Excess demand 超額需求
A situation in which quantity demanded is greater than quantity supplied
 
Excess supply 超額供給
A situation in which quantity supplied is greater than quantity demanded
 
Excludability 排他性
The property of a good that a person can be prevented from using it
 
Exports 出口
Goods and services that are produced domestically and sold abroad; Goods produced domestically and sold abroad
 
Externality 外部性
The impact of one person's actions on the well-being of a bystander
 
economic rents 經濟租金
payments made to a factor that are in excess of what is required to elicit the supply of that factor
 
efficiency wage theory 效率工資理論
the theory that paying higher wages (up to a point) lowers total production costs, for instance by leading to a more productive labor force
 
economies of scope 范圍經濟
what exists when it is less expensive to produce two products together than it would be to produce each one separately
 
efficient markets theory 有效市場理論
the theory that all available information is reflected in the current price of an asset
 
elasticity of labor supply 勞動供給彈性
the percentage change in labor supplied resulting from a 1% change in wages
 
equity, shares, stock 股票
terms that indicate part ownership of a firm, which the firm sells in order to raise money, or capital
 
equity capital 股份資本
capital, such as shares (or stock), supplied to a firm by its owners(shareholders); the returns received by the owners are not guaranteed but depend on how well the firm does
 
exchange efficiency 交換的效率
the condition in which whatever the economy produces is distributed among individuals in an efficient way
 
exchange rate 匯率
the rate at which one currency (such as dollars) can be exchanged for another(such as marks, yen, or pounds)
 
excise tax 貨物稅
a tax on a particular good or service
 
expected return 預期收益
the average return--a single number that combines the various possible returns per dollar invested with the chances that each of these returns will actually be paid
 
export-led growth 出口導向型增長
the strategy that government should encourage exports in which the country has a comparative advantage to stimulate growth
 
F
 
Factors of production 生產要素
The inputs used to produce goods and services
 
Federal Reserve (Fed) 聯邦儲備
The central bank of the United States
 
Fiat money 法定貨幣
Money without intrinsic value that is used as money because of government decree
 
Financial intermediaries 金融中介機構
Financial institutions through which savers can indirectly provide funds to borrowers
 
Financial markets 金融市場
Financial institutions through which savers can directly provide funds to borrowers
 
Financial system 金融體系
The group of institutions in the economy that help to match one person's saving with another person's investment
 
Fisher effect 費雪效應
The one-for-one adjustment of the nominal interest rate to the inflation rate
 
Fixed cost 固定成本
Costs that do not vary with the quantity of output produced
 
Fractional-reserve banking 部分準備金銀行體系
A banking system in which banks hold only a fraction of deposits as reserves
 
Free rider 搭便車者
A person who receives the benefit of a good but avoids paying for it
 
factor demand 要素需求
the amount of an input demanded by a firm, given the price of the input and the quantity of output being produced; an input will be demanded up to the point where the value of the input's marginal product equals the price of theinput
 
federal government structure 聯邦政府結構
a system in which government activity takes place at several levels--national, state, county, city, and others
 
firm wealth effect 廠商的財富效應
lower prices or lower demand cause firms' profits and net worth to fall, and this makes them less willing to undertake the risks involved with investment
 
fiscal policies 財政政策
policies that affect the level of government expenditures and taxes
 
fixed exchange rate system 固定匯率體系
an exchange rate system in which the value of each currency is fixed in relationship to other currencies
 
flexible exchange rate system 浮動匯率體系
a system in which exchange rates are determined by market forces, the law of supply and demand, without government interference
 
fixed or overhead inputs 不變投入或分攤投入
inputs that do not change depending on the quantity of output, at least over the short term
 
flow statistics 流量統計
measurements of a certain rate of quantity per period of time, such as GDP, which measures output per year
 
full-employment deficit 充分就業赤字
the budget deficit that would have prevailed if the economy were at full employment, thus with higher tax revenues and lower public assistance expenditures
 
full-employment output/ potential output 充分就業產出或潛在產出
the level of output that would prevail if labor were fully employed (output may exceed that level if workers work more than the normal level of overtime)
 
 
G
 
GDP deflator 平減指數
A measure of the price level calculated as the ratio of nominal GDP to real GDP times 100
 
Game theory 博弈理論
The study of how people behave in strategic situations
 
Giffen good 吉芬物品
A good for which an increase in the price raises the quantity demanded
 
Gross domestic product (GDP) 國內生產總值
The market value of all final goods and services produced within a country in a given period of time
 
Gross national product (GNP) 國名生產總值
The market value of all final goods and services produced by permanent residents of a nation within a given period of time
 
gains from trade 交易所得
the benefits that each side enjoys from a trade
 
GDP per capita 人均國內生產總值
the value of all goods and services produced in the economy divided by population
 
general equilibrium analysis 一般均衡分析
a simultaneous analysis of all capital, product, and labor markets throughout the economy
 
Gini coefficient 基尼系數
a measure of inequality (equal to twice the area between the 45 degree line and the Lorenz curve)
 
green revolution 綠色革命
the invention and dissemination of new seeds and agricultural practices that led to vast increases in agricultural output in LDCs during the 1960's and 1970's
 
 
H
 
Horizontal equity 橫向公平
The idea that taxpayers with similar abilities to pay taxes should pay the same amount
 
Human capital 人力資本
The knowledge and skills that workers acquire through education, training, and experience;The accumulation of investments in people, such as education and on-the-job training
 
horizontal integration 橫向一體化
the integration of a firm with other firms producing the same product (at the same level of production)
 
horizontal merger 橫向兼并
a merger between two firms that produce the same goods
 
horizontal restrictions 橫向約束
restrictions (such as an agreement not to compete in price or to enter each others' markets) by competing firms (at the same level of production, for instance, among producers, or among wholesalers, or among retailers)
 
hostile takeover 惡意收購
when one management team (one firm) takes over the control of another, against the will of the second firm
 
I
 
Import quota 進口限額
A limit on the quantity of a good that can be produced abroad and sold domestically
 
Imports 進口
Goods and services that are produced abroad and sold domestically
 
In-kind transfers 實物轉移支付
Transfers to the poor given in the form of goods and services rather than cash
 
Income effect 收入效應
The change in consumption that results when a price change moves the consumer to a higher or lower indifference curve
 
Income elasticity of demand 需求收入彈性
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
 
Indexation 指數化
The automatic correction of a dollar figure for the effects of inflation by law or contract
 
Indifference curves 無差異曲線
Curves that show consumption bundles that give the consumer the same level of satisfaction A good for which an increase in income reduces the quantity demanded
 
Inferior good 低檔商品
A good for which, other things being equal, an increase in income leads to a decrease in quantity demanded
 
Inflation 通貨膨脹
An increase in the overall level of prices in the economy
 
Inflation rate 通貨膨脹率
The percentage change in the price index from the preceding period
 
Internalizing an externality 外部性的內在化