国际经济学名词解释 英文版.doc

1 The opportunity cost of producing something measures the cost of not being able to produce something else because resources have already been used.2 A country with a comparative advantage in producing a good uses its resources most efficiently when it produces that good compared to producing other goods. 3 Labor productivity: the number of units of output that a worker can produce in one hour.4 The production possibility frontier (PPF) of an economy shows the maximum amount of a goods that can be produced for a fixed amount of resources.5 Relative wages are the wages of the domestic country relative to the wages in the foreign country.6 Define an isovalue line as a line representing a constant value of production, 7 Stolper-Samuelson theorem: if the relative price of a good increases, then the real wage or real lending/ renting rate of the factor used intensively in the production of that good increases, while the real wage or real lending/renting rate of the other factor decreases.8 the Rybczynski theorem：If we hold output prices constant as the amount of a factor of production increases, then the supply of the good that uses this factor intensively increases and the supply of the other good decreases.9 Leontief found that U.S. exports were less capital-intensive than U.S. imports, even though the U.S. is the most capital-abundant country in the world: Leontief paradox.10 Consumer preferences are represented by indifference curves: combinations of goods that make consumers equally satisfied (indifferent).11 The change in welfare (income) when the price of one good changes relative to the price of another is called the income effect.12 The substitution of one good for another when the price of the good changes relative to the other is called the substitution effect.13 The terms of trade refers to the price of exports relative to the price of importsGrowth is usually biased: it occurs in one sector more than others, causing relative supply to change.14 Export-biase