Money supply 货币供给
The quantity of money available in the economy
 
Monopolistic competition 垄断竞争
A market structure in which many firms sell products that are similar but not identical
 
Monopoly 垄断
A firm that is the sole seller of a product without close substitutes
 
Multiplier effect 乘数效应
The additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending
 
Mutual fund 共同基金
An institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds
 
M1, M2, M3 货币供给量的度量
measures of the money supply: M1 includes currency and checking accounts; M2 includes M1 plus savings deposits, CDs, and money market funds; M3 includes M2 plus large-denomination savings deposits and institutional money market mutual funds
 
managerial slack 管理松懈
the lack of managerial efficiency (for instance, in cutting costs) that occurs when firms are insulated from competition
 
marginal costs and benefits 边际成本和边际收益
costs and benefits that result from choosing a little bit more of one thing and a little bit less of another
 
marginal propensity to consume 边际消费倾向
the amount by which consumption increases when disposable income increases by a dollar
 
marginal propensity to import 边际进口倾向
the amount by which imports increase when disposable income increases by a dollar
 
marginal propensity to save 边际储蓄倾向
the amount by which savings increase when disposable income increases by a dollar
 
marginal utility 边际效用
the extra utility, or enjoyment, a person receives from the consumption of one additional unit of a goo
 
market clearing 市场出清
situation that exists when there is neither excess supply nor excess demand
 
market failures approach 市场失灵论
the argument that government may have an economic role to play when markets fail to produce efficient outcomes
 
market labor supply curve 劳动的市场供给曲线
the relationship between the wage paid and the amount of labor willingly supplied, found by adding up the labor supply curves of all individuals in the economy
 
median voter 中间投票人
the voter such that half the population have preferences on one side of this voter (for instance, they want higher government expenditures and taxes),while the other half of the population have preferences on the other side of this voter (they want lower taxes and expenditures)
 
merit goods and bads 公益品和公害品
goods that are determined by the government to be good or bad for people, regardless for whether people desire them for themselves or not
 
mixed economy 混合经济
an economy that allocates resources through a mixture of public (governmental)and private decision making
 
model 模型
a set of assumptions and data used by economists to study an aspect of the economy and make predictions about the future or about the consequences of various policy changes
 
Modigliani-Miller theorem 莫迪利安尼—米勒定理
the theorem that says that under a simplified set of conditions, the manner in which a firm finances itself does not matter
 
monetarists 货币主义者
economists who emphasize the importance of money in the economy; they tend to believe that an appropriate monetary policy is all the economy needs from the government, and market forces will otherwise solve any macroeconomic problems
 
moral hazard 败德；道德陷阱
principle that says that those who purchase insurance have a reduced incentive to avoid what they are insured against
 
multiplier-accelerator model 乘数—加速数模型
a model that relates business cycles to the internal workings of the economy, showing how changes in investment and output reinforce each other; the central ingredients of the model are the multiplier and the accelerator
 
multilateral trade 多边贸易
trade between more than two parties
 
N
 
Nash equilibrium 纳什均衡
A situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen
 
National saving (saving) 国民储蓄
The total income in the economy that remains after paying for consumption and government purchases
 
Natural monopoly 自然垄断
A monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms
 
Natural rate of unemployment 自然失业率
The normal rate of unemployment around which the unemployment rate fluctuates
 
Natural resources 自然资源
The inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits
 
Natural-rate hypothesis 自然率假说
The claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation
 
Net exports 净出口
The value of a nation's exports minus the value of its imports, also called the trade balance; Spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)
 
Net foreign investment 国外净投资
The purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners
 
Nominal GDP 名义GDP
The production of goods and services valued at current prices
 
Nominal Variables 名义变量
Variables measured in monetary units
 
Nominal exchange rate 名义汇率
The rate at which a person can trade the currency of one country for the currency of another
 
Nominal interest rate 名义利率
The interest rate as usually reported without a correction for the effects of inflation
 
Normal good 正常物品
A good for which an increase in income raises the quantity demanded; A good for which, other things being equal, an increase in income leads to an increase in quantity demanded
 
Normative statements 规范表述
Claims that attempt to prescribe how the world should be
 
natural endowments 自然禀赋
a country's natural resources, like good climate, fertile land, or minerals
 
net export function 净出口函数
a curve that gives the level of net exports at each level of income
 
net domestic product (NDP) 国内生产净值
GDP minus the value of the depreciation of the country's capital goods
 
new classical economists 新古典经济学家
economists who, beginning in the 1970;s, built on the tradition of classical economists and believed that by and large, market forces, if left to themselves, would solve the problems of unemployment and recessions
 
new growth economists 新增长经济学家
economists who, beginning in the 1980's, sought to understand better the basic forces that led the economy to grow fast at one time and slower at another, or some countries to grow faster than others
 
new Keynesian economists 新凯恩斯主义经济学家
economists who, beginning the 1980's, built on the tradition of Keynesian economists and focused attention on unemployment; they sought explanations for the failure of wages and prices to adjust to make labor markets and possibly other markets clear
 
newly industrialized countries 新工业化国家
nations that have recently moved from begin quite poor to being middle-income countries; including South Korea, Taiwan, Singapore, and Hong Kong
 
normative economics 规范经济学
economics in which the conclusions rest on value judgments as well as facts and theories
 
O
 
Oligopoly 寡头
A market structure in which only a few sellers offer similar or identical products
 
Open economy 开放经济
An economy that interacts freely with other economies around the world
 
Open-market operations 公开市场活动
The purchase and sale of United States government bonds by the Fed
 
Opportunity cost 机会成本
Whatever must be given up to obtain some item
 
Okun's law 奥肯定律
the observation that as the economy pulls out of a recession, output increases more than proportionately to increases in employment
 
opportunity sets 机会集合
a summary of the choices available to individuals, as defined by budget constraints and time constraints
 
output per capita 人均产量
a nation's output divided by the number of individuals in the country
 
outputs 产量
the outcomes of a production process
 
overhead costs 管理费用
the costs a firm must pay just to remain in operation. They do not depend on the scale of production
 
 
P
 
Perfect complements 完全互补品
Two goods with right-angle indifference curves
 
Perfect substitutes 完全替代品
Two goods with straight-line indifference curves
 
Permanent income 持久收入
A person's normal income
 
Phillips curve 菲利普斯曲线
A curve that shows the short-run tradeoff between inflation and unemployment
 
Physical capital 物质资本
The stock of equipment and structures that are used to produce goods and services