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This column provides an online dictionary for students to look up the definitions of economics terms.
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
absolute advantage 絕對優勢
a country has an absolute advantage over others if she is able to produce more of a good with the same amount of resources
ad valorem tax 從價稅
an ad valorem tax is imposed as a given percentage of the price of the goods
appreciation 升值（浮動匯率制下的）
appreciation occurs if the exchange rate of a currency rises relative to other currencies
assets 資產
assets are things owned by a bank
average cost 平均成本
average cost is the cost per unit of output
average labour productivity 勞工平均生產力
average labour productivity measures the output per worker per unit of time
average product 平均產量
average product is the average output produced per unit of a variable factor
balance of payments (BOP) deficit 國際收支平衡赤字
a balance of payments (BOP) deficit occurs when total payments exceed total receipts
balance of payments (BOP) surplus 國際收支平衡盈餘
a balance of payments (BOP) surplus occurs when total receipts exceed total payments
balance of payments account 國際收支平衡表
the balance of payments account is a statistical statement that systemically summarizes, for a specific period (typically a year or quarter), the economic transactions of an economy with the rest of the world
balance of trade 貿易差額
the balance of trade is the difference between the values of visible exports and imports of an economy
balanced balance of payments 國際收支平衡達致平衡
a balanced balance of payments occurs when total receipts equal total payments
balanced budget 平衡預算
a balanced budget is the one in which the estimated expenditure and the estimated revenue are equal
barter economy 實物交易經濟
a barter economy existed, where one good was directly exchanged for another
basic salary plus commission/tips 底薪加佣金／小費制
under a scheme of basic salary plus commission, workers are given a basic salary for basic needs. In addition, commissions will be awarded as a percentage of the sales volume. The percentage may increase progressively with the sales volume
budget 財政預算
a budget is a financial statement giving an estimate of the expected revenue and expenditure of the government for the coming fiscal year
business cycle 經濟週期
a business cycle is a recurrent fluctuation of the real GNP
capital 資本
all resources that are made by men to assist production are capital
capital accumulation 資本累積
when capital formation is faster than capital consumption, resulting in an increase of capital goods, there is capital accumulation
capital and financial account 資本及金融賬
capital and financial account is a record of the inflows and outflows of capital transfers, non-produced and non-financial assets, investments and change in reserve assets
capital consumption 資本消耗
the wearing out of capital goods is called capital consumption
capital formation 資本形成
the production of capital goods is called capital formation
capital goods 資本物品
capital goods are goods consumed for the purpose of producing other goods and services
capital maintenance 資本保養
the process of replacing worn-out or obsolete capital goods is called capital maintenance
capital market 資本市場
the capital market deals with shares and bonds
capital obsolescence 資本陳舊
capital obsolescence means that capital goods become obsolete or useless because of technological changes
cartel 同業聯盟
firms of the same industry may combine loosely by an agreement to form a cartel
cash reserve ratio 現金儲備率
the cash reserve ratio specifies the minimum fraction of a bank掇 total deposits that is required to be kept in the form of cash
central bank 中央銀行
a central bank is a government-owned bank which acts as the banker for the government
Certificate of Indebtedness 負債證明書
a Certificate of Indebtedness is a legal document authorizing the issuing of notes
change in inventories/stock 存貨增減
changes in inventories refers to an increase or a decrease in the inventory of goods held by firms
clearing house 票據交換所
a clearing house is where cheques and cleared and mutual debts among banks are settled
collective responsibility 集體負責制
collective responsibility means individual action of any one partner is binding on other partners, even if the action is wrong or harmful to the firm
commercial bank 商業銀行
a commercial bank is a privately-owned bank engaging in retail banking business
commodity money 實物貨幣
the earliest form of money was commodity money. Commodities like shell, cattle, sheep, horse, salt and metal were used as money in some parts of the world in the old days
comparative advantage 比較優勢
a country has a comparative advantage over others if she is able to produce a good at a lower opportunity cost than other countries
competitive demand 競爭需求
competitive demand means two goods can replace each other to satisfy the same want. Price of one good increases, demand for another good increases, and vice versa
competitive supply 競爭供給
two goods are said to be in competitive supply if an increase in the quantity supplied of one good will lead to a decrease in the supply of another good, and vice versa
complements 輔助品
when two goods are used together to satisfy a want, they are complements. Price of one good increases, demand for another good decreases, and vice versa
complex division of labour 複雜分工
complex division of labour occurs when a worker specializes in a particular stage of producing a good or service
conglomerate integration 集團結合
Conglomerate integration refers to the combination of firms engaging in different types of production
consolidation 綜合
a consolidation occurs when two or more firms combine and form a new company
consumer goods 消費品
consumer goods are goods which satisfy consumers' wants directly
convertible paper money 可兌換紙幣
convertible paper money is paper money which can be fully converted into the same amount of gold and silver
current account 經常賬
current account is a record of all dealings in goods, services, income and current transfers between an economy and other economies
deficit budget 赤字預算
a deficit budget is the one in which the estimated expenditure is greater than the estimated revenue
deflation 通貨緊縮
deflation is a persistent decrease in the general price level
deposit money 存款貨幣
deposit money is the different forms of deposits which people save in banks and deposit-taking companies
depreciation 貶值（浮動匯率制下的）
depreciation occurs if the exchange rate of a currency falls relative to other currencies
depression 蕭條期
depression is the hardest period of an economy
devaluation 貶值（固定匯率制下的）
devaluation means that the government decreases the exchange rate of the currency relative to other currencies
direct tax 直接稅
a direct tax is one in which the tax burden is borne by the taxed individual or organization. It cannot be shifted to another party
discount rate 貼現率
discount rate is the interest rate which the central bank charges on loans to commercial banks
division of labour 分工
division of labour means specializing in doing one job or part of a job
double coincidence of wants 雙向需求偶合
double coincidence of wants is a special condition when both parties in an exchange own the goods wanted by the other party
economic goods 經濟物品
an economic good is a good whose quantity available is insufficient to satisfy all our wants, and it has an opportunity cost. More of it is preferred
economics 經濟學
Economics is the study of how men allocate the limited resources to satisfy their unlimited wants
effective price ceiling 有效的價格上限
an effective price ceiling means that it can effectively control the price at a maximum level and it can avoid the price from rising to the equilibrium price
effective price floor 有效的價格下限
an effective price floor means that it can effectively control the price at a minimum level and it can avoid the price from falling to the equilibrium price
elastic demand 彈性需求
the percentage change in quantity demanded is greater than the percentage change in price, Ed > 1
elastic supply 彈性供給
the percentage change in quantity supplied is greater than the percentage change in price, Es > 1
electronic money 電子貨幣
electronic money refers to certain cards used by consumers to make payments through an electronic system
embargo 禁運
an embargo is a ban on trade
employment population 就業人口
the employed population refers to persons who perform work for payment or profit
entreneurship 企業家職能
entrepreneurship refers to human efforts which organize all resources, make decisions and bear risks
equilibrium price 均衡價格
at this price, the market is cleared as there is no excess demand or excess supply
excess reserves 超額儲備
excess reserves are the amount in excess of the required reserves
exchange control 外匯管制
exchange control is a government control on the buying and selling of foreign currencies
Exchange Fund 外匯基金
the Exchange Fund is a government account set up in 1935. The Fund consists of Hong Kong dollars and foreign currencies in a variety of deposits and investments
expenditure approach 從開支面計算
the expenditure approach measures the total spending of individuals, firms and the government on final goods and services produced and provided by the resident producing units within the economy
external growth 外部擴張
a firm grows externally by integrating with other firms
factors of production 生產要素
factors of production are resources for production
fiat money 不兌換貨幣
fiat money is money which is not convertible into gold and silver
final goods 最終貨品
final goods are goods for final use or consumption
financial market 金融市場
a financial market is where financial assets are bought and sold
finished goods 製成品
finished goods are goods ready for consumption
firm 廠商
a firm refers to a business unit where people make decisions about production
fixed exchange rate system 固定匯率制
under the fixed exchange rate system, the exchange rate of a currency is determined by the government or a central authority
fixed factors 固定生產因素
fixed factors are inputs that do not vary in quantity as output changes
fixed loan 定額貸款
fixed loan is a fixed sum of money lent to a customer
floating exchange rate system 浮動匯率制
under the floating exchange rate system, the exchange rate of any foreign currency is determined by its demand and supply in the foreign exchange market
flow 流量
a flow is any measurement that spreads over a certain period of time
foreign exchange market 外匯市場
the foreign exchange market deals with the buying and selling of foreign currencies
fractional reserve system 部分儲備制度
a fractional reserve system means that banks are required to keep a given fraction of their total deposits as required or legal reserves
franchise 專營權
a franchise is an exclusive right to run a business
free goods 免費物品
a free good is a good whose quantity available is sufficient to satisfy all our wants, and it has no opportunity cost. More of it is not preferred
free trade 自由貿易
free trade areas are formed by a group of countries for tariff-free trade among themselves
free trade areas 自由貿易區
free trade refers to the unrestricted exchange of goods and services among nations
futures market 期貨市場
the futures market deals with the buying and selling of futures contracts
GDP at constant market prices 以固定成本計算的本地生產總值
GDP at constant market prices shows the real value of final goods and services
GDP at current market prices 以當時市價計算的本地生產總值
GDP at current market prices measures the market value of final goods and services at current prices
GDP at factor cost 以要素成本計算的本地生產總值
GDP at factor cost = GDP - (indirect business taxes - subsides)
geographical mobility 地域流動性
geographical mobility measures the ease of resources to move from one workplace to another
gold market 黃金市場
the gold market deals with the buying and selling of gold
government consumption expenditure 政府消費開支
government consumption expenditure refers to all government expenditure on goods and services, and payments to civil servants
gross domestic product 本地生產總值
gross domestic product (GDP) is a measure of the total value of production of all resident producing units of an economy in a specified period, usually a year or a quarter
gross national product 本地居民生產總值
gross national product (GNP) is a measure of the total income earned by residents of an economy from engaging in various economic activities, irrespective of whether the economic activities are carried out within the economic territory or outside, in a specified period
horizontal integration 橫向合併
horizontal integration refers to the combination of firms at the same stage of production or firms producing the same product
implicit price deflator of GDP 本地生產總值內含平減物價指數
implicit price deflator of GDP is computed to reflect the change in general price level of all components in the GDP
import quota 入口配額
an import quota fixes the maximum amount or value of imports during a given period
indirect business taxes 商業間接稅
indirect business taxes are taxes on goods and services
indirect tax 間接稅
an indirect tax is one in which the tax burden can be shifted to another party
individual demand 個人需求
individual demand refers to the quantities of a good that a consumer (or buyer) is willing and able to buy at different prices, over a certain period of time, ceteris paribus
individual supply 個別供給
individual supply refers to the quantity of a good that a producer (or seller) is willing and able to offer for sale at different prices, over a certain period of time, ceteris paribus
inelastic demand 低彈性需求
the percentage change in quantity demanded is smaller than the percentage change in price, Ed < 1
inelastic supply 低彈性供給
the percentage change in quantity supplied is smaller than the percentage change in price, Es < 1
inferior good 次選物品
an inferior good is a good which consumers will consume less when their income increases, and vice versa
inflation 通貨膨脹
inflation is a persistent increase in the general price level (p.125)
inflation rate 通脹率
inflation rate is the percentage change in the price index with respect to the last period
integration 合併
integration is the combination of two or more firms to form a bigger firm
intermediate goods 中間貨品
intermediate goods are goods and services produced and used as input in producing other goods and for resale
internal growth 內部擴張
a firm grows internally by opening new plants and increasing output
international trade 國際貿易
international trade is the exchange of goods among people of different nations
investment expenditure 投資支出
investment expenditure includes two items
invisible trade 無形貿易
invisible trade records all dealings in the exports and imports of services, such as tourism, insurance and transport
joint supply 聯合供給
two goods are said to be in joint supply if the quantity supplied of one good leads to a change in the supply of another good in the same direction
labour 勞工
labour refers to human efforts, both mental and physical, that are involved in the production process
labour force 勞動人口
labour force refers to all persons aged 15 or above, including both employed and unemployed population
labour supply 勞工供給
labour supply is measured by the total working hours of the workers involved in production
land 土地
resources provided by nature are called land
lateral integration 側面合併
lateral integration refers to the combination of firms producing related but not competitive products
law of comparative advantage 比較優勢定律
the law of comparative advantage states that total output will increase as long as countries specialize in producing goods in which they have a comparative advantage
law of demand 需求定律
the law of demand states that the quantity demanded varies inversely with price, ceteris paribus
law of diminishing marginal returns 邊際報酬遞減定律
When variable factors are added successively to a fixed amount of fixed factors, other things being constant, the marginal product will eventually diminish
law of supply 供給定律
the law of supply states that quantity supplied varies directly with price, ceteris paribus
legal tender 法定貨幣
legal tender is the money allowed by the government to be acceptable in all cases for payment of goods and services as well as for settlement of debts
lender of last resort 最後貸款者
a central bank acts as the lender of last resort who lends money to private banks when they are in difficulties
letter of credit 信用狀
a letter of credit is a trade document that guarantees payments to the exporter liabilities 負債
limited liability 有限債務責任
limited liability means that each shareholder is liable to a maximum loss of what he has invested in the company
long run 長期
long run refers to the production period when all factors are variable
M1 M1
M1 = the sum of legal tender notes and coins held by the public + demand deposits with licensed banks
M2 M2
M2 = M1 + time deposits and savings deposits with licensed banks + negotiable certificates of deposit issued by licensed banks held outside the banking sector
M3 M3
M3 = M2 + deposits with restricted licence banks and deposit-taking companies + negotiable certificates of deposit issued by restricted licence banks and deposit-taking companies held outside the banking sector
macroeconomics 宏觀經濟學
macroeconomics is the study of the economy as a whole
marginal cost 邊際成本
marginal cost is the extra total cost needed for producing one extra unit of output
marginal product 邊際產量
marginal product is the change in total product resulting from one extra unit of variable factor
market 市場
a market is any situation in which transactions of goods and services take place
market demand 市場需求
market demand refers to the demand for a good or service by all consumers in the market over a certain period of time, ceteris paribus
market diversification 市場多元化
market diversification means a firm expands into different markets
market equilibrium 市場均衡
there is neither surplus nor shortage in the market. The market is then said to be in equilibrium, i.e., market equilibrium. At equilibrium, there is no tendency for price to change
market supply 市場供給
market supply refers to the supply of a good or service by all producers (or seller) in the market over a certain period of time, ceteris paribus
merchant bank 投資銀行
a merchant bank is a privately-owned bank specializing in wholesale banking
merger 歸併
a merger occurs when a firm buys up 100% of the assets of another firm which is then dissolved and loses its corporate status
microeconomics 微觀經濟學
microeconomics is the study of individuals' consumption and production behaviour
minimum reserve ratio 最低儲備率
the minimum reserve ratio is the minimum fraction of a bank掇 total deposits needed to be kept in the form of cash or other liquid assets as required by the government
money 貨幣
money is anything that is widely used and generally accepted as a medium of exchange, for payment of goods and services, as well as for settlement of debts money flow 貨幣流程
money market 貨幣市場
the money market deals with short-term liquid assets
natural monopoly 自然壟斷
a monopoly that appears as a result of economies of scale is called a natural monopoly
negotiable certificates of deposit 可轉讓存款證
negotiable certificates of deposit are time deposits in nature
net exports 出口淨值
net exports = net exports of goods + net exports of services
net factor income from abroad 外地生產要素所得淨值
net factor income from abroad is equal to the factor incomes earned by residents outside the economic territory minus the factor incomes earned by non-residents within the economic territory
nominal price 名義價格
nominal price is the price expressed in terms of money
normal good 常選物品／優等物品
a normal good is a good which consumers will consume more when their income increases, and vice versa
occupational mobility 職業流動性
occupational mobility measures the ease of resources to be moved from one job to another, or from one use to another
opportunity cost 機會成本
opportunity cost is expressed in terms of the highest-valued option forgone
optimum firm 最適度規模廠商
the firm producing at the optimum is called the optimum firm
optimum scale 最適度規模
optimum scale is the scale with the lowest average cost in the long run
overdraft 透支
overdraft enables a customer to overdraw money from his account up to a certain limit
perfectly elastic demand 完全彈性需求
quantity supplied changes infinitely to a very small change in price, Es = ∞
perfectly elastic supply 完全彈性供給
quantity demanded changes infinitely to a very small change in price, Ed = ∞
perfectly inelastic demand 完全無彈性需求
no matter how price changes, quantity demanded still has no change, Ed = 0
perfectly inelastic supply 完全無彈性供給
no matter how price changes, quantity supplied still remains unchanged, Es = 0
per-unit tax 從量稅
a per-unit tax is a tax imposed on each unit of a good
piece rate 計件工資
under a piece rate scheme, wage is paid according to the quantity of output produced by a worker
price 價格
price is the exchange value of a good
price ceiling 價格上限
a price ceiling is the maximum price set on a good or service
price elasticity of demand 價格需求彈性
price elasticity of demand measures the degree of responsiveness of quantity demanded to a change in price
price elasticity of supply 價格供給彈性
price elasticity of supply measures the degree of responsiveness of quantity supplied to a change in price
price floor 價格下限
a price floor is the minimum price of a good or service
price index 物價指數
a price index is computed to reflect the change in price level
primary production 初級生產
primary production refers to the direct extraction of natural resources
principle of absolute advantage 絕對優勢法則
the principle of absolute advantage states that countries should specialize in producing goods in which they have an absolute advantage and trade with other countries
private consumption expenditure 私人消費開支
private consumption expenditure is the total value of consumption expenditure by households on final goods and services
private enterprise 私營企業
a private enterprise is a firm owned privately by individuals
product diversification 產品多元化
product diversification means producing different sorts of products
production 生產
the production approach measures the total market value of all final goods and services currently produced by resident producing units of a country or territory during a certain period of time
production approach 從生產面計算
production is the process of turning resources into goods or services
profit-sharing 利潤分享制
under a profit-sharing scheme, bonus may be given to the employee in addition to his salary. Bonus is often calculated as a given percentage of net profits
progressive tax 累進稅
in a progressive tax system, the higher the income, the higher the tax rate
proportional tax 比例稅
in a proportional tax system, all income groups will be taxed by the same tax rate
prosperity 繁榮期
prosperity is a period with very active economic activities
public enterprise 公營企業
a public enterprise is a firm owned by the government
quantity demanded 需求量
quantity demanded refers to the quantity of a good that a consumer (or buyer) is willing and able to buy at a particular price over a period of time
quantity supplied 供給量
quantity supplied refers to the quantity of a good that a producer (or seller) is willing and able to offer for sale at a particular price over a period of time
quota 配額
a quota is a restriction on the total amount of output or sales. It fixes the maximum quantity that sellers can offer for sale
real flow 實質流程
real flow is the flow of goods and services
recession 衰退期
during recession, economic activities are declining
recovery 復原期
during recovery, the economy is improving
regional division of labour 地區分工
regional division of labour occurs when a district or a country specializes in producing a particular good or service
regressive tax 累退稅
in a regressive tax system, the higher the income, the lower the tax rate
relative price 相對價格
relative price is the price expressed in terms of other goods
required reserves 法定儲備
required reserves are often cash or specified liquid assets that must be kept in banks for withdrawals or emergency purposes
resident 居民
resident individuals refer to those who normally stay in the economic territory of the economy for at least 12 months or longer, or intend to do so, irrespective of their nationality. For organizations, residents refer to those which ordinarily operate in the economic territory
resident producing unit 常住生產單位
a resident producing unit maintains his/her centre of economic interests in a country or territory
revaluation 升值（固定匯率制下的）
revaluation means that the government raises the exchange rate of the currency relative to other currencies
scarcity 稀少性
scarcity means that resources are limited in supply relative to unlimited human wants
secondary production 二級生產
secondary production is the process of turning raw materials into semi-finished or finished products
semi-finished goods 半製成品
semi-finished goods are used to produce finished goods
short run 短期
short run refers to the production period when some of the factors are fixed while the others are variable
simple division of labour 簡單分工
simple division of labour occurs when a worker specializes in producing a particular good or service
stock 存量
a stock is any measurement at a particular moment of time
subsidy 本地生產補貼
a subsidy is a sum of money or subsidization provided by the government for local production
surplus budget 盈餘預算
a surplus budget is the one in which the estimated revenue is greater than the estimated expenditure
takeover 收購／接管
by a takeover, a firm acquires more than 50% of the shares of another firm tariffs 關稅
technical economies 技術性經濟
technical economies are economies or benefits related to the better utilization of machines and reserves
terms of trade 貿易比率
the terms of trade refers to the amount of goods that a nation must export for one unit of good that she imports
tertiary production 三級生產
tertiary production refers to the provision of different kinds of services
time rate 計時工資
under a time rate scheme, wage is paid according to the total amount of working time
total cost 總成本
total cost is the sum of total fixed cost and total variable cost
total fixed cost 總固定成本
total fixed cost is the total expenses needed for using the fixed factors. It is fixed for all levels of output
Total M1 總M1
Total M1 = M1 (HK$) + M1 (foreign currency)
Total M2 總M2
Total M2 = M2 (HK$) + M2 (foreign currency)
Total M3 總M3
Total M3 = M3 (HK$) + M3 (foreign currency)
total product 總產量／總產出
total product is the total output produced by a firm's factors of production
total revenue 總收入
total revenue is simply the revenue obtained by the seller from selling his goods or services
total variable cost 總可變成本
total variable cost is the total expenses needed for using the variable factors. It increases when output increases
transfer payment 轉移支付
transfer payments are excluded from national income accounting
under-employed population 就業不足人口
the under-employed population refers to persons who are working but involuntarily have to work less hours
under-employment rate 就業不足率
under-employment rate refers to the proportion of the under-employed population in the labour force
unemployed population 失業人口
the unemployed population refers to those labour force who are unemployed. They have no jobs and are searching for jobs
unemployment rate 失業率
unemployment rate refers to the proportion of the unemployed population in the labour force
unitarily elastic demand 單一需求彈性
the percentage change in quantity demanded is equal to the percentage change in price, Ed = 1
unitarily elastic supply 單一供給彈性
the percentage change in quantity supplied is equal to the percentage change in price, Es = 1
value added 增加價值
the value added of a producing unit is the value of goods or services it produces less the value of goods and services used in the course of production
variable factors 可變生產因素
variable factors are inputs that vary in quantity as output changes
vertical integration 縱向合併
vertical integration refers to the combination of firms engaging in different stages of production of the same product
vertical backward integration 後向合併
vertical backward integration occurs when a firm combines with the one engaging in a preceding stage of production
vertical forward integration 前向合併
vertical forward integration occurs when a firm combines with the one engaging in a later stage of production
visible trade 有形貿易
visible trade records all dealings in the exports and imports of physical goods, such as foodstuffs and machinery
voluntary export restriction 自願削減出口
voluntary export restriction means the exporting countries themselves restrict their exports to some other countries
wants 慾望
wants are our desires for goods and services
working population 工作人口
the working population refers to persons aged 15 and over who are employed
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Students' Zone 
