A2经济考前笔记分享

Hi,大家好,我是Vivian。之前我给大家分享了关于AS经济的key words,这一期咱们继续来讲一下A2经济的重点词汇。因为A2经济的重点词汇很多,今天这一篇将只分享第7章节:The price system and the micro economy的相关词汇。

话不多说,接下来咱们直接上整理好的key words分享,一起来看看吧!

Utility

Utility 效用:

utility is the satisfaction received from consuming a product.

Total utility 总效用:

is the sum of utility received from the consumption of all units of a product over a period of time.

Marginal utility 边际效用:

is utility received from the consumption of last unit of a product over a period of time.(MU=change of utility/change from consumption of a product)

The law of diminishing marginal utility 边际效用递减法则:

as the quantity consumed of a product increases, the utility derived from each successive unit goes on diminishing.

Equi-marginal principle 等边际效用:

states that an individual with limited income can maximize his total utility by buying each good until his marginal utility per dollar of each good are equal.

Behavior economics 行为经济学

Bounded rationality 限制理性:

individuals ability to make rational decisions is limited by the quantity of information available available and their ability to absorb and interpret it within the timescale available.

Heuristics 启发法:

rule of thumb/mental shortcuts to speed up decision making.

a)Anchoring锚定效应:tendency to rely on first piece of information obtained.
b)Availability可用性:basing decisions on the easiest piece of information recalled.
c)Representativeness代表性:basing decisions on 1 or few past experience or assumptions. Can lead to stereotyping.

Framing 框架设置:

the way choice in presented may affect decision making.

Endowment effect 禀赋效应:

individuals reluctant to give up goods which they own.

Loss aversion 损失规避:

individuals give greater weight to loss than gains.

Reference points 基准点:

basing decision from a particular reference point rather than overall and led to decision making by compartmenting the process.

Indifference curves and budget lines

Cardinal utility 基数效用:

like temperature or distance, is assumed to be measurable in meaningful absolute numbers.

Ordinal utility 序数效用:

is the measuring of preferences through ordering of satisfaction of different types of goods rather than assigning numbers to them.

Transitivity 传递性:

if A is preferred to B, and B is preferred to C, then A is preferred to C.

Indifference curve is a curve showing all possible combinations of two products between which gives the same level of satisfaction to the consumer so that he is indifferent to choose what ever combination in the same curve.

(there are an infinite number of indifference curves in the indifference map)

Utility:l3 > l2> l1

Marginal rate of substitution,MRS 边际替代率:

is the rate at which an individual is willing to exchange one good (y) in return for more of another good (x) leaving the individual at the same level of utility.

MRS=-dy/dx

MRS measures the gradient of the indifference curve.

In this way, MRS=Mux/MUy

The law of diminishing marginal rate of substitution 边际替代率递减法则:

states that as you consume more of X, an individual will be prepared to give up fewer Y to X. Therefore, the MRS of X for Y diminishes as more of good Y is substituted for X.

Four properties of indifference curves 无差异曲线的四个性质:

Higher indifference curvers are preferred to lower.

Indifference curvers are downward sloping.

Indifference curves do not cross.

Indifference curves are bowed inward.

The budget line shows all the different combinations of two goods that an individual can buy given his income and the prices of two goods.

Budget line equation:Px x Qx+Py x Qy=M

Px=price of good X

Qx=quantity of good X

Py=price of good Y

Qy+quantity of good Y

M=income of the consumer

Budget space:is Px x Qx+Py x Qy<=M

a set of all combinations of two goods that can be purchased by spending all, or part, of the given income.

Budget line shifts outwards:an increase in income

Budget line rotates outwards along one curve:a fall in the price of X allow more buying.

Slop of budget line:equal to the ratio of prices of two goods.

Qy=-Px/Py x Qx+M/Py

Consumer choice theory 消费者理论:

Different consumers prefer different goods:consumer preference

Consumers have limited income to spend:budget constraint

Consumers’ choice about consumption reflects both their preferences and their budget constraints:consumer equilibrium.

Consumer equilibrium:is when a consumer with a given income and given prices buy a combination of goods which give him the maximum satisfaction. Where the budget line is tangent to an indifference curve, and the slope of the indifference curve must be equal to the slope of the budget line.

Inferior good 低档商品:

a good whose demand drops when people's incomes rise.

Normal good 正常商品:

a good whose demand rises when people’s income rise.
Income effect收入效应:is the change in the quantity of goods purchased due to a change in the real purchasing power when the price change.

Substitution effect 替代效应:

the change in the quantity of goods purchased due to a change in their relative prices with the level of utility constant.

Giffen good 吉芬商品:

a special case of inferior good, where when the price falls, the income effect is so large that it is greater than the substitution effect, so that a fall in price would actually lead to a fall in consumption of the good.(positive in substitution effect because cheaper, but negative in income effect)

Price consumption curve 价格消费曲线:

shows the quantity of goods a consumer is able to purchase when the price of the product change.

Types of cost, revenue and profit, short-run and long-run production

Fixed factors of production 固定生产要素:

factors inputs that do not vary with output in the short run.

Variable factors 可变因素:

factor inputs that can be changed to increase or decrease output.

Very short run 极短期:

a period of time where all factors of production are fixed.

Short run 短期:

is where there is at least one fixed factor of production.

Long run 长期:

is when all factors of production are variable.

Very long run 极长期:

is when all factors of production are variable and additional factors such as technology, government policies, social customs.

Fixed costs 固定费用:

costs which do not vary with output in the short run.

Variable costs 可变费用:

are costs which increases with output.

Total product 总产量:

is the total output produced from a combination of fixed and variable factors inputs.

Total product of labour 劳工总产量:

is the total output produced by labour in each time period, holding capital and technology constant.

Production function 生产函数:

shows the maximum possible output from a given set of factor inputs.

Marginal product(marginal physical product) 边际产量:

is the change in total product from a given set of inputs, or output gained from the last additional unit of variable factor.

If the variable is labour, MPP would be called marginal product of labour(MPPL).

Marginal product increases initially and decreases eventually with increasing number of workers.

The law of diminishing marginal returns 边际回报递减效率:

is when a single factor of production is incrementally increased ( such as labour ) while all other factors of production is fixed, there would come a point when the marginal product of a production process would progressively decrease. (only applicable in the short run, because in the long run, all variables would change )

Another explanation:initially, there’s task specialization and division of labour, then diminishing returns occurs due to a bottleneck of fixed factors.

Average product (AP ) 平均产量:

total product divided by the quantity of labour. It is the average amount of output each worker can produce.

Long run production function 长期生产函数:

shows the relationship between factor inputs with output where all factor inputs are variable.

In the long run, costs are driven by economics of scale and diseconomies of scale.

The envelope curve 包络线:

the LRAC curve is referred to as the envelope curve because the LRAC is made up of the points of tangency of a number of SRAC curves along its length.

Minimum efficient scale 最小有效规模:

is the point of output where a further increase in output yields no unit cost benefit. It is the lowest point of output where a firm has ts lowest LRAC.

Returns to scale 规模效益:

measures the change in output for a given proportional change in all inputs.

Increasing returns 规模收益递增:

a given percentage increase in inputs lead to a larger percentage increase in output.

Decreasing returns 规模收益递减:

a given percentage increase in inputs lead to a smaller percentage increase in output.

Constant returns 规模收益不变:

a given percentage increase in inputs will lead to the same percentage increase in output.

Efficiency and market failure

Economic efficiency 经济效率:

is when there is both productive and allocative efficiency so that there is an optimal allocation of scarce resources.

Productive efficiency 生产效率:

occurs with the most efficient use of scarce resources whereby maximum output is produced with the minimum resources.

Technical efficiency 技术效率:

is the effectiveness with which a given set of inputs is used to produce an output.

Cost efficiency 成本效率:

is where a firm uses the most appropriate combination of factor inputs given the relative costs of those inputs.

Allocative efficiency 配置效率:

is the state of the economy in which production represents consumer preferences.

Pareto optimality 帕累托最优效率:

is when it is impossible to make someone better off without making someone else worse off as a result of resource allocation.

Dynamic efficiency 动态效率:

is the greater efficiency that results from improvements in technical efficiency over a period of time.

Market failure 市场失灵:

occurs when the price mechanism leads to an inefficient allocation of scarce resources, and a deadweight loss of economic welfare.

Reasons for market failure:

Information failure 信息失败:

is due to inaccurate, incomplete or asymmetric information so make potentially ‘wrong’ choices.

Asymmetric information 信息不对称:

is when buyers and sellers do not have access to the same information. For example, high price, poor quality, low salary due to asymmetric information.

Moral hazard 道德风险:

is when a party is protected from the consequence of taking risk, so assume additional risks that negatively affects another party.

Adverse selection 逆向选择:

is when a party might participate selectively in trades because the party has information that the other party do not have about some aspect of product quality.

Private costs and benefits, externalities and social costs and benefits

Deadweight loss 无谓损失:

is the loss of consumer and producer surplus due to market failure.

Positive/negative externalities 正负外部性:

is where there is external benefits /external costs to a trade that affects a third party and is thus not reflected in the market price.

Marginal social cost/benefit (MSC/MSB) 社会边际成本/效益:

is the change in society’s total cost /benefit brought about by the production of an additional unit of a good.

Marginal private cost/benefit (MPC/MPB) 边际私人成本/收益:

is the change in the firm’s total cost /benefit brought about by the production of an additional unit of a good or a service.

Marginal external cost /benefit (MEC/MEB) 外部边际成本/效益:

is the change in the cost /benefit to third parties due to the production of an additional unit of the good or service.

Cost-benefit analysis 成本效益分析:

is a method used to evaluate large-scale investment projects which considers all possible costs and benefits.

Different market structures

Monopoly 垄断:

only one firm, or one dominant firm (> 25% of the market share in UK government definition ) in the industry.

Natural monopoly 自然垄断:

is a monol=poly with high sunk cost e.g. utilities, railways.

Game theory 博弈论:

is the study of mathematical models of strategic interactions among rational agents.

The prisoner’s dilemma 囚徒困境:

is the simplest form of game theory that shows why two rational individuals might not cooperate even if appears that it is in their best interest to do so.

Dominant strategy 占优策略:

is a single strategy that is best for a player irrespective of what strategy the other players adopts.

Nash equilibrium 纳什均衡:

is a stable state in which no player can be better off from a change in their strategy, if the strategy of the others remain unchanged.

Zero-sum game 零和博弈:

is a situation in which each player’s gain is exactly balanced by the losses of the other players. For example, trade is not zero-sum.

Credible threat 可信威胁:

is a threat that is believable to rivals because it is in the best interest of the threatener to carry out.

Pure strategy 纯策略:

is a predetermined strategy covering all possible situations in a game and not involving the use of random devices.

Mixed strategy 混合策略:

is a situation where a player play a randomize action over the set of available actions.

Collusion 共谋:

is an agreement between firms to limit competition by fixing price or fixing quantity.

Perfect competition 完全竞争:

occurs when all companies sell identical products, market share does not influence price, companies are able to enter or exit without barriers, buyers have perfect or full information, and companies cannot determine prices.

Price discrimination 价格歧视:

is when a firm with market power charges difference prices to consumers for an identical product with the aim to exploit some or all of consumer surplus.

First degree discrimination 一级价格歧视:

is when consumers are charged exactly how much they are willing to pay.

Second degree price discrimination 二级价格歧视:

is based on quantity purchased as the firm cannot distinguish between the different types of customers with the firm charging consumers different prices for successive blocks of consumption.

Third degree price discrimination 三级价格歧视:

is when the producer sells the same product in different markets to different consumers at different prices due to different elasticity of their demand curve.

Monopolistic competition 独占性竞争:

exists when many companies offer competing products or services that are similar, but not perfect, substitutes. The barriers to entry in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect its competitors.

Oligopoly 寡头垄断:

a market is shared by a small number of producers or sellers.

Concentration ratio 行业集中度:

is the proportion of output of a market, dominated by a given number of firms.

Contestable markets 可竞争市场:

are any market structures where there is a threat that potential entrants are free and able to enter the market.

Limit pricing 限定价格:

is a strategy of setting prices below profit maximization in order to deter new entrants.

Growth and survival of firms

Internal growth 内部增长:

is the increase in size of a company using its own resources through increasing sales and innovation.

External growth 外部增长:

is the increase in size of a company by growing externally through takeover and mergers.

Integration 整合:

is the merger of two firms, or when a firm takes over another.

Merger 合并:

is where two firms agree to join up with each other.

Takeover 收购:

is when a firm buys another firm.

Horizontal integration 横向整合:

is where a firm merges or acquires another in the same line of businesses.

Vertical integration 纵向整合:

is where a firm grows by producing backwards or forwards in its supply chain.

Conglomerate integration 企业集团整合:

is where a firm take over or merges with companies in completely unrelated field.

Diversification 多样化:

is where a firm grows through the production or sale of a wide range of products or enter a new market.

Principal-agent problem 委托代理问题:

is where there is a divorce of ownership and control where the principal may have different objectives from the agent whereby the agents may not operate in the principal’s interests.

Different objectives and policies of firms

Predatory pricing 掠夺性定价:

is when a firm set P

Sales maximization 销售最大化:

is when a firm’s objective is to maximize the volume of sales without making a loss.

那么,以上就是第七章的重点词汇分享,不知道有没有帮助到大家?下一篇我将继续分享A2经济chapter 8的重点词汇,感兴趣的同学请持续关注哦~

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