| 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 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 |
MBA专业术语汇总（O～P）
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