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price elasticity of demand (PED)
102
需求价格弹性
D Price elasticity of demand is a measure of how much the quantity demanded of a product changes when there is a change in the price of the product.
E The price elasticity of demand in any market depends on how we draw the boundaries of the market.
任何市场上的需求价格弹性都取决于我们如何划定市场的边界。
price elasticity of supply (PES)
103
供给价格弹性
D Price elasticity of supply is a measure of how much the supply of a product changes when there is a change in the price of the product.
E The price elasticity of supply depends on the flexibility of sellers to change the amount of the good they produce.
供给价格弹性取决于卖方调整自己商品供给量的灵活度。
cross elasticity of demand (XED)
104
需求交叉弹性
D Cross elasticity of demand is a measure of how much the demand for a product changes when there is a change in the price of another product.
E Whether the cross elasticity of demand is a positive or negative number depends on whether the two goods are substitutes or complements.
需求交叉弹性是正数还是负数取决于这两个商品是替代品还是互补品。
income elasticity of demand (YED)
105
需求收入弹性
D Income elasticity of demand is a measure of how much the demand for a product changes when there is a change in the consumer's income.
E The income elasticity of demand provides information on how the quantity demanded varies with a change in income.
需求收入弹性提供了关于需求量如何随着收入的变化而变化的信息。
necessity
106
n. 必需品
D something that you need, especially in order to live
E With income elasticity of demand, you can tell if a particular good represents a necessity or a luxury.
根据需求收入弹性，你可以判断某个特定商品是必需品还是奢侈品。
luxury
107
n. 奢侈品
D a thing that is expensive and enjoyable but not essential
E Luxury goods are a type of normal good associated with income elasticities of demand greater than one.
奢侈品是一种需求收入弹性大于1的正常商品。
utility
108
n. 实用，效用
D the satisfaction or benefit derived from consuming a good or a set of goods
E When building supply and demand models the assumption is made that consumers and producers act in a rational way to maximise their utility.
在建立供给需求模型时，我们假设消费者和生产者以一种理性的方式来实现效用最大化。
marginal utility
109
边际效用
D the additional utility gained from consuming one more unit of a good
E When one cup of tea is taken per day, the total utility derived by the person is 12 units. And because this is the first cup its marginal utility is also 12.
如果一个人每天喝一杯茶，那么他的总效用是12个单位。因为这是第一个杯子，它的边际效用也是12。
law of diminishing marginal utility
110
边际效用递减法则
D The value or utility that individual consumers gain from the last product consumed falls the greater the number consumed. So the marginal utility of consuming the sixth product is lower than the second product consumed.
E The law of diminishing marginal utility says that the marginal utility from each additional unit declines as consumption increases.
边际效用递减法则指的是随着消费的增加，每增加一个单位，边际效用下降。
elastic demand
111
弹性需求
D where the price elasticity of demand is greater than 1; The responsiveness of demand is proportionally greater than the change in price. Demand is perfectly elastic if price elasticity of demand is infinity.
E A more realistic example of elastic demand is housing. There are many different housing choices. People could live in a suburban home, a condo, or rent an apartment.
弹性需求的一个更现实的例子是住房。人们有许多不同的住房选择，可以住在郊区的房子里、公寓里，或者租一套公寓。
inelastic demand
112
非弹性需求
D where the price elasticity of demand is less than 1; The responsiveness of demand is proportionally less than the change in price. Demand is perfectly inelastic if price elasticity of demand is zero.
E In other words, an item has an inelastic demand when consumers are willing to tolerate greater changes in price before they alter their behaviour.
换句话说，比起改变购买选择，当消费者愿意容忍价格的较大变化时，一种商品就具有了非弹性需求。
unit elastic demand
113
单位弹性需求
D where the value of PED is equal to 1; If a product has unit elastic demand, then a change in the price of the product leads to a proportionate, opposite change in the quantity demanded of it.
E Put simply, if the price of a product decreases by 5%, with unit elastic demand, the demand for that product will increase by 5%.
简单地说，如果一种产品的价格下降5%，在单位弹性需求的情况下，（消费者）对该产品的需求量将增加5%。
perfectly elastic demand
114
完全弹性需求
D If demand is perfectly elastic, the price elasticity of demand is infinity. As price changes, the change in quantity demanded is infinite.
E As an example of perfectly elastic demand, imagine that two stores sell identical ounces of gold. One sells it for $1,800 an ounce, while another sells it for $1,799 an ounce. If demand for gold were perfectly elastic, no one would buy the more expensive gold. Instead, everyone would buy gold from the dealer that sells it for less.
作为完全弹性需求的一个例子，假设两家商店出售相同盎司的黄金。其中一家卖1800美元一盎司，另一家卖1799美元一盎司。如果黄金需求是完全弹性的，没人会买更贵的黄金。相反，每个人都会从价格更低的卖家那里购买黄金。
perfectly inelastic demand
115
完全非弹性需求
D If demand is perfectly inelastic, the price elasticity of demand is zero. As price changes, the change in quantity demanded is zero.
E Perfectly inelastic demand in real life are rare. If a product was perfectly inelastic, a supplier would be able to charge any price that they wanted to, and customers will still be willing to buy that product.
在现实生活中，完全非弹性需求很罕见。如果一种产品是完全非弹性的，卖家可以按自己的意愿收取任何价格，而消费者仍然愿意购买该产品。
total revenue
116
总收入
D quantity sold multiplied by the average price of a product
E Total revenue tells you exactly how much money your business generates before expenses.
总收入确切地告诉你，你的企业在扣除开支前产生了多少收入。
primary commodities
117
初级商品
D another word for raw materials, such as cotton or coffee
E Primary commodities are non-standard, which means their quality depends on when and where they originated. An example of a primary commodity is Crude Oil.
初级商品没有统一标准，其质量取决于产地和生产时间。初级商品的一个例子是原油。
manufactured products
118
工业产品
D goods that are produced in large quantities, using machinery
E The report notes a rapid decline in manufactured goods.
报告指出，工业产品的数量迅速下降。
price volatility
119
价格波动
D changes in the price
E The term “price volatility” is used to describe price fluctuations of a commodity.
“价格波动”一词是用来描述商品的价格起伏。
capacity
120
n. 生产力
D the total amount that can be contained or produced
E A nation's productive capacity reflects the potential output of an economy. It depends on: Size of the workforce (quantity of labour).
一个国家的生产能力反映了一个经济体的潜在产量。这取决于劳动人口的规模（劳动力数量）。