2024年2月18日发(作者：)

Scarcity the limited nature of society’s resources

Economics the study of how society manages its scarce resources

Efficiency the property of society getting the most it can from its scarce resources

Equity the property of distributing economic prosperity fairly among the members of society

Opportunity cost whatever must be given up to obtain some item

Marginal changes small incremental adjustments to a plan of action

Market economy an economy that allocates resources through the decentralized decisions of many

firms and households as they interact in markets for goods and services

Market failure a s/tuition in which a market left on its own fails to allocate resources efficiently

Externality the impact of one person’s actions on the well-being of a bystander

Market power the ability of a single economic actor (or small group of actors) to have a

substantial influence on market prices

Productivity the quantity of goods and services produced from each hour of a worker’s time

Inflation an increase in the overall level of prices in the economy

Philips curve a curve that shows the short-run tradeoff between inflation and unemployment

Business cycle fluctuations in economic activity，such as employment and produaion

Circular-flow diagram a visual model of the economy that shows how dollars flow through

markets among households and firms

Production possibilities frontier a graph that shows the combinations of output that the economy

can possibly produce given the available factors of production and the available production

technology

Positive statements claims that attempt to do describe the world as it is

Normative statements claims that attempt to prescribe how the world should be

Absolute advantage the comparison among producers of a good according to their productivity

Opportunity cost whatever must be given up to obtain some item

Comparative advantage the comparison among producers of a good according to their opportunity

cost

Imports goods produced abroad and sold domestically

Exports goods produced domestically and sold abroad

Market a group of buyers and sellers of a particular good or service

Competitive market a market in which there are many buyers and many sellers so that each has a

negligible impact on the market price

Quantity demanded the amount of a good that buyers are willing and able to-purchase

Law of demand the claim that, other things equal, the quantity demanded of a good falls when the

price of the good rises

Demand schedule a table that shows the relationship between the price of a good and-the quantity

demanded

Demand curve a graph of the relationship between the price of a good and the quantity demanded

Normal good a good for which, other things equal, an increase in income leads to an increase in

demand

Inferior good a good for which, other things equal, an increase in income leads ‘to a decrease in

demand

Substitutes two goods for which an increase in the price of one leads to an increase in the demand

for the other

Complements two goods for which an increase in the price of one leads to a decrease in the

demand for the other

Quantity supplied the amount of a good that sellers are willing and able to sell

Law of supply the claim that, other things equal, the quantity supplied of a good rises when the

price of the good rises

Supply schedule a table that shows the relationship between the price of a good and the quantity

supplied

Supply curve a graph of the relationship between the price of a good and the quantity supplied

Equilibrium a situation in which the price has reached the level where quantity supplied equals

quantity demanded

Equilibrium price the price that balances quantity supplied and quantity demanded

Equilibrium quantity the quantity supplied and the quantity demanded at the equilibrium price

Surplus a situation in which quantity supplied is greater than quantity demanded

Shortage a situation in which quantity demanded is greater than quantity supplied

Laws of supply and demand the claim that the price of any good adjusts to bring the quantity

supplied and the quantity demanded for that good into balance

Elasticity a measure of the responsiveness of quantity demanded or quantity supplied to one of its

determinants

Price elasticity of demand a measure of how much the quantity demanded of a good responds to a

change in the price of that good, computed as the e percentage change in quantity demanded

divided by the percentage change in price

Income elasticity of demand a measure of how much the quantity demanded of a good responds

to a change in consumers’ income, computed as the percentage change tn quantity demanded

divided by the percentage change in income

Cross-price elasticity of demand a measure of how much the quantity demanded of one good

respond to a change in the price of another good, computed as the percentage change m quantity

demanded of the first good divided by the percentage change in the price of the second good

Price elasticity of supply a measure of how much the quantity supplied of a good responds to a

change in the price of that good, computed as the percentage change in quantity supplied divided

by the percentage change in price

Price ceiling a legal maximum on the price at which a good can be sold

Price floor a legal minimum on the price at which a good can be sold

Tax incidence the manner in which the burden of a tax is shared among participants in a market

Welfare economics the study of how the allocation of resources affects economic well-being

Willingness to pay the maximum amount that a buyer will pay for a good

Consumer surplus a buyer’s willingness to pay minus the amount the buyer actually pays

Cost the value of everything a seller must give up to produce a good

Producer surplus the amount a seller is paid for a good minus the seller’s cost

Efficiency the property of a resource allocation of maximizing the total surplus received by all

members of society

Equity the fairness of the distribution of well-being among the members of society

Deadweight loss the fall in total surplus that results from a market distortion, such as a tax

World price the price of a good that prevails in the world market for that good

Tariff a tax on goods produced abroad and sold domestically

Import quota a limit on the quantity of a good that can be produced abroad and sold domestically

Externality the uncompensated impact of one person’s actions on the well-being of a bystander

Internalizing an externality altering incentives so that people take account of the external effects of

their actions

Coase theorem the proposition that if private parties can bargain without cost over the allocation

of resources, they can solve the problem of externalities on their own

Transaction costs the costs that parties incur in the process of agreeing and following through on a

bargain

Pigovian tax a tax enacted to correct the effects of a negative externality

Excludability the property of a good whereby a person can be prevented from using it

Rivalry the property of a good whereby one person’s use diminishes other people’s use

Private goods goods that are both excludable and rival

Public goods goods that are neither excludable nor rival

Common resources goods that are rival but not excludable

Free rider a person who receives the benefit of a good but avoids paying for it

Cost-benefit analysis a study that compares the costs and benefits to society of providing a public

good

Tragedy of the Commons a parable that illustrates why common resources get used more than is

desirable from the standpoint of society as a whole

Budget surplus an excess of government receipts over government spending

Budget deficit an excess of government spending over government receipts

Average tax rate total taxes paid divided by total income

Marginal tax rate the extra taxes paid on an additional dollar of income

Lump-sum tax a tax that is the same amount for every person

Benefits principle the idea that people should pay taxes based on the benefits they receive from

government services

Ability-to-pay principle the idea that taxes’ should be levied on a person according to how well

that person can shoulder the burden

Vertical equity the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

Horizontal equity the idea that taxpayers with similar abilities to pay taxes should pay the same

amount

Proportional tax a tax for which high-income and low-income taxpayers pay the same fraction of

income

Regressive tax a tax for which high-income taxpayers pay a smaller fraction of their income than

do low-income taxpayers

Progressive tax a tax for which high-income taxpayers pay a larger fraction of their income than

do low-income taxpayers

Total revenue the amount a firm receives for the sale of its output

Total cost the market value of the inputs a firm uses in production

Profit total revenue minus total cost

Explicit costs input costs that require an outlay of money by the firm

Implicit costs input costs that do not require an outlay of money by the firm

Economic profit total revenue minus total cost, including both explicit and implicit costs

Accounting profit total revenue minus total explicit cost

Production function the relationship between quantity of inputs used to make a good and the

quantity of output of the good

Marginal product the increase in output that arises from an additional unit of input

Diminishing marginal product the property whereby the marginal product of an input declines as

the quantity of the input increases

Fixed costs costs that do not vary with the quantity of output produced

Variable costs costs that do vary with the quantity of output produced

Average total cost total cost divided by the quantity of output

Average fixed cost fixed costs divided by the quantity of output

Average variable cost variable costs divided by the quantity of output

Marginal cost the increase in total cost that arises from an extra unit of production

Efficient scale the quantity of output that minimizes average total cost

Economies of scale the property whereby long-run average total cost falls as the quantity of output

increases

Diseconomies of scale the property whereby long-run average total cost rises as the quantity of

output increases

Constant returns to scale the property whereby long-run average total cost stays the same as the

quantity of output changes

Competitive market a market with many buyers and sellers trading identical products so that each

buyer and setter is a price taker

Average revenue total revenue divided by the quantity sold

Marginal revenue the change in total revenue from an additional unit sold

Sunk cost a cost that has already been committed and cannot be recovered

Monopoly a firm that is the sole seller of a product without close substitutes

Natural monopoly 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

Price discrimination the business practice of selling the same good at different prices to different

customers

Oligopoly a market structure in which only a few settlers offer similar or identical products

Monopolistic competition a market structure in which many firms sell products that are similar but

not identical

Collusion an agreement among firms in a market about quantities to produce or prices to charge

Cartel a group of firms acting in unison

Nash equilibrium a situation in which economic actors interacting with one another each choose

their best strategy given the strategies that a/l the other actors have chosen

Game theory the study of how people behave in strategic situations

Prisoners’ dilemma a particular “game’ between two captured prisoners that illustrates why

cooperation is difficult to maintain even when it is mutually beneficial

Dominant strategy a strategy that is best for a player in a game regardless of the strategies chosen

by the other players

Monopolistic competition a market structure in which many firms sell products that are similar but

not identical

Factors of production the inputs used’ to produce goods and services

Production function the relationship between the quantity of inputs used to make a good and the

quantity of output of that good

Marginal product of labor the increase in the amount of output from an additional unit of labor

Diminishing marginal product the property whereby the marginal product of an input declines as

the quantity of the input increases

Value of the marginal product the marginal product of an input times the price of the output

Capital the equipment and structures used to produce goods and services

Compensating differential a difference in wages that arises to offset the nonmonetary

characteristics of different jobs

Human capital the accumulation of investments in people, such as education and on-the-job

training

Union a worker association that bargains with employers over wages and working conditions

Strike the organized withdrawal of labor from a firm by union

Efficiency wages above-equilibrium wages paid by firms in order to increase worker productivity

Discrimination the offering of different opportunities to similar individuals who differ only by

race, ethnic group, sex, age, or other personal characteristics

Poverty rate the percentage of the population whose family income falls below an absolute level

called the poverty line

Poverty line an absolute level of income set by the federal government for each family size below

which a family is deemed to be in poverty

In-kind transfers transfers to the poor given in the form of goods and services-rather than cash

Life cycle the regular pattern of income variation over a person’s life

Permanent income a person’s normal income

Utilitarianism the political philosophy according to which the government should choose policies

to maximize the total utility of everyone in society

Utility a measure of happiness or satisfaction

Liberalism the political philosophy according to which the government should choose policies

deemed to be just, as evaluated by an impartial observer behind a “veil of ignorance’’

Maximin criterion the claim that the government should aim to maximize the well-being of the

worst-off person in society

Libertarianism the political philosophy according to which the government should punish crimes

and enforce voluntary agreements but not redistribute income

Welfare government programs that supplement the incomes of the needy

Negative income tax a tax system that collects revenue from high-income households and gives

transfers to tow-income households

Budget constraint the limit on the consumption bundles that a consumer can afford

Indifference curve a curve that shows consumption bundles that give the consumer the same level

of satisfaction

Marginal rate of substitution the rate at which a consumer is willing to trade one good for another

Perfect substitutes two goods with straight-line indifference curves

Perfect complements two goods with right-angle indifference curves

Normal good a good for which an increase in income raises the quantity demanded

Inferior good a good for which an increase in income reduces the quantity demanded

Income effect the change in consumption that results when a price change moves the consumer to

a higher or lower indifference curve

Substitution effect the change in consumption that results when a price change moves indifference

curve to a point with new marginal rate of substitution

Giffen good a good tor which an increase in the price raises the quantity demanded

Moral hazard the tendency of a person who is imperfectly monitored to engage in dishonest or

otherwise undesirable behavior

Agent a person who is performing an act for another person, called the principal

Principal a person for whom another person, called the agent, is performing some act

Adverse selection the tendency for the mix of unobserved attributes to become undesirable from

the standpoint of an uninformed party

Signaling an action taken by an informed party to reveal private information to an uninformed

party

Screening an action taken by an uninformed party to induce an informed party to reveal

information

Condorcet paradox the failure of majority rule to produce transitive preferences for society

Arrow’s impossibility theorem a mathematical result showing that, under certain assumed

conditions, there is no scheme for aggregating individual preferences into a valid set of social

preferences

Ability-to-Pay principle (税收的)能力支付原则the idea that taxes should be levied on a person

according to how well that person can shoulder the burden

Absolute advantage绝对优势the comparison among producers of a good according to their

productivity

Accounting profit会计利润 total revenue minus total explicit cost

Adverse selection逆向选择the tendency for the mix of unobserved attributes to become

undesirable from the standpoint of an uninformed party

Agent代理人 a person who is performing an act for another person, called the principal

Arrow ’s impossibility theorem阿罗不可能定理 a mathematical result showing that, under

certain assumed conditions, there is no scheme for aggregating individual preferences into a valid

set of social preferences

Average fixed cost平均固定成本 fixed costs divided by the quantity of output

Average revenue平均收益 total revenue divided by the quantity sold

Average tax rate平均税率 total taxes paid divided by total income

Average total cost平均总成本 total cost divided by the quantity of output

Average variable cost平均可变成本 variable costs divided by the quantity of output

Benefits principle受益原则 the idea that people should pay taxes based on the benefits they

receive from government services

Budget constraint预算约束 the limit on the consumption bundles that a consumer can afford

Budget deficit预算赤字 an excess of government spending over government receipts

Budget surplus预算盈余 an excess of government receipts over government spending

Business cycle经济周期 fluctuations in economic activity, such as employment and production

Capital资产 the equipment and structures used to produce goods and services

Cartel卡特尔a group of firms acting in unison

Circular-flow diagram循环流向图 a visual model of the economy that shows how dollars flow

through markets among households and firms

Coase theorem科斯定理 the proposition that if private parties can bargain without cost over

the allocation of resources, they can solve the problem of externalities on their own

Collusion共谋 an agreement among firms in a market about quantities to produce or prices to

charge

Common resources共源 goods that are rival but not excludable

Comparative advantage比较优势 the comparison among producers of a good according to their

opportunity cost

Compensating differential补偿性工资差别 a difference in wages that arises to offset the

nonmonetary characteristics of different jobs

Competitive market竞争性市场 a market with many buyers and sellers trading identical

products so that each buyer and seller is a price taker

Complements互补性商品 two goods for which an increase in the price of one leads to a

decrease in the demand for the other

Condorcet paradox孔多塞悖论（投票悖论） the failure of majority rule to produce transitive

preferences for society

Constant returns to scale规模报酬不变 the property whereby long-run average total cost stays

the same as the quantity of output changes

Consumer surplus消费者剩余 a buyer’s willingness to pay minus the amount the buyer actually

pays

Cost成本 the value of everything a seller must give up to produce a good

Cost-benefit analysis成本收益分析 a study that compares the costs and benefits to society of

providing a public good

Cross-price elasticity of demand需求的交叉价格弹性 a measure of how much the quantity

demanded of one good responds to a change in the price of another good, computed as the

percentage change in quantity demanded of the first good divided by the percentage change in the

price of the second good

Deadweight loss无谓损失 the fall in total surplus that results from a market distortion, such as a

tax

Demand curve需求曲线 a graph of the relationship between the price of a good and the

quantity demanded

Demand schedule需求表 a table that shows the relationship between the price of a good and

the quantity demanded

Diminishing marginal product边际产品递减 the property whereby the marginal product of an

input declines．As the quantity of the input increases

Discrimination歧视 the offering of different opportunities to similar individuals who differ

only by race, ethnic group, sex, age, or other personal characteristics

Diseconomies of scale规模不经济 the property whereby long-run average total cost rises as the

quantity of output increases

Dominant strategy占优策略 a strategy that is best for a player in a game regardless of the

strategies chosen by the other players

Economic profit经济利润 total revenue minus total cost, including both explicit and implicit

costs

Economics经济学 the study of how society manages its scarce resources

Economies of scale规模经济 the property whereby long-run average total cost falls as the

quantity of output increases

Efficiency效率 the property of society getting the most it can from its scarce resources

Efficiency wages效率工资 above-equilibrium wages paid by firms in order to increase worker

productivity

Efficient scale有效规模 the quantity of output that minimizes average total cost

Elasticity弹性 a measure of the responsiveness of quantity demanded or quantity supplied to

one of its determinants

Equilibrium均衡 a situation in which the price has reached the level where quantity supplied

equals quantity demanded

Equilibrium price均衡价格 the price that balances quantity supplied and quantity demanded

Equilibrium quantity均衡数量 the quantity supplied and the quantity demanded at the

equilibrium price

Equity平等 the property of distributing economic prosperity fairly among the members of

society

Excludability排他性 the property of a good whereby a person can be prevented from using it

Explicit costs显性成本 input costs that require an outlay of money by the firm

Exports出口 goods produced domestically and sold abroad

Externality外部性 the uncompensated impact of one person’s actions on the wellbeing of a

bystander

Factors of production生产要素 the inputs used to produce goods and services

Fixed casts固定成本 costs that do not vary with the quantity of output produced

Free rider免费搭车者 a person who receives the benefit of a good but avoids paying for it

Game theory博弈论 the study of how people behave in strategic situations

Giffen good吉芬商品 a good for which an increase in the price raises the quantity demanded

Horizontal equity横向公平 the idea that taxpayers with similar abilities to pay taxes should

pay the same amount

Human capital人力资本 the accumulation of investments in people, such as education and

on-the-job training

Implicit costs隐性成本 input costs that do not require an outlay of money by the firm

Import quota进口配额 a limit on the quantity of a good that can be produced abroad and

sold domestically

Imports进口 goods produced abroad and sold domestically

Income effect收入效应 the change in consumption that results when a price change moves

the consumer to a higher or lower indifference curve

Income elasticity of demand需求的收入弹性 a measure of how much the quantity demanded of

a good responds to a change in consumers’ income, computed as the percentage change in quantity

demanded divided by the percentage change in income

Indifference curve无差异曲线 a curve that shows consumption bundles that give the consumer

the same level of satisfaction

Inferior good低档物品 a good for which, other things equal, an increase in income leads

to a decrease in demand

Inflation通货膨胀 an increase in the overall level of prices in the economy

In-kind transfers实物转移支付 transfers to the poor given in the form of goods and services

rather than cash

Internalizing an externality外部性的内在化 altering incentives so that people take account of

the external effects of their actions

Law of demand需求定理 the claim that, other things equal, the quantity demanded of a good

falls when the price of the good rises

Law of supply and demand需求与供给定理 the claim that the price of any good adjusts to

bring the quantity supplied and the quantity demanded for that good into balance

Liberalism自由主义 the political philosophy according to which the government should

choose policies deemed to be just, as evaluated by an impartial observer behind a “veil of

ignorance”

Libertarianism自由至上主义 the political philosophy according to which the government

should punish crimes and enforce voluntary agreements but not redistribute income

Life cycle生命周期 the regular pattern of income variation over a person’s life

Lump-sum tax定额税 a tax that is the same amount for every person

Macroeconomics宏观经济学 the study of economy-wide phenomena, including inflation,

unemployment, and economic growth

Marginal changes边际变动 small incremental adjustments to a plan of action

Marginal cost边际成本 the increase in total cost that arises from an extra unit of production

Marginal product边际产品 the increase in output that arises from an additional unit of input

Marginal product of labor劳动的边际产品 the increase in the amount of output from an

additional unit of labor

Marginal rate of substitution边际替代率 the rate at which a consumer is willing to trade one

good for another

Marginal revenue边际收益 the change in total revenue from an additional unit sold

Marginal tax rate边际税率 the extra taxes paid on an additional dollar of income

Market市场 a group of buyers and sellers of a particular good or service

Market economy市场经济 an economy that allocates resources through the decentralized

decisions of many firms and households as they interact in markets for goods and services

Market failure市场失灵 a situation in which a market left on its own fails to allocate resources

efficiently

Market power市场势力 the ability of a single economic actor (or small group of actors) to

have a substantial influence on market prices

Maximin criterion极大极小准则 the claim that the government should aim to maximize the

well-being of the worst-off person in society

Median voter theorem中位选举人定理 a mathematical result showing that if voters are

choosing a point along a line and each voter wants the point closest to his most preferred point,

then majority rule will pick the most preferred point of the median voter

Microeconomics微观经济学 the study of how households and firms make decisions and how

they interact in markets

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

Moral hazard道德风险 the tendency of a person who is imperfectly monitored to engage in

dishonest or otherwise undesirable behavior

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

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

Negative income tax负所得税 a tax system that collects revenue from high-income

households and gives transfers to low-income households

Normal good正常商品 a good for which, other things equal, an increase in income leads to

an increase in demand

Normative statements规范性表述 claims that attempt to prescribe how the world should be

Oligopoly寡头 a market structure in which only a few sellers offer similar or identical

products

Opportunity cost机会成本 whatever must be given up to obtain some item

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持久性收入 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

Pigovian tax庇古税 a tax enacted to correct the effects of a negative externality

Positive statements实证表述 claims that attempt to describe the world as it is

Poverty line贫困线 an absolute level of income set by the federal government for each family

size below which a family is deemed to be in poverty

Poverty rate贫困率 the percentage of the population whose family income falls below an

absolute level called the ‘poverty line

Price ceiling价格天花板（上限） a legal maximum on the price at which a good can be sold

Price discrimination价格歧视 the business practice of selling the same good at different prices

to different customers

Price elasticity of demand需求的价格弹性 a measure of how much the quantity demanded of a

good responds to a change in the price of that good, computed as the percentage change in

quantity demanded divided by the percentage change in price

Price elasticity supply供给的价格弹性 a measure of how much the quantity supplied of a good

responds to a change in the price of that good, computed as the percentage change in quantity

supplied divided by the percentage change in price

Price floor价格地板I下限） a legal minimum on the price at which a good can be sold

Principal委托人 a person for whom another person, called the agent, is performing some act

Prisoners’ dilemma囚徒困境 a particular “game” between two captured prisoners that illustrates

why cooperation is difficult to maintain even when it is mutually beneficial

Private goods私人物品 goods that are both excludable and rival

Producer surplus生产者剩余 the amount a seller is paid for a good minus the seller’s cost

Production function生产函数 the relationship between quantity of inputs used to make a

good and the quantity of output of that good

Production possibilities frontier生产可能性曲线 a graph that shows the combinations of output

that the economy can possibly produce given the available factors of production and the available

production technology

Productivity生产率 the quantity of goods and services produced from each hour of a worker’s

time

Profit利润 total revenue minus total cost

Progressive tax累进税 a tax for which high-income taxpayers pay a larger fraction of their

income than do low-income taxpayers

Proportional tax比例税 a tax for which high-income and low-income taxpayers pay the same

fraction of income

Public goods公共产品 goods that are neither excludable nor rival

Quantity demanded需求数量 the amount of a good that buyers are willing and able to purchase

Quantity supplied供给数量 the amount of a good that sellers are willing and able to sell

Regressive tax累退税 a tax for which high-income taxpayers pay a smaller fraction of their

income than do low-income taxpayers

Rivalry竞争 the property of a good whereby one person’s use diminishes other people’s use

Scarcity稀缺性 the limited nature of society’s resources

Screening筛选 an action taken by an uninformed party to induce an informed party to reveal

information

Shortage短缺 a situation in which quantity demanded is greater than quantity supplied

Signaling信号显示 an action taken by an informed party to reveal private information to an

uninformed party

Strike罢工 the organized withdrawal of labor from a firm by a union

Substitutes替代品 two goods for which an increase in the price of one leads to an increase in

the demand for the other

Substitution effect替代效应 the change in consumption that results when a price change moves

the consumer along a given indifference curve to a point with a new marginal rate of substitution

Sunk cost沉淀成本 a cost that has already been committed and cannot be recovered

Supply curve供给曲线 a graph of the relationship between the price of a good and the quantity

supplied

Supply schedule供给表 a table that shows the relationship between the price of a good and the

quantity supplied

Surplus过剩 a situation in which quantity supplied is greater than quantity demanded

Tariff关税 a tax on goods produced abroad and sold domestically

Tax incidence税收归宿 the manner in which the burden of a tax is shared among participants

in a market

Total cost总成本 the market value of the inputs a firm uses in production

Total revenue (for a firm)总收益 the amount a firm receives for the sale of its output

Total revenue (in a market)总收益 the amount paid by buyers and received by sellers of a good,

computed as the price of the good times the quantity sold

Tragedy of the Commons公共地的悲剧 a parable that illustrates why common resources get

used more than is desirable from the standpoint of society as a whole

Transaction costs交易成本 the costs that parties incur in the process of agreeing and following

through on a bargain

Union工会 a worker association that bargains with employers over wages and working

conditions

Utilitarianism功利主义 the political philosophy according to which the government should

choose policies to maximize the total utility of everyone in society

Utility效用 a measure of happiness or satisfaction

Value of the marginal product边际产品价值 the marginal product of an input times the price of

the output

Variable costs可变成本 costs that vary with the quantity of output produced

Vertical equity纵向公平 the idea that taxpayers with a greater ability to pay taxes should pay

larger amounts

Welfare福利 government programs that supplement the incomes of the needy

Welfare economics福利经济学 the study of how the allocation of resources affects economic

well-being

Willingness to pay支付意愿 the maximum amount that a buyer will pay for a good

World price世界价格 the price of a good that prevails in the world market for that good