Word
Definition
Economics
经济
The allocation of scarce resources to provide for unlimited human wants
稀缺资源的分配以满足人类无限的需求
Macroeconomics
宏观经济学
The study of the economy as a whole, including, inflation, growth and unemployment
对整个经济的研究，包括通货膨胀、增长和失业。
Depression
萧条
A period when there is a particularly deep and long fall in output
产出下降得特别深、特别久的时期
Recession
衰退
A period when growth in output falls or becomes negative. The technical definition now used by governments is that a recession occurs when growth in output is negative for two successive quarters (6 months)
产出增长下降或变成负数的时期。现在政府使用的技术定义是，当产出连续两个季度（6个月）出现负增长时，就会出现衰退。
Circular Flow Of Income
收入的循环流动
A model of the economy which shows the flow of goods, services and factors and their payments around the economy
显示商品、服务、要素及其支付在经济中的流动的经济模型。
Closed Economy
封闭经济
An economy where there is no foreign trade
一个没有对外贸易的经济体
Open Economy
开放经济
An economy where there is trade with other countries
一个与其他国家有贸易往来的经济体
Hidden/Black/Informal Economy
隐性/黑色/非正规经济
Economic activity where trade and exchange take place, but which goes unreported to the tax authorities and those collecting national income statistics. Workers in the hidden economy are usually motivated by the desire to evade paying taxes
发生贸易和交换的经济活动，但没有向税务机关和国民收入统计收集者报告。隐性经济中的工人通常是出于逃避缴税的动机。
Injections
投入
In the circular flow of income, spending which is not generated by households including investment, government spending and exports
在收入的循环流动中，不是由家庭产生的支出，包括投资、政府支出和出口。
National Income
国民收入
The value of the output, expenditure or income of an economy over a period of time
一个经济体在一段时期内的产出、支出或收入的价值。
Purchasing Power Parities
购买力平价
An exchange rate of one currency for another which compares how much a typical basket of goods in one country costs compared to that of another country
一种货币对另一种货币的汇率，比较一个国家的一篮子典型商品与另一个国家的商品的价格。
Transfer Payments
转移支付
Income for which there is no corresponding output, such as unemployment benefits or pension payments
没有相应产出的收入，如失业救济金或养老金支付。
Wealth
财富
A stock of assets which can be used to generate a flow of production or income. For example, physical wealth such as factories and machines is used to make goods and services
可用于产生生产或收入流的资产存量。例如，工厂和机器等实物财富被用来制造商品和服务。
Withdrawals/Leakages
提取/漏损
In the circular flow of income, spending by households which does not flow back to domestic firms. It includes savings, taxes and imports
在收入的循环流动中，家庭的支出没有回流到国内企业。它包括储蓄、税收和进口
Boom
繁荣
A period of time when the economy is growing strongly and is operating around its productive potential
经济强劲增长并围绕其生产潜力运行的时期。
Business/Economic/Trade Cycle
商业/经济/贸易周期
Regular fluctuations in the level of economic activity around the productive potential of the economy
经济活动水平围绕经济的生产潜力定期波动。
Economic Growth
经济增长
Growth in the productive potential of the economy – an increase in a country’s National Income
经济的生产潜力的增长 - 一个国家的国民收入的增加
Economic Recovery
经济复苏
The movement back from where the economy is operating below its productive potential to a point where it is at its productive potential
经济从低于其生产潜力的运行状态回升到达到其生产潜力的状态。
Output Gap
产出差距
The difference between the actual level of GDP and the productive potential of the economy
国内生产总值的实际水平与经济的生产潜力之间的差异。
Positive Output Gap
正的产出差距
When actual GDP is above the productive potential of the economy and it is in boom
当实际GDP高于经济的生产潜力时，经济处于繁荣状态。
Negative Output Gap
负的产出缺口
When actual GDP is below the productive potential of the economy
当实际GDP低于经济的生产潜力时
Sustainable Growth
可持续增长
Growth in the productive potential of the economy today which does not lead to a fall in the productive potential of the economy for future generations
今天经济生产潜力的增长，不会导致后代经济生产潜力的下降。
The Economics Of Happiness
幸福经济学
Investigates exactly what contributes to welfare and attempts to put values on some of these factors
调查哪些因素对福利有贡献，并试图对其中一些因素进行估值
Activity/Participation Rates
活动/参与率
The percentage or proportion of any given population in the labour force
任何特定人口在劳动力中的百分比或比例
Net Migration
净移民
Immigration minus emigration移民减去出境移民
Cyclical Unemployment
周期性失业
When there is insufficient demand in the economy for all workers who wish to work at current wage rates to obtain a job
当经济中的需求不足以让所有希望以当前工资水平工作的工人获得工作时。
Frictional Unemployment
摩擦性失业
When workers are unemployed for short lengths of time between jobs
当工人在两份工作之间短期内失业时
Seasonal Unemployment
季节性失业
When workers are unemployed at certain times of the year, such as building workers or agricultural workers in winter
当工人在一年中的某些时候失业时，如建筑工人或冬季的农业工人。
Structural Unemployment
结构性失业
When the pattern of demand and production changes, leaving workers unemployed in labour markets where demand has shrunk. Examples of structural unemployment are regional, sectoral or technological unemployment
当需求和生产模式发生变化，使工人在需求萎缩的劳动力市场中失业。结构性失业的例子包括区域性、部门性或技术性失业。
Consumer Price Index (CPI)
消费者价格指数(CPI)
A measure of the price level used across the EU and used by the Bank of England to measure inflation against its target
衡量整个欧盟的价格水平，英格兰银行用它来衡量通货膨胀的目标
Cost-push Inflation
成本推动型通货膨胀
Inflation caused by increases in the costs of production in the economy
由经济中的生产成本增加引起的通货膨胀。
Demand-pull Inflation
需求拉动型通货膨胀
Inflation which is caused by excess demand in the economy
由经济中的过度需求引起的通货膨胀。
Creeping Inflation
蠕动式通货膨胀
Small rises in the price level over a long period of time
价格水平在很长一段时间内的小幅上升
Deflation
通货紧缩
A fall in the price level
价格水平的下降
Headline Rate Of Inflation
总体通货膨胀率
The increase in consumer prices including all housing costs. This is the RPI in the UK
包括所有住房成本在内的消费价格的增长。这就是英国的零售价格指数
Hyper-inflation
恶性通货膨胀
Large increases in the price level
价格水平的大幅上涨
Indexation
指数化
Adjusting the value of economic variables such as wages or the rate of interest in line with inflation
根据通货膨胀调整经济变量的价值，如工资或利率。
Inflation
通货膨胀
A sustained rise in the general price level over time
一般价格水平在一段时间内的持续上升
Price Level
价格水平
The average price of goods and services in the economy
经济中商品和服务的平均价格
Retail Price Index (RPI)
零售价格指数(RPI)
A measure of the price level, which has been calculated in the UK for over 60 years and is used in a variety of contexts such as by the government to index welfare benefits
衡量物价水平的指标，在英国已经有60多年的计算历史，在各种情况下使用，如被政府用来指数福利。
Underlying Rate Of Inflation
基本通货膨胀率
The RPIX, the increase in consumer prices excluding changes in mortgage costs, or the RPIY, which also excludes indirect taxes
RPIX，消费者价格的增长，不包括抵押贷款成本的变化，或RPIY，也不包括间接税。
Balance Of Payments Account
国际收支账户
A record of all financial dealing over a period of time between economic agents of one country and all other countries
一个国家的经济主体与所有其他国家之间在一段时期内的所有金融交易记录。
Balance Of Trade
贸易平衡
Visible exports minus visible imports
可见的出口减去可见的进口
Capital And Financial Accounts
资本和金融账户
The part of the balance of payments account where flows of savings, investment and currency are recorded
国际收支账户中记录储蓄、投资和货币流动的部分。
Current Account
当前账户
That part of the balance of payments account where payments for the purchase and sale of goods and services are recorded
国际收支账户中记录购买和销售商品和服务的付款的那一部分
Current Balance
当前余额
The difference between total exports (visible and invisible) and total imports. It can also be calculated by adding the balance of trade to the balance on invisible trade
总出口（有形和无形）与总进口之间的差额。它也可以通过将贸易差额与无形贸易差额相加来计算。
Current Account Deficit
当前账户赤字
When imports are greater than exports
当进口大于出口时
Current Account Surplus
当前账户盈余
When exports are greater than imports
当出口大于进口时
Invisibles
无形资产
Trade in services, transfers of income and other payments or receipts
服务贸易、收入转移和其他付款或收入
Visibles
有形资产
Trade in goods
货物贸易
Average Propensity To Consume
平均消费倾向
The proportion of total income spent. It is calculated by C ÷ Y
支出占总收入的比例。它的计算方法是C÷Y
Average Propensity To Save
平均储蓄倾向
The proportion of a total income which is saved. It is calculated by S ÷ Y
总收入中储蓄的比例。它的计算方法是S÷Y
Consumption
消费
Total expenditure by households on goods and services over a period of time
家庭在一段时期内用于商品和服务的总支出。
Consumption Function
消费功能
The relationship between the consumption of households and the factors which determine it
家庭消费与决定消费的因素之间的关系
Disposable Income
可支配收入
Household income over a period of time
一段时期内的家庭收入
Durable Goods
耐用商品
Goods which are consumed over a long period of time, such as a television set or a car
长时间消费的商品，如电视机或汽车。
Marginal Propensity To Consume
边际消费倾向
The proportion of a change in income which is spent. It is calculated by ∆C ÷ ∆Y
收入变化中用于消费的比例。它的计算方法是：∆C÷∆Y
Marginal Propensity To Save
边际储蓄倾向
The proportion of a change in income which is saved. It is calculated by ∆S ÷ ∆Y
收入变化中用于储蓄的比例。其计算方法是 ∆S ÷ ∆Y
Non-durable Goods
非耐用品
Goods which are consumed almost immediately like an ice-cream or a packet of washing powder
几乎立即被消费掉的商品，如冰淇淋或一包洗衣粉。
Permanent Income
永久收入
The income a household could spend over its lifetime without reducing the value of its assets. This approximates to the average income of a household over its lifetime
一个家庭在不减少其资产价值的情况下，可以在其一生中花费的收入。这近似于一个家庭一生中的平均收入。
Savings Function
储蓄功能
The relationship between the saving of households and the factors which determine it
家庭的储蓄与决定储蓄的因素之间的关系
Saving (Personal)
储蓄（个人）
The portion of households’ disposable income which is not spent over a period of time
家庭可支配收入中在一段时期内未支出的部分
Wealth Effect
财富效应
The change in consumption following a change in wealth
财富变化后消费的变化
Investment
投资
The addition to the capital stock of the economy – when a firm spends money with the aim of increased future profits
经济中资本存量的增加--当一个公司为了增加未来利润而花钱时。
Retained Profit
留存利润
Profit kept back by a firm for its own use which is not distributed to shareholders or used to pay taxation
公司保留下来供自己使用的利润，不分配给股东或用于支付税款
Aggregate
总量
The sum or total
总和或总量
Aggregate Demand
总需求
The total of all demands or expenditures in the economy at any given price
在任何特定价格下，经济中所有需求或支出的总和。
Aggregate Demand Curve
总需求曲线
Shows the relationship between the price level and equilibrium National Income. As the price level rises, the equilibrium level of National Income falls
显示价格水平和均衡国民收入之间的关系。随着价格水平的上升，国民收入的均衡水平下降。
Domestic Economy
国内经济
The economy of a single country
一个国家的经济
Multiplier Effect
乘数效应
An increase in investment or any other autonomous expenditure leading to an even greater increase in income
投资或任何其他自主支出的增加导致收入的更大增加
Aggregate Supply Curve
总供给曲线
The relationship between the average level of prices in the economy and the level of total output
经济中的平均价格水平与总产出水平之间的关系。
Full Capacity
满负荷生产
The level of output where no extra production can take place in the long-run with existing resources. The full capacity level of output for an economy is shown by the classical long-run aggregate supply curve
在现有资源的情况下，长期内无法进行额外生产的产出水平。一个经济体的满负荷产出水平由经典的长期总供给曲线显示。
Long-run Aggregate Supply Curve
长期总供给曲线
The aggregate supply curve which assumes that wage rates are variable, both upward and downwards. Classical or supply side economists assume that wage rates are flexible. Keynesian economists assume that wage rates may be ‘sticky downwards’ and hence the economy may operate at less than full employment even in the long-run
假设工资率是可变的，无论是向上还是向下的总供给曲线。古典或供应方经济学家假设工资率是灵活的。凯恩斯主义经济学家认为，工资率可能是 "向下粘性 "的，因此，即使从长期来看，经济也可能在低于充分就业的情况下运行。
Short-run Aggregate Supply Curve
短期总供给曲线
The upward sloping aggregate supply curve which assumes that money wage rates are fixed
假设货币工资率固定的向上倾斜的总供给曲线
Supply Side Shocks
供应方冲击
Factors such as changes in wage rates, or commodity prices which cause the short-run aggregate supply curve to shift
诸如工资率或商品价格的变化等因素导致短期总供给曲线发生变化。
Budget
预算
A statement of the spending and income plans of an individual, firm or government. The budget is the yearly statement on government spending and taxation plans in the UK
个人、公司或政府的支出和收入计划的声明。在英国，预算是关于政府支出和税收计划的年度声明。
Budget Deficit
预算赤字
Arises when government spending is greater than revenue. Government therefore has to borrow money to finance the difference
当政府支出大于收入时产生的。因此，政府必须借钱来弥补这一差额。
Budget Surplus
预算盈余
Arises when government spending is less than revenue. Government can use the difference to repay any national debt
当政府支出小于收入时，就会出现预算盈余。政府可以用差额来偿还任何国债。
Demand Side Policies
需求方政策
Government use of fiscal and other policies to manipulate the level of aggregate demand in the economy
政府利用财政和其他政策来操纵经济中的总需求水平。
Fiscal Policy
财政政策
The decisions made about the spending, taxes and borrowing of the government used to control aggregate demand in the economy
政府为控制经济中的总需求而做出的关于支出、税收和借款的决定。
National Debt
国债
The accumulated borrowings of government
政府的累积借款
Over-heating
过热
The economy over-heats if aggregate demand is increased when the economy is already at its full productive potential. The result is increases in inflation with little or no increase in output
如果在经济已经达到其全部生产潜力的情况下增加总需求，经济就会过热。其结果是通货膨胀增加，而产出很少或没有增加。
Public Sector Net Cash Requirement (PSNCR)
公共部门净现金需求（PSNCR）
The official name given to the difference between government spending and revenue in the UK
英国政府支出和收入之间的差异的官方名称。
Bottleneck
瓶颈
A supply side constraint in a particular market in an economy which prevents higher growth for the whole economy
一个经济体中某一特定市场的供应方制约因素，阻碍了整个经济体的高增长。
Laffer Curve
拉弗曲线
A curve which shows that at low levels of taxation, tax revenues will increase if tax rates are increased; however, if tax rates are high, then a further rise in rates will reduce total tax revenues because of the disincentive effects of the increase in tax
一条表明在低税率水平下，如果提高税率，税收将增加；然而，如果税率很高，那么进一步提高税率将减少总税收，因为增加税收会产生抑制作用。
Poverty/Earnings Trap
贫困/收入陷阱
Occurs when an individual is little better off or even worse off when gaining an increase in wages because of the combined effect of increased tax and benefit withdrawal
当一个人在获得工资增长时，由于税收和福利提取的综合影响，他的情况几乎没有改善，甚至更糟。
Supply Side Policies
供应方政策
Government policies designed to increase the productive potential of the economy and push the long-run aggregate supply curve to the right
旨在提高经济的生产潜力并将长期总供给曲线推向右边的政府政策。
Unemployment Trap
失业陷阱
Occurs when an individual is little better off or even worse off when getting a job after being unemployed because of the combined effect of increased tax and benefit withdrawal
当一个人在失业后找到工作时，由于增加的税收和福利的综合影响，他的情况几乎没有改善，甚至更糟。
Bank Base Rate
银行基本利率
The interest rate which a bank sets to determine its borrowing and lending rates. It offers interest rates below its base rate to customers who deposit funds with it, whilst charging interest rates above base rate to borrowers
银行为确定其借款和贷款利率而设定的利率。它向在它那里存款的客户提供低于其基准利率的利率，而向借款人收取高于基准利率的利率。
Central Bank
中央银行
The financial institution in a country or a group of countries typically responsible for the printing and issuing of notes and coins, setting short-term interest rates, managing the country’s gold and currency reserves and issuing government debt
一个国家或一个国家集团的金融机构，通常负责印刷和发行纸币和硬币，设定短期利率，管理国家的黄金和货币储备，以及发行政府债务。
Instrument Of Policy
政策工具
An economic variable, such as the rate of interest, income tax rates or government spending on education, which is used to achieve a target of government policy
一个经济变量，如利率、所得税率或政府的教育支出，用于实现政府政策的目标。
Monetary Policy
货币政策
The attempt by government or a central bank to manipulate the money supply, the supply of credit, interest rates or any other monetary variables, to achieve the fulfilment of policy goals such as price stability
政府或中央银行试图操纵货币供应、信贷供应、利率或任何其他货币变量，以实现价格稳定等政策目标。
Rate Of Interest
利率
The price of money, determined by the demand and supply of funds in a money market, where there are borrowers and lenders
货币的价格，由货币市场上资金的需求和供应决定，这里有借款人和贷款人。
Target Of Policy
政策目标
An economic goal which the government wishes to achieve, such as low unemployment or high growth
政府希望实现的经济目标，如低失业率或高增长。
Appreciation Or Depreciation Of A Currency
货币的升值或贬值
A rise or fall in the value of a currency when the currency is floating and market forces determine its value
当货币是浮动的，市场力量决定其价值时，货币价值的上升或下降。
Export And Import Volumes
出口和进口量
The number of exports and imports. In statistics, they are usually expressed in index number form. They can be calculated by dividing the value of total exports or imports by their average price
出口和进口的数量。在统计中，它们通常以指数形式表示。它们可以通过将总出口或进口的价值除以其平均价格来计算。
Hot Money
热钱
Short-term, speculative flows of money across foreign exchanges, made in order to make a profit on the difference between the buying and selling price of the currency
短期的、投机性的资金在外汇市场上的流动，目的是在货币买卖价格的差异中获利。
