宏观经济学MEASUREING A NATION'S INCOME一国收入的衡量
Microeconomics the study of how households and firms make decisions and how they interact in markets。微观经济学:研究家庭和企业如何做出决策，以及他们如何在市场上相互交易.Macroeconomics the study of economy-wide phenomena,including inflation，unemployment,and economic growth宏观经济学：研究整体经济现象，包括通货膨胀、失业和经济增长。GDP is the market value of final goods and services produced within a country in a given period of time.国内生产总值GDP：给定时期的一个经济体内生产的所有最终产品和服务的市场价值Consumption is spending by households on goods and services， with the exception of purchased of new housing。消费：除了购买新住房，家庭用于物品与劳务的支出。Investment is spending on capital equipment inventories, and structures， including household purchases of new housing.投资:用于资本设备、存货和建筑物的支出,包括家庭用于购买新住房的支出。Government purchases are spending on goods and services by local， state， and federal government.政府支出：地方、州和联邦政府用于物品和与劳务的支出。Net export is spending on domestically produced goods by foreigners （exports) minus spending on foreign goods by domestic residents (imports)净出口：外国人对国内生产
的物品的支出（出口）减国内居民对外国物品的支出（进口）。Nominal GDP is the production of goods and services valued at current prices。 名义GDP：按现期价格评价的物品与劳务的生产。Real GDP is the production of goods and services valued at constant prices。 实际GDP：按不变价格评价的物品和服务的生产。GDP deflator is a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.GDP平减指数:用名义GDP与实际GDP的比率计算的物价水平衡量指标.
MEASURING THE COST OF LIVING生活费用的衡量CPI is measure of the overall cost of the goods and services bought by a typical consumer。 消费物价指数CPI:一个典型消费者所购买的一篮子产品与服务的价格相对于某个基年同样一篮子产品与服务的价格。Inflation rate is the percentage change in the price index from the preceding period. 通货膨胀率：前一个时期以来物价指数变动的百分比。Producer price index （PPI） is a measure of the cost of a basket of goods and services bought by firms。生产物价指数：企业购买的一篮子物品与劳务的费用的衡量指标。Indexation：the automatic correction of a dollar amount for the effects of inflation by law or contract。根据法律或合约对通货膨胀的影响进行货币数量的自动调整。Nominal interest rate is the interest rate as usually reported without a correcti
on of the effects of inflation。名义利率:通常公布的，未根据通货膨胀的影响校正的利率.Real interest rate is the interest rate corrected for the effects of inflation。真实利率：根据通货膨胀校正过的利率。
RODUCTION AND GROWTH生产与增长Productivity is the amount of goods and services produced from each hour of a worker’s time。 生产率：每单位劳动投入所生产的物品和劳务的数量。Physical capital is the stock of equipment and structures that are used to produce goods and services.物资资本：用于生产物品与劳务的设备和建筑物存量。Human capital is the knowledge and skills that workers acquire through education, training, and experience。人力资本:工人通过教育、培训和经验而获得的知识与技能.Natural resources are the inputs into the production of goods and services that are provided by nature。自然资源：由自然界提供的用于生产物品与劳务的投入,如土地、河流与矿藏。Technological knowledge is society’s understanding of the bes ways to produce goods and services.技术知识：社会对生产物品与劳务的最好方法的了解。Diminishing returns are the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases。收益递减：随着投入量的增加，每一单位额外投入得到的收益减少的特性。Catc
h-up effect is the property whereby continues that start off poor tend to grow more rapidly than countries that start off rich.追赶效应：开始时贫穷的国家倾向于比开始时富裕的国家增长更快。SAVING,INVESTMENT，AND THE FINANCIAL SYSTEM储蓄、投资和金融体系Financial system is the group of institutions in the economy that help to match one person’s saving with another person's investment.金融体系：经济中促使一个人的储蓄与另一个人的投资相匹配的一组机构.Financial markets are financial institutions through which savers can directly provide funds to borrowers.金融市场:储蓄者可以通过它直接向借款者提供资金的金融机构。Bond is a certificate of indebtedness债券:一种债务证明书.Stock is a claim to partial ownership in a firm股票：企业部分所有权的索取权.Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.金融中介机构:储蓄者可以通过它间接地向借款者提供资金的金融机构.Mutual fund is an institution that sells shares to the public and uses the proceeds to buy a portion of stocks and bonds。共同基金：向公众出售股份，并用收入来购买股票于债券资产组合的机构。National saving (saving) is the total income in the economy that remains after paying for consumption and government purchase。国民储蓄（储蓄）:在用于消费和政府购买后剩下
的一个经济中的收入。Private saving is the income that households have left after paying for taxes and consumption. 私人储蓄：家庭在支付了税收和消费之后剩下来的收入。Public saving is the tax revenue that the government has left after paying for its spending. 公共储蓄:政府在支付其支出后剩下的税收收入。Budget surplus is an excess of tax revenue over government spending。预算盈余：税收收入大于政府支出的余额。Budget deficit is a shortfall of tax revenue from government spending预算赤字：政府支出引起的税收收入短缺。Market for loanable funds are the market in which those who want to save supply funds those who want to borrow to invest demand funds。可贷资金市场:想储蓄的人借以提供资金、想借钱投资的人借以借贷资金的市场。Crowding out is a decrease in investment that results from government borrowing。挤出:政府借款所引起的投资减少。
THE BASIC TOOLS OF FINANCE基本金融工具Finance: the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk。金融学：研究人们如何在某一时期内做出关于配置资源和应对风险的学科.Present value: the amount of money today that would be needed to produce,using prevailing interest rates, a given future amount of money.现值：用现行利率生产一定量未来货币所需要的现在货币量。
Future value： the amount of money in the future that an amount of money today will yield, given prevailing interest rates。未来值:在现行利率既定时,现在的货币量将带来的未来货币量。Compounding: the accumulation of a sum of money in,say,a bank account,where the interest earned remains in the account to earn additional interest in the future。复利：货币量的累积，比如说银行账户上货币量的累积，即赚得的利息仍留在账户上以赚取未来更多的利息.Risk averse: exhibiting a dislike of uncertainty.风险厌恶：不喜欢不确定性.Diversification:the reduction of risk achieved by replacing a single risk with a large number of smaller unrelated risks。多元化:通过用大量不相关的小风险代替一种风险来降低风险。Idiosyncratic risk： risk that affects only a single economic actor.企业特有风险：只影响一个公司的风险。Aggregate risk: risk that affects all economic actors at once.市场风险：影响股市上所有公司的风险。Fundamental analysis： the study of a company’s accounting statements and future prospects to determine its value。基本面分析：为决定一家公司的价值而对其会计报表和未来前景进行的研究.Efficient markets hypothesis: the theory that asset prices reflect all publicly available information about the value of an asset.有效市场假说：认为资产价格反映了关于一种资产价值的所有公开的、可获得的信息的理论.
Informationally efficient： reflecting all available information in a rational way.信息有效：以理性方式反映所有可获得的信息的有关资产价格的描述。Random walk: the path of a variable whose changes are impossible to predict.随机行走：一种变量变动的路径是不可预期的。
UNEMPLOYMENT AND ITS NATURAL RATE 失业和自然失业率Labor force is the total number of workers, including both the employed and the unemployed。 劳动力：既包括就业者又包括失业者的工人总数。Unemployment rate is the percentage of the labor force that is unemployed.失业率:劳动力中失业者所占的百分比.Labor—force participation rate is the percentage of the adult population that is in the labor force。 劳动力参工率：劳动力占成年人口的百分比.Natural rate of unemployment is the normal rate of unemployment around which the unemployment rate fluctuates.自然失业率：失业率围绕它而波动的正常失业率。Cyclical unemployment is the deviation of unemployment from its natural rate.周期性失业：失业率对自然失业率的背离。Discouraged workers are individuals who would like to work but have given up looking for a job 丧失信心的工人:想工作但已放弃寻工作的人.Frictional unemployment is the unemployment that results because it takes time for workers to searc
h for the jobs that best suit their tastes and skills。摩擦性失业：由于工人寻最适合自己嗜好和技能的工作需要时间而引起的失业。Structural unemployment is the unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one.结构性失业:由于某些劳动市场上可提供的工作岗位数量不足以为每个想工作的人提供工作而引起的失业。Job search is the process by which workers find the appropriate jobs given their tastes and skills 寻工作：在工人的嗜好与技能既定时工人寻适当工作的过程。Unemployment insurance is a government program that partially protects workers' incomes when they became unemployed。失业保险：当工人失业时为他们提供部分收入保障的政府计划。Union is a worker association that bargains with employers over wages and working conditions 工会：与雇主就工资、津贴和工作条件进行谈判的工人协会。Collective bargaining is the process by which unions and firms agree on the terms of employment。集体谈判：工会和企业就就业条件达成一致的过程.Strike is the organized withdrawal of labor from a firm by a union罢工：工会组织工人从企业撤出劳动。Efficiency wages are above-equilibrium wages paid by firms in order to increase worker productivity效率工资：企业为提高工人生产率而支付的高于均衡水平的工资。
THE MONETARY SYSTEM 货币制度Money is the set of assets in an economy that people regularly use to buy goods and services from other people.货币：经济中人们经常用于向其他人购买物品与劳务的一组资产。Medium of exchange is an item that buyers give to sellers when they want to purchase goods and services.交换媒介：买者在购买物品与劳务时给予卖者的东西。Unit of account is the yardstick people use to post prices and record debts。计价单位：人们用来表示价格和记录债务的标准。Store of value is an item that people can use to transfer purchasing power from the present to the future。价值储藏手段:人们可以用来把现在的购买力转变为未来的购买力的东西。Liquidity is the ease with which an asset can be converted into the economy’s medium of exchange。流动性:一种资产兑换为经济中交换媒介的容易程度.Commodity money is money that takes the form of a commodity with intrinsic value。 商品货币：以有内在价值的商品为形式的货币。Fiat money is money without intrinsic value fiat is used as money because of government decree。 法定货币：没有内在价值、由政府法令确定作为通货使用的货币。Currency is the paper bills and coins in the hands of public。通货：公众手中持有的纸币钞票和铸币。Demand deposits are balances in bank accounts that depositions can access on demand b
y writing a check.活期存款:储户可以通过开支票而随时支取的银行账户余额。Federal reserve（Fed）：the central bank of the United States.联邦储备：美国的中央银行.Central bank： an institution designed to oversee the banking system and regulate the quantity of money in the economic.中央银行：为了监管银行体系和调节经济中的货币量而设计的机构.Money supply is the quantity of money available in the economy。货币供给：经济中可以得到的货币量。Monetary policy is the setting of the money supply by policymakers in the central bank 货币政策：中央银行的决策者对货币供给的安排。Reserves are deposits that banks have received but have not loaned out。准备金:银行得到但没有贷出去的存款.Fractional—reserve banking is a banking in which banks hold only a fraction of deposits as reserves部分准备金银行:只把部分存款作为准备金的银行制度.Reserve ratio is the fraction of deposits that banks hold as reserves。准备率:银行作为准备金持有的存款比例。Money multiplier is the amount of money the banking system generates with each dollar of reserve货币乘数：银行体系用1美元准备金所产生的货币量。Open-market operation is the purchase and sale of U。S. government bonds by the Fed. 公开市场活动：美联储买卖美国政府债券。Reserve requirements are regulations on the minimum amount of reserves that
banks must hold against deposits法定准备金：关于银行必须根据其存款持有的最低准备金量的规定。Discount rate is the interest rate on the loans that the Fed to banks.贴现率：美联储向银行发放贷款的利率.
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