What noun explanations do you need to master in the consumer behavior part of intermediate microeconomics?

Take a look: economics-a social science that studies how to realize the optimal allocation of scarce resources and meet human needs to the maximum extent. Scarcity of resources-refers to the fact that the quantity of economic resources is always relatively insufficient and valuable relative to the infinite diversity of human needs. Normative analysis-study what economic activities should be and how to solve social and economic problems. Empirical Analysis-Describe what economic phenomena are and how social and economic problems are actually solved. Demand-the quantity of goods or services that consumers are willing and able to buy at a certain price. Changes in demand-changes in commodity demand caused by changes in commodity prices. Changes in demand level-changes in demand caused by other factors when commodity prices remain unchanged. Law of demand-the changing relationship between commodity prices and demand. Supply-the quantity that producers are willing and able to provide for a commodity or service at a certain moment at various possible price levels. Law of supply-commodity prices are in direct proportion to supply. Equilibrium price-the price when the demand price and supply price of a commodity are consistent, that is, the price when the demand quantity equals the supply quantity. Equilibrium quantity-the supply and demand when the demand price is equal to the supply price are called equilibrium quantity. Price elasticity of demand-the degree to which the price of a commodity or service changes due to its own demand when other conditions remain unchanged. Cross-price elasticity of demand-the degree to which the price change of one commodity or service causes the demand change of another commodity or service when other conditions remain unchanged. Income elasticity of demand-the degree to which changes in consumer income cause changes in demand for goods or services when other conditions remain unchanged. Cobweb model-a dynamic analysis theory that explains the different fluctuations of some commodities with long production cycle when they are out of balance by using elasticity principle. The stable condition of cobweb-supply elasticity is equal to demand elasticity, and market price changes have the same influence on supply and demand. Utility-the ability of a commodity or service to meet the needs or desires of consumers. Marginal utility-every increase or decrease in the consumption of a commodity leads to an increase or decrease in the total utility. Consumer surplus-the difference between the price consumers are willing to pay for goods or services and the price they actually pay. Consumer preference-an important subjective psychological factor that affects and restricts consumer behavior. Consumer equilibrium-under the condition of a certain income and a certain price, a certain number of consumers who sell various commodities can obtain the greatest total utility. Indifference curve-used to represent the trajectory of all combinations of two commodities with the same consumer preference. Marginal substitution rate-on the premise of maintaining the same utility level, consumers will give up the consumption of another commodity every time they increase the consumption of a unit commodity. Engel coefficient-the proportion of food consumption expenditure to total expenditure. Price-consumption curve-a curve formed by the trajectory connecting the equilibrium points of all consumers' utility maximization. Income-consumption curve-the change track of consumer equilibrium point caused by income change under the condition that consumer preference and commodity price remain unchanged. Income effect-the change of commodity price causes the change of actual income level, which in turn causes the change of commodity demand. Substitution effect-the change of commodity relative price caused by the change of commodity price, and then the change of commodity demand caused by the change of commodity relative price. Jia Xu products refer to special low-grade goods whose demand and price change in the same direction. Comparative effect-a typical joint external positive effect, a fashion preference of consumers, that is, they want to own a commodity that other consumers already have. Snobbish effect-a typical joint external negative effect, consumers want to have a preference for products that only a few people can enjoy or are unique. Retained wages-Lorenz curve-the vertical axis represents the percentage of social wealth, and the horizontal axis arranges all the population from low income to high income from left to right, and accumulates the percentage of social wealth owned by each percentage of the population, corresponding to the curve connected by points. Gini coefficient, an index used to evaluate income distribution equality, makes income distribution equality in economy and society measurable and comparable. Is the ratio of the area between the absolute equality line OY and the Lorenz curve to the area below the absolute equality line. G=A/(A+B) Human capital-refers to the ability or skill that people acquire at a certain price and have a price in the labor market. Opportunity cost-other possible maximum benefits that producers give up when they use a certain resource to obtain a certain benefit. Or the greatest value created by human capital in other activities. On-the-job training is an important form of human capital investment, and it is a re-education activity for all kinds of people who have a certain degree and have engaged in paid work in their posts. General training-the technical knowledge and skills of employees after training can be used by the original manufacturer and other manufacturers. Specialized training-the technical knowledge and skills of employees after training can only be used by the original manufacturer. Life cycle savings motivation-people's motivation for saving comes from the understanding of life cycle. Usually, people like to distribute their income equally in different periods. Save for retirement consumption. Bell-shaped income curve-a curve formed with income as the vertical axis and age as the horizontal axis. People's income is lower than the average in adolescence and old age, but higher than the average in middle age. The theory of permanent income-target savings-certainty prospect-uncertainty prospect-law of diminishing marginal income-under the condition of constant technical level, when the input of a certain production factor increases to a certain amount, the increment of total output and marginal products will decrease. Equal income line-the trajectory of all different combinations of inputs of two production factors that produce the same output under the condition of constant technical level. Marginal rate of technology substitution-the proportion of one input factor replacing another on the equal output line under the condition of constant technology level. Output Elasticity-If other inputs are fixed and the quantity of one input is changed separately, the relative change of this input will lead to the relative change of output. Productivity elasticity-the relative change of output when all input factors change in a unified proportion under the condition of constant technical level and input price. Elasticity of substitution-the relative change of input green caused by the relative change of marginal rate of technological substitution under the condition of constant technical level and input price. Scale reward-under the condition of constant technical level and factor price, when all input factors of the manufacturer change in a unified proportion, the output changes. Production function-the relationship between the number of various production factors used in production and the maximum output that can be produced in a certain period of time under the condition of constant technical level. Technical progress and type-a process that can combine all the elements of a certain amount of input to produce products. It can be divided into capital use technology progress, labor use technology progress and neutral technology progress. Cost-the price of production factors used by manufacturers in production activities or the remuneration or compensation that the owners of production factors must receive. Hidden cost-the remuneration that should be paid to the manufacturer because of its own production factors, but it is not actually paid. Incremental cost-the related cost due to production decision, that is, the increment of total cost. Economic profit-also known as super profit, the balance of the total income of manufacturers selling products MINUS the production cost calculated at opportunity cost. Learning curve-also called progress function-is a curve used to reflect the change of average cost with the increase of cumulative output. Production Economic Zone —— The curve connecting the input combination points with marginal product equal to 0, which respectively represent the factor inputs, is the ridge line, and the area between the ridge lines is the production economic zone. Economies of scale-With the expansion of production scale, the average cost gradually decreases. Scope economy-the combined output of multi-product enterprises exceeds the sum of the output of single-product enterprises. In other words, the combined output exceeds the sum of the respective outputs. Cost elasticity-the relative change of total cost caused by the relative change of total output along the expansion line under the condition of constant technical level and price. Enterprise-a long-standing form of economic organization, is an economic unit engaged in production and sales activities for the purpose of obtaining profits. A substitute for the price mechanism, an organization that replaces the market for resource allocation. Transaction cost-the cost of exchange activities. Innovation-establishing new production functions or introducing new combinations of production factors into the production system through the activities of entrepreneurs. Profit maximization-cash-refers to the deposits and cash equivalents that the cash on hand can be used to pay at any time, including cash on hand, bank deposits, other monetary funds and cash equivalents. Cash equivalent-an investment held by an enterprise with short term, strong liquidity, easy conversion to a known amount of cash and low risk of value change. Income statement-cash flow statement-based on cash, reflects the inflow and outflow of cash in a certain accounting period, and shows the ability of enterprises to obtain cash and cash equivalents. Principal-agent problem-refers to the fact that both the principal and the agent pursue their own utility maximization, and their utility maximization goals are often inconsistent. Performance for moral hazard, the pursuit of maximum sales revenue, vocational high school consumption. It is caused by information asymmetry, uncertainty and incomplete contract. Principal-agent theory-A theory aiming at the principal-agent problem in modern enterprise system. Information asymmetry-refers to the fact that some participants in a contractual relationship have information, while others do not. Incomplete contract-refers to a contract that cannot accurately describe all possible future States related to the transaction and the obligations of both parties under each state. Residual claim-the right to claim the residual income of enterprise income after paying factor compensation and input price. Market-a group of manufacturers and individuals who are interrelated to buy and sell a certain commodity, or a "place" where the price of the same commodity is formed by the action of both supply and demand. Market structure-refers to the degree of competition of a commodity or service in the market, and the main factors affecting it: the number of manufacturers and the degree of product difference. Perfect competition-pure competition, market conditions without any monopoly factors, and market structure without any obstacles and interference. Stop loss point-when the market price is the intersection of MC and AVC, only the variable cost can be recovered, which is a stop loss point. Short-term supply curve of manufacturers-in a perfectly competitive market, MC curve is above the lowest point of AVC curve. Average income-the monetary income obtained by a manufacturer from each unit of goods after selling a certain number of goods. Marginal income-the added value of the total income brought by each additional unit of goods sold by the manufacturer. Marginal material product-the increase of total output when a unit factor is finally added under the condition that the number of production technology and other production factors remains unchanged. Marginal product value-the sales value of marginal material products increases when a unit element is added at the end. VMP=P.MPP Marginal Factor Cost-The total cost increase of the manufacturer caused by the final increase of one unit of variable production factors. General equilibrium-all markets reach equilibrium at the same time. Pareto optimality-any allocation of production resources can no longer make anyone's situation better, and make another person's situation worse, which makes the total utility reach the maximum. Monopoly-Monopoly refers to the market structure in which the market is completely controlled by one manufacturer and there is only one supplier in the market. Monopoly competition-there are product differences between manufacturers, competition and monopoly factors coexist, and the market structure is dominated by competition factors. Natural monopoly-some products need a lot of investment in fixed equipment, and economies of scale are very significant, which makes them natural monopoly. The cost of sales-rent-seeking-seeks and maintains the existing rent by seeking or maintaining the monopoly position in the industry. Oligopoly-oligopoly. Monopoly and competition coexist, with monopoly as the main market structure. There are several monopoly manufacturers in the market, and the competition is fierce. Cournot equilibrium-the point where the reaction curves of manufacturers intersect in a duopoly market, which is called Cournot equilibrium. When the output of competitors is given, each manufacturer realizes its maximum profit output. At this time, no manufacturer will have the impulse to change the output. Price leadership-the price of an industry is usually set by one manufacturer first, and other manufacturers follow suit or change prices. Cartel-in an oligopoly market, if several manufacturers reach an open joint agreement on the overall distribution of market share, determining the price or conditions of products to be sold, controlling the quantity and quality of exports, sharing profits or interests, exchanging technologies, trademarks or patents, etc. Differential pricing-price discrimination refers to the fact that manufacturers charge different buyers for the same product at the same time, or after fully considering the changes in production, sales and risks, the sales price of the same product is not commensurate with its marginal cost. Skimming method-adopt high-priced short-term pricing strategy at the beginning, so as to skim the oil floating on the surface first. Cost plus pricing-the price should cover the cost of obtaining or producing products, plus the profit that the enterprise can obtain according to the target rate of return. The basic competition model consists of the following three parts: rational consumers who pursue the maximization of their own interests; Rational and profit-maximizing manufacturers; A perfectly competitive market. Market failure-in the actual economic operation, the market mechanism shows many insurmountable defects, and the market economy has not reached the operating state of economic efficiency. Externality-when the behavior of a manufacturer or individual directly affects others, it will not be compensated or paid. Time externalities-the possible additional gains or losses from current economic activities in the future. Spatial externalities-the extra gains or losses caused by an economic activity to the surrounding economic entities in a certain space. Currency externalities-externalities that can be reflected by market prices. Technological externalities-externalities that cannot be reflected by market prices. Coase Theorem-If the property right is clear and the transaction cost of negotiation is zero, no matter which party initially owns the property right, it can bring about the effective allocation of resources. Public goods, which are non-competitive and non-exclusive, and cannot be effectively allocated by market forces, have extremely positive externalities. Quasi-public goods-non-competitive to some extent, but exclusive, such as fire protection, medical care, transportation, etc. Public resources-competitive and non-exclusive projects. Public goods-goods that the government forces to consume, such as compulsory education. Public goods-goods that the government forbids to consume, such as medicines. Trading of pollutant discharge permits-a means for the government to deal with the externalities caused by pollution, so that manufacturers can only discharge pollutants with permits, but permits can be traded.