📚 AP Macroeconomics Core English Terminology Compilation | AP宏观经济学核心英文术语汇编
Mastering the language of macroeconomics is the first step toward success in the AP exam. This bilingual glossary brings together the most essential terms you will encounter, from national income accounting to international finance. Each entry gives you a clear English definition matched with a precise Chinese explanation, helping you build both conceptual understanding and exam-ready accuracy.
掌握宏观经济学的语言是在 AP 考试中取得成功的第一步。这份双语术语表汇集了你将遇到的最核心的概念，涵盖国民收入核算、通货膨胀、失业、财政货币政策以及国际金融等主题。每个词条都配有清晰的英文定义和准确的中文解释，帮助你建立概念理解与应试精准度。
1. 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’s borders in a given year. GDP equals consumption (C) + investment (I) + government spending (G) + net exports (NX).
国内生产总值 (GDP)：在某一既定年度内，一国境内生产的所有最终产品和服务的市场价值总和。GDP = 消费 (C) + 投资 (I) + 政府支出 (G) + 净出口 (NX)。
Nominal GDP: GDP measured at current prices, without adjusting for inflation. It can increase due to higher output or higher prices.
名义 GDP：以当期价格计算的 GDP，未经通货膨胀调整。名义 GDP 上升可能源于产出增加或价格上升。
Real GDP: GDP adjusted for inflation, reflecting the actual quantity of goods and services produced. It isolates changes in output from price level changes.
实际 GDP：经通货膨胀调整后的 GDP，反映所生产的商品与服务的实际数量。它剔除了价格水平变动对产出的影响。
GDP Deflator: A price index that measures the overall change in prices of all goods and services included in GDP. GDP deflator = (Nominal GDP / Real GDP) × 100.
GDP 平减指数：衡量 GDP 所包含的所有商品与服务总体价格变动的价格指数。GDP 平减指数 = (名义 GDP / 实际 GDP) × 100。
Gross National Product (GNP): The total income earned by a nation’s permanent residents, regardless of where the production takes place. GNP = GDP + net factor income from abroad.
国民生产总值 (GNP)：一国永久居民所赚取的总收入，无论生产活动发生在何处。GNP = GDP + 来自国外的净要素收入。
2. Inflation and Price Indices | 通货膨胀与价格指数
Inflation: A sustained increase in the general price level of goods and services in an economy over a period of time. It reduces the purchasing power of money.
通货膨胀：经济体中商品与服务的总体价格水平在一段时期内持续上涨的现象。它会削弱货币的购买力。
Consumer Price Index (CPI): A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. CPI = (cost of basket in current year / cost of basket in base year) × 100.
消费者价格指数 (CPI)：衡量一篮子消费品与服务（如交通、食品、医疗）价格加权平均水平的指标。CPI = (当期篮子成本 / 基期篮子成本) × 100。
Inflation Rate: The percentage change in a price index from one period to the next, typically calculated using CPI or GDP deflator. Inflation rate = [(Index in year 2 – Index in year 1) / Index in year 1] × 100%.
通货膨胀率：价格指数从一个时期到下一个时期的百分比变化，通常用 CPI 或 GDP 平减指数计算。通胀率 = [(第2年指数 – 第1年指数) / 第1年指数] × 100%。
Nominal Interest Rate: The stated interest rate on a loan or investment, not adjusted for inflation. It reflects the percentage increase in money the borrower pays.
名义利率：贷款或投资标明的利率，未经通货膨胀调整。它反映借款人支付的货币数量的百分比增长。
Real Interest Rate: The nominal interest rate minus the expected inflation rate. It shows the true cost of borrowing in terms of purchasing power. Real interest rate = Nominal interest rate – Inflation rate.
实际利率：名义利率减去预期通货膨胀率。它显示了按购买力计算的真实借贷成本。实际利率 = 名义利率 – 通货膨胀率。
3. Unemployment | 失业
Labor Force: The sum of employed and unemployed workers who are actively seeking employment. It excludes discouraged workers, students, and retirees.
劳动人口：就业者与正在积极寻找工作的失业者之和。它不包括丧失信心的工人、学生和退休人员。
Unemployment Rate: The percentage of the labor force that is jobless and actively looking for work. Unemployment rate = (Number of unemployed / Labor force) × 100.
失业率：劳动人口中没有工作但积极寻找工作的人所占的百分比。失业率 = (失业人数 / 劳动人口) × 100。
Frictional Unemployment: Short-term unemployment that arises from the time it takes workers to search for jobs that best suit their skills and preferences.
摩擦性失业：由于工人花费时间寻找最适合其技能和偏好的工作而产生的短期失业。
Structural Unemployment: Unemployment resulting from a mismatch between the skills workers have and the skills demanded by employers, often due to technological changes or shifts in the economy.
结构性失业：由于工人所拥有的技能与雇主所需要的技能不匹配而造成的失业，通常由技术变革或经济结构调整引起。
Cyclical Unemployment: Unemployment that results from business cycle recessions, when the overall demand for goods and services is insufficient to employ everyone who wants a job.
周期性失业：由商业周期衰退造成的失业，即经济中对商品与服务的总体需求不足以雇用所有想工作的人。
Natural Rate of Unemployment (NRU): The sum of frictional and structural unemployment; the unemployment rate that exists when the economy is at full employment, with no cyclical unemployment.
自然失业率 (NRU)：摩擦性失业与结构性失业之和；当经济处于充分就业状态，不存在周期性失业时的失业率。
4. Economic Growth | 经济增长
Economic Growth: An increase in an economy’s capacity to produce goods and services, measured by the percentage change in real GDP over time. It is driven by productivity improvements and factor accumulation.
经济增长：经济体生产商品与服务能力的提高，通常用实际 GDP 随时间变化的百分比来衡量。它由生产率提高和要素积累驱动。
Productivity: The amount of output produced per unit of input, such as labor productivity (output per worker). Higher productivity shifts the production possibilities frontier outward.
生产率：每单位投入所生产的产出量，例如劳动生产率（每个工人的产出）。生产率提高会使生产可能性边界向外移动。
Long-Run Aggregate Supply (LRAS): The economy’s potential output when all resources are fully employed; represented by a vertical curve at the full-employment level of output. LRAS depends on the quantity and quality of resources, technology, and institutions.
长期总供给 (LRAS)：在所有资源得到充分利用时经济的潜在产出，表现为一条位于充分就业产出水平的垂直曲线。LRAS 取决于资源的数量与质量、技术以及制度。
Production Possibilities Frontier (PPF): A curve showing the maximum combinations of two goods an economy can produce given its resources and technology. Outward shifts represent economic growth.
生产可能性边界 (PPF)：表示在给定资源和技术条件下，一个经济体所能生产的两种商品最大组合的曲线。向外移动代表经济增长。
5. Aggregate Demand and Aggregate Supply | 总需求与总供给
Aggregate Demand (AD): The total demand for all final goods and services in an economy at a given price level. AD is composed of C + I + G + NX and slopes downward due to the wealth effect, interest rate effect, and exchange rate effect.
总需求 (AD)：在某一给定价格水平下，经济中对所有最终商品和服务的总需求。AD 由 C + I + G + NX 构成，并因财富效应、利率效应和汇率效应而向下倾斜。
Short-Run Aggregate Supply (SRAS): The total output firms are willing to supply in the short run at different price levels. SRAS slopes upward because input prices (like wages) are sticky, allowing firms to expand production when output prices rise.
短期总供给 (SRAS)：在短期内，厂商在不同价格水平下愿意供给的总产出。SRAS 向上倾斜是因为投入价格（如工资）具有粘性，当产出价格上升时企业会扩大生产。
Demand-Pull Inflation: Inflation caused by an increase in aggregate demand, which shifts the AD curve to the right, bidding up the price level.
需求拉动型通货膨胀：由总需求增加引起的通货膨胀，AD 曲线向右移动，从而推高价格水平。
Cost-Push Inflation: Inflation resulting from a decrease in short-run aggregate supply, such as rising energy costs, which shifts the SRAS curve leftward, raising the price level.
成本推动型通货膨胀：由短期总供给减少（如能源成本上升）引起的通货膨胀，SRAS 曲线向左移动，抬高价格水平。
6. Fiscal Policy | 财政政策
Fiscal Policy: The use of government spending and taxation to influence the economy. Expansionary fiscal policy increases spending or cuts taxes to boost AD; contractionary policy does the opposite to cool down an overheating economy.
财政政策：利用政府支出和税收来影响经济运行。扩张性财政政策增加支出或减税以刺激总需求；紧缩性政策则相反，为过热的经济降温。
Multiplier Effect: The magnified impact of a change in autonomous spending (like government purchases) on total output. The spending multiplier = 1 / (1 – MPC) or 1 / MPS, where MPC is the marginal propensity to consume.
乘数效应：自主支出（如政府采购）变动对总产出的放大影响。支出乘数 = 1 / (1 – MPC) 或 1 / MPS，其中 MPC 为边际消费倾向。
Crowding Out Effect: The reduction in private investment that occurs when expansionary fiscal policy raises interest rates. Higher government borrowing increases demand for loanable funds, pushing up interest rates and discouraging private investment.
挤出效应：扩张性财政政策提高利率时，私人投资减少的现象。政府借款增加推升可贷资金需求，提高利率，从而抑制私人投资。
Automatic Stabilizers: Features of the tax and transfer systems that automatically reduce the severity of recessions without explicit government action, such as progressive income taxes and unemployment benefits.
自动稳定器：税收和转移支付体系中无需政府明确行动就能自动减轻衰退严重程度的机制，如累进所得税和失业救济金。
7. Money and Banking | 货币与银行
Money Supply (M1): The most liquid measure of money, including currency in circulation, checkable deposits, and traveler’s checks. M2 includes M1 plus savings deposits, small-time deposits, and retail money market funds.
货币供应量 (M1)：流动性最强的货币度量，包括流通中的现金、支票账户存款和旅行支票。M2 则包括 M1 加上储蓄存款、小额定期存款和零售货币市场基金。
Fractional Reserve Banking: A system in which banks keep only a fraction of deposits as reserves and lend out the rest. This allows the banking system to create money through the money multiplier process.
部分准备金银行体系：银行仅保留存款的一部分作为准备金，并将其余部分放贷出去的体系。这使得银行系统能够通过货币乘数过程创造货币。
Money Multiplier: The ratio of the money supply to the monetary base. The simple money multiplier = 1 / required reserve ratio (rr). A higher reserve ratio means a smaller multiplier.
货币乘数：货币供应量与基础货币的比率。简单货币乘数 = 1 / 法定准备金率 (rr)。准备金率越高，乘数越小。
Federal Reserve Tools: The central bank uses three main tools: open market operations (buying or selling government bonds), the discount rate (interest rate on loans to banks), and the reserve requirement (the fraction of deposits banks must hold).
美联储的政策工具：中央银行使用三大工具：公开市场操作（买卖政府债券）、贴现率（向银行贷款的利率）和法定准备金（银行必须持有的存款比例）。
8. Monetary Policy | 货币政策
Monetary Policy: The actions of a central bank to manage the money supply and interest rates to achieve macroeconomic goals. Expansionary monetary policy increases the money supply to lower interest rates and stimulate AD; contractionary policy reduces the money supply to raise rates and control inflation.
货币政策：中央银行为实现宏观经济目标而管理货币供应量和利率的行动。扩张性货币政策增加货币供应以降低利率、刺激总需求；紧缩性政策减少货币供应以提高利率、控制通胀。
Federal Funds Rate: The interest rate at which banks lend reserves to each other overnight. The Federal Reserve targets this rate through open market operations as its primary policy rate.
联邦基金利率：银行之间隔夜拆借准备金的利率。美联储通过公开市场操作将这一利率作为其主要政策利率目标。
Taylor Rule: A guideline for setting the federal funds rate based on the inflation gap and output gap. It suggests the central bank should raise the nominal interest rate when inflation is above target or output is above potential.
泰勒规则：根据通货膨胀缺口和产出缺口设定联邦基金利率的准则。它建议当通胀高于目标或产出高于潜在水平时，央行应提高名义利率。
9. The Phillips Curve | 菲利普斯曲线
Short-Run Phillips Curve (SRPC): A curve showing an inverse relationship between inflation and unemployment in the short run. When AD increases, inflation rises and unemployment falls, moving along the SRPC.
短期菲利普斯曲线 (SRPC)：表示短期内通货膨胀与失业之间反向关系的曲线。当总需求增加时，通胀上升，失业下降，沿着 SRPC 移动。
Long-Run Phillips Curve (LRPC): A vertical line at the natural rate of unemployment, illustrating that in the long run there is no trade-off between inflation and unemployment. Expectations adjust so that unemployment returns to the natural rate regardless of inflation.
长期菲利普斯曲线 (LRPC)：位于自然失业率处的一条垂直线，表明长期中通胀与失业之间不存在权衡关系。预期会调整，使失业率回归自然率，无论通胀水平如何。
Supply Shock and the Phillips Curve: A negative supply shock shifts the SRPC upward, causing stagflation—higher inflation alongside higher unemployment. This shifts the short-run trade-off unfavorably.
供给冲击与菲利普斯曲线：不利的供给冲击使 SRPC 向上移动，导致滞胀——高通胀与高失业并存。这使得短期权衡恶化。
10. International Trade and Finance | 国际贸易与金融
Comparative Advantage: The ability of a country to produce a good at a lower opportunity cost than another country. It is the basis for mutually beneficial trade even if one country has an absolute advantage in all goods.
比较优势：一国以低于另一国的机会成本生产某种商品的能力。即使一国在所有商品上都具有绝对优势，比较优势仍是互利贸易的基础。
Balance of Payments (BOP): A record of all economic transactions between a country and the rest of the world, divided into the current account and the capital and financial account. The two accounts must sum to zero.
国际收支平衡表 (BOP)：记录一国与世界其他国家之间所有经济交易的报表，分为经常账户和资本与金融账户。两个账户之和必须为零。
Current Account: Includes trade in goods and services, net income from abroad, and net current transfers. A current account deficit means the country imports more than it exports.
经常账户：包括商品和服务贸易、来自国外的净收入以及净经常转移。经常账户逆差意味着该国进口多于出口。
Exchange Rate: The price of one currency in terms of another. Appreciation means a currency becomes stronger (can buy more foreign currency), while depreciation means it becomes weaker.
汇率：一种货币以另一种货币表示的价格。升值意味着一种货币走强（可以购买更多外币），贬值则意味着走弱。
Foreign Exchange Market: The market in which currencies are traded. Demand for a currency comes from exports and capital inflows; supply comes from imports and capital outflows. Equilibrium exchange rate is determined by supply and demand.
外汇市场：进行货币交易的市场。对一种货币的需求来自出口和资本流入；供给来自进口和资本流出。均衡汇率由供求决定。
11. Loanable Funds Market | 可贷资金市场
Loanable Funds Market: A simplified model of the financial system where the interest rate adjusts to balance saving (supply) and investment (demand). The supply of loanable funds comes from private saving and public saving; demand comes from businesses wanting to invest and from government borrowing.
可贷资金市场：金融系统的一个简化模型，利率调整使储蓄（供给）与投资（需求）达到均衡。可贷资金供给来自私人储蓄和公共储蓄；需求来自想要投资的企业和政府借款。
Real Interest Rate in the Loanable Funds Market: The price that equates saving and investment. Higher government budget deficits increase demand for loanable funds, raising the real interest rate and causing crowding out.
可贷资金市场中的实际利率：使储蓄与投资相等的价格。较高的政府预算赤字会增加可贷资金需求，提高实际利率并导致挤出效应。
Net Capital Outflow (NCO): The purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners. NCO links the loanable funds market to the foreign exchange market; when net capital outflow rises, the supply of domestic currency in the forex market increases.
净资本流出 (NCO)：国内居民购买外国资产减去外国人购买国内资产的差额。NCO 将可贷资金市场与外汇市场联系起来；当净资本流出增加时，外汇市场上本币供给增加。
12. Macroeconomic Schools of Thought | 宏观经济思想流派
Classical Economics: The view that the economy is self-correcting and always tends toward full employment in the long run. Flexible prices and wages ensure that Say’s Law (supply creates its own demand) holds, so recessions are temporary.
古典经济学：认为经济具有自我修正能力，长期总是趋向于充分就业的观点。弹性价格和工资确保萨伊定律（供给创造其自身需求）成立，因此衰退是暂时的。
Keynesian Economics: The theory that aggregate demand is the primary driver of output and employment, especially in the short run. Sticky wages and prices can prevent the economy from reaching full employment, justifying active fiscal policy.
凯恩斯经济学：认为总需求是产出与就业的主要驱动因素，尤其是在短期内。工资与价格粘性可能阻碍经济达到充分就业，从而为积极的财政政策提供了依据。
Monetarism: A school of thought emphasizing the role of the money supply in determining output and inflation. Monetarists advocate a steady, predictable growth of the money supply (monetary rule) rather than discretionary policy.
货币主义：强调货币供应在决定产出和通胀中作用的思想流派。货币主义者主张货币供应量平稳、可预测地增长（单一货币规则），而非相机抉择的政策。
Supply-Side Economics: Focuses on policies that increase long-run aggregate supply by incentivizing production, such as tax cuts on businesses and investment, deregulation, and reducing barriers to work and trade.
供给学派经济学：侧重于通过激励生产来增加长期总供给的政策，如对企业与投资减税、放松监管以及减少工作与贸易障碍。
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