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专业英语一．主要知识点Unit1*Business(Economic)Cycle:Prosperity-recession-depression-recovery1)Prosperity:arapidincreaseinsales,profits,production.2)Recession:aphaseofbusinesscyclecharacterizedbyareductioninthelevelofproductionandunemploymentfromthepreviousphase.3)Depression:aperiodwithverylittleeconomicactivities,resultinginmassunemploymentandthefailureofmanybusiness.*lawofdemand:Whenthepriceofaproductgoesup,thedemandforitgoesdownandviceversa.Thisruleappliestocertainunessentialproducts.*mathematicalformulaforpriceelasticityofdemand:(a)percentofchangeinquantitydividedby(b)percentchangeinprice.Iftheabsolutevalueofthisexpressionexceeds1,demandiselastic.Ifitislessthan1,demandisinelastic.*opportunitycost:meanstheproductionorconsumptionlostasaresultofthedecisiontoproduceortoconsumeanalternativegoodorservice.Inotherwords,theopportunitycostofchoosingtouseresourcesforonepurposeisthesacrificeofthenextbestalternativefortheuseofthoseresources.*scarce:Beusefulandbeofalternativeusages.Beofpeople'sneeds&wants.Can'tbesharedbyallthepeople.*economicsisoftenthoughtofasascience.However,itisaveryinexactsciencebecauseitisasocialscience,andisaffectedbythemanyinfluencesthatleadtoincessantchange.Unit2*naturalgood:somethinggivenbynatureanduntouchedbyhuman(efforts),suchasrivers,mineraldeposits,virginland.*capitalgood:agoodwhichismanufacturedandisusedtoproduceanothergood,i.e,manufacturedresourceusedintheprocessofproduction.*freegood:ifthere'senoughtosatisfyeveryperson'swantsatazeroprice,thearticleisafreegood.(publicgoodisn'tfreegood)*economicgood:something,inadditiontobeinguseful,isalsoscarce,i.e,aneconomicgoodcansatisfypeople'swantsbutarenotfree.*consumergood:thosegoodswhenproducedforaconsumerarecalledconsumergoods.Thismeansthattheyarefinal-usegoodsandwillnotbeusedtoproduceothergoodsforsale.*scarcity:aresourcewhichcanbeusedformorethanonepurposeisindemand,andthereforeachoicehastobemadeonhowtoallocatetheresourcesamongthecompetitivepurposes,i,e,somethingisindemandandhasalternativeusesisinscarcity.*Engercoefficient（恩格尔系数）:itreferstotheproportionofexpendituresonfoodinthetotalconsumptionexpendituresofhouseholds,andisusedtomeasurethelivingstandardofagivencountryorarea.*AdamSmith:hebelievesthatpeopleareselfish.Evenifeveryoneisonlychasingforhisownbenefits,thesocietywouldn'tsuffer.Becausepeoplearerational,theywillperformtheireconomicactivitiesaccordingtorelatedrules.i.e,peoplewillbekeptinorderbytheinvisiblehand.*thekindofchoiceswhichmustbemadeinaneconomicsystemstemsfromthreemainquestions:-whatistobeproduced?-howisittobeproduced?-forwhomisittobeproduced?Unit3*bartersystem:exchangeofgoodstakesplacewithouttheuseofmoney,i.e,exchangegoodsforgoods.*market:.asaplacewherebuyersandsellersmeettoconductbuyingandsellingtransactions;.forthebuyingandsellingofgoodsandserviceswithouttheneedofageographicallocation;.asthetotaldemandforaproductfromoneseller;.astheoverallsalesdemandforaproductfromallsellers.*marketmechanism:interactionofdemandandsupply.*monopoly:asituationinwhichonlyonepersonorcompanysupplyallthegoodsdemandedbyconsumers.*plannedeconomy:aneconomicsysteminwhichdecisionsonwhatshallbeproduced,howandforwhomaremadebyabureaucraticsystem-thegovernmentanditsdepartmentsandagencies-thestate.Onebigproblemwithaplannedeconomyisthatitcanbecomeunwieldyandinefficient.*capitalistmarketeconomy:aneconomicsysteminwhichmostoftheeconomicdecisionsaremadebyprivateenterprise.*problemsofthefree-enterprisesystem:-somegoodsandservicesmaynotbeproducediftheyarenotprofit-making.-harmtotheenvironmentbycommercialproductionandexhaustionofnaturalresourcesbyover-exploitation.-fullemploymentisnotassured.-unaidedbythegovernment,thesystemdoesnotensureequalityorprovideforsocialwelfare.-concentrationofbusinesscanleadtothedevelopmentofmonopolies.*capitalism:aneconomicsysteminwhichmostindustryisprivatelyownedandproductionismotivatedbyprofit-seeking,i.e,thefreemarketsystemwhereeconomicdecisionsaremadebytheproducersandconsumers.*socialism:featured-stateownership.*TheoryofKarlMarxandtheessenceofcapitalism:theessenceofofcapitalismistheextinctionofinefficientproducersinthefaceofefficientones,thiswouldleadtothesuccessfulproducersacquiringtheplantandmachineryoftheeliminatedfirms,andconsequentlytotheestablishmentoflargecorporations.Eventuallythisprocesswouldreducecompetition,andpricewouldrise.Unit4*howarepricesdetermined?Pricesaredeterminedbythechoicesanddecisionsmadebyconsumersandproducers.*pricemechanism:theprocessbywhichpricesriseandfallasaresultofchangesindemandandsupply.*effectivedemand:demandinaneconomicsenseonlyexistsiftheconsumershavethemoneytobuythegoodsandarewillingtopayforthem.Thisisthencalledeffectivedemand.Itincludes:desire/capability/willingness.*lawofdemand:buyersarelikelytobuymoreofanitemasthepricefalls-negativerelationship.*lawofsupply:sellerswouldliketosellmoreaspricesrise-positiverelationship.*demandcurve:thepriceisshownontheverticalaxis,whilethequantityisshownonthehorizontalaxis.Thetypicaldemandcurveslopesdownfromupperlefttolowerright.Thisindicatesthattheconsumersbuymoreofagoodatlowerpric