📚 Year 8 WJEC Economics: Essential Vocabulary Memorisation Guide | Year 8 WJEC 经济：核心词汇速记指南
Welcome to your Year 8 WJEC Economics vocabulary guide. Economics is all about how people make choices when resources are limited. This article groups all the key terms you need into simple, paired English-Chinese explanations. Use it to review, test yourself and build a solid foundation for your exams.
欢迎阅读你的 Year 8 WJEC 经济学词汇指南。经济学研究的是人们在资源有限的情况下如何做出选择。这篇文章将你需要掌握的核心术语分组，用简明的英中对照解释呈现。用它来复习、自测，为考试打下扎实的基础。
1. Scarcity and Choice | 稀缺性与选择
Scarcity describes the basic economic problem: we have unlimited wants but only limited resources. This forces us to make choices about what to produce and consume.
稀缺性描述了基本的经济问题：我们有无限的欲望，但资源有限。这迫使我们做出选择，决定生产什么、消费什么。
Needs are things we must have to survive, such as food, water, shelter and clothing. Wants are things we desire but can live without, such as video games or holidays.
需要是我们生存必不可少的物品，如食物、水、住所和衣物。欲望是我们渴望得到但并非生存必需的东西，比如电子游戏或度假。
Choice happens whenever we decide between alternatives. Because of scarcity, choosing one thing means giving up another.
选择发生在我们决定取舍的时候。由于稀缺性，选择一样东西就意味着放弃另一样。
Opportunity cost is the value of the next best alternative that you give up when you make a choice. If you spend £10 on a book instead of a cinema ticket, the opportunity cost is the enjoyment you would have gained from the film.
机会成本是当你做出选择时所放弃的次优选项的价值。如果你花了10英镑买一本书而不是电影票，机会成本就是你看电影所能获得的乐趣。
Opportunity cost = value of next best alternative forgone
机会成本 = 所放弃的次优选项的价值
2. Goods and Services | 商品与服务
Goods are physical items that you can see and touch. They are tangible. Examples include shoes, bread and mobile phones.
商品是看得见、摸得着的实物。它们是有形的物品，例如鞋子、面包和手机。
Services are intangible activities provided by one person for another, such as haircuts, teaching or banking.
服务是为他人提供的无形活动，比如理发、教学或银行服务。
Durable goods are products that last a long time and can be used repeatedly, like cars and washing machines. Non-durable goods are used up quickly, such as food and cleaning products.
耐用品是可以长时间使用、重复使用的产品，如汽车和洗衣机。非耐用品会很快用完，如食品和清洁用品。
Consumer goods are bought by households for personal use. Capital goods are bought by firms to produce other goods and services, like machinery and factory buildings.
消费品是家庭购买供个人使用的物品。资本品是企业用来生产其他商品和服务的物品，比如机器和厂房。
3. Factors of Production | 生产要素
The factors of production are the resources used to make goods and services. There are four main factors: land, labour, capital and enterprise.
生产要素是用来制造商品和服务的资源。主要分为四种：土地、劳动力、资本和企业家精神。
Land includes all natural resources, such as soil, water, minerals and forests. Land can be renewable or non-renewable.
土地包括所有自然资源，比如土壤、水、矿产和森林。土地可以再生，也可能不可再生。
Labour is the human effort, both mental and physical, used in production. The reward for labour is wages.
劳动力是生产中运用的人类脑力和体力劳动。劳动力的报酬是工资。
Capital refers to man-made goods used in production, like tools, machinery and computers. It is different from money.
资本指生产中使用的人造物品，如工具、机器和电脑。资本并不等同于金钱。
Enterprise is the ability to bring the other factors together, take risks and innovate. The reward for the entrepreneur is profit.
企业家精神是把其他要素结合起来、承担风险和进行创新的能力。企业家的报酬是利润。
4. Markets, Demand and Supply | 市场、需求与供给
A market is any place or system where buyers and sellers exchange goods, services or resources. This can be a physical shop or an online platform.
市场是买卖双方交换商品、服务或资源的场所或体系，可以是实体店或线上平台。
Demand shows the quantity of a good or service consumers are willing and able to buy at various prices. According to the law of demand, as price rises, quantity demanded usually falls.
需求表示在不同价格水平下消费者愿意且能够购买的商品或服务数量。根据需求定律，价格上升时需求量通常会下降。
Supply shows the quantity producers are willing and able to sell at various prices. The law of supply states that as price rises, quantity supplied typically increases.
供给表示在不同价格水平下生产者愿意且能够出售的数量。供给定律指出，价格上升时供给量通常会增加。
Equilibrium price is the price where the quantity demanded equals the quantity supplied. There is no surplus or shortage at this point.
均衡价格是需求量与供给量相等时的价格。在此价位上既没有过剩也没有短缺。
5. Price Mechanism and Market Imbalance | 价格机制与市场失衡
The price mechanism describes how prices adjust to allocate scarce resources. When demand for a product increases, prices rise, which signals producers to supply more.
价格机制描述价格如何调整以配置稀缺资源。当产品需求增加时价格上升，这就向生产者发出增加供给的信号。
A surplus occurs when quantity supplied is greater than quantity demanded at the current price. Sellers may cut prices to clear extra stock.
当供给量大于需求量时就会出现过剩。卖方可能通过降价来清理多余库存。
A shortage happens when quantity demanded exceeds quantity supplied. Prices tend to rise until the shortage disappears.
当需求量超过供给量时就会出现短缺。价格往往会上涨，直到短缺消失。
Elastic demand means a small change in price causes a large change in quantity demanded. Inelastic demand means quantity demanded is not very responsive to price changes, as with essential medicines.
弹性需求意味着一小点价格变化会引起需求量的大幅变化。缺乏弹性的需求表示需求量对价格变化不太敏感，比如某些必需药品。
6. Money and Exchange | 货币与交换
Barter is the direct exchange of goods and services without using money. It requires a double coincidence of wants, making it inefficient.
物物交换是不使用货币直接交换商品和服务的过程。它要求双方的欲望恰好匹配，因此效率很低。
Money is any asset widely accepted as payment. It serves as a medium of exchange, a store of value, a unit of account and a standard of deferred payment.
货币是任何被广泛接受的支付手段。它充当交易媒介、价值储藏手段、计价单位和延期支付标准。
Medium of exchange means money is accepted to buy goods and services, removing the need for barter.
交易媒介是指货币被接受用于购买商品和服务，从而消除了物物交换的必要。
Store of value means money can hold its value over time, allowing you to save now and spend later.
价值储藏表示货币可以在时间推移中保持价值，让你可以现在存钱、以后消费。
Unit of account means money provides a standard measure of the value of different items, making price comparison easy.
计价单位意味着货币为不同物品提供了统一的价值衡量标准，便于比较价格。
7. Consumers and Producers | 消费者与生产者
Consumers are individuals who buy goods and services to satisfy their needs and wants. Their spending influences what firms produce.
消费者是购买商品和服务以满足自身需要和欲望的个人。他们的消费影响企业的生产决策。
Producers are individuals or firms that make or supply goods and services. Their goal is often to earn profit.
生产者是制造或提供商品和服务的个人或企业。它们的目标通常是赚取利润。
Revenue is the total income a firm receives from selling its products, calculated as price multiplied by quantity sold.
收入是企业通过销售产品获得的总金额，由价格乘以销售数量计算得出。
Cost refers to the expenses a firm pays to produce goods or services, including wages, raw materials and rent.
成本指企业为生产商品或服务而支付的开支，包括工资、原材料和租金。
Profit is the reward for taking risks and is calculated by subtracting total costs from total revenue. When costs exceed revenue, a loss occurs.
利润是承担风险的报酬，通过总收入减去总成本来计算。当成本超过收入时，就出现亏损。
Profit = Total Revenue - Total Costs
利润 = 总收入 - 总成本
8. Economic Systems | 经济体制
An economic system is the way a country organises the production and distribution of goods and services. The three main types are market, command and mixed economies.
经济体制是一个国家组织商品和服务的生产与分配的方式。主要有三种：市场经济、计划经济和混合经济。
In a market economy, decisions are driven by consumers and producers with little government interference. Prices guide resource allocation.
在市场经济中，决策由消费者和生产者推动，政府干预很少。价格指导资源配置。
In a command economy, the government makes all key production decisions, owns most resources and sets prices.
在计划经济中，政府做出所有关键生产决策，拥有大部分资源并制定价格。
A mixed economy combines elements of market and command systems. Most modern economies, including the UK, are mixed.
混合经济结合了市场经济和计划经济的元素。包括英国在内的大多数现代经济体都是混合经济。
The public sector is the part of the economy owned and run by the government, such as state schools and hospitals. The private sector is owned by individuals and companies.
公共部门是政府拥有和经营的经济部分，如公立学校和医院。私营部门由个人和公司所有。
9. International Trade | 国际贸易
International trade is the exchange of goods and services across national borders. Imports are products bought from other countries, while exports are products sold abroad.
国际贸易是跨国界的商品和服务交换。进口是从其他国家购买的产品，出口是销往国外的产品。
Specialisation occurs when a country, firm or worker focuses on producing a limited range of goods or services where they have an advantage. It increases efficiency and trade.
专业化指的是一个国家、企业或工人集中生产他们具有优势的有限种类的商品或服务。它可以提高效率并促进贸易。
The balance of trade is the difference between the value of a country's exports and imports. A trade surplus means exports exceed imports; a deficit means imports exceed exports.
贸易差额是一个国家出口总值与进口总值之间的差额。贸易顺差指出口超过进口，逆差指进口超过出口。
The exchange rate is the price of one currency in terms of another. A stronger pound makes imports cheaper but can make exports more expensive for foreign buyers.
汇率是一种货币用另一种货币表示的价格。英镑走强会使进口更便宜，但可能使出口对外国买家来说更贵。
10. Personal Finance and Budgeting | 个人理财与预算
Income is money received on a regular basis from work, investments or benefits. It can be earned income, such as wages, or unearned, like interest.
收入是定期从工作、投资或福利中获得的金钱。它可以是劳动收入（如工资），也可以是非劳动收入（如利息）。
Expenditure is the money spent on goods and services. Essential expenditure covers needs like rent and food, while discretionary spending covers wants like entertainment.
支出是花在商品和服务上的金钱。必需支出涵盖房租和食物等需要，而自由支配支出则用于娱乐等欲望。
A budget is a plan showing expected income and planned expenditure over a period. A balanced budget keeps income equal to spending.
预算是显示一段时间内预期收入和计划支出的计划。收支平衡的预算使收入等于支出。
Saving is setting aside part of income for future use. Savings can build financial security and help you reach long-term goals.
储蓄是将部分收入留作未来之用。储蓄可以建立财务安全，帮助你实现长期目标。
Interest is the reward for saving money or the cost of borrowing. When you save, the bank pays you interest; when you borrow, you pay interest to the lender.
利息是储蓄的报酬或借款的成本。当你储蓄时，银行向你支付利息；当你借款时，你向贷款人支付利息。
Debt is money owed to another person or institution. Managing debt wisely is important to avoid financial problems.
债务是欠他人或机构的钱。明智地管理债务对于避免财务问题是重要的。
Published by TutorHao | Economics Revision Series | aleveler.com
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