📚 AP Economics: Core English Vocabulary for Macroeconomics | AP 经济：宏观经济学核心英文词汇
Mastering core English vocabulary is the first step to excelling in AP Macroeconomics. Concepts such as scarcity, inflation, and fiscal policy are not only tested directly but also form the language you must use to construct high-scoring free-response answers. This bilingual glossary defines the most essential terms you will encounter on the exam, pairing precise English explanations with clear Chinese translations to deepen your understanding and boost your confidence.
掌握核心英文词汇是在AP宏观经济学中取得优异成绩的第一步。稀缺性、通货膨胀、财政政策等概念不仅是考试的直接考查内容，更是构建高分自由回答题答案所必须使用的语言。这份双语词汇表定义了考试中最关键的核心术语，将准确的英文解释与清晰的中文翻译配对呈现，帮助你深化理解、增强信心。
1. Fundamental Concepts | 基本概念
Scarcity: The condition in which human wants are forever greater than the available supply of resources. It forces individuals and societies to make choices.
稀缺性： 人类欲望总是超出现有资源供给的状态，迫使个人和社会做出选择。
Opportunity cost: The value of the next best alternative that must be forgone when a decision is made. All costs in economics are opportunity costs.
机会成本： 做出某项决策时所必须放弃的次优选择的价值。经济学中所有成本都是机会成本。
Trade-offs: All the alternatives that are sacrificed when a choice is made. Opportunity cost is the single best trade-off.
权衡取舍： 做出选择时牺牲的所有备选方案。机会成本是其中最优的那一个取舍。
Marginal analysis: Making decisions by comparing the additional benefits of an action to the additional costs. It is the foundation of optimizing behavior.
边际分析： 通过比较某一行为的额外收益与额外成本来做决策，是优化行为的基础。
Production Possibilities Curve (PPC): A graph that shows the maximum combinations of two goods an economy can produce given its resources and technology. Points inside the curve indicate inefficiency or unemployment.
生产可能性曲线： 展示一个经济体在给定资源与技术条件下所能生产的两种商品最大组合的图形。曲线内部的点表示无效率或存在失业。
Comparative advantage: The ability of an individual, firm, or country to produce a good at a lower opportunity cost than another producer. It is the basis for specialization and trade.
比较优势： 某一主体以低于另一主体的机会成本生产一种商品的能力，是专业化与贸易的基础。
Absolute advantage: The ability to produce more of a good using the same amount of resources as another producer. It focuses on productivity, not opportunity cost.
绝对优势： 使用与另一生产者相同的资源能生产出更多商品的能力，关注的是生产率而非机会成本。
2. National Income Accounting | 国民收入核算
Gross Domestic Product (GDP): The total market value of all final goods and services produced within a country in a given period. It can be measured via the expenditure approach (C + I + G + (X – M)) or the income approach.
国内生产总值： 在一定时期内，一国境内生产的全部最终商品与服务的市场总价值，可通过支出法(C + I + G + (X – M))或收入法核算。
Nominal GDP: GDP valued at current-year prices. It may rise simply because prices increase, even if actual output remains unchanged.
名义GDP： 以当年价格计算的GDP，即使实际产出不变，仅因价格上涨也可能增加。
Real GDP: GDP adjusted for inflation by using base-year prices. It reflects the true quantity of goods and services produced.
实际GDP： 用基年价格剔除通胀影响后的GDP，反映生产的真实商品与服务数量。
GDP deflator: A price index that measures the average price change of all goods and services included in GDP. It equals (Nominal GDP / Real GDP) x 100.
GDP平减指数： 衡量GDP中所有商品与服务平均价格变动的价格指数，等于(名义GDP / 实际GDP) x 100。
Gross National Product (GNP): The total income earned by a country’s factors of production regardless of their location. It adds net factor income from abroad to GDP.
国民生产总值： 一国生产要素不论位于何地所获得的全部收入，等于GDP加上来自国外的净要素收入。
Net National Product (NNP): GNP minus depreciation (capital consumption allowance). It measures the net addition to the economy’s stock of capital.
国民生产净值： 国民生产总值减去折旧，衡量经济资本存量的净增加。
Disposable personal income: The income households have left after paying taxes and receiving transfers. It is available for consumption or saving.
个人可支配收入： 家庭在缴纳税款并获得转移支付后剩余的收入，可用于消费或储蓄。
3. Inflation and Price Indices | 通货膨胀与价格指数
Inflation: A sustained increase in the general price level of an economy. It reduces the purchasing power of money.
通货膨胀： 经济中一般物价水平的持续上升，使货币购买力下降。
Deflation: A sustained decrease in the general price level. While it may seem beneficial, it often deepens recessions by encouraging consumers to delay purchases.
通货紧缩： 一般物价水平的持续下降，看似有利，但常会因促使消费者推迟购买而加深衰退。
Consumer Price Index (CPI): A measure of the average change over time in the prices paid by urban consumers for a fixed basket of goods and services. It is the most common inflation gauge.
消费者价格指数(CPI)： 衡量城镇消费者为一篮子固定商品与服务所支付价格随时间平均变动的指标，是最常用的通胀衡量工具。
Producer Price Index (PPI): Measures average changes in prices received by domestic producers for their output. It often predicts future CPI movements.
生产者价格指数(PPI)： 衡量国内生产者所获产品价格的平均变动，常能预示CPI的未来走向。
Core inflation: An inflation measure that excludes volatile food and energy prices to reveal the underlying trend in price changes.
核心通货膨胀： 剔除波动较大的食品与能源价格后的通胀指标，用以揭示物价变动的潜在趋势。
Real interest rate: The nominal interest rate adjusted for inflation. According to the Fisher equation, real interest rate = nominal interest rate – inflation rate.
实际利率： 经通胀调整后的名义利率。根据费雪方程，实际利率 = 名义利率 – 通货膨胀率。
4. Unemployment | 失业
Unemployment rate: The percentage of the labor force that is actively seeking work but unable to find a job. It is calculated as (Number of unemployed / Labor force) x 100.
失业率： 劳动力中正在积极寻找工作但无法就业的人口所占的百分比，等于(失业人数 / 劳动力) x 100。
Labor force: The sum of all employed and unemployed individuals who are 16 years and older and available for work. It does not include discouraged workers or retirees.
劳动力： 所有16岁及以上、有工作能力且正在工作或积极寻找工作的就业者与失业者之和，不包括丧志工人和退休者。
Frictional unemployment: Short-term unemployment arising from the normal turnover in the labor market, such as workers changing jobs or new graduates entering the workforce.
摩擦性失业： 因劳动力市场正常更替而引起的短期失业，如换工作或新毕业生求职。
Structural unemployment: Unemployment resulting from a mismatch between the skills of the labor force and the skills demanded by employers, often due to technological change or globalization.
结构性失业： 因劳动力技能与雇主需求技能不匹配导致的失业，常源于技术变革或全球化。
Cyclical unemployment: Unemployment caused by a downturn in the business cycle. It rises during recessions and falls during expansions.
周期性失业： 由商业周期衰退引起的失业，在衰退期上升、扩张期下降。
Natural rate of unemployment: The unemployment rate when the economy is at full employment, consisting of frictional and structural unemployment. It is also called NAIRU.
自然失业率： 经济处于充分就业状态时的失业率，由摩擦性失业与结构性失业构成，也称非加速通胀失业率(NAIRU)。
5. Aggregate Demand and Aggregate Supply | 总需求与总供给
Aggregate demand (AD): The total quantity of goods and services demanded at different price levels. Its components are consumption, investment, government spending, and net exports.
总需求： 在不同价格水平下经济中所需商品与服务的总数量，由消费、投资、政府支出和净出口构成。
Short-run aggregate supply (SRAS): The total output firms are willing to produce in the short run when nominal wages and some input prices are sticky. It slopes upward.
短期总供给： 在名义工资和某些投入价格呈粘性的短期内，企业愿意生产的产出总量，曲线向右上方倾斜。
Long-run aggregate supply (LRAS): The level of output an economy can produce when all prices and wages are fully flexible. It is vertical at the full-employment level of output.
长期总供给： 当所有价格和工资完全灵活时经济能够生产的产出水平，在充分就业产出处呈垂直状。
Stagflation: A situation characterized by simultaneous high inflation and high unemployment, often caused by a negative supply shock that shifts the SRAS leftward.
滞胀： 高通胀与高失业并存的情形，常由负向供给冲击导致短期总供给曲线左移引起。
Spending multiplier: The ratio of the total change in real GDP to the initial change in autonomous spending. Multiplier = 1 / (1 – MPC), where MPC is the marginal propensity to consume.
支出乘数： 实际GDP总变动与最初自主支出变动之比，乘数 = 1 / (1 – MPC)，其中MPC为边际消费倾向。
Marginal propensity to consume (MPC): The proportion of an additional dollar of disposable income that households spend on consumption. It is the key driver of the multiplier effect.
边际消费倾向： 家庭将每增加一美元可支配收入用于消费的比例，是乘数效应的关键驱动因素。
6. Fiscal Policy | 财政政策
Expansionary fiscal policy: An increase in government spending or a reduction in taxes designed to boost aggregate demand and close a recessionary gap.
扩张性财政政策： 增加政府支出或减税以刺激总需求、消除衰退缺口的政策。
Contractionary fiscal policy: A decrease in government spending or an increase in taxes aimed at cooling an overheating economy and closing an inflationary gap.
紧缩性财政政策： 减少政府支出或增税以给过热经济降温、消除通胀缺口的政策。
Automatic stabilizers: Government programs that automatically increase spending or reduce taxes during a downturn without new legislative action, such as unemployment insurance and progressive income taxes.
自动稳定器： 在衰退期无需新立法即可自动增加支出或减税的政府项目，如失业保险和累进所得税。
Budget deficit: The amount by which government expenditures exceed tax revenues in a given year. Persistent deficits add to the national debt.
预算赤字： 某一年度政府支出超过税收收入的数额，持续的赤字会增加国债。
National debt: The accumulated total of all past government borrowing that has not yet been repaid. It is the stock variable while the deficit is a flow variable.
国债： 政府过去所有未偿还借款的累计总额，是存量概念，而赤字是流量概念。
Crowding-out effect: The reduction in private investment that occurs when government borrowing drives up real interest rates. This can dampen the expansionary impact of fiscal policy.
挤出效应： 政府借款推高实际利率从而导致私人投资减少，这会削弱财政政策的扩张效果。
7. Money and Monetary Policy | 货币与货币政策
Money supply (M1): The most liquid measure of money, including currency in circulation, demand deposits, and other checkable deposits.
货币供应量(M1)： 最具流动性的货币度量，包括流通中的现金、活期存款和其他支票账户存款。
Central bank: The institution responsible for controlling a nation’s money supply and overseeing the financial system. For the U.S., it is the Federal Reserve (the Fed).
中央银行： 负责控制一国货币供应并监管金融体系的机构，在美国即为联邦储备系统。
Open market operations: The purchase or sale of government securities by the central bank in the open market. It is the primary tool for adjusting the money supply and influencing the federal funds rate.
公开市场操作： 中央银行在公开市场上买卖政府证券的行为，是调节货币供应和影响联邦基金利率的首要工具。
Reserve requirement: The fraction of deposits banks are legally required to hold as reserves. Lowering the requirement increases the money multiplier and expands the money supply.
法定准备金率： 银行依法必须持有的存款准备金比例，降低该比率将增大货币乘数、扩张货币供给。
Discount rate: The interest rate the central bank charges commercial banks for short-term loans. Reducing it encourages borrowing from the central bank and increases reserves.
贴现率： 中央银行向商业银行短期贷款所收取的利率，降低贴现率鼓励银行借款并增加准备金。
Quantitative easing (QE): An unconventional monetary policy in which a central bank purchases long-term securities to inject liquidity directly into the financial system when short-term rates are near zero.
量化宽松： 当短期利率接近零时，中央银行通过购买长期证券直接向金融体系注入流动性的非常规货币政策。
8. Economic Growth and Productivity | 经济增长与生产率
Economic growth: An increase in the capacity of an economy to produce goods and services, typically measured by the annual percentage change in real GDP or real GDP per capita.
经济增长： 经济生产商品与服务能力上的提高，通常用实际GDP或人均实际GDP的年度百分比变动衡量。
Productivity: The amount of output produced per unit of input, most commonly labor productivity (output per worker hour). It is the ultimate driver of living standards.
生产率： 每单位投入所生产的产出量，最常用劳动生产率为衡量指标，是生活水平提高的根本驱动力。
Human capital: The stock of knowledge, skills, and health embodied in the labor force. Investment in education and training enhances human capital.
人力资本： 蕴含在劳动力中的知识、技能和健康存量，教育与培训投资能提升人力资本。
Physical capital: The stock of machines, factories, and infrastructure used to produce goods and services. Greater capital stock raises labor productivity.
物质资本： 用于生产商品与服务的机器、厂房和基础设施存量，资本存量越大劳动生产率越高。
Technology: The knowledge and methods available for transforming inputs into outputs. Technological progress shifts the production function upward and shifts LRAS rightward.
技术： 将投入转化为产出的现有知识和方法，技术进步使生产函数上移并使长期总供给曲线右移。
Sustainable growth: Long-run economic growth that can be maintained without causing severe inflation, environmental degradation, or depleting natural resources.
可持续增长： 不会引发严重通胀、环境退化或自然资源耗竭，可以长期维持的经济增长。
9. International Trade and Finance | 国际贸易与金融
Exports: Goods and services produced domestically and sold to foreign countries. They are added to GDP.
出口： 在本国生产并销售给外国的商品与服务，计入GDP。
Imports: Goods and services produced abroad and purchased by domestic residents. They are subtracted from GDP in the expenditure approach.
进口： 在国外生产并由国内居民购买的商品与服务，在支出法中要从GDP中扣除。
Net exports (X – M): The value of exports minus the value of imports. A positive net export adds to aggregate demand, while a negative one reduces it.
净出口： 出口价值减去进口价值，净出口为正会增加总需求，为负则减少。
Trade deficit: A situation in which a country’s imports exceed its exports. It is financed by capital inflows from abroad.
贸易逆差： 一国进口超过出口的情形，需靠国外资本流入来融资。
Tariff: A tax imposed on imported goods. Tariffs raise government revenue but can lead to higher consumer prices and trade wars.
关税： 对进口商品征收的税，关税能增加政府收入，但可能导致消费者价格上升和贸易战。
Quota: A quantitative limit on the amount of a good that can be imported. Quotas reduce the supply of foreign goods and typically raise domestic prices.
配额： 对某种商品可进口数量的数量限制，配额会减少外国商品供给并通常抬高国内价格。
10. Exchange Rates and Balance of Payments | 汇率与国际收支
Exchange rate: The price of one currency expressed in terms of another. It can be determined by market forces (floating) or fixed by a government (pegged).
汇率： 用一种货币表示的另一种货币的价格，可由市场力量决定(浮动汇率)或由政府固定(钉住汇率)。
Appreciation: An increase in the value of a currency relative to another under a floating system. It makes exports more expensive and imports cheaper.
升值： 浮动汇率制下一国货币相对于另一国货币价值上升，使出口变贵、进口变便宜。
Depreciation: A decrease in the value of a currency relative to another. It stimulates exports and discourages imports.
贬值： 一国货币相对于另一国货币价值下降，能刺激出口并抑制进口。
Balance of payments: A record of all economic transactions between residents of a country and the rest of the world. It consists of the current account, capital account, and financial account.
国际收支： 记录一国居民与世界其他国家所有经济往来的账户，包括经常账户、资本账户和金融账户。
Current account: The part of the balance of payments that records trade in goods and services, net investment income, and net transfers. A deficit must be offset by a financial account surplus.
经常账户： 国际收支中记录商品与服务贸易、净投资收入和净转移的部分，赤字必须由金融账户顺差来平衡。
Purchasing power parity (PPP): The theory that exchange rates should adjust so that identical goods cost the same in different countries when expressed in a common currency. Used to compare living standards.
购买力平价： 认为汇率应调整到使同种商品在不同国家用统一货币表示时价格相同的理论，常用于比较生活水平。
11. The Financial Sector | 金融部门
Bond: A financial asset representing a loan made by an investor to a borrower, typically corporate or governmental. It pays fixed interest and returns the principal at maturity.
债券： 代表投资者向借款人(通常为企业或政府)提供贷款的一种金融资产，支付固定利息并在到期时归还本金。
Stock: A share of ownership in a corporation that entitles the holder to a portion of the profits (dividends) and capital gains. Stockholders bear more risk than bondholders.
股票： 对公司所有权的一部分，持有者有权获得部分利润(股息)和资本利得，股票持有者比债券持有者承担更高风险。
Loanable funds market: A hypothetical market that brings together savers (suppliers of funds) and borrowers (demanders of funds). The real interest rate is the price that equilibrates this market.
可贷资金市场： 将储蓄者(资金供给方)与借款者(资金需求方)结合起来的假想市场，实际利率是使该市场出清的价格。
Money market: The market for short-term financial assets where the nominal interest rate adjusts to balance money demand and money supply set by the central bank.
货币市场： 短期金融资产的市场，名义利率在此调整以平衡货币需求与中央银行设定的货币供给。
Liquidity preference: Keynes’s theory that individuals hold money for transactions, precautionary, and speculative motives, and that the nominal interest rate is the opportunity cost of holding money.
流动性偏好： 凯恩斯的理论，认为个人出于交易、预防和投机动机持有货币，名义利率是持有货币的机会成本。
Fisher effect: The one-to-one adjustment of the nominal interest rate to expected inflation, given a relatively stable real interest rate. Nominal rate = real rate + expected inflation.
费雪效应： 实际利率相对稳定时，名义利率随预期通胀同幅调整的现象，名义利率 = 实际利率 + 预期通胀。
12. Macroeconomic Schools of Thought | 宏观经济学流派
Classical economics: The view that the economy is self-regulating and always returns to full employment due to flexible prices and wages. It emphasizes the long run and the invisible hand.
古典经济学： 认为经济具备自我调节能力，因价格与工资灵活变动总能恢复到充分就业状态的观点，强调长期和看不见的手。
Keynesian economics: The perspective that aggregate demand is volatile and that sticky wages prevent rapid self-correction, justifying active government intervention through fiscal policy to stabilize the economy.
凯恩斯经济学： 认为总需求具有波动性、工资粘性阻碍快速自我修正，因此需要政府通过财政政策积极干预以稳定经济的视角。
Monetarism: A school led by Milton Friedman that stresses the role of the money supply in determining national income and advocates for a steady, moderate growth of the money supply.
货币主义： 以弗里德曼为首的学派，强调货币供给在决定国民收入中的作用，主张货币供给稳定适度增长。
Supply-side economics: Focuses on reducing tax rates and regulations to increase incentives to work, save, and invest, thereby shifting LRAS rightward and promoting growth.
供给学派经济学： 侧重于通过降低税率和减少管制来增强工作、储蓄和投资的激励，从而使长期总供给曲线右移促进增长。
Rational expectations: The theory that individuals and firms use all available information to forecast future economic variables and that therefore systematic monetary and fiscal policy may be anticipated and rendered ineffective.
理性预期： 认为个人和企业会利用所有可获取信息预测未来经济变量，因此系统性的货币与财政政策可能被预见而失效的理论。
Phillips curve: A historical inverse relationship between the unemployment rate and the rate of inflation. The short-run Phillips curve slopes downward, while the long-run Phillips curve is vertical at the natural rate.
菲利普斯曲线： 失业率与通货膨胀率之间历史上的反向关系，短期菲利普斯曲线向下倾斜，而长期菲利普斯曲线在自然失业率处呈垂直状。
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