantitative easing	量化宽松政策	a monetary policy instrument where the central bank buys financial assets in exchange for money in order to increase borrowing and lending in the economy.
21	*	rate of interest	利率	the price of money, determined by the demand and supply of funds in a money market where there are borrowers and lenders.
22		reserve asset (liquidity) requirement	储备资产(流动性)的要求	a reserve asset ratio as a percentage of the bank's total deposits that must be kept as reserves. This is either because they are needed to satisfy customer liquidity requirements or because a central bank forces banks to keep them to manipulate the money supply.

UNIT 3: BUSINESS BEHAVIOUR

Section 1 TYPES AND SIZES OF BUSINESSES

Chapter 1 TYPES OF BUSINESS

序号	重要标记	单词	含义	概念
1		co-operative	合作社企业	a firm owned, controlled and operated by a group of users, such as the workers, for their own benefit. They each contribute by buying shares in the co-operative but have control of the firm on the basis of a one-member, one-vote principle rather than having votes in proportion to the number of shares owned, i.e. one-share, one-vote
2		dividends	股息	a share of the profit of a company that is distributed to its shareholders according to the number of shares held by them
3		exploitation	剥削	the act of using resources or a person’s labour without offering adequate compensation for-profit organisations organisations that have making a profit as a goal
4		joint venture	合资企业	where a separate business entity is created by two or more parties. It involves sharing ownership, returns and risks of the new project or other business activity for which the joint venture was set up
5		limited company	有限公司	a type of business organisation where the owners are its shareholders, i.e. those who have bought a part of the business by buying shares in the company; it offers limited liability or legal protection to the shareholders as the company and its owners are legally separate
6		not-for-profit organisations	非盈利组织	organisations that do not have making a profit as a goal but may use any profit or surplus they generate to support their aims
7		partnership	合伙人企业	a type of business organisation where two or more people own the business
8		private sector organisations	私有公司	organisations that are owned by individuals or companies and not the state
9		shareholder	股东	any person or company that owns one or more shares in a limited company
10		sole trader (or sole proprietor)	个体户企业	a business owned and controlled by one person
11		state-owned enterprises (SOEs)	国有企业 (SOEs)	large organisations that are created by a country’s government to carry out commercial activities
12	*	unlimited liability	无限责任	the owners of the business are personally liable for its debts and may have to sell personal assets to pay for them

Chapter 2 SIZES OF BUSINESSES

序号	重要标记	单词	含义	概念
1		asset stripping	资产剥离	the practice of buying a company cheaply and then selling all the things it owns to make a quick profit
2	*	backward vertical integration	向后纵向整合	a joining together of two or more firms into one firm, where the purchaser merges with one or more of its suppliers
3	*	conglomerate integration	混合整合	a joining together into one firm of two or more firms producing unrelated products
4	*	demerger	拆分	when a firm splits into two or more independent businesses
5	*	forward vertical integration	向前纵向整合	a joining together of two or more firms into one firm, where the supplier merges with one or more of its buyers.
6	*	horizontal integration	横向整合	a joining together of two or more firms in the same industry at the same stage of production
7	*	merger (or takeover)	兼并（或收购）	the joining together of two or more firms under common ownership
8		niche market	利基市场	a market for a product or service, perhaps an expensive or unusual one, that does not have many buyers but that may make good profits for companies that sell it
9	*	organic growth	内部增长	a firm increasing its size through investment in capital equipment or an increased labour force
10	*	synergy/synergies	协同（效应）	when two or more activities or firms put together can lead to greater outcomes than the sum of the individual parts
11	*	vertical integration	纵向整合	a joining together into one firm of two or more firms at different production stages in the same industry

Chapter 3 BUSINESS OBJECTIVES

序号	重要标记	单词	含义	概念
1		business objective	企业目标	a result that a firm aims to achieve
2		cost-plus pricing	成本加成定价法	the technique adopted by firms of fixing a price for their products by adding a fixed percentage profit margin to the long-run average cost of production
3	*	divorce of ownership from control	所有权分离	occurs when the managers and directors of a business are a different group of people from the owners of the business
4	*	profit maximisation	利润最大化	occurs when the difference between total revenue and total cost is greatest
5	*	profit satisficing	利润满意	making sufficient profit to satisfy the demands of owners, such as shareholders
6	*	revenue maximisation	收入最大化	occurs when total revenue is highest and when marginal revenue equals zero
7	*	sales volume maximisation	销售量最大化	occurs when the volume of sales is greatest; when the objective of a firm, this is usually subject to a profit satisficing constraint

Section 2 REVENUE, COSTS AND PROFITS

Chapter 4 REVENUE

序号	重要标记	单词	含义	概念
1	*	average revenue	平均收益 (AR)	the average amount received per unit sold. It is equal to total revenue divided by quantity sold
2	*	marginal revenue	边际收益 (MR)	the addition to total revenue from the sale of an extra unit
3	*	total revenue	总收益 (TR)	the total money received from the sale of any given quantity of output

Chapter 5 COSTS

序号	重要标记	单词	含义	概念
1	*	average cost (AC)	平均成本 (AC)	the average cost of production per unit, calculated by dividing the total cost by the quantity produced. It is equal to average variable cost + average fixed cost
2	*	average fixed cost (AFC)	平均固定成本 (AFC)	total fixed cost divided by the number of units produced
3	*	average product (AP)	平均产量 (AP)	the quantity of output per unit of factor input. It is the total product divided by the level of output
4	*	average variable cost (AVC)	平均可变成本 (AVC)	total variable cost divided by the number of units produced
5		economic cost	经济成本	the opportunity cost of an input to the production process
6		factors of production	生产要素	the inputs to the production process: land, labour, capital and enterprise or entrepreneurship
7	*	fixed cost (FC) (or indirect costs, or overhead costs)	固定成本 (FC) (或间接成本、管理费用)	costs which do not vary as the level of production increases or decreases
8		imputed cost	估算成本	an economic cost which a firm does not pay for with money to another firm but is the opportunity cost of factors of production which the firm itself owns
9	*	law of diminishing returns (or law of marginal productivity)	收益递减定律 (或边际生产率定律)	if increasing quantities of a variable input are combined with a fixed input, eventually the marginal product and then the average product of that variable input will decline. Diminishing returns are said to exist when this decline occurs
10		long run	长期	the period of time when all factor inputs can be varied, but the state of technology remains constant
11	*	marginal cost (MC)	边际成本 (MC)	the cost of producing an extra unit of output
12	*	marginal product (MP)	边际产量 (MP)	the addition to output produced by an extra unit of input. It is the change in total output divided by the change in the level of inputs
13	*	returns to scale	规模收益	the change in percentage output resulting from a percentage change in all the factors of production. There are increasing returns to scale if the percentage increase in output is greater than the percentage increase in factors employed, constant returns to scale if it is the same and decreasing returns to scale if it is less
14		semi-variable cost	半可变成本	a cost which contains within it a fixed cost element and a variable cost element
15		short run	短期	the period of time when at least one factor input to the production process cannot be varied
16	*	total cost (TC)	总成本 (TC)	the cost of producing any given level of output. It is equal to total variable cost + total fixed cost
17	*	total fixed cost (TFC)	总固定成本 (TFC)	the value of the cost of production which does not vary however many units are produced
18	*	total product (TP)	总产量 (TP)	the quantity of output measured in physical units produced by a given number of inputs over a period of time
19	*	total variable cost (TVC)	总可变成本 (TVC)	the overall cost of those factors of production that vary directly with the amount produced
20	*	variable cost (VC) (or direct costs, or prime costs)	可变成本 (VC) (或直接成本,或主要成本)	costs which vary directly in proportion to the level of output of a firm
21		very long run	超长期	the period of time when the state of technology may change

Chapter 6 ECONOMIES AND DISECONOMIES OF SCALE

序号	重要标记	单词	含义	概念
1	*	diseconomies of scale	规模不经济	a rise in the long-run average costs of production as output rises
2	*	economies of scale	规模经济	A fall in the long-run average costs of production as output rises
3	*	external economies of scale	外部规模经济	falling average costs of production, shown by a downward shift in the average cost curve, which result from a growth in the size of the industry within which a firm operates
4	*	internal economies of scale	内部规模经济	economies of scale which arise because of the growth in the scale of production within a firm
5	*	minimum efficient scale (MES) of production	生产的最小有效规模 (MES)	the lowest level of output at which long-run average cost is minimised
6		optimal level of production	最优生产水平	the range of output over which long-run average cost is lowest
7		per annum	每年	per year

Chapter 7 PROFITS AND LOSSES

序号	重要标记	单词	含义	概念
1		long-run shut down	长期关闭	where normal profit is not being earned in the long run
2		loss	损失	where total cost is greater than total revenue
3	*	normal profit	通常利润	the profit that the firm could make by using its resources in their next best use. Normal profit is an economic cost
4		profit	利润	the difference between total revenue and total cost
5		short-run shut down	短期关闭	where variable costs are not being covered
6	*	supernormal profit	超额利润	the profit over and above normal profit

Section 3 MARKET STRUCTURES AND CONTESTABILITY

Chapter 8 EFFICIENCY

序号	重要标记	单词	含义	概念
1	*	allocative efficiency	分配效率	occurs when scarce resources are used to produce a bundle of goods which satisfies consumer preferences and maximises their welfare
2	*	dynamic efficiency	动态效率	occurs when resources are allocated efficiently over time
3	*	productive efficiency	生产效率	achieved when production is achieved at the lowest average cost
4		market structures	市场结构	the characteristics of a market which determine the behaviour of firms within the market
5		supply chain	供应链	the number of businesses which are involved, at different stages, in the production and distribution of a single good
6	*	X-inefficiency	X不效率	inefficiency arising because a firm or other productive organisation fails to minimise its average costs of production at a given level of output

Chapter 9 MARKET STRUCTURES AND CONCENTRATION RATIOS

序号	重要标记	单词	含义	概念
1	*	barriers to entry	进入壁垒	factors which make it difficult or impossible for firms to enter an industry and compete with existing producers
2	*	barriers to exit	退出壁垒	factors which make it difficult for firms to cease production and leave an industry
3		brand	品牌	a name, design, symbol or other feature that distinguishes a product from other similar products and which makes it non-homogeneous
4	*	concentration ratio	集中度	the market share of the largest firms in an industry. For instance, a 5-firm concentration ratio of 60 per cent shows that the five largest firms in the industry have a combined market share of 60 per cent
5		homogeneous goods	同质产品	goods made by different firms but which are identical
6		independent	独立的	in market theory, when the actions of one firm will have no significant impact on any other single firm in the market
7	*	interdependent	相互依存的	in market theory, when the actions of one firm will have an impact on other firms in the market
8	*	market concentration	市场集中度	the degree to which the output of an industry is dominated by its largest producers
9		market share	市场份额	the proportion of sales in a market taken by a firm or a group of firms
10		market structures	市场结构	the characteristics of a market which determine the behaviour of firms within the market
11		non-homogeneous goods	不同质产品	goods made by different firms which are similar but not identical, such as branded goods
12	*	perfect knowledge	完全知识	exists if all buyers in a market are fully informed of prices and quantities for sale, while producers have equal access to information about production techniques
13		product differentiation	产品差异化	aspects of a good or service which serve to distinguish one product from another such as product formulation, packaging, marketing or availability
14		uncertainty	不确定性	in market theory, when one firm does not know how other firms in the market will react if it changes its strategy, such as changing its price

Chapter 10 PERFECT COMPETITION

序号	重要标记	单词	含义	概念
1		economic welfare	经济福利	the level of well-being or prosperity or living standards of an individual or group of individuals, such as a country
2	*	perfect competition	完全竞争	a market structure where there are many buyers and sellers, where there is freedom of entry and exit to the market, where there is perfect knowledge and where all firms produce a homogeneous product
3		price taker	价格接受者	a firm which has no control over the market price and has to accept the market price if it wants to sell its product
4		spot market	现货市场	a market where commodities (oil, metals, farm products etc.) are bought for immediate delivery, rather than a futures market

Chapter 11 MONOPOLISTIC COMPETITION

序号	重要标记	单词	含义	概念
1	*	monopolistic competition	垄断性竞争	a market structure where a large number of small firms produces non-homogeneous products and where there are no barriers to entry or exit

Chapter 12 OLIGOPOLY

序号	重要标记	单词	含义	概念
1		cartel	卡特尔	a group of firms that have made a formal agreement to limit competition in the market, for example by limiting output in order to raise prices
2		collusion	勾结	collective agreements, either formal or tacit, between firms that restrict competition
3		collusive oligopoly	勾结的寡头垄断	a market with a high concentration ratio where a few interdependent firms cooperate, either formally or tacitly, to restrict competition
4		concentrated market	集中的市场	a market where most of the output is produced by a few firms and where therefore the concentration ratio is high
5		consumer surplus	消费者剩余	the difference between how much buyers are prepared to pay for a good and what they actually pay
6		formal collusion	正式的勾结	when firms make agreements among themselves to restrict competition, typically by reducing output, raising prices and keeping potential competitors out of the market; cartels are one example of formal collusion
7		game theory	博弈论	the analysis of situations in which players are interdependent
8	*	interdependent	相互依存的	a situation where the actions of one large firm will directly affect another large firm
9	*	limit pricing	限制性定价	when firms set a low enough price to deter new entrants from coming into the market
10		market conduct	市场行为	the behaviour of firms, such as pricing policies, promotion of products, branding and collusion with other firms
11	*	oligopoly	寡头垄断	a market structure where there is a small number of firms in the industry and where firms are interdependent with one another, creating uncertainty; barriers to entry are likely to exist
12	*	predatory pricing	掠夺性定价	a pricing strategy where an incumbent firm lowers its prices when a new entrant comes into the market in order to force the competitor out of the market, and then puts prices back up again once this objective has been achieved
13		price agreement	价格协议	a type of formal collusion where two or more firms arrange to fix prices of their products
14		price follower	价格跟随者	a firm which sets its price by reference to the prices set by the price leader in a market
15	*	price leadership	价格领导	when one firm, the price leader, sets its own prices and other firms in the market set their prices in relationship to the price leader
16		price wars	价格战	a situation where several firms in a market repeatedly lower their prices to outcompete other firms; the objective may be to gain or defend market share
17		prisoner’s dilemma	囚徒困境	a game where, given that neither player knows the strategy of the other player, the optimum strategy for each player leads to a worse situation than if they had known the strategy of the other player and been able to co-operate and co-ordinate their strategies
18		tacit collusion	隐性勾结	when firms collude without any formal agreement having been reached and where there is no explicit communication between firms about strategies; an example is price leadership

Chapter 13 MONOPOLY AND MONOPSONY

序号	重要标记	单词	含义	概念
1		monopolist	垄断者	a firm which controls all the output in a market
2	*	monopoly (or pure monopoly)	卖方垄断 (或纯粹卖方垄断)	market structure where one firm supplies all output in the market without facing competition because of high barriers to entry to the market
3	*	monopoly power	垄断力	exists when firms are able to control the price they charge for their product in a market
4	*	monopsony	买方垄断	exists when there is only one buyer in the market
5	*	natural monopoly	自然垄断	a monopoly that arises due to continuing falling economies of scale
6	*	price discrimination	价格歧视	charging a different price for the same good or service in different markets

Chapter 14 CONTESTABILITY

序号	重要标记	单词	含义	概念
1	*	contestable market	可竞争市场	a market where there is freedom of entry to the industry and where costs of exit are low
2	*	hit-and-run competition	打了就跑的竞争	when firms can enter a market at low cost attracted by high profits and then leave the market at low cost when profits fall
3	*	sunk costs	沉没成本	costs which cannot be recovered when a firm leaves an industry

Section 4 LABOUR MARKETS

Chapter 15 THE DEMAND FOR LABOUR

序号	重要标记	单词	含义	概念
1	*	derived demand	派生需求	demand for labour is derived from the demand for the product
2	*	elasticity of demand for labour	劳动力的需求弹性	the responsiveness of the quantity demanded of labour to changes in the price of labour, the wage rate. It is measured by the formula: % change in quantity of labour demanded / % change in the wage rate
3	*	marginal physical product (MPP)	边际实物产量 (MPP)	the physical addition to output of an extra unit of a variable factor of production
4	*	marginal revenue product (MRP)	边际收益产量 (MRP)	the value of the physical addition to output of an extra unit of a variable factor of production. In a perfectly competitive product market, where marginal revenue equals price, it is equal to marginal physical product times the price of the good produced
5	*	total physical product (TPP)	总实物产量 (TPP)	the total output of a given quantity of factors of production
6		unit labour cost	单位劳动力成本	cost of employing labour per unit of output or production

Chapter 16 THE SUPPLY OF LABOUR

序号	重要标记	单词	含义	概念
1	*	activity rate (or participation rate)	就业活动率 (或参与率)	the percentage or proportion of any given population in the labour force
2		aging population	人口老龄化	where there is an upwards shift in the average age of the population of a country so that there is a growing number of people who are older than the standard working age
3		demographics	人口统计资料	the statistics of the characteristics of a population who live in a particular area or country; examples of the characteristics that can be included are age, income, education, gender, ethnicity
4		disposable income	可支配收入	household income over a period of time including state benefits, less direct taxes
5	*	economically active	从事经济活动（的人）	the number of workers in the workforce who are in a job or are unemployed
6	*	net migration	净移民	the difference between emigration and immigration
7		supply of labour to an occupation	对某份工作的劳动力供给	the number of workers willing and able to work in a particular job or occupation for a given wage rate
8	*	underemployment	不充分就业	where people are not able to work as many hours as they would like, or are in jobs that are below their skill level
9		welfare benefits	福利待遇	money paid by a government to give financial benefits to people who are ill, unemployed, on a low income or too old to work
10	*	working population	劳动人口	size of the population aged between the school leaving age and the state retirement age

Chapter 17 THE DETERMINATION OF WAGE RATES IN COMPETITIVE AND NON-COMPETITIVE MARKETS

序号	重要标记	单词	含义	概念
1	*	bilateral monopoly	双边垄断	when a single buyer faces a single seller in a market; in a labour market, this is most likely to occur when government is the single buyer of a type of labour and the workforce is unionised, so that the trade union acts as a single seller
2	*	net benefits	净收益	as well as the wage rate, the supply of labour is influenced by non-monetary benefits or drawbacks, such as changes in working conditions, job security, holiday entitlement, promotion prospects, and other effects of working in a particular job or occupation

Chapter 18 MARKET FAILURE IN THE LABOUR MARKET

序号	重要标记	单词	含义	概念
1	*	geographical immobility	地域不可移动性	when workers find it difficult to move from one area to another
2	*	occupational immobility	职业不可移动性	when workers find it difficult to transfer from one occupation to another
3	*	structural unemployment	结构性失业	when the pattern of demand and production changes, leaving workers unemployed in labour markets where demand has shrunk

Section 5 GOVERNMENT INTERVENTION

Chapter 19 GOVERNMENT INTERVENTION IN PRODUCT MARKETS

序号	重要标记	单词	含义	概念
1		competitive tendering	竞争性招标	introducing competition among private sector firms which put in bids for work that has been contracted out by the public sector
2		contracting out	合同外包	getting private sector firms to produce goods and services which are then provided by the state for its citizens
3	*	deadweight welfare loss	无谓的福利损失	the overall loss in welfare which arises after a tariff is imposed
4		deregulation	放松管制	the process of removing government controls from markets
5		nationalisation	国有化	the transfer of firms or assets from private sector ownership to state ownership; it is the opposite of privatisation
6		privatisation	私有化	the transfer of organisations or assets from state ownership to private sector ownership; it is the opposite of nationalisation
7	*	regulatory capture	监管捕获	an example of government failure, it occurs when firms in an industry are able to influence to their advantage a regulatory body which is supposed to be regulating their behaviour

Chapter 20 GOVERNMENT INTERVENTION IN LABOUR MARKETS

序号	重要标记	单词	含义	概念
1	*	discrimination	歧视	occurs in the labour market when there is an information failure leading employers to appreciate one group in society and deliberately undervalue another group
2	*	maximum wage	最高工资	a legal maximum wage rate per hour or total pay; employers cannot pay a higher amount than this to their workers
3	*	minimum wage	最低工资	a legal minimum wage rate per hour which employers must pay their workers

UNIT 4: DEVELOPMENTS IN THE GLOBAL ECONOMY

Section 6 CAUSES AND EFFECTS OF GLOBALISATION

Chapter 21 CHARACTERISTICS AND CAUSES OF GLOBALISATION

序号	重要标记	单词	含义	概念
1		capital controls	资本管制	intervention by governments to prevent capital flight
2		containerisation	集装箱运输	the use of containers, with standardised dimensions, in the transport of goods
3		foreign direct investment (FDI)	外国直接投资 (FDI)	flows of money between countries where one firm buys or sets up another firm in another country
4	*	globalisation	全球化	from an economic perspective, the ever-increasing integration of the world’s local, regional and national economies into a single international market
5		greenfield foreign direct investment	绿地外国直接投资（新创投资）	when a firm in one country creates a firm in another country from scratch, or extends the production capacity of an existing firm
6		multiplier effect	乘数效应	the increase in final income arising from any new injection of spending
7		per capita	人均	per individual in a population
8	*	protectionism	贸易保护主义	government actions or policies that restrict international trade
9		regional trade agreement	区域贸易协定	an agreement between at least two countries to reduce or eliminate tariffs, quotas and other protectionist barriers between themselves
10	*	trade liberalisation	贸易自由化	the move towards greater free trade through the removal of protectionist barriers to trade
11	*	trading bloc	贸易集团	a group of countries that have signed an agreement to reduce or eliminate tariffs, quotas and other protectionist barriers
12	*	transnational/multinational company (or transnational/multinational corporation)	跨国公司	a company with significant product operations in at least two countries

Chapter 22 THE EFFECTS OF GLOBALISATION

序号	重要标记	单词	含义	概念
1	*	economies of scale	规模经济	a fall in the long run average costs of production as output rises
2	*	redistribution	再分配	when income and wealth is taken by governments from some individuals and given to others
3		sweatshop	血汗工厂	a small business, factory etc. where people work hard in bad conditions for very little money
4	*	tax avoidance	避税	when an individual or firm deliberately manipulates the tax system to pay less than the ‘fair’ amount
5	*	tax base	税基	the income and wealth which a government can tax based on their tax laws
6		tax haven	避税天堂	a place where people go to live, or firms locate, to avoid paying high taxes in their own country
7	*	transfer pricing	转让定价	an accounting technique used by transnational companies to reduce taxes on profits by selling goods at a low price internally from a high-tax country to another part of the company in a low-tax country

Section 7 TRADE AND THE GLOBAL ECONOMY

Chapter 23 SPECIALISATION AND COMPARATIVE ADVANTAGE

序号	重要标记	单词	含义	概念
1	*	absolute advantage	绝对优势	exists when a country is able to produce a good more cheaply in absolute terms than another country
2	*	comparative advantage	比较优势	exists when a country is able to produce a good at a lower opportunity cost than another country
3		opportunity cost	机会成本	the benefits foregone of the next best alternative
4		production possibility frontier	生产可能性边界	a curve which shows the maximum potential level of output of one good given a level of output for another good
5		specialisation	专业化	when nations are not self-sufficient, but concentrate on producing certain goods and services and trading the surplus with others
6	*	terms of trade	贸易条件	measure the rate of exchange of one product for another when two countries trade
7	*	theory of comparative advantage	比较优势理论	states that countries will find it mutually advantageous to trade if the opportunity cost of production of goods differs

Chapter 24 PATTERNS AND VOLUME OF WORLD TRADE

序号	重要标记	单词	含义	概念
1		bilateral trade agreement	双边贸易协定	an agreement between two countries, or between a country and a trading bloc, which gives favourable trade arrangements; it reduces some barriers of trade between the two
2	*	emerging countries	新兴国家	middle-income countries which could become high-income countries over the next 20 or 30 years
3		merchandise	商品	goods to be bought or sold
4	*	pattern of trade	贸易模式	refers to composition of exports and imports and geographical distribution of trade

Chapter 25 THE TERMS OF TRADE

序号	重要标记	单词	含义	概念
1	*	index of terms of trade	贸易条件指数	equal to: index of export prices / index of import prices × 100
2	*	terms of trade	贸易条件	the ratio of export prices to import prices

Chapter 26 TRADE LIBERALISATION AND TRADING BLOCS

序号	重要标记	单词	含义	概念
1		bilateral trade agreement	双边贸易协定	an agreement between two countries, or between a country and a trading bloc, which gives favourable trade arrangements; it reduces some barriers of trade between the two
2		common external tariff	共同对外关税	a common tariff set by a group of countries imposed on imported goods from non-member countries
3	*	common market	共同市场	a group of countries between which there is free trade in products and factors of production, and which imposes a common external tariff on imported goods from outside the market; product standards and laws concerning free movement of goods and services are common between countries
4		creative destruction	创造性破坏	a process where firms produce or create innovative new products that replace or destroy existing products in the market; for example the internet has led to a significant shift of spending from ‘bricks and mortar’ high street shops to online shopping
5	*	customs union	关税同盟	a group of countries between which there is free trade in products and which imposes a common external tariff on imported goods from outside the market
6	*	economic union	经济联盟	a group of countries where the economies of member countries are as fully integrated economically as different regions within a single country; for example, a single market will be combined with a fiscal and monetary union
7	*	fiscal union	财政联盟	a group of countries where a central body has some powers over government borrowing, government spending and setting uniform rates of taxation in member countries
8	*	free trade area	自由贸易区	a group of countries between which there is free trade in goods and services but where member countries are allowed to set their own level of tariffs against non-member countries
9		harmonisation	协调	establishing common standards, rules and levels on everything from safety standards to tariffs, taxes and currencies
10	*	monetary union (or currency union)	货币联盟	a group of countries which share a common currency, such as the euro
11		multilateral trade agreement (or plurilateral trade agreement)	多边贸易协议	a regional trade agreement between three or more countries or trading blocs
12	*	quota	限额	a physical limit on the quantity of an import
13		regional trade agreement	区域贸易协定	an agreement between at least two countries to reduce or eliminate tariffs, quotas and other protectionist barriers between themselves
14	*	tariff	关税	a tax on imported goods which has the effect of raising the domestic price of imports and thus restricting demand for them
15	*	trade creation	贸易创造	the switch from purchasing products from a high-cost producer to a lower-cost producer
16	*	trade diversion	贸易转移	the switch from purchasing products from a low-cost producer to a higher-cost producer
17	*	trade liberalisation	贸易自由化	the move towards greater free trade through the removal of protectionist barriers to trade
18	*	trading bloc	贸易集团	a group of countries that have signed an agreement to reduce or eliminate tariffs, quotas and other protectionist barriers between themselves

Chapter 27 RESTRICTIONS ON FREE TRADE

序号	重要标记	单词	含义	概念
1	*	dumping	倾销	the sale of goods at less than cost price by foreign producers in the domestic market
2	*	free trade	自由贸易	international trade conducted without the existence of barriers to trade, such as tariffs or quotas
3		geriatric industry	老年产业（夕阳产业）	an industry which is in decline
4		infant industry	幼稚产业（朝阳产业）	an industry which is just starting up and in its early stages of development
5		national security	国家安全	the security of a nation state; both military and non-military dimensions, such as energy security, food security, cyber security and environmental security, are included
6	*	non-tariff barrier	非关税壁垒	restriction on free trade other than a tariff
7	*	protectionism	贸易保护主义	government actions or policies that restrict international trade
8	*	quota	限额	a physical limit on the quantity of an imported good
9	*	restrictions on free trade (or trade barriers)	限制自由贸易 (或贸易壁垒)	any measure which artificially restricts international trade
10	*	tariff (or import duty, or customs duty)	关税	a tax on imported goods which has the effect of raising the domestic price of imports and thus restricting demand for them

Section 8 BALANCE OF PAYMENTS, EXCHANGE RATES AND INTERNATIONAL COMPETITIVENESS

Chapter 28 BALANCE OF PAYMENTS

序号	重要标记	单词	含义	概念
1		balance of payments	国际收支	a record of all financial transactions made between residents of one country and the rest of the world
2	*	capital account	资本账户	shows the credit (money inflows) and debit items (money outflows) for non-produced, non-financial assets and capital transfers between residents and non-residents
3	*	current account	经常账户	where payments for the purchase and sale of goods and services are recorded, along with primary and secondary income flows
4	*	current account deficit	经常账户赤字	when debits (– outflows of money) are greater than credits (+ inflows of money) on the current account
5	*	current account surplus	经常账户盈余	when credits (+ inflows of money) are greater than debits (– outflows of money) on the current account
6	*	devaluation of a currency	货币贬值	when a government or central bank officially fixes a new lower exchange rate for the currency in a fixed or pegged system of exchange rates
7	*	expenditure reducing	支出减少	in a balance of payments context, government policies to reduce the level of aggregate demand in order to reduce imports and boost exports
8	*	expenditure switching	支出转换	in a balance of payments context, government policies such as devaluation or protectionism designed to switch production currently being sold domestically to exports
9	*	financial account	金融账户	a record of almost all the flows of financial capital into and out of a country; it is split into three main parts

Chapter 29 EXCHANGE RATE SYSTEMS

序号	重要标记	单词	含义	概念
1		adjustable peg system	可调整的钉住汇率制	an exchange rate system where currencies are fixed in value in the short term but can be devalued or revalued in the longer term
2		Bretton Woods system	布雷顿森林体系	an adjustable peg exchange rate system which was used in the post-Second World War period until its collapse in the early 1970s
3		crawling peg system	爬行钉住汇率制	an adjustable peg system of exchange rates where there is an inbuilt mechanism for regular changes in the central value of the currency
4	*	depreciation of a currency	货币贬值	when the value of a currency falls because of free market forces or with a managed float, because of government intervention
5	*	effective exchange rate (or trade weighted exchange rate index)	有效汇率 (或贸易加权汇率指数)	measure of the exchange rate of a country’s currency, usually against a basket of currencies of a country’s major trading partners
6	*	exchange rate	汇率	the value of one currency when traded for another currency
7	*	exchange rate systems	汇率系统	systems which determine the conditions under which one currency can be exchanged for another
8	*	fixed exchange rate system	固定汇率制度	a rate of exchange between at least two currencies which is constant over a period of time
9	*	floating exchange rate system (or free exchange rate system)	浮动汇率制度 (或自由汇率制度)	where the value of a currency is determined by free market forces and where the value of a currency changes from day to day
10	*	foreign exchange markets	外汇市场	trading arrangements where currencies are bought and sold for each other
11	*	gold and foreign currency reserves	黄金和外汇储备	gold and foreign currency owned by the central bank of a country and used mainly to change the foreign exchange value of the domestic currency by buying and selling currency on foreign exchanges
12	*	managed exchange rate system (or hybrid system, or intermediate system)	管理汇率制度 (或混合动力系统、中间系统)	an exchange rate system where free markets determine the value of a currency but where central banks intervene from time to time to change the value of their currency
13	*	managed float (or dirty float)	管理的浮动 (或不自由浮动)	where the exchange rate is determined by free market forces but governments intervene from time to time to alter the free market price of a currency
14	*	nominal exchange rate	名义汇率	the rate at which one currency is bought and sold on the foreign exchange markets for another currency
15	*	purchasing power parity theory of exchange rates	购买力平价的汇率理论	the hypothesis that long run changes in exchange rates are caused by differences in inflation rates between countries
16	*	real exchange rate	实际汇率	the ratio of the cost of a typical bundle of goods in one country compared to its cost in another country in the currencies of each country

Chapter 30 THE IMPACT OF CHANGES IN EXCHANGE RATES

序号	重要标记	单词	含义	概念
1	*	appreciation of a currency	货币升值	when the value of a currency rises because of free market forces or with a managed float, because of government intervention
2	*	depreciation of a currency	货币贬值	when the value of a currency falls because of free market forces or with a managed float, because of government intervention
3	*	devaluation of a currency	货币（法定）贬值	when a government or central bank officially fixes a new lower exchange rate for the currency in a fixed or pegged system of exchange rates
4	*	J curve effect	J曲线效应	in the short term, a devaluation is likely to lead to a deterioration in the current account position before it starts to improve
5	*	Marshall–Lerner condition	马歇尔-勒纳条件	devaluation will lead to an improvement in the current account so long as the combined price elasticities of exports and imports are greater than 1
6	*	revaluation of a currency	货币（法定）升值	when a government or central bank officially fixes a new higher exchange rate for the currency in a fixed or pegged system of exchange rates

Chapter 31 INTERNATIONAL COMPETITIVENESS

序号	重要标记	单词	含义	概念
1	*	international competitiveness	国际竞争力	the ability of a firm or a country to compete effectively in international markets
2	*	labour productivity	劳动生产率	output per hour worked or output per worker; it is often measured as real GDP per hour worked
3	*	multifactor productivity	多因素生产率	the overall efficiency with which labour and capital inputs are used together in the production process
4		non-price factors	非价格因素	factors other than price which affect competitiveness
5	*	relative export prices	相对出口价格	export prices of a country’s goods and services compared to the export prices of that country’s main trading partners
6	*	relative productivity	相对劳动生产率	labour productivity compared to other countries
7	*	relative unit labour costs	相对单位劳动力成本	unit labour costs compared to other countries
8	*	trade liberalisation	贸易自由化	the move towards greater free trade through the removal of protectionist barriers to trade
9	*	unit labour cost	单位劳动力成本	the cost of employing labour per unit of output or production

Section 9 POVERTY AND INEQUALITY

Chapter 32 POVERTY

序号	重要标记	单词	含义	概念
1	*	absolute poverty	绝对贫困	exists when individuals do not have the resources to be able to consume sufficient necessities to survive
2		child mortality	儿童死亡率	the number of children who die; data normally focuses on children under the age of 14/15 and also specifically on the under 5s
3	*	cycle of poverty	贫困循环	when poor children find it hard to escape poverty in adult life
4		formal jobs	正式工作	jobs in the formal sector; these jobs have employment contracts and employees are protected by employment laws
5		formal sector	正式部门	activities in the economy which are recorded in national income statistics
6		informal jobs	非正式的工作	jobs in the informal sector; informal jobs have little or no protection for employees, they are usually poorly paid with little training and low career progression
7	*	informal sector	非正式部门	activities in the economy which are not recorded in national income statistics
8	*	median household income	中等家庭收入	the level of income the middle household would receive if all households were ordered from the poorest income to the richest income
9	*	progressive taxes	累进税	taxes which take a higher percentage from the income of high-income earners than they do from low-income individuals
10	*	purchasing power parity	购买力平价	an exchange rate of one currency for another which compares the cost of a typical basket of goods in different countries
11	*	regressive taxes	累退税	taxes which take a higher percentage from the income of low-income earners than they do from high-income earners
12	*	relative poverty	相对贫困	poverty which is defined relative to existing living standards for the average individual; measurement of relative poverty often focuses on how the poorest incomes compare with the median household income in a country
13		structural changes in the economy	经济结构变化	any basic changes in the way resources are allocated in an economy

Chapter 33 INEQUALITY

序号	重要标记	单词	含义	概念
1	*	Gini coefficient	基尼系数	a statistical measure of inequality of income; its value ranges from 0, where there is perfect equality of income, to 1 where income is highly unequal with one person having all the income and everyone else having no income
2	*	Gini index	基尼指数	the Gini coefficient times 100
3	*	life expectancy	预期寿命	number of years a newborn infant could expect to live typically within a country, assuming patterns of death remain as they are
4	*	Lorenz curve	洛伦茨曲线	a graphical representation of the degree of income or wealth inequality in society
5		subsidy	补贴	a grant that lowers the price of a good, usually designed to encourage production or consumption of a good

Section 10 THE ROLE OF THE STATE IN THE MACROECONOMY

Chapter 34 PUBLIC EXPENDITURE

序号	重要标记	单词	含义	概念
1		Asian tigers	亚洲四小龙	the economies of Hong Kong, Singapore, South Korea and Taiwan, which all experienced rapid industrialisation and, at the same time, exceptionally high economic growth rates
2		capital government expenditure	政府资本支出	spending by government on investment goods, such as new roads, new hospitals or new street lighting
3	*	crowding in	挤入效应	in the context of public sector spending, crowding in occurs when extra government spending leads to higher private sector spending
4	*	crowding out	挤出效应	in the context of public sector spending, crowding out occurs when extra government spending leads to lower private sector spending
5	*	current government expenditure	当前政府支出	spending by government on goods and services which will be consumed in the short term, such as teachers’ salaries or heating for government buildings; it also includes transfer payments and debt interest
6	*	expansionary fiscal policy	扩张性的财政政策	fiscal policy that leads to an increase in aggregate demand
7	*	transfer payments	转移支付	spending for which there is no corresponding real output; in government expenditure, transfer payments are welfare payments such as the state pension or child benefit

Chapter 35 TAXATION

序号	重要标记	单词	含义	概念
1	*	direct tax	直接税	a tax levied directly on an individual or organisation
2	*	indirect tax	间接税	a tax on a good or service
3	*	Laffer curve	拉弗曲线	a curve which shows that at low levels of taxation, tax revenues will increase if tax rates are increased. However, if tax rates are high, then a further rise in rates will reduce total tax revenues because of the disincentive effects of the increase in tax
4	*	progressive tax	累进税	a tax where the proportion of income paid in tax rises as the income of the taxpayer rises
5	*	proportional tax	比例税	a tax where the proportion paid in tax remains the same while the income of the taxpayer changes
6	*	regressive tax	累退税	a tax where the proportion of income paid in tax falls as the income of the taxpayer rises

Chapter 36 PUBLIC SECTOR BORROWING AND PUBLIC SECTOR DEBT

序号	重要标记	单词	含义	概念
1	*	automatic stabilisers	自动稳定器	mechanisms which affect levels of government spending and taxation, without any direct intervention by the government, when national income changes; they occur automatically and act to minimise fluctuations in actual GDP around the long-term growth rate
2	*	current budget deficit	当前预算赤字	occurs when government revenues are less than current expenditure; it does not include government capital expenditure
3	*	cyclical deficit	周期性赤字	that part of the fiscal deficit which is caused by government spending and taxes changing through the trade cycle
4		debt servicing	偿债	the regular repayments which need to be made to the lender on outstanding loans; this includes interest repayments
5	*	discretionary fiscal policy	相机财政政策	the deliberate manipulation of government spending and taxes to influence the economy
6	*	fiscal austerity	财政紧缩政策	tax rises or government spending cuts designed to reduce a fiscal deficit
7	*	fiscal deficit	财政赤字	when government spending is greater than government revenue
8	*	fiscal surplus	财政盈余	when government spending is less than its revenue
9	*	intergenerational equity	代际公平	fairness between different generations
10	*	national debt	国家债务	the total accumulated borrowing of the government which remains to be paid to lenders
11	*	primary deficit (or primary surplus)	基本赤字 (或基本盈余)	the actual fiscal deficit (or fiscal surplus), not taking into account interest payments on the national debt
12	*	structural deficit	结构性赤字	that part of a fiscal deficit that exists even when the cyclical deficit is zero at the top of a boom

Chapter 37 USING MACROECONOMIC POLICIES

序号	重要标记	单词	含义	概念
1	*	automatic stabilisers (or built-in stabilisers)	自动稳定器 (或内在稳定器)	mechanisms that reduce the impact of changes in the economy on national income
2		bailout	救助	when financial support is provided to a company or a country facing a potential bankruptcy threat
3	*	deflationary policies	紧缩性政策	fiscal or monetary policies aimed at reducing aggregate demand
4		demand management	需求管理	government use of fiscal or other policies to manipulate the level of aggregate demand in the economy
5	*	direct control	直接控制	a government measure that is imposed on the price or the quantity of a single product or factor of production
6	*	exchange rate policy	汇率政策	the manipulation of the exchange rate to achieve policy objectives
7	*	fiscal austerity	财政紧缩政策	tax rises or government spending cuts designed to reduce a government budget deficit
8	*	fiscal policy	财政政策	the deliberate manipulation of government expenditure and taxes to influence the economy
9	*	monetary policy	货币政策	changes to monetary variables by central banks, such as interest rates and the money supply, to achieve its objectives
10		payday lenders	发薪日贷款	lenders who give loans for small amounts to borrowers who are supposed to repay the loan on their next pay day or when they next receive their welfare benefit; users of payday lenders often find it hard to arrange credit elsewhere
11	*	reflationary policies	扩张性政策	fiscal or monetary policies aimed at increasing aggregate demand
12	*	supply-side policies	供给侧政策	government policies designed to increase the productive potential of the economy

Chapter 38 IMPACT AND PROBLEMS OF MACROECONOMIC POLICIES

序号	重要标记	单词	含义	概念
1	*	external shock	外部冲击	a demand-side or supply-side shock to an economy which has been caused by factors outside the individual country’s control
2	*	hyperinflation	恶性通货膨胀	large increases in the price level
3		regulation of transfer pricing	对转让定价的监管	rules made by governments on transfer pricing to ensure the amount of profits paid by TNCs is ‘fair’
4	*	tax avoidance	避税	when an individual or firm deliberately manipulates the tax system to pay less than the ‘fair’ amount
5	*	transfer pricing	转让定价	an accounting technique used by transnational companies to reduce taxes on profits by selling goods at a low price internally from a high-tax country to another part of the company in a low-tax country

Section 11 GROWTH AND DEVELOPMENT IN DEVELOPING, EMERGING AND DEVELOPED ECONOMIES

Chapter 39 MEASURES OF ECONOMIC DEVELOPMENT

序号	重要标记	单词	含义	概念
1		BRIC countries	金砖四国	Brazil, Russia, India and China
2		developed countries	发达国家	high-income countries, such as France, Germany, Spain and the US
3		developing countries (or less developed countries)	发展中国家（或欠发达国家）	broadly, middle-income and low-income countries
4	*	economic development	经济发展	improvement over time of a wide range of economic indicators such as Gross National Income (GNI), life expectancy, educational achievement, access to clean water and mobile phone connections
5	*	emerging countries (sometimes called newly industrialised countries or NICs)	新兴国家 (有时称为新兴工业化国家或NICs)	middle-income countries which could become high-income countries over the next 20 or 30 years
6		Human Development Index (HDI)	人类发展指数 (HDI)	a measure of development developed by the United Nations based on three components: health, education and income
7		indicators of development	衡量发展的指标	the range of data which is used to help measure development, such as Gross National Income (GNI levels), life expectancy and the percentage of adult male labour in agriculture
8		low-income countries	低收入国家	sometimes called least developed countries
9		tiger economy	老虎经济	an economy which undergoes rapid economic growth; the term was originally applied to the four Asian tigers – South Korea, Taiwan, Hong Kong and Singapore

Chapter 40 CONSTRAINTS ON GROWTH AND DEVELOPMENT

序号	重要标记	单词	含义	概念
1	*	capital flight	资本外逃	when savings are sent abroad by citizens and firms of a country to another country which is either seen as being more secure or where the money can be hidden from government authorities
2	*	demographic dividend	人口红利	economic growth potential that can result from shifts in a population’s age structure, mainly when the share of the working-age population (15 to 64) is larger than the non-working-age share of the population (14 and younger, and 65 and older)
3	*	Dutch disease	荷兰病	in economics, where exploitation of natural resources leads to a rise in the exchange rate and the loss of international competitiveness of the country in the production of non-resource goods and services
4	*	foreign currency (exchange) gap	外国货币(外汇)缺口	the difference between the actual level of exports and the level of exports needed to create higher economic growth for an economy; sometimes called the foreign exchange gap
5		Harrod–Domar growth model	哈罗德-多马增长模型	a model which suggests that economic growth is dependent on the saving ratio and technological progress
6		Prebisch–Singer hypothesis	普雷维什-辛格假设	suggests that over the long run, the prices of commodities will fall compared to all other goods, such as manufactured goods; this suggests that countries with a high export dependency on primary products will experience a continued worsening of their terms of trade
7	*	resource curse	资源诅咒	exists where an abundance of natural resources in a country is exploited, but there is consequently little increase in economic development
8	*	savings gap	储蓄缺口	in development economics, the difference between the actual level of savings in an economy and the level of savings needed to finance the investment required for a higher rate of economic growth

Chapter 41 MEASURES TO PROMOTE GROWTH AND DEVELOPMENT

序号	重要标记	单词	含义	概念
1	*	bilateral aid	双边援助	when aid is given directly by one country to another
2	*	buffer stock scheme	存货缓冲方案	a scheme whereby an organisation buys and sells in the open market so as to maintain minimum and maximum prices in the market for a product
3	*	industrialisation	工业化	when an economy moves from one where output and employment are dominated by agriculture to one where manufacturing has a much higher share
4	*	interventionist strategies	干预策略	strategies where government plays a leading role, regulating and manipulating markets or bypassing markets through direct provision of goods and services
5	*	joint venture	合资企业	a company that is owned by, usually, two major firms or a firm and a government
6	*	market-orientated strategies	以市场为导向的策略	strategies which rely upon free markets to deliver economic development
7		microfinance schemes	小额信贷计划	when very small loans are given out to individuals, by non-governmental organisations, who would otherwise not have access to borrowed money
8	*	multilateral aid	多边援助	when donor countries give money to an international agency, and the agency then disperses the aid
9	*	tied aid	附带条件的援助	offering aid on the condition that it is used to buy goods or services from the provider of the aid
10	*	trade liberalisation	贸易自由化	the move towards greater free trade through the removal of protectionist barriers to trade