CAIE单词查询（按字母）- 4th

序号	重要标记	单词	含义	概念
1	*	absolute advantage	绝对优势	a situation where, for a given set of resources, one country can produce more of a particular product than another country.
2	*	absolute poverty	绝对贫困	a condition where people's income is too low to enable them to meet their basic needs.
3	*	accelerator theory	加速器理论	a model that suggests investment depends on the rate of change in income.
4	*	active balances	有效余额	the amount of money held by households or firms for possible near-future use.
5	*	actual economic growth	实际经济增长	an increase in real GDP.
6	*	ad valorem tax	从价税	a tax that is charged as a given percentage of the price.
7	*	adverse selection	逆向选择	when sellers have information that buyers do not have on product quality or when buyers have information that sellers do not have on product quality.
8	*	aggregate demand (AD)	总需求（AD）	the total demand for an economy's goods and services at a given price level in a given time period.
9		aggregate expenditure	总支出	the total amount spent in the economy at different levels of income.
10	*	aggregate supply (AS)	总供给（AS）	the total output (real GDP) that producers in an economy are willing and able to supply at a given price level in a given time period.
11		aid	援助	assistance given to other countries on favourable terms.
12	*	allocative efficiency	分配效率	where price is equal to marginal cost; firms are producing those goods and services most wanted by consumers.
13		annual average method	年度平均法	a way of calculating the inflation rate by comparing the average level of prices during a twelve-month period with the average level in the previous twelve months.
14	*	appreciation	升值	an increase in the international price of a currency caused by market forces.
15		Asian Tiger economy	亚洲四小龙经济	export-led, high growth economies in Asia.
16	*	asymmetric information	信息不对称	where one party has more or better information than another in a business transaction.
17	*	automatic stabilisers	自动稳定器	changes in government spending and taxation that occur to reduce fluctuations in aggregate demand without any alteration in government policy.
18	*	autonomous investment	自主投资	investment that is made independent of income.
19	*	average cost	平均成本	the cost per unit of output.
20	*	average product	平均产量	total product divided by the number of workers employed; a simple measure of productivity.
21	*	average propensity to consume (apc)	平均消费倾向（apc）	the proportion of income that is consumed.
22	*	average propensity to import (apm)	平均进口倾向（apm）	the proportion of income that is spent on imports.
23	*	average rate of taxation (art)	平均税率（art）	the proportion of income that is taxed.
24	*	average revenue (AR)	平均收益（AR）	revenue per unit of output.
25		balance	（账户）平衡	debit items on the current account equalling credit items.
26	*	balance of payments account	国际收支账户	a record of a country's economic transactions with the rest of the world over a year.
27	*	balanced budget	预算平衡	government revenue equalling government expenditure.
28	*	bank credit multiplier	银行信贷乘数	the process by which banks can make more loans than deposits available.
29	*	barrier to exit	退出壁垒	a restriction that prevents a firm leaving a market.
30	*	barriers to entry	进入壁垒	restrictions that prevent new firms entering an industry.
31	*	barter	物物交换	direct exchange of goods and services for other goods and services.
32	*	base year	基准年	the reference point in time. It is the starting year in an index and is given a value of 100.
33	*	basic prices	基础价格	prices charged by producers before the addition of indirect taxes and the deduction of subsidies.
34		benefit:cost ratio	收益:成本比率	net benefits as a proportion of net costs.
35		bilateral aid	双边援助	aid given by one country to another country.
36		birth rate	出生率	the number of live births per thousand of the population in one year.
37	*	broad money	广义货币	money used for spending and saving.
38	*	budget	预算	an annual statement in which the government outlines plans for its spending and tax revenue.
39	*	budget deficit	预算赤字	government expenditure exceeding government revenue.
40	*	budget line	预算线	the combinations of two goods that can be purchased with given income and given prices.
41	*	budget surplus	预算盈余	government revenue exceeding government expenditure.
42	*	buffer stock scheme	存货缓冲法	a type of commodity agreement designed to limit price fluctuations.
43	*	business cycle	经济周期	fluctuations in economic activity; also known as the trade cycle.
44	*	capital	资本	a factor of production; a physical resource made by humans that aids the production of goods and services.
45	*	capital account	资本账户	within the balance of payments, a record of the sale and purchase of copyrights, patents, trademarks, and money brought into the country by immigrants and taken out by emigrants.
46	*	capital government spending	政府资本性支出	government spending on investment.
47	*	capital ratio	资本比率	a bank's available financial capital as a percentage of its riskier assets.
48	*	capital tax	资本税	a progressive tax paid annually on the difference between the buying and selling price of an asset.
49	*	capital-output ratio	资本产出率	a measure of the amount of capital used to produce a given amount, or value, of output.
50	*	cartel	卡特尔	a formal agreement between firms to limit competition by limiting output or fixing prices.
51	*	casual unemployment	临时性失业	unemployment that occurs when people have left one short-term job and before they take up another short-term job.
52	*	central bank	中央银行	bank owned by the government that provides banking services to the government and commercial banks and which operates monetary policy.
53	*	ceteris paribus	其他条件不变	a Latin phrase meaning 'other things equal' or 'other things are unchanged'; used by economists to model the effects of one change at a time.
54		changes in demand (or supply)	需求（或供给）的变化	when there is a shift in the demand (supply) curve due to a change in factors other than the price of the product.
55		choice	选择	resources are scarce so individuals, firms and governments have to consider alternatives.
56	*	circular flow of income	收入循环流	a simplified view of how income flows around the economy.
57	*	claimant count measure	请领失业补助统计法	a measure of unemployment based on those claiming unemployment benefits.
58		climate change	气候变化	a change in the weather of a region over a period of time.
59	*	closed economy	封闭经济	an economy that does not trade with other economies.
60	*	collusion	勾结	an anti-competitive action by producers.
61	*	commercial banks	商业银行	banks which aim to make a profit by providing a range of banking services to firms and households.
62	*	comparative advantage	比较优势	a situation where a country can produce a product at a lower opportunity cost than another country.
63		compensation of employees	员工薪酬	income of workers who work in another country for a short period of time.
64	*	complement	互补品	a good consumed with another.
65	*	concentration ratio	集中率	a measure of the combined market share of the biggest three, four or five firms in a market.
66	*	conglomerate	企业集团	a company with a large number of diversified businesses.
67	*	constant prices	不变价格	prices in a base year.
68		consumer expenditure	消费支出	spending by households on goods and services.
69	*	consumer price index (CPI)	消费者价格指数（CPI）	a measure that shows the average change in the prices of a representative basket of products purchased by households.
70	*	consumer surplus	消费者剩余	the difference between the price a consumer is willing to pay for a product and its market price.
71		consumers	消费者	individuals or households who buy goods and services for their own use or for others.
72	*	consumption	消费	spending by households on goods and services.
73	*	consumption function	消费函数	the relationship between income and consumption.
74	*	contestability	可竞争性	the extent to which barriers to entry into a market are free and exit from the market is costless.
75	*	contestable market	可竞争性市场	a market where entry is free and exit is costless.
76		contraction of demand or supply	萎缩的需求或供给	a decrease in the quantity demanded or quantity supplied.
77	*	contractionary fiscal policy	紧缩性财政政策	decreases in government spending and increases in taxes designed to reduce the growth of aggregate demand.
78	*	cost-benefit analysis	成本-效益分析	a method of decision-making that takes into account the costs and benefits involved.
79	*	cost-push inflation	成本推动型通货膨胀	inflation caused by increases in costs of production.
80		counter-cyclically	反周期	going against the fluctuations in economic activity.
81	*	credit regulations	信用管控	rules affecting bank lending.
82	*	creeping inflation	爬行性通胀	a low rate of inflation.
83	*	cross elasticity of demand (XED)	需求的交叉弹性（XED）	measures the responsiveness of the quantity demanded for one product following a change in the price of another product.
84	*	cross-subsidisation	交叉补贴	profits from one part of a firm are used to offset losses made elsewhere in the business.
85	*	crowding in	挤入效应	the idea that higher public sector spending will increase private sector spending.
86	*	crowding out	挤出效应	the idea that higher public sector spending will just replace private sector spending.
87	*	current account	经常账户	a record of the trade in goods, trade in services, primary income and secondary income.
88	*	current account deficit	经常账户逆差	the value of debit items on the current account exceeding the value of credit items.
89	*	current account surplus	经常账户顺差	the value of credit items on the current account exceeding the value of debit items.
90	*	current government spending	政府经常性支出	government spending on providing goods and services.
91	*	customs union	关税同盟	a trade bloc where there is free trade between member countries and a common external tariff on imports from non-members.
92	*	cyclical budget deficit	周期性预算赤字	a budget deficit caused by a decline in economic activity.
93	*	cyclical unemployment	周期性失业	unemployment that results from a lack of aggregate demand.
94	*	deadweight welfare loss	无谓的福利损失	the loss in welfare arising from an inefficient allocation of resources.
95		death rate	死亡率	the number of deaths per thousand of the population in one year.
96		debtors	债务人	people, firms or governments who owe money.
97	*	decreasing returns to scale	规模收益递减	where factor inputs increase at a proportionately faster rate than the increase in output.
98	*	deflation	通货紧缩	a sustained fall in the price level.
99	*	deflationary gap	通缩缺口	a shortage of aggregate expenditure so that potential output is not reached (equivalent to a negative output gap).
100	*	demand	需求	the quantity of a product that consumers are willing and able to buy at different prices per period of time other things equal, ceteris paribus.
101		demand curve (D)	需求曲线（D）	a line plotted on a graph that represents the relationship between the quantity demanded and the price of a product.
102	*	demand deposit account	活期存款账户	a bank account that allows the holder to make and receive payments.
103		demand schedule	需求表	the data from which a demand curve is drawn on a graph.
104	*	demand-pull inflation	需求拉动型通货膨胀	inflation caused by increases in aggregate demand not matched by equivalent increases in aggregate supply.
105	*	demerit good	有害商品	a good that is thought to be undesirable for consumers and is overprovided by the market because of information failure.
106		demographers	人口统计学家	people who study changes in the structure of human populations.
107	*	dependency ratio	抚养比率	the proportion of the economically inactive compared to the labour force.
108	*	depreciation	贬值	a decrease in the international price of a currency caused by market forces.
109	*	depreciation (of capital goods)	（资本品的）折旧	the value of capital goods that have worn out or become out-of-date.
110	*	depression	经济萧条	a fall in real GDP that lasts several years.
111	*	deregulation	去规则化（放松管制）	when barriers to entry into an industry are removed.
112	*	derived demand	派生需求	where the demand for a good or service depends upon the use that can be made from it.
113	*	devaluation	（法定）贬值	a decision by the government to lower the international price of the country's currency.
114	*	development traps	发展陷阱	restrictions on the growth of developing economies that arise from low levels of savings and investment.
115	*	direct taxes	直接税	taxes on income and wealth.
116		discouraged workers	就业意愿丧失者	workers who would like a job but who have given up actively seeking work after a period of trying to find work.
117	*	discretionary fiscal policy	相机财政政策	deliberate changes in government spending and taxation.
118	*	diseconomies of scale	规模不经济	where long-run average costs increase as the scale of output increases.
119	*	disequilibrium	不均衡	a situation where demand and supply are not equal in a market.
120	*	disequilibrium unemployment	非均衡失业（率）	unemployment that arises when the aggregate supply of labour is greater than the aggregate demand for labour at the current wage rate.
121	*	disinflation	反通货膨胀	a fall in the inflation rate.
122	*	disposable income	可支配收入	income minus direct taxes plus state benefits.
123		dissaving	动用储蓄	consumer expenditure exceeds income, with people or countries drawing on past savings, or borrowing.
124	*	diversification	多样化	where a firm grows through the production or sale of a wide range of different products.
125		dividend payments	股息支付	a share of a firm's profits paid to its shareholders.
126	*	division of labour	劳动分工	where a manufacturing process is split into a sequence of individual tasks.
127		double coincidence of wants	意愿双重吻合	a situation where two people each have something the other one wants.
128	*	dumping	倾销	selling products in a foreign market at below their cost of production.
129	*	dynamic efficiency	动态效率	when resources are allocated efficiently over time.
130	*	economic and monetary union	经济和货币联盟	co-ordination of policies and the operation of a single currency by a group of countries.
131	*	economic development	经济发展	an increase in welfare and quality of life.
132	*	economic efficiency	经济效率	where scarce resources are used in the most efficient way to produce maximum output.
133	*	economic growth	经济增长	in the short run, an increase in a country's output and, in the long run, an increase in a country's productive potential.
134	*	economic rent	经济租金	a payment made to a factor of production above that which is necessary to keep it in its current use.
135		economic system	经济体制	the way in which production is organised and choices are made in an economy.
136		economically active	经济上活跃	people in the labour force.
137		economically inactive	经济上不活跃	people who are not in the labour force.
138	*	economies of scale	规模经济	the benefits gained from falling long-run average costs as the scale of output increases.
139	*	economies of scope	范围经济	where a reduction in average total cost is made possible by a firm changing the different goods it produces.
140		effective demand	有效需求	demand that is supported by the ability to pay.
141	*	elastic	有弹性的	where the relative change in the quantity demanded is greater than the change in price, income or the prices of substitutes and complements.
142	*	elasticity	弹性	a numerical measure of responsiveness of one variable following a change in another variable, ceteris paribus or other things equal.
143	*	embargo	禁令	a ban on imports and/or exports.
144	*	emerging economy	新兴经济体	one that is making quick progress towards becoming a high-income economy.
146	*	employment rate	就业率	employed workers as a percentage of the population of working age.
147	*	enterprise	企业	as a factor of production, enterprise involves organising production and taking risks.
148		entrepreneur	企业家	an individual who seeks out new business opportunities and is willing to take risks.
149	*	equality	平等	where everyone is treated in the same way.
150	*	equilibrium	均衡	a situation where there is no tendency to change in a market.
151	*	equilibrium price	均衡价格	the price where demand and supply are equal, where the market clears.
152	*	equilibrium quantity	均衡数量	the amount that is traded at the equilibrium price.
153	*	equilibrium unemployment	均衡失业（率）	the unemployment which exists when the labour market is in equilibrium. It includes voluntary, frictional and structural unemployment.
154	*	equi-marginal principle	等边际法则	consumers maximise their utility where their marginal valuation for each product consumed is the same.
155		equities	股票	shares in firms.
156	*	exchange control	外汇管制	restrictions on the purchases of foreign currency.
157	*	exchange rate	汇率	the price of one currency in terms of another currency.
159		excise duties	消费税	a specific tax that is levied on goods such as cigarettes.
160	*	excludability	排他性	where it is possible to stop someone from consuming a good or service.
161	*	exhaustive government spending	政府耗尽性支出	government spending which makes use of resources.
162	*	expansionary fiscal policy	扩张性财政政策	increases in government spending and cuts in taxes designed to increase aggregate demand.
163	*	expectations-augmented Phillips curve	附加预期因素的菲利普斯曲线	a diagram that shows that while there may be a trade-off between unemployment and inflation in the short run, there is no trade-off in the long run.
164		expenditure method	支出法	a way of calculating GDP by totalling all the spending on the country's output.
165	*	expenditure reducing policy	支出削减政策	policy tools designed to reduce imports and increase exports by reducing demand.
166	*	expenditure switching policy	支出转换政策	policy tools designed to encourage people to switch from buying foreign-produced products to buying domestically produced products.
167	*	exports	出口	goods and services sold to other countries.
168		extension of demand or supply	扩张的需求或供给	an increase in the quantity demanded or quantity supplied.
169	*	external benefits (EB)	外部收益（EB）	those benefits that are received by a third party not involved in the action.
170	*	external costs (EC)	外部成本（EC）	those costs incurred and paid for by a third party not involved in the action.
171	*	external economies of scale	外部规模经济	cost savings accruing to all firms as the scale of the industry increases.
172	*	externality	外部性	where the actions of a producer or consumer give rise to side effects on others not directly involved in the action.
173	*	extreme poverty	绝对贫困	where a household exists on less than $1.90 a day.
174	*	factor endowment	生产要素禀赋	the availability of capital, enterprise, labour and land in an economy.
175		factors of production	生产要素	resources or inputs available in an economy that are used in the production of goods and services.
176	*	financial account	金融账户	within the balance of payments, a record of the transfer of financial and capital assets between the country and the rest of the world.
177		firm	企业	any business that hires factors of production to produce goods and services.
178	*	fiscal drag	财政拖累	the income of people and firms being pushed into higher tax brackets as a result of inflation.
179	*	fiscal policy	财政政策	the use of taxation and government spending to influence aggregate demand.
180	*	Fisher equation	费雪方程	the statement that MV = PT.
181	*	fixed costs	固定成本	costs that are independent of output in the short run.
182	*	fixed exchange rate	固定汇率	an exchange rate set by the government and maintained by the central bank.
183	*	floating exchange rate	浮动汇率	an exchange rate that is determined by the market forces of demand and supply.
184	*	foreign direct investment (FDI)	外国直接投资（FDI）	the setting up of production units or the purchase of existing production units in other countries.
185	*	free goods	免费商品	goods that are not scarce and have zero opportunity cost.
186		free rider	搭便车的人	someone who does not pay to use a public good.
187	*	free trade	自由贸易	international trade not restricted by taxes on imports and other policy tools designed to give domestic producers protection from competition from imports.
188	*	free trade area	自由贸易区	a trade bloc where member governments agree to remove trade restrictions among themselves.
189	*	frictional unemployment	摩擦性失业	unemployment that is temporary and arises when workers are in-between jobs.
190	*	full economic union	完全经济联盟	a trade bloc where there is free trade between member countries, a common external tariff, common economic policies and the same currency.
191	*	full employment	充分就业	the level of employment corresponding to where all who wish to work have found jobs, excluding frictional unemployment.
192	*	fundamental economic problem	基本经济问题	scarce resources but unlimited wants; sometimes called the basic economic problem.
193	*	GDP deflator	国内生产总值平减指数	the price index of all domestically produced goods and services.
194	*	geographical mobility of labour	劳动力地域可移动性	the ability of workers to move to a job in a different location.
195	*	Giffen good	吉芬商品	a type of inferior good where the quantity demanded falls as price falls and the quantity demanded increases as price increases.
196	*	gig economy	零工经济	a labour market based on short-term contracts.
197	*	Gini coefficient	基尼系数	a numerical measure of income inequality.
198		global warming	全球变暖	a rise in the temperature of the world's atmosphere arising from the emission of greenhouse gases.
199	*	globalisation	全球化	the process by which the world is becoming increasingly interconnected through trade and other links.
200	*	government failure	政府失灵	where government intervention to correct market failure leads to a net loss of economic welfare.
201	*	government macroeconomic failure	政府宏观经济失灵	government intervention reducing rather than increasing economic performance.
202		government securities	政府证券	bills and bonds issued by the government to raise money.
203	*	government spending	政府支出	the total of local and national government expenditure on goods and services.
204	*	greenhouse gases	温室气体	carbon dioxide, methane, nitrous oxide.
205	*	gross domestic product (GDP)	国内生产总值（GDP）	the total output produced in a country.
206	*	gross investment	总投资	total spending on capital goods.
207		gross national disposable income	国民可支配收入	GNI plus net transfers of workers' income to their relatives to and from other countries.
208	*	gross national income (GNI)	国民总收入（GNI）	GDP plus net income from abroad.
209		high-income countries	高收入国家	economies where income per head was $12,376 or more in 2018 (World Bank).
210		homemakers	家庭主妇	people who look after the household of their own families. For example, a parent who stays at home to look after the home and children.
211	*	horizontal integration	横向整合	where a firm merges or acquires another in the same line of business.
212	*	hot money flows	热钱流	flows of money moved around the world to take advantage of changes in interest rates and exchange rates.
213		human capital	人力资本	the value of labour to the productive potential (future growth) of an economy.
214	*	Human Development Index (HDI)	人类发展指数（HDI）	a composite measure of living standards that includes GNI per head, education and life expectancy.
215	*	hyperinflation	恶性通货膨胀	a very high rate of inflation, which may result in people losing confidence in the currency.
216		hysteresis	磁滞	unemployment causing unemployment due to workers becoming deskilled and demotivated when they are out of work for a long time.
217	*	idle balances	闲置余额	the amount of money held temporarily as the returns from holding financial assets are too low.
218	*	imbalance	（账户）不平衡	debit items in the current account not equalling credit items.
219	*	imperfect competition	不完全竞争	any market structure except for perfect competition.
220	*	imports	进口	goods and services purchased from other countries.
221	*	incentive	激励	where low or high prices influence consumption and production by encouraging buyers to consume and sellers to produce.
222		incidence	影响程度	the extent to which the tax burden is borne by the producer or the consumer or both.
223	*	income effect	收入效应	where following a price change of a good, a consumer has higher real income and will purchase more of this good.
224	*	income elasticity of demand (YED)	需求的收入弹性（YED）	measures the responsiveness of the quantity demanded for a product following a change in income.
225		income method	收入法	a way of measuring GDP by totalling all the incomes earned in producing the country's output.
226	*	increasing returns to scale	规模收益递增	where output increases at a proportionately faster rate than the increase in factor inputs.
227	*	indifference curve	无差异曲线	this shows all of the combinations of two goods that give a consumer equal satisfaction.
228	*	indirect tax	间接税	a tax levied on goods and services, such as a general sales tax.
229	*	induced investment	引致投资	investment that is made in response to changes in income.
230	*	inelastic	缺乏弹性的	where the relative change in the quantity demanded is less than the change in price, income or the prices of substitutes and complements.
231	*	infant industries	新生企业（朝阳企业）	new industries that have a low output and a high average cost.
232		infant mortality rate	婴儿死亡率	the number of deaths of children aged under one per thousand live births in one year.
233	*	inferior goods	劣质商品	where the quantity demanded increases as income decreases.
234	*	inflation	通货膨胀	a sustained increase in an economy's price level over a period of time.
235	*	inflation rate	通货膨胀率	the percentage rise in an economy's price level over a period of time.
236	*	inflation target	通胀目标	the inflation rate a central bank is set to achieve.
237	*	inflationary gap	通胀缺口	the excess of aggregate expenditure over potential output (equivalent to a positive output gap).
238	*	inflationary noise	通胀噪音	confusion over relative prices caused by inflation.
239		informal economy	非正规经济	the part of the economy that is not regulated, protected or taxed by the government.
240	*	information failure	信息失灵	a situation where consumers do not have full or complete information when making decisions.
241	*	infrastructure	基础设施	buildings and constructions that support society and economic activity, for example bridges, roads and sewage systems.
242	*	inheritance tax	遗产税	a progressive tax on an inheritance or gift.
243	*	injections	注入	additions to the circular flow of income.
244	*	interest rates	利率	the price of borrowing money and the reward for saving.
245	*	International Monetary Fund (IMF)	国际货币基金组织（IMF）	an international organisation that promotes free trade and helps countries in balance of payments difficulties.
246	*	international unemployment	国际性失业	unemployment arising when a country loses its international competitiveness in producing a product or products.
247	*	investment	投资	spending on capital goods.
248	*	isocosts	等成本线	lines of constant relative costs for factors of production.
249	*	isoquant	等产量曲线	a curve showing combinations of labour and capital to produce a given level of output.
250	*	J curve effect	J曲线效应	a fall in the exchange rate causing an increase in a current account deficit before it reduces it due to the time it takes for demand to respond.
251	*	joint demand	联合需求	when two goods are consumed together.
252	*	joint supply	联合供给	when two items are produced together.
253		Keynesians	凯恩斯主义者	people who agree with the view of the economist John Maynard Keynes (1883-1946) that government intervention is needed to achieve full employment.
254	*	kinked demand curve	弯折的需求曲线	a traditional model of a firm's behaviour in oligopoly.
255	*	Kuznets curve	库兹涅茨曲线	a curve that shows the relationship between economic growth and income inequality
256	*	labour	劳动力	a factor of production; human resources available in an economy.
257	*	labour force	劳动力	the employed and the unemployed.
258	*	labour force participation rate	劳动力参与率	the proportion of the population that are of working age and who are either working or actively seeking work.
259	*	labour force survey measure	劳动力调查法	a measure of unemployment based on a survey that identifies people who are actively seeking a job.
260	*	labour mobility	劳动力可移动性	ability of workers to change where they work and in which occupation.
261	*	Laffer curve	拉弗曲线	a curve showing tax revenue rising at first as the tax rate is increasing and then falling beyond a certain rate.
262	*	land	土地	a factor of production; natural resources in an economy.
263	*	law of diminishing marginal utility	边际效用递减法则	as consumption increases, the satisfaction from consumption decreases.
264	*	law of diminishing returns	收益递减法则	where the output from an additional unit of input leads to a fall in the marginal product; also known as the law of variable proportions.
265	*	leakages	漏出	withdrawals from the circular flow of income.
266		level of unemployment	失业水平	the number of workers who are unemployed.
267	*	limit pricing	限制性定价	where firms deliberately lower prices and abandon a policy of profit maximisation to stop new firms entering a market.
268	*	liquidity	流动性	the ability to turn an asset into cash quickly and without loss.
269	*	liquidity preference	流动性偏好	a Keynesian concept that explains why people demand money.
270	*	liquidity trap	流动性陷阱	a situation where interest rates cannot be reduced any more in order to stimulate an upturn in economy activity.
271		loan	贷款	a sum of money lent at an agreed rate of interest for a specific time period.
272	*	long run	长期	time period when all factors of production are variable but with a constant, such as the state of technology.
273		long-run aggregate supply (LRAS)	长期总供给（LRAS）	the total output of a country supplied in the period when prices of factors of production have fully adjusted.
274		long-term unemployed	长期性失业者	those who have been unemployed for a year or longer.
275	*	Lorenz curve	洛伦茨曲线	a diagram illustrating the extent of income or wealth inequality.
276		lower middle-income countries	中等偏低收入国家	countries where income per head was between $1026 and $3995 in 2018 (World Bank).
277		low-income countries	低收入国家	economies where income per head was $1025 or less in 2018 (World Bank).
278		macroeconomic equilibrium	宏观经济均衡	the output and price level achieved where AD equals AS.
279		macroeconomics	宏观经济学	the study of an economy or a group of economies.
280	*	managed system	（汇率）管制体系	where the exchange rate is influenced by state intervention.
281	*	marginal cost	边际成本	the addition to total cost when making one extra unit of output.
282	*	marginal product	边际产量	the change in output arising from the use of one more unit of a factor of production.
283	*	marginal propensity to consume (mpc)	边际消费倾向（mpc）	the proportion of extra income that is spent.
284	*	marginal propensity to import (mpm)	边际进口倾向（mpm）	the proportion of extra income spent on imports.
285	*	marginal propensity to save (mps)	边际储蓄倾向（mps）	the proportion of extra income which is saved.
286	*	marginal rale of taxation (mrt)	边际税率（mrt）	the proportion of extra income taken in tax.
287	*	marginal rate of substitution	边际替代率	the rate at which a consumer is willing to substitute one good for another.
288	*	marginal revenue (MR)	边际收益（MR）	the additional or extra revenue gained from the sale of one more unit of output.
289	*	marginal revenue product (MRP)	边际收益产量（MRP）	the addition to total revenue as a result of employing one more worker.
290	*	marginal utility	边际效用	the utility derived from the consumption of one more unit of the good or service.
291		market	市场	where buyers and sellers get together to trade.
292		market demand	市场需求	the total amount demanded by consumers.
293	*	market economy	市场经济	an economic system where most decisions are taken through the market mechanism.
294	*	market failure	市场失灵	when the free market does not make the best use of scarce resources.
295	*	market mechanism	市场机制	resource allocation decisions are taken by individual producers and consumers with no government intervention; also known as price mechanism.
296	*	market prices	市场价格	prices paid by consumers; they take into account indirect taxes and subsidies.
297	*	market structure	市场结构	the way in which a market is organised in terms of certain characteristics which can be used to explain the behaviour of firms in a market.
298	*	Marshall-Lerner condition	马歇尔-勒纳条件	the requirement that for a fall in the exchange rate to be successful in reducing a current account deficit, the sum of the price elasticities of demand for exports and imports must be greater than 1.
299	*	maximum price	最高价格	a price that is fixed; the market price must not exceed this price; sometimes called a price ceiling.
300	*	means-tested benefits	财产审查性补助	benefits that are paid only to those whose incomes fall below a certain level.
301	*	Measurable Economic Welfare (MEW)	可衡量经济福利（MEW）	a composite measure of living standards that adjusts GDP for factors that reduce living standards and factors that improve living standards.
302	*	menu costs	菜单成本	costs to firms of having to change prices due to inflation.
303	*	merit good	有益商品	a good that is thought to be desirable for consumers but which is underprovided by the market because of information failure.
304		microeconomics	微观经济学	the study of individual markets (households and firms).
305		middle-income economies	中等收入国家	economies where income per head was between $1026 and $3995 (lower middle-income economies) and $3996 and $12375 (upper middle-income economies) in 2018 (World Bank).
306	*	minimum efficient scale	最小有效规模	lowest level of output at which costs are minimised.
307	*	minimum price	最低价格	a price that is fixed; the market price must not go below this price; sometimes called a price floor.
308	*	minimum wage	最低工资	the least amount an employer can legally pay one of its workers; it is usually expressed as a wage rate per hour.
309	*	mixed economy	混合经济	an economic system where both market forces and government are involved in resource allocation decisions.
310		model	模型	a simplified view of reality used to explain economic problems and issues.
311		monetarists	货币主义者	economists who consider that inflation is caused by an excessive growth in the money supply.
312	*	monetary policy	货币政策	the use of interest rates, the money supply, credit regulations and the exchange rate to influence aggregate demand.
313	*	monetary union	货币联盟	a trade bloc which involves member countries operating the same currency, having one exchange rate and the same interest rate.
314	*	money	钱	an item which is generally acceptable as a means of payment.
315	*	money supply	货币供给	the total amount of money in an economy.
317	*	money values	名义价值	values at the prices operating at the time.
318	*	monopolistic competition	垄断性竞争	a market structure where there are many firms, differentiated products and few barriers to entry.
319	*	monopoly	垄断	where one firm dominates the market due to having a large market share; a pure monopoly is a single seller with 100% market share.
320	*	monopsony	买方垄断	where there is a single buyer in a market.
321	*	moral hazard	道德风险	the temptation to take risks when some other party is covering these risks.
322		movement up and down (along) a demand curve	（点）沿着需求曲线上下滑动	shows how quantity demanded responds to a change in price.
323	*	Multidimensional Poverty Index (MPI)	多维贫困指数（MPI）	a composite measure of deprivation in terms of the proportion of households that lack the requirements for a reasonable standard of living.
324		multilateral aid	多边援助	aid given by international organisations to a country or countries.
325	*	multinational companies (MNCs)	跨国公司（MNCs）	firms that operate in more than one country.
326	*	multiplier	乘数	a numerical estimate of a change in spending in relation to the final change in spending.
327	*	narrow money	狭义货币	money that can be spent directly.
328	*	national debt	国家债务	the total amount of government debt.
329	*	national income	国民收入	a country's total output.
330		national income statistics	国民收入统计	measures of the total output (income and expenditure) of an economy.
331	*	nationalisation	国有化	when a government takes over a private sector business and transfers it to state ownership.
332		natural increase in population	人口自然增长	the number of live births exceeding the number of deaths.
333	*	natural monopoly	自然垄断	where with falling long-run average costs, it makes sense to have only one firm providing the good or service.
334	*	natural rate of unemployment	自然失业率	the rate of unemployment that exists when the aggregate demand for labour equals the aggregate supply of labour at current wage rate and price level.
335	*	necessity good	必需品	a type of normal good with a YED that is close to zero.
336		needs	需求	things that are necessary for survival, such as food.
337	*	negative externality	负外部性	where the side effects of an action have a negative impact that imposes costs on third parties.
338	*	negative income tax	负所得税	money paid out by the government to those earning below an agreed annual fixed benefit limit.
339	*	negative output gap	负产出缺口	a situation where actual output is below potential output.
340		net domestic product (NDP)	国内生产净值（NDP）	GDP minus depreciation.
341	*	net errors and omissions	净误差与遗漏	a figure included to ensure the balance of payments balances; sometimes called the balancing item.
342	*	net exports	净出口	exports minus imports.
343	*	net investment	净投资	additions to the capital stock.
344	*	net migration	净移民	the difference between immigration and emigration.
345	*	net migration rate	净迁移率	the number of migrants per thousand of the population in one year.
346		net national income (NNI)	国民净收入（NNI）	gross national income (GNI) minus depreciation.
347		net property income from abroad	来自国外的净财产收入	receipts of profit, rent and interest earned on the ownership of foreign assets minus the payments of profit, rent and interest to non-residents.
348		new classical economists	新古典经济学家	economists who think that the LRAS curve is vertical and that the economy will move towards full employment without government intervention.
349	*	nominal (or money) GDP	名义GDP	total output measured in current prices.
350	*	non-excludable	非排他性的	a situation where it is not possible to stop anyone else from using a good.
351	*	non-exhaustive government spending	政府非耗尽性支出	government spending which allows others to decide how resources are used.
352	*	non-price competition	非价格竞争	when firms use methods other than price to attract customers from rival producers.
353	*	non-rival	非竞争性的	where consumption by one person does not reduce consumption by someone else.
354	*	normal goods	通常商品	where the quantity demanded increases as income increases.
355	*	normal profit	通常利润	a cost of production that is just sufficient for a firm to keep operating in a particular industry.
356	*	normative statement	规范性陈述	a statement that is based on the economist's opinion or value judgement and which cannot be proven.
357		notional demand	名义需求	where buyers may want to buy a product but which is not always backed up by the ability to pay.
358	*	nudge theory	助推理论	influencing choice by 'nudging' individuals towards making more effective decisions.
359	*	occupational mobility of labour	劳动力职业可移动性	the ability of workers to move from one occupation to another occupation.
360	*	oligopoly	寡头垄断	a market structure with few firms and high barriers to entry.
361	*	open economy	开放经济	an economy that is involved in trade with other economies.
362	*	opportunity cost	机会成本	the cost expressed in terms of the next best alternative that is foregone when a choice is made.
363	*	opportunity cost ratio	机会成本比率	the quantity of one product compared to the quantity of another product that has to be sacrificed to produce it. For example, an opportunity cost ratio of one car: eight tables means that the production of eight tables has to be given up to produce one car.
364		optimum population	最优人口数	the size of population that maximises GDP per head.
365	*	output gap	产出缺口	a gap between actual and potential output.
366		output method	产量法	a way of measuring GDP by calculating the total production of goods and services of the country.
367		overdraft	透支	permission to spend more than is in a demand deposit account.
368	*	Pareto optimality	帕累托最优	where it is impossible to make someone better off without making someone else worse off
369	*	perfect competition	完全竞争	an ideal market structure that has many buyers and sellers, identical products, no barriers to entry; sometimes referred to as total competition.
370	*	perfectly elastic	完全弹性的	where all that is produced is sold at a given price.
371	*	perfectly inelastic	完全非弹性的	where a change in price has no effect on the quantity demanded.
372	*	Phillips curve	菲利普斯曲线	a curve that shows the relationship between the unemployment rate and the inflation rate over a period of time.
373		physical capital	实物资本	factors of production such as machinery, buildings and infrastructure.
374	*	planned economy	计划经济	an economic system where resources are state owned and allocated by a central body.
375	*	polluter pays principle	污染者付费原则	a policy that makes those responsible for causing damage to the environment pay for that damage.
376	*	pollution permit	污染许可证	a form of licence given by governments that allows a firm to pollute up to a given level.
377	*	positive externality	正外部性	where the side effects of an action have a positive impact that provides benefits to third parties.
378	*	positive net migration	正的净迁移	more people coming to live in the country than people leaving the country to live elsewhere. It can also be referred to as net immigration.
379	*	positive output gap	正产出缺口	a situation where actual output is above potential output.
380	*	positive statement	实证性陈述	a statement that is based on facts or actual evidence.
381	*	potential economic growth	潜在经济增长	an increase in the productive capacity of the economy.
382	*	poverty cycle	贫困循环	the links between, for example, low income, low savings, low investment and low productivity.
383	*	poverty trap	贫困陷阱	where an individual or a family are better off on means-tested benefits rather than working.
384	*	precautionary motive	预防性动机	a reason for holding money for unexpected or unforeseen events.
385	*	predatory pricing	掠夺性定价	where a firm sells its goods below average variable cost to force competitors out of the market.
386	*	price competition	价格竞争	where firms compete on price to attract customers.
387	*	price elastic	价格有弹性的	when the relative change in the quantity demanded is greater than the change in price of the product.
388	*	price elastic supply	有价格弹性的供给	the quantity supplied responds more than proportionately to a change in its price.
389	*	price elasticity of demand (PED)	需求的价格弹性（PED）	measures of the responsiveness of the quantity demanded for a product following a change in the price of the product.
390	*	price elasticity of supply (PES)	供给的价格弹性（PES）	a numerical measure of the responsiveness of the quantity supplied to a change in the price of the product.
391	*	price index	价格指数	a way of comparing changes in the price level over time. The value of the first year in the index (base year) is set at 100 and the value of each following year is a percentage of it.
392	*	price inelastic	价格缺乏弹性的	when the relative change in quantity demanded is less than the change in price of the product.
393	*	price inelastic supply	缺乏价格弹性的供给	the quantity supplied responds less than proportionately to a change in its price.
394	*	price leadership	价格领导	a situation in a market whereby a particular firm has the power to change prices, the result of which is that competitors follow this lead.
395	*	price level	价格水平	the average of all prices in an economy.
396	*	price maker	价格制定者	a firm that can choose what price to sell its goods in the market.
397	*	price mechanism	价格机制	the means of allocating resources in a market economy.
398	*	price rigidity	价格刚性	where prices are unchanged despite a change in costs.
399	*	price stability	价格稳定	a low and stable inflation rate.
400	*	price taker	价格接受者	a firm that is not able to influence market price.
401	*	primary sector	第一产业	industries involved in farming and extracting natural resources.
402	*	principal-agent problem	委托-代理问题	where one person (the agent) makes decisions on behalf of another person (the principal).
403	*	private benefits (PB)	私人收益（PB）	those benefits that accrue to the consumer or to the firm that produces a good or service.
404	*	private costs (PC)	私人成本（PC）	those costs that are incurred by a consumer or by the firm that produces a good or service.
405	*	private goods	私有商品	goods that are consumed by one person and not available to anyone else.
406	*	private sector	私营部门	that part of an economy under private ownership.
407	*	privatisation	私有化	where there is a change in ownership from the public to the private sector.
408	*	producer surplus	生产者剩余	the difference between the price a producer is willing to accept and what is actually paid.
409	*	production function	生产函数	the maximum possible output from a given set of factor inputs.
410	*	production possibility curve (PPC)	生产可能性曲线(PPC)	a simple representation of the maximum level of output that an economy can achieve, given its current resources and state of technology; may be referred to as a production possibility frontier.
411	*	production quota	产量限额	a physical limit on what can be produced.
412		productive capacity	生产能力	the maximum output that can be produced when all resources are used fully.
413	*	productive efficiency	生产效率	when a firm is producing at the lowest possible cost.
414		productive resources	生产资源	resources that are available to be used.
415	*	profit	利润	the difference between total revenue and total costs.
416	*	profit maximisation	利润最大化（目标）	the assumed objective of a firm; the difference between total revenue and total cost is at a maximum.
417	*	profit satisficing	利润满意（目标）	a firm's objective to make a reasonable or minimum level of profit.
418	*	progressive tax	累进税	one where the rate of taxation rises more than proportionately to the rise in income.
419	*	property rights	产权	where owners have a right to decide how their assets may be used.
420	*	proportional tax	比例税	a tax which takes the same percentage of the income or wealth of all income groups.
421	*	protectionism	贸易保护主义	protecting domestic producers from foreign competition.
422	*	provision of information	信息提供	when governments directly provide information to correct market failure.
423	*	public good	公共产品	a good that is non-excludable and non-rival.
424	*	public sector	公共部门	that part of an economy under government ownership.
425	*	purchasing power parity (PPP)	购买力平价（PPP）	a way of comparing international living standards by using an exchange rate based on the amount of each currency needed to purchase the same basket of goods and services.
426	*	pure monopoly	纯垄断	where there is just one seller in the market.
427	*	pure public good	纯公共产品	good which is both non-excludable and non-rival.
428	*	quantitative easing	量化宽松（政策）	a situation where a central bank buys government and private securities from the private sector in order to increase the money supply and so stimulate economic activity.
429		quantity theory of money	货币数量论	the theory that links inflation in an economy to changes in the money supply
430	*	quasi-public good	准公共产品	good that has some but not the full characteristics of a public good.
431	*	quota	限额	a limit on imports.
432	*	rationing	定额配给	where a producer limits the supply of products in the market to ensure the products remain exclusive.
433	*	real data	实际数据	data adjusted for inflation.
434	*	real exchange rate	实际汇率	a currency's value in terms of its real purchasing power.
435	*	real GDP	实际国内生产总值	total output measured in constant prices.
436	*	recession	经济衰退	a decline in real GDP over at least two consecutive quarters.
437	*	regional unemployment	地区性失业	unemployment arising from a decline in job vacancies in a particular area of the country.
438	*	regressive tax	累退税	a tax which takes a larger percentage of the income or wealth of those on low incomes.
439	*	regulations	法律法规	a wide range of legal and other restrictions that come from government or regulatory bodies.
440	*	relative poverty	相对贫困	where household income is 50% or less than the average income.
441	*	reserve ratio	准备金率	the proportion of liquid assets to total liabilities.
442		resources	资源	inputs available for the production of goods and services.
443	*	revaluation	（法定）升值	a decision by the government to raise the international price of the country's currency.
444	*	revenue maximisation	收入最大化（目标）	a firm's objective to maximise total revenue.
445	*	rivalry	竞争性	where consumption by one person of a good or service reduces the availability of the good or service for others.
446	*	sales maximisation	销售量最大化（目标）	a firm's objective to maximise the volume of sales.
447		sampling error	抽样误差	the people being surveyed having different characteristics or experiences to the rest of the population.
448	*	saving	储蓄	income minus consumption.
449	*	savings deposit account	储蓄存款账户	a bank account which pays interest and may require notice to be given before money can be withdrawn from it.
450	*	savings function	储蓄函数	the relationship between income and saving.
451	*	scarcity	稀缺性	a situation in which wants and needs are greater than the resources available.
452	*	search unemployment	求职性失业	unemployment that exists when people take time looking for a job they are willing to accept.
453	*	seasonal unemployment	季节性失业	unemployment arising at particular times of the year when demand for the product falls.
454	*	secondary sector	第二产业	industries that manufacture products.
455		self-employed	个体经营者	those working for themselves.
456		shadow economy	影子经济	the output of goods and services hidden from the authorities.
457	*	shadow price	影子价格	one that is applied where there is no established market price available.
458	*	shoe leather costs	皮鞋成本	costs of moving money around in search of the highest interest rate.
459	*	short run	短期	time period when a firm can change at least one but not all factor inputs.
460		short-run aggregate supply (SRAS)	短期总供给（SRAS）	the total output of an economy that will be supplied when there has not been enough time for the prices of factors of production to change.
461	*	shut-down price	关门价格	a firm will stop production when price falls below average variable cost.
462	*	signalling	信号	where decisions taken by buyers or sellers are determined by price.
463	*	sin taxes	罪孽税	taxes on products considered harmful to consumers.
464	*	social benefits (SB)	社会收益（SB）	the total benefits of a particular action.
465	*	social costs (SC)	社会成本（SC）	the total costs of a particular action.
466	*	specialisation	专业化	the process by which individuals, firms and economies concentrate on producing those goods and services where they have an advantage over others.
467	*	specific taxes	从量税	taxes that are charged as a set amount per unit.
468	*	speculative motive	投机性动机	a reason for holding money with a view to make future gains from buying financial assets.
469	*	structural budget deficit	结构性预算赤字	a budget deficit caused by an imbalance between government spending and taxation.
470	*	structural unemployment	结构性失业	unemployment caused as a result of the changing structure of economic activity.
471	*	subnormal profit	低于通常利润的利润	that which is earned below normal profit.
472	*	subsidies	补贴	direct payments made by governments to producers of goods and services.
473	*	substitute	替代品	an alternative good.
474	*	substitution effect	替代效应	where, following a price change, a consumer will substitute the cheaper good for the one that is now relatively more expensive.
475	*	superior good	奢侈品	a good with a YED greater than 1.
476	*	supernormal profit	超额利润	that which is earned above normal profit.
477	*	supply	供给	the quantity of a product that producers are willing and able to sell at different prices within a time period, other things equal, ceteris paribus.
478		supply chain	供给链	all the stages of a product's progress from raw materials, production and distribution until it reaches the consumer.
479		supply curve (S)	供给曲线（S）	a line plotted on a graph that represents the relationship between the quantity supplied and the price of the product.
480		supply schedule	供给表	the data from which a supply curve is drawn on a graph.
481	*	supply-side policy	供给侧政策	government policy tools designed to increase aggregate supply.
482		supply-side shocks	供给侧冲击	large and unexpected changes in short-run aggregate supply.
483	*	sustainable development	可持续发展	development that ensures that the needs of the present generation can be met without harming the well-being of future generations.
484	*	sustainable economic growth	可持续经济增长	economic growth that does not threaten future generations' ability to experience economic growth.
485	*	target rate for inflation	通胀目标率	the rate a central bank is set to achieve.
486	*	tariff	关税	a tax imposed on imports. Sometimes tariffs may be imposed on exports.
487	*	tax avoidance	避税	the legal bending of the rules of the tax system to pay less tax.
488	*	tax base	税基	the coverage of what is taxed.
489	*	tax evasion	逃税	the illegal non-payment or underpayment of a tax.
490	*	technological unemployment	技术性失业	unemployment caused by advances in technology.
491	*	terms of trade	贸易条件	a numerical measure of the relationship between export and import prices.
492	*	tertiary sector	第三产业	industries that produce services.
493	*	third party	第三方	those not directly involved in the decision-making.
494	*	tied aid	附带条件的援助	aid with conditions attached.
495	*	total cost	总成本	the sum of fixed costs and variable costs.
496		total currency flow	总货币流量	the net amount of money that flows into or out of the country as a result of international transactions.
497	*	total product	总产量	the same as total output.
498	*	total revenue (TR)	总收益（TR）	a firm's total sales or earnings over a given period of time.
499	*	total utility	总效用	the total satisfaction received from consumption.
500	*	trade bloc	贸易集团	a regional group of countries that have entered into trade agreements.
501	*	trade creation	贸易创造	where high-cost domestic production is replaced by more efficiently produced imports from within the customs union.
502	*	trade diversion	贸易转移	where trade with a low-cost country outside a customs union is replaced by higher-cost products supplied from within the customs union.
503	*	trade union	工会	an organisation of workers that aims to protect and enhance the well-being of its members through collective negotiations with employers and government.
504		trade-off	权衡	what is involved in deciding whether to give up one good for another good.
505	*	trade-weighted exchange rate	贸易加权汇率	the price of one currency against a basket of currencies.
506	*	trading possibility curve	贸易可能性曲线	a diagram showing the effects of a country specialising and trading.
507	*	transactions motive	交易性动机	the desire to hold money for the day-to- day buying of goods and services.
508	*	transfer earnings	转移收入	the amount that is earned by a factor of production in its best alternative use.
509	*	transfer payment	转移支付	a payment made by the government to certain members of the community who may be unable to work or are in need of assistance.
510	*	transmission of preferences	偏好的传递	the automatic way in which the market allows the wants of consumers to be made known to producers.
511	*	underemployment	不充分就业	a situation where people are working fewer hours than they would like or working in jobs that they are overqualified for.
512	*	unemployment	失业	the state of being willing and able to work but not having a job.
513	*	unemployment rate	失业率	unemployed workers as a percentage of the labour force.
514	*	unit elasticity	单位弹性	where the change in price is relatively the same as the change in quantity demanded.
515	*	universal basic income	无条件基本收入	a regular unconditional cash payment made by the government.
516	*	universal benefits	普惠福利	benefits available to all irrespective of income or wealth.
517		untied aid	不附带条件的援助	aid without conditions attached.
518	*	utility	效用	the satisfaction received from consumption.
519		value added	增值	the difference between the price at which products are sold and the price of goods and services used in their production.
520	*	variable costs	可变成本	costs that vary directly with output in the short run.
521	*	vertical integration	纵向整合	where a firm grows by producing backwards or forwards in its supply chain.
522	*	very long run	超长期	time period when all key inputs into production are variable.
523		virtuous cycle	良性循环	the links between, for example, an increase in investment, increase in productivity, increase in income and increase in saving.
524	*	voluntary export restraint	自愿出口限制	a limit placed on imports reached with the agreement of the supplying country.
525	*	voluntary unemployment	自愿性失业	unemployment resulting from the unemployed choosing not to accept jobs at the going wage rate. (unemployment that rises when workers are not willing to work at the current wage rate.)
527		wage differential	工资差别	difference in pay between workers with different skills and responsibilities.
528	*	wage-price spiral	工资-价格螺旋上升	higher wages causing prices to rise which, in turn, push up wages and so on.
529		wants	愿望	the goods and services that people may like to have but are not always realised.
530	*	wealth	财富	a stock of assets that has been built up over time.
531	*	X-inefficiency	X无效率	where the firm's costs are above those experienced in a more competitive market.
532		year-on-year method	同比法	a way of calculating the inflation rate by comparing the percentage change in the price level for a given month with that of the same month of the previous year.