📚 Year 12 OCR Economics: Key Terminology Memorisation Guide | OCR 经济 Year 12 核心术语速记指南
Mastering the vocabulary of A Level Economics is half the battle. This guide covers the essential terms you must know for OCR Year 12, presented in a clear, bilingual format to accelerate memorisation. Each section pairs key definitions with memory hooks, real‑world examples, and direct translations – helping you build a mental glossary that will serve you well in both multiple‑choice and essay questions.
掌握 A Level 经济学的词汇表是成功的一半。这份指南涵盖了 OCR Year 12 你必须掌握的基本术语，采用清晰的双语格式，加速记忆。每一节都配有核心定义、记忆线索、真实案例和准确翻译，帮助你建立一个心理词汇库，无论是选择题还是论文题都能游刃有余。
1. Scarcity and Choice | 稀缺性与选择
The basic economic problem: infinite wants but finite resources. Scarcity forces individuals, firms, and governments to make choices, each of which incurs an opportunity cost – the value of the next best alternative forgone.
基本经济问题：无限的欲望与有限的资源。稀缺性迫使个人、企业和政府做出选择，每一次选择都会产生机会成本——所放弃的次优替代品的价值。
Key terms: scarcity (limited resources relative to unlimited wants), opportunity cost (the sacrifice of the next best option), production possibility frontier (PPF) (a curve showing maximum output combinations of two goods with given resources), factors of production (land, labour, capital, enterprise – often remembered as C.E.L.L. in reverse order).
关键术语：稀缺性（资源相对于无限欲望的有限性），机会成本（放弃次优选择的代价），生产可能性边界 (PPF)（给定资源下两种商品最大产出组合的曲线），生产要素（土地、劳动、资本、企业家才能——常按顺序记为 CELL）。
Tip: Imagine you have £10 and want both a pizza (£10) and a cinema ticket (£10). Choosing the pizza means the opportunity cost is the cinema ticket. Every decision carries such a trade‑off.
记忆窍门：假设你有 10 英镑，同时想要披萨（10英镑）和电影票（10英镑）。选择披萨，机会成本就是电影票。每个决定都包含这样的权衡。
2. Demand and Supply | 需求与供给
Demand is not just a desire – it is backed by purchasing power. The law of demand says that, ceteris paribus, as price rises, quantity demanded falls. Supply reflects producers’ willingness to bring a good to market at different prices.
需求不仅仅是欲望——它必须具备购买力支持。需求定律表明，在其他条件不变的情况下，价格上涨，需求量下降。供给反映了生产者在不同价格下向市场提供商品的意愿。
Core definitions: demand curve (downward sloping), supply curve (upward sloping), market equilibrium (where quantity demanded equals quantity supplied), excess demand (shortage – price is below equilibrium), excess supply (surplus – price is above equilibrium). Movements along the curve are caused by price changes; shifts of the entire curve are caused by non‑price factors (PASIFIC for demand, PINTSWC for supply).
核心定义：需求曲线（向下倾斜），供给曲线（向上倾斜），市场均衡（需求量等于供给量的点），超额需求（短缺——价格低于均衡），超额供给（过剩——价格高于均衡）。价格变化导致沿曲线移动；非价格因素导致整条曲线移动（需求：PASIFIC，供给：PINTSWC）。
Mnemonic for demand shifters – PASIFIC: Population, Advertising, Substitutes’ price, Income, Fashion/tastes, Interest rates (for durable goods), Complements’ price. For supply – PINTSWC: Productivity, Indirect taxes, Number of firms, Technology, Subsidies, Weather, Costs of production.
需求移动因素记忆法——PASIFIC：人口、广告、替代品价格、收入、时尚/品味、利率（耐用品）、互补品价格。供给移动因素——PINTSWC：生产率、间接税、企业数量、技术、补贴、天气、生产成本。
3. Elasticity | 弹性
Elasticity measures responsiveness. Price elasticity of demand (PED) = % change in quantity demanded ÷ % change in price. If |PED| > 1, demand is elastic; if |PED| tly elastic (horizontal demand curve) and perfectly inelastic (vertical) are the extremes.
弹性衡量反应程度。需求的价格弹性（PED）= 需求量变动百分比 ÷ 价格变动百分比。若 |PED| > 1，需求富有弹性；若 |PED| < 1，缺乏弹性；等于1 为单位弹性。完全弹性（水平需求曲线）和完全无弹性（垂直）是极端情况。
Other elasticities: income elasticity of demand (YED) – normal goods have positive YED, luxury goods YED > 1, necessity goods 0 < YED < 1, inferior goods negative YED. Cross elasticity of demand (XED) – positive for substitutes, negative for complements. Price elasticity of supply (PES) depends on production time and spare capacity.
其他弹性：需求的收入弹性（YED）——正常品 YED 为正，奢侈品 YED > 1，必需品 0 < YED < 1，劣等品 YED 为负。需求的交叉弹性（XED）——替代品为正，互补品为负。供给的价格弹性（PES）取决于生产时间和闲置产能。
Common exam pitfall: PED is always treated as an absolute value for elasticity classification, but the negative sign indicates the inverse relationship between price and quantity demanded. Do not say “PED is negative therefore inelastic” – use the absolute value.
常见考试陷阱：PED 在弹性分类时总是用绝对值，但负号表示价格与需求量反向关系。不要说“PED 为负因此缺乏弹性”——用绝对值判断。
4. Market Failure and Government Intervention | 市场失灵与政府干预
Market failure occurs when the free market fails to allocate resources efficiently, leading to a net welfare loss. Types include externalities, public goods, information gaps, and monopoly power.
市场失灵发生在自由市场无法有效配置资源时，导致净福利损失。类型包括外部性、公共品、信息缺口和垄断力量。
Vocabulary: positive externality (a benefit to a third party, e.g. vaccination), negative externality (a cost to a third party, e.g. pollution), social cost = private cost + external cost, social benefit = private benefit + external benefit. Public goods are non‑excludable and non‑rival (lighthouse, national defence) – they suffer from the free‑rider problem. Merit goods (education, healthcare) are under‑consumed; demerit goods (alcohol, tobacco) are over‑consumed.
词汇：正外部性（给第三方带来的收益，如接种疫苗），负外部性（给第三方带来的成本，如污染），社会成本 = 私人成本 + 外部成本，社会效益 = 私人效益 + 外部效益。公共品具有非排他性和非竞争性（灯塔、国防）——存在搭便车问题。优效品（教育、医疗）消费不足；劣效品（酒精、烟草）消费过度。
Government responses: indirect taxation (Pigouvian tax), subsidies, regulation, tradable pollution permits, state provision, and information campaigns. Remember that government intervention can also fail – government failure occurs when intervention creates a less efficient outcome.
政府应对措施：间接税（庇古税）、补贴、监管、可交易的排污许可证、国家供给和信息宣传。记住政府干预也可能失效——政府失灵发生在干预导致效率更低时。
5. Aggregate Demand and Aggregate Supply | 总需求与总供给
the total spending on domestic goods/services at a given price level: AD = C + I + G + (X – AD curve slopes downward due to the wealth effect, trade effect, and interest rate effect.
宏观经济学将焦点转向整体经济。总需求（AD）是在给定价格水平下对国内商品/服务的总支出：AD = C + I + G + (X – M)。AD 曲线因财富效应、贸易效应和利率效应而向下倾斜。
Components: consumption (C) determined by disposable income, interest rates, wealth, and consumer confidence; investment (I) depends on interest rates, business confidence, and accelerator theory; government spending (G) is mostly exogenous; net exports (X – M) influenced by exchange rates and global demand.
组成部分：消费（C）由可支配收入、利率、财富和消费者信心决定；投资（I）取决于利率、企业信心和加速数理论；政府支出（G）多为外生变量；净出口（X – M）受汇率和全球需求影响。
Short‑run aggregate supply (SRAS) slopes upward because firms can increase output with higher prices when input costs are sticky. Long‑run aggregate supply (LRAS) is vertical at the full employment level of output – classical view; Keynesian LRAS can be horizontal at low output (elastic supply) and vertical only at full capacity. Supply‑side shocks shift AS curves.
短期总供给（SRAS）向上倾斜，因为企业在投入成本粘性时可通过提高价格增加产量。长期总供给（LRAS）在古典观点下于充分就业产出水平垂直；凯恩斯 LRAS 在低产出时水平（弹性供给），仅在满负荷时垂直。供给侧冲击使 AS 曲线移动。
6. Macroeconomic Objectives | 宏观经济目标
Governments typically target balanced economic growth, low and stable inflation, low unemployment, and a favourable balance of payments. Conflicts may arise, e.g. growth vs. inflation (Phillips curve trade‑off in the short run).
政府通常追求均衡的经济增长、低而稳定的通胀、低失业率和国际收支平衡。目标之间可能发生冲突，例如增长与通胀（短期菲利普斯曲线权衡）。
Inflation: a sustained increase in the general price level. Measured by CPI (Consumer Price Index) or RPI. Demand‑pull inflation occurs when AD grows too fast; cost‑push inflation results from rising production costs (e.g. oil prices). Deflation, disinflation, and hyperinflation are distinct terms.
通胀：总体价格水平持续上涨。用 CPI（消费者价格指数）或 RPI 衡量。需求拉上型通胀因 AD 增长过快；成本推动型通胀源于生产成本上升（如油价）。通缩、反通胀和恶性通胀是不同的术语。
Unemployment: voluntary (leaving a job) or involuntary (cyclical, structural, frictional, seasonal). The claimant count and Labour Force Survey (LFS) measure unemployment. The natural rate of unemployment (NRU) includes frictional and structural unemployment.
失业：自愿（离职）或非自愿（周期性、结构性、摩擦性、季节性）。申请失业救济人数和劳动力调查（LFS）衡量失业。自然失业率（NRU）包括摩擦性和结构性失业。
Balance of payments rplus on the financial/capital account. Terms of trade = index of export prices ÷ index of import prices × 100.
国际收支：经常账户记录货物、服务、初次收入和二次收入交易。经常账户赤字可能由金融/资本账户盈余融资。贸易条件 = 出口价格指数 ÷ 进口价格指数 × 100。
7. Fiscal and Monetary Policy | 财政与货币政策
Fiscal policy: government manipulation of taxation and spending to influence AD. Expansionary fiscal policy (higher G, lower T) boosts AD; contractionary reduces it. Automatic stabilisers (e.g. progressive taxes, welfare benefits) work without deliberate policy change. Government budget: deficit (spending > revenue), surplus, or balanced.
财政政策：政府调节税收和支出来影响总需求。扩张性财政政策（增加 G，减少 T）刺激 AD；紧缩性则抑制。自动稳定器（如累进税、福利）无需刻意调整。政府预算：赤字（支出 > 收入）、盈余或平衡。
Monetary policy: managed by the central bank (e.g. Bank of England) to control money supply, interest rates, and credit conditions. The base rate influences commercial bank rates, consumption, investment, and exchange rates. Quantitative easing (QE) is an unconventional tool – buying assets to inject liquidity. Inflation targeting is a key framework.
货币政策：由中央银行（如英格兰银行）管理，控制货币供应、利率和信贷条件。基准利率影响商业银行利率、消费、投资和汇率。量化宽松（QE）是非常规工具——购买资产注入流动性。通胀目标制是核心框架。
Supply‑side policies aim to increase productive potential: education/training, tax reforms, deregulation, infrastructure investment. They shift LRAS right and can improve the trade‑off between growth and inflation.
供给侧政策旨在提高生产能力：教育培训、税制改革、放松监管、基础设施投资。它们使 LRAS 右移，并改善增长与通胀之间的权衡。
8. International Trade | 国际贸易
Free trade is based on comparative advantage – the ability to produce a good at a lower opportunity cost than another country. David Ricardo’s theory shows why specialisation and trade benefit all parties, even if one country has an absolute advantage in all goods.
自由贸易基于比较优势——一个国家以低于另一个国家的机会成本生产某种商品的能力。大卫·李嘉图的理论表明，即使一国在所有商品上都有绝对优势，专业化和贸易仍使各方受益。
Terms: absolute advantage, comparative advantage, terms of trade, protectionism (tariffs, quotas, subsidies, non‑tariff barriers). Protectionism can protect infant industries, prevent dumping, and preserve jobs, but it usually creates deadweight loss and higher consumer prices.
术语：绝对优势、比较优势、贸易条件、贸易保护主义（关税、配额、补贴、非关税壁垒）。保护主义可以保护幼稚产业、防止倾销、保留就业，但通常导致无谓损失和消费者价格上升。
Trade blocs range from free trade areas (no internal tariffs) to customs unions (common external tariff), common markets (free movement of factors), and economic unions (harmonised policies). The WTO promotes trade liberalisation.
贸易集团从自由贸易区（取消内部关税）到关税同盟（统一对外关税）、共同市场（要素自由流动）和经济联盟（政策协调）。WTO 推动贸易自由化。
9. Exchange Rates | 汇率
Exchange rate is the price of one currency in terms of another. Floating exchange rates are determined by demand and supply of the currency. Appreciation (increase in value) makes exports more expensive and imports cheaper; depreciation the opposite.
汇率是一种货币以另一种货币表示的价格。浮动汇率由货币的供求决定。升值（价值上升）使出口更贵、进口更便宜；贬值相反。
Factors affecting exchange rates: interest rates (hot money flows), inflation differentials, current account position, speculation, and political stability. A fixed exchange rate system involves government intervention to maintain a peg. Managed floats combine market forces with occasional intervention.
影响汇率的因素：利率（热钱流动）、通胀差异、经常账户状况、投机和政治稳定。固定汇率制度需要政府干预以维持挂钩。管理浮动结合市场力量和偶尔的干预。
The Marshall‑Lerner condition states that a depreciation will improve the current account only if the sum of price elasticities of demand for exports and imports > 1. The J‑curve effect shows a short‑term deterioration before improvement.
马歇尔-勒纳条件指出，只有当出口和进口需求的价格弹性之和大于 1 时，贬值才会改善经常账户。J 曲线效应显示在改善之前会短期恶化。
10. Memory Techniques and Exam Advice | 记忆技巧与考试建议
Economics vocabulary sticks better when linked to graphics or stories. For example, think of the PPF as a “potential birthday” – you can only have a certain mix of cake and balloons. Draw diagrams for every concept; label curves, axes, and equilibrium points precisely.
经济学词汇在与图形或故事联系起来时更易牢记。例如，将 PPF 想象成“潜在的生日”——你只能拥有蛋糕和气球的一定组合。为每个概念画出图表；精确标注曲线、坐标轴和均衡点。
Create flashcards with the term on one side and the definition plus a Chinese translation on the other. Use apps like Anki for spaced repetition. On the day before the exam, build a mind‑map grouping all macro terms around AD/AS and all micro terms around the market mechanism.
制作一面写术语、一面写定义加中文翻译的闪卡。使用 Anki 等软件进行间隔重复。考试前一天，构建一张思维导图，将宏观术语集中在 AD/AS 周围，微观术语则围绕市场机制展开。
In essays, define key terms before applying them. Even a quick “XED measures responsiveness of demand for one good to a change in the price of another” earns marks. Avoid vague phrases like “it costs more” – specify opportunity cost, external cost, or price increase.
在论文中，先定义关键术语再应用。即使简单一句“XED 衡量一种商品需求对另一种商品价格变化的反应程度”也能得分。避免模糊表达如“成本更高”——要说明是机会成本、外部成本还是价格上涨。
Finally, practise the OCR command words: “Define” gives straightforward definitions, “Explain” requires analysis with chains of reasoning, “Evaluate” demands judgement with pros/cons and context. Use this guide as your quick‑reference glossary throughout the course.
最后，练习 OCR 指令词：“定义”给出直接的定义，“解释”需要推理链分析，“评估”要求判断并陈述优缺点及背景。将这份指南作为课程中的快速参考词汇手册。
Published by TutorHao | Economics Revision Series | aleveler.com
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