MBA联考英语单词

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L

Labor force 劳动力
The total number of workers, including both the employed and unemployed

Labor-force participation rate 劳动力参工率
The percentage of the population that is in the labor force

Law of demand 需求规律
The claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

Law of supply 供给规律
The claim that, others things being equal, the quantity supplied of a good rises when the price of the good rises

Law of supply and demand 供求规律
The claim that the price of any good adjusts to bring the supply and demand for that good into balance

Life Cycle 生命周期
The regular pattern of income variation over a persons life

Liquidity 流动性
The ease with which an asset can be converted into the economys medium of exchange

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

learning by doing 干中学
the increase in productivity that occurs as a firm gains experience from producing, and that results in a decrease in the firms production costs

learning curve 学习曲线；经验曲线
the curve describing how costs of production decline as cumulative output increases over time

less developed countries (LDCs) 发展中国家
the poorest nations of the world, including much of Africa, Latin America, and Asia

life-cycle hypothesis 生命周期假说
the theory that individuals typically save when they are young and working and spend their savings as they age and retire

life-cycle savings motive 生命周期储蓄动机
people save during their working lives so that they can consume more during retirement

limit pricing 限制性定价
the practice of charging a lower price than the level at which marginal revenue equals marginal cost, as a way of deterring entry by persuading potential competitors that their profits from entering are likely to be limited

Lorenz curve 洛伦兹曲线
a curve that shows the cumulative proportion of income that goes to each cumulative proportion of the population, starting with the lowest income group

Luddites 卢德派分子
early nineteenth-century workmen who destroyed labor-saving machinery rather than see it taking over their jobs

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M

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 边际产量
The increase in output that arises from an additional unit of input

Marginal product of labor 劳动的边际产量
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 for loanable funds 可贷资金市场
The market in which those who want to save supply funds and those who want to borrow to invest demand funds

Market power 市场力量
The ability of a single economic factor (or small group of factors) to have a substantial influence on market prices

Medium of exchange 交换媒介
An item that buyers give to sellers when they want to purchase goods and services

Menu costs 菜单成本
The costs of changing prices

Microeconomics 微观经济学
The study of how households and firms make decisions and how they interact in markets

Model of aggregate supply and aggregate demand 总需求与总供给模型
The model that most economists use to explain short-run fluctuations in economic activity around its long-run trend

Monetary neutrality 货币中性
The proposition that changes in the money supply do not affect real variables

Monetary policy 货币政策
The setting of the money supply by policymakers in the central bank

Money 货币
The set of assets in the economy that people regularly use to buy goods and services from other people

Money multiplier 货币乘数
The amount of money the banking system generates with each dollar of reserves

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

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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 nations 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 countrys 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 countrys 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 1980s, 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 1980s, 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

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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

Okuns 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 nations 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

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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 persons 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

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 a percentage change in quantity demanded divided by the percentage change in price

Price elasticity of supply 供给价格弹性
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 价格下限
A legal minimum on the price at which a good can be sold

Prisoners dilemma 囚犯的两难处境
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

Private saving 私人储蓄
The income that households have left after paying for taxes and consumption

Producer price index 生产物价指数
A measure of the cost of a basket of goods and services bought by firms

Producer surplus 生产者剩余
The amount a seller is paid for a good minus the sellers 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 生产可能性边界
A graph that shows the various 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 amount of goods and services produced from each hour of a workers time; The quantity of goods and services produced from each hour of a workers 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 公共物品
Goods that are neither excludable nor rival

Public saving 公共储蓄
The tax revenue that the government has left after paying for its spending

Pareto-efficient allocations 帕雷托有效配置
resource allocations, that cannot make a person better off without making someone else worse off

partial equilibrium analysis 局部均衡分析
an analysis that focuses on only one or a few markets at a time

partnership 合伙制
a business owned by two or more individuals, who share the profits and are jointly liable for any losses

patent 专利
a government decree giving an inventor the exclusive right to produce, use, or sell an invention

paternalism 父爱主义
the making of judgments by government about what is good for people to have, rather than letting people choose on their own

payroll tax 工薪税
a tax based on payroll (wages) that is used to finance the Social Security and Medicare programs

perfect competition 完全竞争
situation in which each firm is a price taker--it cannot influence the market price; at the market price the firm can sell as much as it wishes, but if it raises its price, it loses all sales

perfectly mobile capita 具有完全流动性的资本
capital that responds quickly to changes in returns in different countries

permanent-income hypothesis 永久收入假说
the theory that individuals base their current consumption levels on their permanent (long-run average) income

permanent-income savings motive 永久收入储蓄动机
people save in good years, to tide them over in bad years; they choose their pattern of savings and spending year by year to average or smooth their consumption over good years and bad

piece-rate system 计件工资制度
a compensation system in which workers are paid specifically for each item produced

planned or unplanned inventories 计划或无计划库存
planned inventories are those firms choose to have on hand because they make business more efficient; unplanned inventories result when cannot sell what they produce

policy ineffectiveness 政策无效性命题
the proposition that government policies are ineffective--policies aimed at stimulating aggregate demand at most change the price level

planned economy 计划经济
an economy in which most decisions about resource allocation are made by the government

portfolio theories 资产组合理论
theories that argue that monetary policy affects output through its effect on prices of various assets, in particular the prices of stocks

portfolio 资产组合
an investors entire collection of assets and liabilities

potential GDP 潜在GDP
a measure of what the value of GDP would be if the economys resources were fully employed

potential output 潜在产出
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)

precautionary savings motive 谨慎储蓄动机
people save to guard against the chance of an unexpected illness or accident

predatory pricing 掠夺性定价
the practice of cutting prices below the marginal costs of production to drive out a new firm (or to deter future entry), at which point prices can be raised again

present discounted value 现期贴现值
how much an amount of money to be received in the future is worth right now

price index 价格指数
a measure of the level of prices found by comparing the cost of a certain basket of goods in one year with that cost in a base year

principal 本金
the original amount a saver deposits in a bank or a borrower borrows

principal-agent problem 所有者—代理人问题
any situation in which one party (the principal) needs to delegate actions to another party (the agent), and thus wishes to provide the agent with incentives to work hard and make decisions about risk that reflects the interests of the principal

private marginal cost 私人边际成本
the marginal cost of production borne by the producer of a good; when there is a negative externality, such as air pollution, private marginal cost is less than social marginal cost

privatization 私有化
the process whereby functions that were formally run by the government are delegated instead to the private sector

product differentiation 产品差异
the fact that similar products (like breakfast cereals or soft drinks) are perceived to differ from one another and thus are imperfect substitutes

product market 产品市场
the market in which goods and services are bought and sold

product-mix efficiency 产品组合效应
the condition in which the mix of goods produced by the economy reflects the preferences of consumers

production efficiency 生产效率
the condition in which firms cannot produce more of some goods without producing less of other goods

productivity (GDP per hour) 生产率/平均每人时的GDP
how much an average worker produces per hour, calculated by dividing real GDP by hours worked in the economy

proprietorship 独资企业
a business owned by a single person, usually a small business

protectionism 保护主义
a policy of protecting domestic industries from foreign-made competition

pure profit (monopoly rents) 纯利润或垄断租金
the profit earned by a monopolist that results from its reducing output and increasing the price from the level at which price equals marginal cost

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Quantity demanded 需求量
The amount of a good that buyers are willing and able to purchase

Quantity equation 货币数量方程式
The equation MxV=PxY, which relates the quantity of money, the velocity of money and the dollar value of the economys output of goods and services

Quantity supplied 供给量
The amount of a good that sellers are willing and able to sell

Quantity theory of money 货币数量论
A theory that asserts that the quantity of money available determines the price level and that the growth rate in the quantity of money available determines the inflation rate; The theory that velocity is constant, so that changes in the money supply lead to proportionale changes in nominal income (which also equals the value of output)

quota rents 配额租金
profits that accrue to firms which are allocated the rights to import a good subject to quotas that result from the artificially created scarcity

quotas 配额
limits on the amount of foreign goods that can be imported

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Quantity demanded 需求量
The amount of a good that buyers are willing and able to purchase

Quantity equation 货币数量方程式
The equation MxV=PxY, which relates the quantity of money, the velocity of money and the dollar value of the economys output of goods and services

Quantity supplied 供给量
The amount of a good that sellers are willing and able to sell

Quantity theory of money 货币数量论
A theory that asserts that the quantity of money available determines the price level and that the growth rate in the quantity of money available determines the inflation rate; The theory that velocity is constant, so that changes in the money supply lead to proportionale changes in nominal income (which also equals the value of output)

quota rents 配额租金
profits that accrue to firms which are allocated the rights to import a good subject to quotas that result from the artificially created scarcity

quotas 配额
limits on the amount of foreign goods that can be imported

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Rational expectations 理性预期
The theory according to which people optimally use all the information they have, including information about government policies, when forecasting the future

Real GDP 实际GDP
The production of goods and services valued at constant prices

Real exchange rate 实际汇率
The rate at which a person can trade the goods and services of one country for the goods and services of another

Real interest rate 实际利率
The interest rate corrected for the effects of inflation

Real variables 实际变量
Variables measured in physical units

Recession 衰退
A period of declining real incomes and rising unemployment

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

Reserve ratio 准备金率
The fraction of deposits that banks hold as reserves

Reserve requirements 法定准备金
Regulations on the minimum amount of reserves that banks must hold against deposits

Reserves 准备金
Deposits that banks have received but have not lent out

Rivalness 竞争性
The property of a good that one persons use diminishes other peoples use

random walk 随机行走
a term used to describe the way prices of stock move, where the next movement cannot be predicted on the basis of previous movements

rationing systems 配给制
ways of distributing goods that do not rely on prices, such as queues, lotteries, and coupons

real balance effect 实际余额效应
as prices fall, the real value of peoples money holdings increases, and they consume more

real business-cycle theorists 实际经济周期理论家
a school of economists who contend that the economys fluctuations have nothing to do with monetary policy but are determined by real forces

real income 实际收入
income measured by what it can actually buy, rather than by the amount of money

real product wage 实际产品工资
the wage divided by the price of the good being produced

regulatory capture 管制俘虏
a term used to describe a situation in which regulators serve the interests of the regulated rather than the interests of consumers

relative performance compensation 相对表现补偿
pay (compensation) based on performance on the job relative to others who have similar responsibilities and authority

rent seeking 寻租
the name given to behavior that seeks to obtain benefits from favorable government decisions, such as protection from foreign competition

revenue curve 收益曲线
the relationship between a firms total output and its revenue

revenues 收益
the amount a firm receives for selling its products, equal to the price received multiplied by the quantity sold

right-to-work laws 工作权利法
laws that prevent union membership from being a condition of employment

risk averse / loving / neutral 厌恶风险/喜爱风险/中性风险
given equal expected returns and different risks risk averse people will choose assets with lower risk, risk loving people will choose assets with higher risk, and risk-neutral individuals will not care about differences in risk

risk premium 风险收益
the additional interest required by lenders as compensation for the risk that a borrower may default; more generally, the extra return required to compensate an investor

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Sacrifice ratio 牺牲率
The number of percentage points of annual output that is lost in the process of reducing inflation by one percentage point

Scarcity 希缺性
The limited nature of societys resources

Shoeleather costs 皮鞋成本
The resources wasted when inflation encourages people to reduce their money holdings

Stagflation 滞胀
A period of falling output and rising prices

Stock 股票
A claim to partial ownership in a firm

Store of value 价值储藏
An item that people can use to transfer purchasing power from the present to the future

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 good leads to an increase in the demand for the other good

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

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

screening 筛选
the process of differentiating among job candidates, when there is incomplete information, to determine who will be the most productive

shadow price 影子价格
the true social value of a resource

signaling 信号
conveying information, for example by earning a college-degree, to persuade an employer that a prospective worker has desirable characteristics that will enhance his productivity

slope 斜率
the amount by which the value along the vertical axis increases as a result of a change in a unit along the horizontal axis; the slope is calculated by dividing the change in the vertical axis (the "rise") by the change in the horizontal axis (the "run")  

Smiths "invisible hand" 斯密“看不见的手”
the idea that if people act in their own self-interest, they will often also be acting in a broader social interest, as if they had been directed by an "invisible hand"

smoothing consumption 均匀消费
consuming similar amounts in the present and future, rather than letting year-to-year income dictate consumption

social marginal cost 社会边际成本
the marginal cost of production, including the costs of any negative externality, such as air pollution, borne by individuals in the economy other than the producer

socialism 社会主义
an economic system in which the means of production are controlled by the state

soft budget constraints 软预算约束
budget constraints facing a firm in which the government subsidizes any losses

static expectations 静态预期
the belief of individuals that todays prices and wages are likely to continue into the future

sticky prices 粘性价格
prices that do not adjust or only adjust slowly toward a new equilibrium

sticky wages 粘性工资
wages that are slow to adjust in response to a change in labor market conditions

stock statistics 存量统计
measurements of the quantity of a certain item at a certain point in time, such as capital stock, the total value of buildings and machines

sunk cost 沉没成本
a cost that has been incurred and cannot be recovered

supply-constrained equilibrium 供给约束的均衡
the equilibrium that occurs when prices are stuck at a level below that at which aggregate demand equals aggregate supply; in a supply-constrained equilibrium, output is equal to aggregate supply but less than aggregate demand

surplus labor 剩余劳动
a great deal of unemployed or under employed labor, readily available to potential employers

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Tariff 关税
A tax on goods produced abroad and sold domestically

Tax incidence 税收归宿
The study of who bears the burden of taxation

Technological knowledge 技术知识
Societys understanding of the best ways to produce goods and services

Theory of liquidity preference 流动偏好理论
Keynes theory that the interest rate adjusts to bring money supply and money demand into balance

Total cost 总成本
The amount a firm pays to buy the inputs into production

Total revenue 总收益
The amount a firm receives for the sale of its output; The amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

Trade balance 贸易余额
The value of a nations exports minus the value of its imports, also called net exports

Trade deficit 贸易赤字
An excess of imports over exports

Trade policy 贸易政策
A government policy that directly influences the quantity of goods and services that a country imports or exports

Trade surplus 贸易盈余
An excess of exports over imports

Tragedy of the Commons 公用地悲剧
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

tacit collusion 暗中勾结
collusive behavior among the firms of an oligpoly based on an implicit understanding that it is in each firms best interest not to compete too vigourously; they tacitly understand that it is undesirable to undercut each others prices, but there is no open discussion about price fixing

takeover 收购
when one management team (one firm) takes over the control of another

target savings motive 目标储蓄动机
people save for a particular target, for example to make a down payment on a house or to pay college tuition

tax expenditures 税收支出
the revenue lost from a tax subsidy

tax-favored assets
the return on these assets receives favorable tax treatment, such as tax-exempt municipal bonds

tax subsidies 税收补贴
subsidies provided through the tax system to particular industries or to particular expenditures, in the form of favorable tax treatment

technological risks 技术风险
risks facing a firm associated with technology, such as whether a new technology will work or be reliable

theorem 定理
a logical proposition that follows from basic definitions and assumptions

theory 理论
a set of assumptions and the conclusions derived from those assumptions put forward as an explanation for some phenomena

thin markets 薄弱市场
markets with relatively few buyers and sellers

tie-ins 搭售
a restrictive practice in which a customer who buys one product must buy another

time constraints 时间约束
the limitations on consumption of different goods imposed by the fact that households have only a limited amount of time to spend (twenty-four hours a day). The time constraint defines the opportunity set of individuals if the only constraint that they face is time

time value of money 货币的时间价值
the fact that a dollar today is worth more than a dollar in the future is called the time value of money

total factor productivity analysis 总生产要素分析
the analysis of the relationship between output and the aggregate of all inputs; total factor productivity growth is calculated as the difference between the rate of growth of output and the weighted average rate of growth of inputs, where the weight associated with each input is its share in GDP

trade creation 贸易创造
new trade that is generated as a result of lowered tariff barriers

trade diversion 贸易多样化
trade that is diverted away from outside countries as a result of lowering tariffs between the members of a trading bloc

trade-offs 交易
the amount of one good (or one desirable objective) that must be given up to get more of another good (or to attain more of another desirable objective)

trade secret 商业秘密
an innovation or knowledge of a production process that a firm does not disclose to others

trading blocs 商业集团
groups of countries that agree to lower trade and other economic barriers among themselves

traditional monetary theory 传统货币理论
the theory (first developed by John Maynard Keynes, and therefore sometimes referred to as Keynesian monetary theory) that the nominal interest rate is the opportunity cost of holding money, that the demand for money decreases as the interest rate rises, and that the interest rate is determined to equate the demand and supply of money

transactions demand for money 货币的交易需求
the demand for money arising from its use in buying goods and services

transfer programs 转移支付计划
programs directly concerned with redistribution, such as AFDC and Medicaid, that move money from one group in society to another

transplants 移植
plants constructed in one country by firms based in another. U.S. factories producing Mazdas and Toyotas are Japanese transplants

Treasury bills (T-bills) 短期国库券
bills the government sells in return for a promise to pay a certain amount in a short period, usually less than 180 days

trough 波谷
the bottom of a recession

trusts 信托公司
organizations that attempted to control certain markets in the late nineteenth century; they were designed to allow an individual or group owning a small fraction of the total industry to exercise control

two-tier wage system 双重工资系统
wage systems in which newly hired workers are paid lower wages than established workers are paid