1. What is the concept of absolute advantage? (什么是绝对优势？)
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It is the ability of an individual, firm, or country to produce more of a good or service than competitors using the same amount of resources. 它是指个人、公司或国家在使用相同资源的情况下，生产更多商品或服务的能力。2. What is the concept of comparative advantage? (什么是比较优势？)
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It is the ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors. 它是指个人、公司或国家在比其他竞争者的机会成本更低的情况下，生产某种商品或服务的能力。3. What is the difference between opportunity cost and explicit cost? (机会成本和显性成本的区别是什么？)
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Opportunity cost is the value of the next best alternative that is forgone when making a decision, while explicit cost refers to actual monetary payments made in a transaction. 机会成本是做决策时放弃的下一个最佳选择的价值，而显性成本是指在交易中实际支付的货币成本。4. How do network externalities affect consumer decisions? (网络外部性如何影响消费者决策？)
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Network externalities occur when the value of a product increases as more people use it, influencing consumer choices to adopt technologies or products that may otherwise be inferior. 网络外部性发生在产品的价值随着更多人使用而增加时，这会影响消费者选择采用可能原本较差的技术或产品。5. What is the endowment effect? (禀赋效应是什么？)
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The endowment effect is the tendency for people to value things more highly simply because they own them, leading to inconsistent decision-making. 禀赋效应是指人们仅仅因为拥有某物而将其价值评估得更高，这会导致决策不一致。6. What are sunk costs and why should they be ignored in decision making? (沉没成本是什么？为什么在决策中应该忽视它们？)
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Sunk costs are costs that have already been incurred and cannot be recovered. They should be ignored in decision making because they do not affect future outcomes. 沉没成本是已经发生并且无法回收的成本。在决策中应该忽视它们，因为它们不会影响未来的结果。7. What is bounded rationality? (有限理性是什么？)
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Bounded rationality refers to the idea that people make decisions based on limited information and cognitive limitations, rather than making fully rational choices. 有限理性是指人们在有限的信息和认知能力下做出决策，而不是做出完全理性的选择。8. What are heuristics in decision making? (决策中的启发式方法是什么？)
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Heuristics are mental shortcuts or rules of thumb that simplify decision making, but they may lead to biases or suboptimal choices. 启发式方法是简化决策过程的心理捷径或经验法则，但它们可能导致偏差或次优选择。9. What is the law of demand? (需求法则是什么？)
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The law of demand states that as the price of a good increases, the quantity demanded decreases, all else being equal. 需求法则指出，当某商品的价格上升时，需求量会减少，其他条件不变时成立。10. What is the concept of price elasticity of demand? (需求的价格弹性概念是什么？)
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Price elasticity of demand measures how responsive the quantity demanded is to a change in price. 需求的价格弹性衡量的是需求量对价格变化的响应程度。11. What is the difference between elastic and inelastic demand? (弹性需求和非弹性需求有什么区别？)
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Elastic demand means that the quantity demanded changes significantly with a price change, while inelastic demand means that the quantity demanded changes little with a price change. 弹性需求是指价格变化时，需求量发生显著变化，而非弹性需求是指价格变化时，需求量变化较小。12. What are positive and negative externalities? (正外部性和负外部性是什么？)
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Positive externalities occur when a third party benefits from a transaction, while negative externalities occur when a third party suffers from a transaction. 正外部性发生在第三方从交易中受益时，而负外部性发生在第三方因交易而遭受损害时。13. What is the difference between fixed and variable costs? (固定成本和变动成本的区别是什么？)
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Fixed costs do not change with the level of output, while variable costs change as output changes. 固定成本不随产量变化而变化，而变动成本则随着产量的变化而变化。14. What is the concept of marginal cost? (边际成本的概念是什么？)
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Marginal cost is the additional cost incurred from producing one more unit of a good or service. 边际成本是生产一单位商品或服务所增加的额外成本。15. What is the difference between accounting profit and economic profit? (会计利润和经济利润的区别是什么？)
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Accounting profit is total revenue minus explicit costs, while economic profit is total revenue minus both explicit and implicit costs. 会计利润是总收入减去显性成本，而经济利润是总收入减去显性成本和隐性成本。16. What is consumer surplus? (消费者剩余是什么？)
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Consumer surplus is the difference between what consumers are willing to pay for a good and what they actually pay. 消费者剩余是消费者愿意为商品支付的价格与实际支付的价格之间的差额。17. What is producer surplus? (生产者剩余是什么？)
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Producer surplus is the difference between what producers are willing to accept for a good and what they actually receive. 生产者剩余是生产者愿意接受的商品价格与实际收到的价格之间的差额。18. What is the difference between a public good and a private good? (公共物品和私人物品的区别是什么？)
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A public good is non-rivalrous and non-excludable, meaning that one person’s consumption does not reduce availability to others and people cannot be excluded from using it. A private good is both rivalrous and excludable. 公共物品是非竞争性和非排他性的，意味着一个人的消费不会减少他人对物品的使用，而且无法将他人排除在外；私人物品则是具有竞争性和排他性的。19. What is a price ceiling? (价格上限是什么？)
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A price ceiling is a maximum price set by the government, below which a good or service cannot be sold. 价格上限是政府设定的商品或服务出售的最高价格。20. What is a price floor? (价格下限是什么？)
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A price floor is a minimum price set by the government, above which a good or service cannot be sold. 价格下限是政府设定的商品或服务的最低价格。21. What is the concept of the invisible hand? (看不见的手的概念是什么？)
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The invisible hand is the metaphor used to describe the self-regulating nature of a free market economy. 看不见的手是用来描述自由市场经济自我调节特征的隐喻。