专业英语复习资料

I．Translate the following into English

经济体系 economic system 经济机构 economic institution 经济活动 economic activity 经济结构 economic structure 经济理论 economic theory 经济危机 economic crisis 经济效益 economic performance 经济收益 economic benefit 经济效益 economic results 经济效益 economic effectiveness 经济模式 economic mould/model 经济复苏 economic recovery 供大于求 oversupply/glut 市场机制 market mechanism 均衡价格 equilibrium price 市场力量 market forces 利润最大化 profit maximization 隐性成本 implicit costs

经济利润 economic profit 会计利润 accounting profit 正常利润 normal profit 边际成本 marginal costs 社会成本 social costs 私人成本 private costs 经济决策 economic decision making 进入壁垒 barriers to entry 潜在原因 potential cause 经济实体 actual economy 不完全竞争 imperfect competition 市场结构 market structure

制造业 manufacturing industry 产品差异化 product differentiation

相互依赖 mutual interdependence 贫富差距 the gap between the rich and the poor

II. Translate the following into Chinese

decision-making 决策living standard/standard of living 生活水平 market forces 市场力量cover the expenses 负担费用

opportunity cost 机会成本price elasticity of demand 需求价格弹性 diminishing marginal utility or satisfaction 边际效用或满足递减

capitalist economy 资本主义经济free market economy 自由市场经济 life necessities 生活必需品purchasing power 购买力 output 产出input 投入

keep track of 记录financial statement 财务报表

negative social costs 负社会成本profit-maximizing firm 以利润最大化为目标的企业 cover costs 弥补成本reallocate resources 重新配置资源 economic well-being 经济福利antitrust law 反托拉斯法 public ownership 公有制industrial organization 产业组织 market failure 市场失灵

What really matters to the firms and businesses is not only total sales in terms of quantity sold but the profit that is made.对于厂家和商家来说，真正重要的不仅仅是总销售量的多少，而是获得了多少利润。

We may compare the unemployment rate(level of unemployment)and the stability of prices of two countries.我们可以将两个国家的失业率和物价的稳定程度进行比较。

The monopolist sells a unique product, and extremely high barriers to entry protect it from competition.垄断者销售独一无二的产品，而极高的进入壁垒则保护着它免受竞争威胁。

The purpose behind granting patents and copyrights is to encourage innovation and new products by guaranteeing exclusive rights to profit from new ideas for a limited period.授予专利权和版权的目的是，通过保障有限期间内从新思想中获利的排他性权利，以鼓励创新和新产品。

In the era of economic globalization, the mutual economic interdependence among all the countries has been increasingly strengthened.在经济全球化时代，各国经济之间的相互依赖性日益加剧。

Under monopolistic competition and oligopoly, firms may compete using nonprice competition, rather than price competition.在垄断性竞争和寡头垄断条件下，企业可以采用非价格竞争而不是价格竞争来进行较量。

Cartel is a kind of formal agreement among firms to set prices and output quotas.卡特尔是企业间制定价格和产量配额的一种正式协议。 III. Single choice

1. When a firm’s decisions can affect the market price of its product, the firm has (market power)

2. When a firm has a new invention, in order to receive a legally protected monopoly for a certain period it can apply for a

(patent)

3. A monopolist always faces a demand curve that is (the same as the market demand curve) 4. A monopolist sets the (price at which marginal revenue equals marginal cost) 5. Suppose regulators impose a price ceiling on a monopoly. If the price ceiling is set below the monopoly price but above

the competitive price ,then the monopoly will (increase its production) 6. The “Big Three” in U.S. automobile industry is described as a(an) (oligopoly) 7. A characteristic of an oligopoly is (mutual interdependence in pricing decision) 8. The kinked demand curve theory attempts to explain why an oligopolistic firm (infrequently changes its price) 9. According to the kinked demand curve theory, when one firm raises its price, other firms will (refuse to follow) 10. Which of the following is evidence that OPEC is a cartel?(Agreements on price and output quotas by oil ministries). 11. Explicit costs are payments to (hourly employees, insurance companies and utility companies) 12. Implicit costs are the opportunity costs of using the resources of (owners) 13. Which of the following equations is true?(Economic profit=total revenue-implicit costs-explicit costs) 14. Fixed costs are costs of production that (cannot be increased or decreased as output changes) 15. Consider a firm that produces peanut butter. An increase in the price of peanuts will cause the firm to lower its output

because(marginal cost will rise)

IV. With your own understanding answer the following questions 1. What is the definition of economics?

Economics is the study of mankind in the ordinary business of life. it examines the part of individual and social action which is most closely connected with the attainment and with the use of material requisites of well-being. Economics has also been defined as the study of decision-making. Economics is often thought of as a social science.

Economics is a study of living and working in society; but not all societies behave in the same way.

2. Why should we learn the basic economic theory?

A knowledge of economics will allow us to analyze and assess the values of policies and decisions made by politicians. And it will help us to become more aware of the current and future problems of our society and therefore better able to cope with them. So we could make better choices if we understood the way the economy operates.

3. Why is the concept of price elasticity of demand important for sellers?

The concept of elasticity of demand is important to sellers as it indicates to them whether a drop in price will result in increased revenue from increased sales, or whether it will merely result in a loss of total revenue. To maximize profits,

producers have to know what will be the result of a change in price.