📚 Year 11 Cambridge Economics: Vocabulary & Terminology Fast-Memorisation Guide | 11年级剑桥经济学：词汇术语速记指南
Mastering key economic terms is the first step to scoring top marks in your Cambridge IGCSE or O Level Economics exam. This guide organises the most important vocabulary by topic, with clear definitions, memorable examples, and practical memory tricks. Each English term is paired with its Chinese equivalent to support bilingual learners. Use this resource to build a strong foundation and gain confidence in handling data-response questions and essays.
掌握关键经济术语是你在剑桥IGCSE或O Level经济考试中取得高分的第一步。本指南按主题整理最重要的词汇，提供清晰的定义、易记的例子和实用的记忆技巧。每个英文术语都配有对应的中文翻译，帮助双语学习者建立扎实的基础，在处理数据分析题和论述题时更有信心。
1. The Basic Economic Problem | 基本经济问题
The fundamental economic problem is scarcity: human wants are unlimited, but resources are finite. This forces every society to answer three questions: What to produce? How to produce? For whom to produce? The factors of production are land, labour, capital, and enterprise, each earning rent, wages, interest, and profit respectively.
基本经济问题是稀缺性：人类的欲望是无限的，但资源是有限的。这迫使每个社会回答三个问题：生产什么？如何生产？为谁生产？生产要素包括土地、劳动力、资本和企业，分别获得租金、工资、利息和利润。
Opportunity cost is the next best alternative foregone when a choice is made. Every decision involves a trade-off. For example, a government spending more on defence might have to cut back on healthcare — the opportunity cost of better weapons is the lost health services.
机会成本是在做出选择时所放弃的次优替代品。每一个决定都涉及权衡。例如，政府增加国防开支可能不得不削减医疗保健——更先进武器的机会成本是失去的医疗服务。
- Scarcity / 稀缺性 – the condition of limited resources relative to unlimited wants.
- Opportunity cost / 机会成本 – the value of the next best alternative given up.
- Factors of production / 生产要素 – inputs used to produce goods and services.
- Free goods / 免费物品 – goods that are not scarce and have no opportunity cost, like air.
- Economic goods / 经济物品 – goods that are scarce and require resources to produce.
Memory tip: picture a pizza — scarcity means there aren’t enough slices for everyone. The slice you give up to take another is the opportunity cost. The ingredients are the factors of production.
记忆技巧：想象一个披萨——稀缺性意味着没有足够的切片分给每个人。你为了拿另一片而放弃的那一片就是机会成本。配料就是生产要素。
2. Demand, Supply and Market Equilibrium | 需求、供给与市场均衡
Demand is the quantity of a good or service that consumers are willing and able to buy at each price over a given period. The law of demand states that, ceteris paribus, as price falls, quantity demanded rises. This inverse relationship is shown by a downward-sloping demand curve. A movement along the curve is caused by a change in price itself; a shift of the entire curve occurs when a non-price factor changes, such as income, tastes, or prices of related goods (substitutes and complements).
需求是消费者在给定时期内、在每个价格水平上愿意并且能够购买的商品或服务数量。需求定律指出，在其他条件不变的情况下，价格下降，需求量上升。这种反向关系由一条向下倾斜的需求曲线表示。沿着曲线的移动是由商品本身价格变化引起的；整条曲线的移动则是由于非价格因素发生变化，比如收入、偏好或相关商品（替代品和互补品）的价格。
Supply is the quantity that producers are willing and able to sell at each price. The law of supply says that, ceteris paribus, as price rises, quantity supplied rises. The upward-sloping supply curve reflects the profit motive. Shifts in supply are caused by changes in costs of production, technology, taxes, subsidies, and external shocks like weather.
供给是生产者在每个价格水平上愿意并且能够出售的数量。供给定律指出，在其他条件不变时，价格上升，供给量上升。向上倾斜的供给曲线反映了利润动机。供给曲线的移动是由生产成本、技术、税收、补贴以及天气等外部冲击引起的。
Market equilibrium occurs where demand equals supply — there is no surplus or shortage. If price is above equilibrium, a surplus puts downward pressure on price. If price is below, a shortage pushes price upward. The price mechanism automatically allocates resources.
市场均衡发生在需求等于供给之处——没有过剩或短缺。如果价格高于均衡，过剩会对价格形成下行压力；如果价格低于均衡，短缺会推动价格上升。价格机制自动配置资源。
- Ceteris paribus / 其他条件不变 – 'all other things being equal'; used to isolate the effect of one variable.
- Extension/contraction in demand / 需求量的增加/减少 – movements along the demand curve due to a price change.
- Increase/decrease in demand / 需求的增加/减少 – shifts of the demand curve due to non-price factors.
- Substitute / 替代品 – a good that can be used in place of another (e.g. tea and coffee).
- Complement / 互补品 – a good used together with another (e.g. cars and petrol).
- Surplus / 过剩 – excess supply (quantity supplied > quantity demanded).
- Shortage / 短缺 – excess demand (quantity demanded > quantity supplied).
Memory trick: think 'C' for contraction and 'C' for cheaper price — when price goes down, we contract (reduce) the quantity of a supply-like? → extension. Remember SIR: Supply Increase shifts Right. DIL: Demand Increase shifts Left? No, demand increase shifts Right. Better: I-Right — Income increase shifts demand right for normal goods.
记忆窍门：对于需求，价格下跌时需求量增加（扩展），就像商店打折你会买更多。用 "价格 P 往下，量 Q 往上" 的手势帮助记忆。供给曲线 "价格 P 往上，厂商想赚更多所以 Qs 往上"。
3. Elasticity | 弹性
demand (PED) measures the responsiveness of quantity demanded to a change in price. PED = % change in quantity demanded ÷ % tly inelastic is vertical (PED = 0). Factors affecting PED include availability of substitutes, luxury vs necessity, proportion of income, and time period.
需求的价格弹性（PED）衡量需求量对价格变化的反应程度。PED = 需求量变化百分比 ÷ 价格变化百分比。如果PED > 1，需求富有弹性；PED < 1，需求缺乏弹性；PED = 1，需求为单位弹性。完全弹性需求是一条水平线（PED = ∞）；完全无弹性需求是垂直线（PED = 0）。影响PED的因素包括替代品的可获得性、奢侈品还是必需品、占收入的比例以及时间长短。
Price elasticity of supply (PES) measures the responsiveness of quantity supplied to price changes. Key determinants are time period (supply is more elastic in the long run), spare capacity, ease of storage, and mobility of factors of production.
供给的价格弹性（PES）衡量供给量对价格变化的反应程度。关键决定因素包括时间长短（长期供给更富有弹性）、闲置产能、储存的难易程度以及生产要素的流动性。
Income elasticity of demand (YED) = % change in quantity demanded ÷ % oods have YED > 1; necessities have YED between 0 and 1; inferior goods have negative YED.
需求的收入弹性（YED）= 需求量变化百分比 ÷ 收入变化百分比。正常商品具有正YED；奢侈品YED > 1；必需品YED在0和1之间；低档商品具有负YED。
Cross elasticity of demand (XED) = % change in quantity demanded of good A ÷ % change in price of good B. Positive XED means substitutes; negative XED means complements.
需求的交叉弹性（XED）= A商品需求量变化百分比 ÷ B商品价格变化百分比。XED为正表示替代品；XED为负表示互补品。
- Elastic / 富有弹性 – quantity demanded changes by a larger % than price.
- Inelastic / 缺乏弹性 – quantity demanded changes by a smaller % than price.
- Total revenue test / 总收益测试 – if P rises and TR falls, demand is elastic; if TR rises, demand is inelastic.
- Normal good / 正常商品 – demand increases when income increases.
- Inferior good / 低档商品 – demand falls when income rises (e.g. budget bread).
Memory: PED comes before PES, and PED is about consumers, PES about producers. Use the mnemonic 'S.P.L.A.T.' for factors making demand elastic: Substitutes, Percentage of income, Luxury, Addictive (if not, more elastic), Time. Or simply 'N.L.S.T.' — Necessity, Luxury, Substitutes, Time.
记忆：PED在PES之前，PED关乎消费者，PES关乎生产者。用 "替代品多、占收入比例大、奢侈品、时间长" 这四点来记需求弹性大的因素。想象一条橡皮筋：越容易替代，弹性越大。
4. Market Failure and Government Intervention | 市场失灵与政府干预
Market failure occurs when the price mechanism fails to allocate resources efficiently, leading to a net social welfare loss. Main causes include externalities (positive and negative), public goods, merit and demerit goods, imperfect information, and monopoly power.
市场失灵是指价格机制无法有效配置资源，导致社会净福利损失。主要原因包括外部性（正外部性和负外部性）、公共物品、优值品和劣值品、不完全信息以及垄断势力。
Negative externalities: costs imposed on third parties not involved in the transaction, e.g. pollution from a factory. This leads to overproduction and overconsumption because the private cost is lower than the social cost. Positive externalities: benefits to third parties, e.g. education or vaccination. These lead to underproduction and underconsumption because private benefit is lower than social benefit.
负外部性：强加给未参与交易的第三方的成本，例如工厂污染。这导致过度生产和过度消费，因为私人成本低于社会成本。正外部性：带给第三方的收益，例如教育或疫苗接种。这导致生产不足和消费不足，因为私人收益低于社会收益。
Public goods are non-excludable and non-rival, e.g. street lighting, national defence. The free-rider problem means private firms will not supply them, so the government must provide them. Merit goods (e.g. healthcare, education) are under-consumed if left to the market; demerit goods (e.g. cigarettes, alcohol) are over-consumed.
公共物品具有非排他性和非竞争性，例如路灯、国防。搭便车问题意味着私人企业不会提供这些物品，因此政府必须提供。优值品（如医疗、教育）若由市场提供会出现消费不足；劣值品（如香烟、酒精）会被过度消费。
Government intervention methods: indirect taxes (to internalise negative externalities), subsidies (to encourage positive externalities), price controls (maximum and minimum prices), regulation, tradable pollution permits, and direct provision of goods and services. Each policy has advantages and disadvantages — they can cause government failure if poorly implemented.
政府干预方法：间接税（使负外部性内部化）、补贴（鼓励正外部性）、价格控制（最高限价和最低限价）、监管、可交易的污染许可以及直接提供商品和服务。每项政策都有优缺点——如果执行不力可能导致政府失灵。
- Externality / 外部性 – a cost or benefit affecting third parties outside the market.
- Social cost / 社会成本 – private cost + external cost.
- Social benefit / 社会效益 – private benefit + external benefit.
- Merit good / 优值品 – a good with positive externalities that people undervalue.
- Demerit good / 劣值品 – a good with negative externalities that people overvalue.
- Public good / 公共物品 – non-excludable and non-rival in consumption.
- Free rider / 搭便车者 – someone who benefits without paying.
- Government failure / 政府失灵 – when intervention worsens resource allocation.
Memory: 'NUNS' for public goods: Non-excludable, Unlimited (non-rival). For externalities, draw a diagram with two curves: MSC (marginal social cost) and MPC (marginal private cost) — the vertical gap is the external cost. Tax shifts supply left, subsidy shifts it right.
记忆：公共物品用 "NUNS" —— Non-excludable（非排他性），Unlimited use（非竞争性）。外部性画两个曲线：MSC在上、MPC在下，垂直距离就是外部成本。税收使供给曲线左移，补贴右移。
5. Macroeconomics: Key Indicators | 宏观经济：关键指标
Macroeconomics studies the economy as a whole. The main objectives are low and stable inflation, economic growth, low unemployment, and a stable balance of payments. These are measured by key indicators: GDP, inflation rate, unemployment rate, and current account balance.
宏观经济学研究整体经济。主要目标是低而稳定的通货膨胀、经济增长、低失业率和稳定的国际收支。这些通过关键指标来衡量：GDP、通货膨胀率、失业率和经常账户余额。
Gross Domestic Product (GDP) is the total market value of all final goods and services produced within a country in a year. Real GDP adjusts for inflation, showing actual growth. GDP per capita divides GDP by population — useful for comparing living standards, but it ignores income distribution and non-market activities.
国内生产总值（GDP）是一国在一年内生产的所有最终商品和服务的市场总价值。实际GDP剔除了通货膨胀因素，显示实际增长。人均GDP是GDP除以人口，用于比较生活水平，但它忽略了收入分配和非市场活动。
Inflation is a sustained rise in the general price level. It is measured by the Consumer Price Index (CPI). Cost-push inflation is caused by rising costs of production; demand-pull inflation is caused by too much spending chasing too few goods. Deflation is a falling price level, which can discourage spending and investment. Disinflation is a reduction in the rate of inflation.
通货膨胀是总体价格水平的持续上升。用消费者价格指数（CPI）来衡量。成本推动型通胀由生产成本上升引起；需求拉动型通胀由过多支出追逐过少商品引起。通货紧缩是价格水平下降，会抑制消费和投资。反通货膨胀是通胀率下降的意思。
lude cyclical (due to recession), structural (mismatch of skills), frictional (between jobs), and seasonal. Full employment does not mean zero unemployment; it means no cyclical unemployment exists.
失业率 =（失业人数 ÷ 劳动力）× 100。类型包括周期性（经济衰退）、结构性（技能不匹配）、摩擦性（换工作期间）和季节性失业。充分就业并非零失业，而是不存在周期性失业。
Balance of payments: the current account records trade in goods (visible), trade in services (invisible), primary income (investment income), and secondary income (transfers). A deficit means more money flowing out than in; a surplus the opposite. A persistent deficit can be problematic if foreign reserves run low.
国际收支：经常账户记录商品贸易（有形）、服务贸易（无形）、初次收入（投资收入）和二次收入（转移支付）。赤字意味着资金流出大于流入；盈余则相反。若外汇储备持续下降，长期赤字可能成为问题。
- GDP / 国内生产总值 – final output in a year.
- Real vs nominal GDP / 实际GDP与名义GDP – real is adjusted for inflation.
- CPI / 消费者价格指数 – a basket of goods used to track inflation.
- Cyclical unemployment / 周期性失业 – caused by lack of aggregate demand.
- Current account / 经常账户 – includes trade balance plus net income and transfers.
Memory: the four macro goals spell 'GEEB': Growth, Employment, External balance, stable prices (inflation). For inflation types, think 'two Ds': Demand-pull and cost-push (supply shock).
记忆：四大宏观经济目标拼作 "GEEB"：增长（Growth）、就业（Employment）、外部平衡（External balance）、物价稳定（Stable prices）。通胀类型记住 "两个D"：需求拉动（Demand-pull）和成本推动（cost-push，如同供给冲击）。
6. Aggregate Demand and Aggregate Supply | 总需求与总供给
: Consumption, Investment, Government spending, and net exports (Exports - Imports). The AD curve slopes downward because of the wealth effect, interest rate effect, and international trade effect. Shifts in AD are caused by changes in any component. AD increase shifts the curve right; decrease shifts left.
总需求（AD）= C + I + G + (X - M)：消费、投资、政府支出和净出口（出口 - 进口）。AD曲线向下倾斜是因为实际余额效应、利率效应和国际贸易效应。AD的移动由任何组成部分的变化引起。AD增加使曲线右移；减少使曲线左移。
Aggregate supply (AS) shows the total output firms are willing and able to produce at each price level. Short-run AS (SRAS) is upward-sloping — as prices rise, profits increase, so firms expand output. Key shift factors: costs of production (wages, raw materials, energy), taxes, subsidies, and supply shocks. Long-run AS (LRAS) is vertical at the full-employment level of output, indicating that in the long run, the economy’s output depends on quantity and quality of resources, not the price level. Classical LRAS is vertical; Keynesian LRAS has a horizontal section (spare capacity) and an upward-sloping intermediate section before becoming vertical.
总供给（AS）表示企业在每个价格水平上愿意且能够生产的总产出。短期总供给（SRAS）向上倾斜——价格上升，利润增加，企业扩大产出。关键移动因素：生产成本（工资、原材料、能源）、税收、补贴和供给冲击。长期总供给（LRAS）在充分就业产出水平上垂直，表明在长期，经济产出取决于资源的数量和质量，而非价格水平。古典学派的LRAS是垂直的；凯恩斯主义的LRAS有水平段（闲置产能）和向上倾斜的中间段，最后变为垂直。
- Consumption / 消费 – spending by households on goods and services.
- Investment / 投资 – spending by firms on capital goods.
- Net exports / 净出口 – exports minus imports.
- LRAS / 长期总供给 – vertical at potential output.
- Spare capacity / 闲置产能 – the gap between actual and potential output.
Remember the AD formula as 'Consumer + Investor + Government + Foreign sector (X-M)'. For LRAS shifts, think of the four factors of production improving: better land (new discoveries), better labour (education), better capital (technology), better enterprise (innovation).
记住AD公式为 "消费者 + 投资者 + 政府 + 国外部门 (X-M)"。LRAS移动想四个生产因素改善：更好的土地（新发现）、更好的劳动力（教育）、更好的资本（技术）、更好的企业家精神（创新）。
7. Fiscal and Monetary Policy | 财政政策与货币政策
, used during recessions to reduce unemployment. Contractionary fiscal policy (higher taxes and/or lower G) reduces AD to control inflation. The government’s budget balance = tax revenue – as progressive taxes and unemployment benefits, work without deliberate government action.
财政政策利用政府支出和税收来影响经济。扩张性财政政策（减税或增加政府支出）刺激总需求，用于经济衰退时降低失业率。紧缩性财政政策（增税或削减政府支出）抑制总需求以控制通胀。政府预算平衡 = 税收收入 - 政府支出。当支出大于收入时出现赤字；当收入大于支出时出现盈余。自动稳定器，如累进税和失业救济金，能在没有政府刻意行动的情况下发挥作用。
Monetary policy is managed by the central bank, which controls the money supply and interest rates to achieve price stability and support growth. The main tool is the policy interest rate (base rate). Lower interest rates make borrowing cheaper, encouraging C and I, thus increasing AD. Higher rates reduce inflationary pressure. Quantitative easing (QE) is an unconventional tool — the central bank buys financial assets to inject money into the economy. Tight monetary policy reduces AD; loose monetary policy expands AD.
货币政策由中央银行管理，控制货币供给和利率，以实现价格稳定并支持增长。主要工具是政策利率（基准利率）。降低利率使借款更便宜，鼓励消费和投资，从而增加总需求。提高利率则减轻通胀压力。量化宽松（QE）是非常规工具——央行购买金融资产，向经济注入货币。紧缩货币政策减少AD；宽松货币政策扩大AD。
- Budget deficit / 预算赤字 – when government spending exceeds revenue.
- Progressive tax / 累进税 – a tax where the rate increases as income rises.
- Regressive tax / 累退税 – a tax that takes a larger % from low incomes (e.g. VAT).
- Interest rate / 利率 – the cost of borrowing or reward for saving.
- Quantitative easing / 量化宽松 – central bank asset purchases to increase money supply.
entral bank (M for money). Expansionary policy used in a recession: both aim to shift AD right. Think of 'loose' monetary policy as loosening the flow of money.
记忆：fiscal（财政）想到财政部（F for finance），monetary（货币）想到中央银行（M for money）。衰退时用扩张性政策：目标都是使AD右移。把 "loose" 货币政策想象成放松货币流动的水龙头。
8. International Trade and Protectionism | 国际贸易与保护主义
Free trade allows countries to specialise based on comparative advantage, leading to higher global output and living standards. The theory of comparative advantage states that a country should specialise in producing goods where it has the lowest opportunity cost, even if it has an absolute advantage in nothing. Trade can also benefit from economies of scale and greater consumer choice.
自由贸易允许各国根据比较优势进行专业化，从而提高全球产出和生活水平。比较优势理论指出，一个国家应该专业化生产机会成本最低的商品，即使它在任何方面都没有绝对优势。贸易还可以从规模经济和消费者更多的选择中获益。
Protectionism restricts free trade to protect domestic industries, jobs, or national security. Methods include tariffs (taxes on imports), quotas (quantity limits), subsidies to domestic producers, and non-tariff barriers like regulations. While protectionism can save jobs in the short term, it usually leads to higher prices, less choice, and retaliation, reducing overall welfare.
保护主义限制自由贸易，以保护国内产业、就业或国家安全。方法包括关税（进口税）、配额（数量限制）、对国内生产者的补贴以及法规等非关税壁垒。虽然保护主义在短期内可以保住工作岗位，但它通常导致价格上涨、选择减少和贸易报复，降低整体福利。
The current account of the balance of payments records all transactions in goods, services, income, and transfers. A deficit on current account must be financed by a surplus on the financial/capital account or by drawing down reserves. Exchange rates affect trade: a depreciation makes exports cheaper and imports dearer, potentially improving the trade balance if demand is elastic (Marshall-Lerner condition).
国际收支的经常账户记录商品、服务、收入和转移的全部交易。经常账户赤字必须由金融/资本账户盈余或动用储备来融资。汇率影响贸易：货币贬值使出口更便宜、进口更贵，如果需求富有弹性，可能改善贸易平衡（马歇尔-勒纳条件）。
- Comparative advantage / 比较优势 – the ability to produce a good at a lower opportunity cost than another country.
- Absolute advantage / 绝对优势 – the ability to produce more of a good using the same resources.
- Tariff / 关税 – a tax on imports.
- Quota / 配额 – a physical limit on the quantity of a good that can be imported.
- Exchange rate / 汇率 – the price of one currency in terms of another.
- Depreciation / 贬值 – a fall in the value of a currency in a floating exchange rate system.
Memory trick: 'C.O.P.' — Comparative advantage is about Opportunity cost, not absolute cost. For protectionism types, think 'T.Q.S.' — Tariffs, Quotas, Subsidies. Exchange rate effect: 'E.P.I.' — Exports Price, Imports price. A weaker pound means 'X cheaper, M dearer'.
记忆技巧：'C.O.P.' —— 比较优势关乎机会成本，而非绝对成本。保护主义类型记 'T.Q.S.' —— 关税、配额、补贴。汇率效应：货币贬值，出口价格降低，进口价格上升——本国商品在国际市场更有竞争力。
9. Economic Growth and Development | 经济增长与发展
Economic growth is measured by the increase in real GDP over time. Short-run growth is caused by an increase in AD and utilisation of spare capacity; long-run growth is driven by an increase in LRAS, i.e. improvements in the quantity and quality of factors of production. Sustainable growth avoids environmental degradation and resource depletion.
经济增长以实际GDP随时间的增长来衡量。短期增长由总需求增加和闲置产能的利用引起；长期增长由长期总供给的增加驱动，即生产要素数量与质量的提升。可持续增长避免环境恶化和资源枯竭。
Economic development is a broader concept than growth. It includes improvements in living standards, health, education, and freedom. Indicators: Human Development Index (HDI) combines life expectancy, mean and expected years of schooling, and GNI per capita. Other measures include the Multidimensional Poverty Index and Gini coefficient for inequality. A country can have high GDP growth but low development if income is unevenly distributed.
经济发展是一个比增长更广泛的概念。它包括生活水平、健康、教育和自由的改善。指标：人类发展指数（HDI）结合预期寿命、平均和预期受教育年限以及人均国民总收入。其他指标包括多维贫困指数和衡量不平等的基尼系数。如果收入分配不均，一个国家可以有高GDP增长但低发展水平。
- Potential output / 潜在产出 – what the economy can produce at full employment.
- Productivity / 生产率 – output per unit of input, e.g. labour productivity.
- HDI / 人类发展指数 – composite index of health, education, and income.
- Gini coefficient / 基尼系数 – a measure of income inequality (0 = perfect equality, 1 = perfect inequality).
- Sustainable development / 可持续发展 – meeting present needs without compromising future generations.
Memory: growth is 'more of the same cake', development is 'a better quality cake shared more fairly'. Use the letters of HDI: Health, Knowledge (education), Living standard (income). Gini is like 'jealousy' index — higher Gini means more jealousy in society.
记忆：增长是 "更大的同一个蛋糕"，发展是 "质量更好、分配更公平的蛋糕"。HDI字母联想：H = Health（健康），D = knowledge（知识，用字母像Education），I = Income（收入）。基尼系数像 "嫉妒指数" —— 基尼越高，社会越不平等。
10. Firms, Costs and Market Structures | 企业、成本与市场结构
put (e.g. raw materials). Total cost = fixed cost + variable cost. Average cost = total cost ÷ output. As output rises, average cost may fall due to economies of scale (bulk buying, specialisation, better technology), but eventually diseconomies of scale (management problems, communication) may set in, giving a U-shaped average cost curve.
在IGCSE经济学中，你需要了解不同类型的成本。固定成本不随产量变化（如租金）。可变成本随产量变化（如原材料）。总成本 = 固定成本 + 可变成本。平均成本 = 总成本 ÷ 产量。随着产量增加，平均成本可能因规模经济而下降（批量采购、专业化、技术进步），但最终可能出现规模不经济（管理问题、沟通困难），形成U形平均成本曲线。
Market structures range from perfect competition (many small firms, identical products, no barriers) to monopoly (a single firm dominates, high barriers). In reality, most markets are imperfect: monopolistic competition (many firms, differentiated products, low barriers) and oligopoly (a few large firms, interdependent, significant barriers). The degree of competition affects price, output, choice, and efficiency.
市场结构从完全竞争（许多小企业、同质产品、无进入壁垒）到垄断（单一企业主导、高壁垒）不等。现实中，大多数市场是不完全竞争：垄断竞争（许多企业、产品差异化、低壁垒）和寡头垄断（少数大企业、相互依赖、显著壁垒）。竞争程度影响价格、产量、选择和效率。
- Fixed cost / 固定成本 – cost that does not change with output.
- Variable cost / 可变成本 – cost that varies directly with output.
- Economies of scale / 规模经济 – cost advantages from larger production scale.
- Diseconomies of scale / 规模不经济 – rising average costs when firms become too large.
- Barriers to entry / 进入壁垒 – obstacles that prevent new firms entering a market.
- Monopoly / 垄断 – a market with a single seller.
- Oligopoly / 寡头垄断 – a market dominated by a few large firms.
Memory: fixed costs stay 'fixed' even if production stops; variable costs 'vary' opoly (PMOM). Think of them as a spectrum from many small shops to a single railway company.
记忆：固定成本即使停产也 "固定" 不变；可变成本随每单位产品 "变化"。市场结构按竞争程度排序：完全竞争 → 垄断竞争 → 寡头 → 垄断（PMOM）。想象从小店铺到大铁路公司的一条谱线。
11. Labour Market andSpecialisation | 劳动力市场与分工
The labour market is where workers sell their labour services. The demand for labour is derived demand — it depends on the demand for the goods and services that labour produces. Factors affecting demand for labour include productivity, wage costs, and demand for the final product. Labour supply depends on the size of the workforce, migration, qualifications, and non-wage factors like job satisfaction.
劳动力市场是工人出售其劳动服务的场所。劳动力需求是引致需求——它取决于对劳动力所生产的商品和服务的需求。影响劳动力需求的因素包括生产率、工资成本和对最终产品的需求。劳动力供给取决于劳动力规模、移民、资质以及工作满意度等非工资因素。
Specialisation (division of labour) breaks the production process into small, repetitive tasks. This increases productivity, reduces the need for training, and allows capital equipment to be used. However, workers may become bored and demotivated, quality may suffer, and the production process becomes more vulnerable to disruption.
专业化（分工）将生产过程分解为小型、重复性的任务。这提高了生产率，减少了培训需求，并允许使用资本设备。然而，工人可能会感到无聊和缺乏动力，质量可能受损，生产过程也更容易因中断而受影响。
- Derived demand / 引致需求 – demand for a factor of production that comes from the demand for its output.
- Productivity / 生产率 – output per worker per period.
- Division of labour / 分工 – specialisation of workers to specific tasks. Published by TutorHao | Year 11 Economics Revision Series | aleveler.com
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