【精品】经济学专业英语复习资料考试必看.doc

专业英语—?主要知识点

Unit 1

*Business(Economic) Cycle:

Prosperity-recession ?depFession?recovery

1)Prosperity:a rapid increase in sales^profits^production<

2)Recession:a phase of business cycle characterized by a reduction in the level of production and unemployment from the previous phase.

3)Depression:a period with very little economic activities,resulting in mass unemployment and the failure of many business1

*law of demand:

When the price of a product goes up,the demand for it goes down and vice versa>This rule applies to certain unessential products*

^mathematical formula for price elasticity of demand:

(a) percent of change in quantity divided by (b) percent change in price.If the absolute value of this expression exceeds l，demand is clastic Jf it is less than l，demand is inelastic.

^opportunity cost:means the production or consumption lost as a result of the decision to produce or to consume an alternative good or service.In other words,the opportunity cost of choosing to use resources for one purpose is the sacrifice of the next best alternative for the use of those resources.

睿scarce:

Be useful and be of alternative usages.

Be of people's needs&wants.

Can f t be shared by all the people.

Economics is often thought of as a science.HovveverJt is a very inexact science because it is a social science^and is affected by the many influences that lead to incessant change.

Unit 2

^natural good:something given by nature and untouched by human(efforts),such as rivers,mineral deposits,virgin land.

^capital good:a good which is manufactured and is used to produce another goodj

goode(public good isn't free good)

1 free good:if there's enough to satisfy every person's wants at a zero price^the article is a free

木economic goodzsomething^n addition to being usefuljs also scarce4

^consumer good:those goods when produced for a consumer are called consumer goods.This means that they are M final-use goods u and will not be used to produce other goods for sale*

* scarcity: a resource which can be used for more than one purpose is in demand^and therefore a choice has to be made on how to allocate the resources among the competitive purposes，i，e,something is in demand and has alternative uses is in scarcity.

*Enger coefficient (恩格尔系数)：it refers to the proportion of expenditures on food in the total consumption expenditures of households^and is used to measure the living standard of a given country or area.

*Adam Smith:he believes that people are selfish>Even if every one is only chasing for his own beneflts^the society wouldn't sufTer.Because people are rational^they will perform their economic activities according to related rules.i.e,people will be kept i n order by the invisible hand.

水the kind of choices which must be made in an economic system stems from three main questions:

-what is to be produced?

-how is it to be produced?

-for whom is it to be produced?

Unit 3

^barter system:exchange of goods takes place without the use of money，i?e,exchange goods for goods.

*market:

?as a place where buyers and sellers meet to condu ct buying and selling transactions;

?for the buying and selling of goods and services without the need of a geographical location;

?as the total demand for a product from one seller;

?as the overall sales demand for a product from all sellers.

*market mechanism:interaction of demand and supply.

*monopoly:a situation in which only one person or company supply all the goods demanded by consumerse

planned economy:an economic system in which decisions on what shall be produced^how and

for whom are made by a bureaucratic system-the government and its departments and agencies-the state2

2law of demand:buyers are likely to buy more of an item as the price falls-negative relationship.

One big problem with a planned economy is that it can become unwieldy and inefficient^

^capitalist market economy:an economic system in which most of the economic decisions are made by private enterprise.

水problems of the free-enterprise system:

-some goods and services may not be produced if they are not profit-making.

-harm to the environment by commercial production and exhaustion of natural resources by over-exploitation.

-full employment is not assured*

-unaided by the government,the system does not ensure equality or provide for social welfare.

-concentration of business can lead to the development of monopolies.

*capitalism:an economic system in which most industry is privately owned and production is motivated by profit-seekingj.e,the free market system where economic decisions are made by the producers and consumers.

*socialism:featured-state ownership.

窃Theory of Karl Marx and the essence of capitalism:the essence of of capitalism is the extinction of inefficient producers in the face of efficient ones^this would lead to the successful producers acquiring the plant and machinery of the eliminated firms^and consequently to the establishment of large corporationSeEventually this process would reduce competition^and price would rise.

Unit 4

*hovv are prices determined?

Prices are determined by the choices and decisions made by consumers and producers.

*price mechanism:the process by which prices rise and fall as a result of changes in demand and supply.

* effective demand:demand in an economic sense only exists if the consumers have the money to buy the goods and are willing to pay for them.This is then called effective demand.lt includes:desire/capability/willingness?

*lavv of supply:sellers would like to sell more as prices rise-positive relationship*

* demand curve:the price is shown on the vertical axis^while the quantity is shown on the horizontal axis.The typical demand curve slopes down from upper left to lower right.This indicates that the consumers buy more of a good at lower prices and less at higher prices,but at very low prices demand doesn't necessarily increase^

睿supply curve:the price is shown on the vertical axis^while the quantity is shown on the

horizontal axis.The typical supply curve slopes down from upper right to lower left.This means that the producers supply more of a good at higher prices and less at lower prices.

睿changes in demand:besides change of price there are other important influences which can change demand for goods and services:

.prices of related goods

.prices of all other goods and services

?changes in consumer tastes

?the income of the consumer

?future expectations

^change in quantity demanded:a change in the price of a good results in a movement along an exiting demand curve.

睿change in demand:if the other conditions which affect demand should change^and not the price9then there's a shift in the curve.

^changes in supply:in the same way^supply can be affected by:

?the price received for the item

?the cost of producing the item

.taxes imposed which raise the item's market price to consumers

.subsidies awarded to producers,、hich reduce the costs of production

.prices of other goods

?future expectations

*change in quantity supplied:change of price results in a movement up or down the existing supply curved no other changes occur to affect supply.

^change in supply:any change in underlying conditions9apart from prices9causes a shift in the demand curve.

^equilibrium price:the price at which the buyer is prepared to buy the quantity which the seller is prepared to sell at that price.

Unit 5

price elasticity of demand:measure how greatly a price change affects a change in demand.

*price elastic in demand:if the quantity demanded by the consumers is highly responsive to the changes of the price of the good^then the good is price elastic in demand^othervvise the good is price inelastic in demand,

*price inelastic in demand:if the quantity demanded by the consumers is less responsive to the changes of prices of the good^hen the good is price inelastic in demand.

*the law of diminishing marginal utility:having more means less satisfaction.

Unit 6

*sole trader:

.characteristics-one person supplies all the finance required

-all profits belong to the sole trader

-the sole trader bears all losses

-the sole trader is responsive for all decisions

?advantages-few overhead costs

?individually styled products

?disadvantages-limited amount of finance available

-business scale can hardly be expanded

-unlimited liability

?fewer deductible items

*partnership:in a partnership^the way in which profitjosses and business decisions are made is stipulated in a partnership agreements

eadvantages-the business can be expanded more easily than with the sole trader ?disadvantages-unlimited liability

*co-operative:a co-operative operates for a specific purpose and is usually financed by its memberSaFor instance^ co?operative may function as a buying or selling agent to get better price or access to market for its members.

.agricultural co?operative group

.agricultural co-operative association

.advanced agricultural co-operative association

^government business:a government enterprise can be run like private firms and is in competition with private business.a government enterprise can be a monopoly(eg,in post and telecom^railway and airlines9etc.)

*monopoly:a monopoly occurs when there's only one seller of a product which has no else subsidies>The true monopoly can either restrict the supply of the product or raise its prsce without fear of losing the market to a competitor.

*MNC(multinational corporation):an MNC operates in the markets of other countries as well as in its home country.

?characteristics-geographical diversification

-risk spreading

-product diversification

-better access to local raw materials

-close to local market

?availability of local labour

-less transportation fee

?favorable aspects-create jobs in foreign countries

-contribution to innovation or creation of new products and technology ?criticism-jobs are lost at home

-natural resources and labour of the host countries may be under paid

challenge to national sovereignty or business of the host country

Unit7

*money can be everything readily acceptable in a community in exchange for goods and services. ?functions of money-medium of exchange

?store of value

?measure of value

-standard of deferred payment

?characteristics of nioney-divisibility/portability/durability/acceptability(most important)

*cheque:the cheque is an instruction to the banker to pay,out of account of the person on business signing the chequejhe amount specified of the recipient specified.The cheque itself isn't money and is worthless if there's no deposit from which payments can be made to honour the cheque.

*bad money drives out good money

*current account (经常项目):it shows the imports and exports of merchandise,services and unilateral transfers(financial aids).

水capital account (资本项目):it includes international movements of financial assets and liabilities.But excludes changes in official reserves^over the balance of payments period.That

is^purchase and sales of assets and international borrowing and lending.

^errors and omissions 错误与遗漏):it makes the account balance*

?official reserve account:it shows the transactions which takes place among monetary authorities^e^g^national treasures,central banks and international institutions such as the International Monetary Fund(IMF)>

Units

*importance of the size and type of population in an economy:market/workforce

^labour (劳动力)-a factor of production

^labour force (劳动人口):the total number of people who are available to work and earn income

*workforce (全体雇员):all the employees in an office,factory or business

^factors affecting the size and quality of workforces:

-size of the total population

-age distribution

-education

*with respect to(fmljntroducing a new subject^espun business letter):when come to speak of *in respect to(fm>):concerning^with regard to:(esp.in business letter)in payments for:give him $100 in respect of the work he has down.

*production:a combination of all resources and measurement of the end result. *productivity:the output per unit of labours,or factor of production^per unit of time>Productivity is the measurement of the efficiency of each factor.

*Four Modernization:modern industry,modern agriculture^modern science and

technology^and modern national defence

窃seasonal unemployment:the unemployment which results from the operations of the

seasons9i.e9unemployment can be due to seasonal causes,workers for some jobs are only needed at certain times of the year^e.g,sheep shearers and fruit pickers.

^frictional unemployment:the unemployment can be caused when workers are moving between jobs.

*structural unemployment:when a certain industry or business is affected by changes in technology^competition from imports^or other factors that related to the industry as a whole,the structural unemployment occurs.

窃cyclical unemployment:when there's a recession^there will be less aggregate demand and serious unemployment will rise.

*full employment:a situation where total demand for labour is equal to the supply of labour3

* level of employment:it is the percentage of the workforce which is employed,which depends largely on the level of demand for goods and services.

3in theory all labour is interchangeable,which means that if the demand for one occupation rises while another declines^workers will move out of the latter and into the former.But in reality it doesn f t work like that because of:

-the need for specialized skills

-inconvenience for workers to change localities

^natural increase of the population:when the number of births exceeds the number of deaths.

*fertility-actual number of children produced

-ability to produce children

*factors affecting natural increase:birth rate/death rate/age/sex composition of the population

*birth rate is determined by:number of women of child-bearing age，which depends on the number of female born in previous decade/fertility

Unit 9

睿factors deciding the income levektraining/skills/experience/demand/supply

?restriction on choice of occupation:

-long period of education and training cannot be afforded by some people(government should create greater equality of opportunity for such education and training)

-certain aptitude(i^e9natural ability or skill)required in some occupations are not passed by everyone.

*type of income:

?factor income:income re ceived in return for vvorking-the payment to an owner of a productive https://www.wendangku.net/doc/5b4426513.html,bour.Such income is called a salary on a wage.

.payment in kind:paying in goods rather than money^such as free accommodation.

.transfer income:income paid to individuals by the government and(or) business not in return for the current production of goods or provision of services by the receive^pensions or other allowance(e>g,unemployment benefits)

eincome from ownership of property:rent^dividend and interest on bank deposit^etc*

-restrictions by trade unions or guilds on entry of new comers to protect the exiting members 水increase in productivity:the output has increased with the same number of workers working for the same length of time as before.

Unit 10

^classic economic theory:the automatic market force would work toward the common interests

*Adam Smith(Scottish economist):tf By pursuing his own interest he frequently promoted that of the society more effectively than when he really intends to promote it tf Unregulated markets can

maximize social well-being while much government intervention in market does more harm than good.

* Joan-Baptise Say (French economist):all economy is self-regulating provided that all pricesjncluding wages,are flexible enough to maintain it in equilibrium.

Say's Law:supply creates its own demand and over-production is impossible.This is because every sale creates an income and therefore the ability to buy the products that are sold.

睿John Maynard Keynes:government management or stimulation of the economy to influence demand(through monetary of fiscal policy)can reduce the problem of high unempIoyment.Monetary and fiscal policies thus stimulate the economy in times of slump by generating employment^and show the economy down in times of inflation.

^government intervention in the economy:regulate aggregate demand to ensure full employment by means of -fiscal(budgetary)policies/monetary policies.For instance^in times of recession^the government^in order to provide more purchasing power and more demand^would lower taxes and increase government expenditure^

When inflation occurs actions opposite to the above would be used^i^e^to reduce government spending and increase taxes.

Monetary policies are also used to encourage or discourage borrowing from banks and the consequent spending.

睿the government revenue is from taxation Joans^sale of the government^

land^feesjnterest^and dividends,etc.

Taxes include:direct taxes(e.g,personal income tax5company tax^estate or probate duty)/indirect taxes(e.g^sale tax,payroll tax^gift duty^capital gains tax and excise duty)

*budget:a detailed statement of the governments proposed expenditures and expected revenues for the forthcoming yean

^government spending:

-wages to public servants and those who supply labour to the government.

-transfer payment9e?g,pensions9family allowances and unemployment benefits.

-subsidies to certain businesses.

-payments for education^support of the arts^culture and recreation ^housing and communication9etc<

睿roles played by the government:

-as a provider^esp. of essential services that are not profit making^e.g. police communication and education9etc.

-as a equalizer

-as a regulator

二.词汇/词组（课本以外）Ltax waiver/exemption 免税2

3.ration system 配给制（transfer payment 转移支付

5.national defence 国防

6.privatization 私有化

7.public project 公共工程8>express/high way 高速公路9.infrastructure 基础设施

lO.domestic demand 内需

11.Let part of people get rich^for eventual common prosperity.让一部分人先富起来，先富带动后富

12?egalitarianism 平均主义

13.negative（positive） relationship 反比（正比）关系

□.strategic decision maker 战略性的决策者

15.per capita 人均

16.feudalism （封建主义）revisionism （修正主义），imperialism,（帝国主

义）,colonialism（殖民主义）

17

lS.depreciation （貶值）&appreciation （升值）

19.cultivated/arable/farm land 可耕地

20?shoddy goods假冒商品

21 .household certificate 户口

22.marketing mechanism 市场机制

23.price scissors 价格剪刀差

24.（farm）produce 农产品

25.manufactured（industry）products 工业品26epeople f s commune 人民公社

27.pilot project/program 试点项目

28.phase/kick out 淘汰

29.money/currency/legal tender 法定货币

30.confiscate 没收

3Lstate-ovvnership 国有

32.proletarian dictatorship 无产阶级专政

33.big cooking pot 大锅饭

34.iron rice bowl 铁饭碗

35

36.mobilize/stimulate people 激励机制

37.state council 国务院

38?The project of protecting natural forest 天保工程

39?To return arable/cultivated/farm land to forest/woods and pasture/grassland 退耕还林还草

40.social security system 社会保障制度

41.pension （养老金）&allowance （津贴）&subsidy （补助）

42.preferential policy 优惠政策

43.anti?dumping 反倾销

44.infant and fledge industry 新兴产业

45

46.sino-Japan joint enterprise 中日合资企业

47.sino-sinification 汉化

48.politburo 政治局

49

51.marketable 卖得掉的

52.pre-condition 先决条件

53.in the last analysis 归根结底

54.economy of scale 规模经济

55.gender discrimination 性别歧视

56.gender imbalance 性别失衡

57.credit/loan ceiling 信贷额度

58.Robinhood approanch 劫富济贫

59

62.surgery operation 外科手术

63.sophisticated （圆滑，世故的）&diplomatic （委婉的）

64.profession（job that needs special knowledge or experience on academic achievements ）&o ccupation（normal jobs）

65.industrial dispute 产业纠纷

66.Bureau of Industrial and Commercial Administration 工商局

67.Great Leap Forward 大跃进

68

69>disintegrate 解体

7O.hilly area丘陵地区7l.cash crops经济作物

72

73.ideology意识形态

74.1egitimacy （合法性）-legitimation （合法化）

75.out sourcing 外包

76.breach/violation of intellectual property rights 侵犯知识产权77

79.denomination=face value 面值

SO.goldsmith （金匠）&blacksmith （铁匠）

81 .standardization of measurement 统一度量衡

82

83

84.a decent job得体的工作

85.unilateral （单边的）&bilateral （双边的）&multilateral（多边的）

86.Security council 安理会

87.art for art's sake为艺术而艺术

88.bourgeois （资产阶级）&bourgeoisie （中产阶级）

89.money receivable （应收款）&money payable（due）（应付款）90?traveiling allowance 出差补贴

9Lgender/sex composition 性别构成

92xrude birth rate 粗出生率

93apreliminary 预备的

94.propaganda 宣传

95.pestilence 瘟疫

96.increase in a geometrical（arithmetical）ratio 按几何（算术）级数增长

97.pragmatic （实用主义的）-pragmatism （实用主义）-pragmatist （实用主义者）98edelaying marriage and childbearing 晚婚晚育

99.birth-quota system 生育配额制

100.centralization （中央集权化）&dicentralization （地方化）

lOLexpand horizon 开阔眼界

102.1aid off rate 下岗率

103.occupation shift 跳槽

104.monument to People's Heros 人民英雄纪念碑

105.relief救济；浮雕

106.guild行会；同乡会

107.scapegoat 替罪羊

lOS.omnipotent （无所不能的）&omnipresent （无处不在的）

109.monogamy （一夫一妻）&polygamy （一夫多妻）

110.soft coal 烟煤

llLsaturation point 饱和点

112>consumer-protection law 消费者权益保护法

113>derived demand 派生需求

114>diminishing marginal utility/satisfaction 边际效用递减

115?cydic unemployment 周期性失业