📚 Year 10 CIE Economics Vocabulary Cheat Sheet | 经济学术语速记指南
Mastering Economics begins with its language. This guide breaks down the essential terms you will meet in Year 10 CIE IGCSE Economics into digestible, paired explanations – first in English, then in Chinese. Use these mini-essays to build your mental glossary, ace your definitions, and write precise exam answers.
学好经济学，从掌握它的语言开始。这份指南将 CIE IGCSE 经济学第一年必学的关键术语，拆解成易懂的英中对照段落。用来构建你的大脑词汇库，攻克定义题，写出精准的考试答案。
1. Scarcity and Choice | 稀缺性与选择
Scarcity is the fundamental economic problem: finite resources cannot satisfy infinite human wants. Because we cannot have everything we desire, individuals, firms and governments must make choices. Every choice involves a trade-off, where selecting one option means giving up another.
稀缺性是经济学的基本问题：有限的资源无法满足无限的人类欲望。正因为我们无法拥有想要的一切，个人、企业和政府都必须做出选择。每一个选择都涉及取舍，选择某一样就意味着放弃另一样。
Scarcity forces us to answer three basic economic questions: What to produce? How to produce? For whom to produce? These questions arise wherever resources are limited – which is everywhere. Even a billionaire faces scarcity of time.
稀缺性迫使我们回答三个基本经济问题：生产什么？如何生产？为谁生产？只要资源有限，这些问题就会出现——也就是在所有地方。即使是亿万富翁也会面临时间的稀缺。
- Scarcity / 稀缺性：The condition where available resources are insufficient to satisfy all wants and needs.
- Choice / 选择：The decision made from a set of alternatives because of scarcity.
- Trade-off / 权衡：Sacrificing one benefit or item to obtain another.
2. Factors of Production | 生产要素
Resources used to produce goods and services are classified into four factors: land, labour, capital and enterprise. Land includes all natural resources, from minerals to seas. Labour is the human effort, both physical and mental. Capital consists of man-made tools, machinery and factories. Enterprise is the ability to organise the other three factors and take risks in pursuit of profit.
用来生产商品和服务的资源被划分为四种要素：土地、劳动、资本和企业家才能。土地包括所有自然资源，从矿产到海洋。劳动是人类的努力，包括体力和脑力。资本是人造的工具、机器和厂房。企业家才能是组织其他三种要素并承担风险以追求利润的能力。
The reward for each factor has a special name: land earns rent, labour earns wages, capital earns interest, and enterprise earns profit. When you see a production process, always ask which factor is being rewarded and how.
每种要素的报酬都有专门名称：土地获得租金，劳动获得工资，资本获得利息，企业家才能获得利润。当你看到生产过程时，总要问一问哪种要素得到了报酬，以及如何得到的。
| Factor | Reward | Example |
| Land | Rent | Farmland, oil |
| Labour | Wages | Teacher, builder |
| Capital | Interest | Machinery, computers |
| Enterprise | Profit | Start-up founder |
3. Opportunity Cost | 机会成本
Opportunity cost is the value of the next best alternative forgone when a choice is made. It is not simply the money spent, but what you could have done with the resource instead. If a government spends £10 million on a new hospital, the opportunity cost might be the two schools it could have built with that money.
机会成本是做出选择时所放弃的次优选项的价值。它不只是花掉的钱，而是你用同一资源原本可以做的其他事情。如果政府花 1000 万英镑新建一所医院，机会成本就可能是用这笔钱本来可以建的两所学校。
Understanding opportunity cost is vital for exam analysis. Whenever you evaluate a decision, always ask: 'What is the next best alternative given up?' This concept explains why choice is necessary and why everything has a real cost, even when something appears free.
理解机会成本对应试分析至关重要。每当你评估一个决策时，总要问：'被放弃的次优方案是什么？'这个概念解释了为什么选择必不可少，以及为什么一切事物都有真实成本，即使有些东西看起来是免费的。
- Explicit cost / 显性成本：A direct money payment (e.g. buying a textbook).
- Implicit cost / 隐性成本：The opportunity cost of using resources already owned (e.g. time spent studying instead of working).
4. Demand and Its Determinants | 需求及其决定因素
Demand is the quantity of a product that consumers are willing and able to buy at various prices over a period of time. It is not just wanting something – you must have the purchasing power to back it up. The law of demand states that, ceteris paribus, as price falls, quantity demanded rises, and vice versa.
需求是指在一段时间内，消费者在各种价格水平下愿意并且能够购买的商品数量。它不仅仅是想要某样东西——你还必须有购买力来支撑。需求定律指出，在其他条件不变的情况下，价格下降时需求量上升，反之亦然。
Factors that shift the demand curve include changes in income (inferior and normal goods), tastes and fashion, prices of substitutes and complements, population structure, and advertising. In exams, always distinguish between a movement along the demand curve (caused by a price change) and a shift of the demand curve (caused by a change in any other determinant).
导致需求曲线移动的因素包括收入变化（低档品和正常品）、品味和时尚、替代品和互补品的价格、人口结构和广告等。在考试中，要始终分清沿着需求曲线的移动（由价格变化引起）和需求曲线的平移（由其他任何决定因素的变化引起）。
ong demand curve → price change. Shift of demand curve → change in non-price determinants.
沿需求曲线移动 → 价格变化。需求曲线平移 → 非价格决定因素的变化。
5. Supply and Price Elasticity of Supply | 供给与供给价格弹性
Supply is the quantity of a product that producers are willing and able to offer for sale at various prices. The law of supply says that, ceteris paribus, higher prices lead to higher quantity supplied. The supply curve can shift due to changes in costs of production, technology, taxes and subsidies, weather (for agricultural goods), and the number of sellers.
供给是指生产者在各种价格下愿意并能够提供出售的商品数量。供给定律指出，在其他条件不变时，价格越高，供给量越大。供给曲线会因生产成本、技术、税收和补贴、天气（对农产品而言）以及卖方数量的变化而发生移动。
s the responsiveness of quantity supplied to a change in price. It is calculated as: PES = % change in quantity supplied ÷ % PES > 1, supply is elastic; if PES < 1, it is inelastic. Time period is the key influence – supply is more elastic in the long run because firms can adjust all inputs.
供给价格弹性 (PES) 衡量供给量对价格变化的反应程度。计算公式为：PES = 供给量变化百分比 ÷ 价格变化百分比。如果 PES > 1，供给富有弹性；如果 PES < 1，供给缺乏弹性。时期是关键影响因素——长期内供给弹性更大，因为企业可以调整所有投入。
- Elastic supply: PES > 1 (e.g. manufactured goods with spare capacity)
- Inelastic supply: PES < 1 (e.g. beachfront hotels, rare art)
6. Price Elasticity of Demand (PED) | 需求价格弹性
asures how much the quantity demanded responds to a change in price. The formula is: PED = % change in quantity demanded ÷ % the inverse relationship, but we often ignore the minus sign and refer to absolute values.
PED 衡量需求量对价格变化的反应程度。公式为：PED = 需求量变化百分比 ÷ 价格变化百分比。由于需求定律的负相关关系，PED 几乎总是负数，但我们通常忽略负号，使用绝对值。
If PED > 1, demand is price-elastic – a price cut raises total revenue. If PED < 1, demand is price-inelastic – ctors affecting PED include the availability of substitutes, whether the good is a necessity or luxury, the proportion of income spent, and time.
如果 PED > 1，需求富有价格弹性——降价会增加总收入。如果 PED < 1，需求缺乏价格弹性——涨价会增加总收入。如果 PED = 1，需求为单位弹性。影响 PED 的因素包括替代品的可得性、商品是必需品还是奢侈品、支出占收入的比例以及时间。
Remember: knowledge of PED helps firms set prices to maximise revenue, and governments to predict the impact of indirect taxes. In CIE exams, you often need to interpret PED values and suggest pricing strategies.
记住：PED 知识帮助企业设定价格以最大化收入，也帮助政府预测间接税的影响。在 CIE 考试中，你经常需要解读 PED 值并提出定价策略建议。
7. Market Equilibrium and Disequilibrium | 市场均衡与非均衡
Market equilibrium occurs where the quantity demanded equals the quantity supplied at a given price – there is no tendency for change. The equilibrium price is often called the market-clearing price. If the market is not in equilibrium, either excess demand (shortage) or excess supply (surplus) exists.
市场均衡出现在某一价格下需求量等于供给量——没有变化的趋势。均衡价格常被称为市场出清价格。如果市场不在均衡状态，就会出现超额需求（短缺）或超额供给（过剩）。
When price is set above equilibrium (e.g. a minimum price), there is a surplus – supply exceeds demand. When price is below equilibrium (e.g. a maximum price ceiling), there is a shortage – demand exceeds supply. Price mechanism acts as an invisible hand to restore equilibrium without government intervention in free markets.
当价格定在均衡价格之上时（如最低限价），就会出现过剩——供给超过需求。当价格低于均衡时（如最高限价），就会出现短缺——需求超过供给。价格机制就像一只看不见的手，在自由市场上无需政府干预就能恢复均衡。
- Excess demand / 超额需求：Quantity demanded > quantity supplied at current price.
- Excess supply / 超额供给：Quantity supplied > quantity demanded at current price.
8. Market Failure and Externalities | 市场失灵与外部性
Market failure happens when the free market, left to itself, fails to allocate resources efficiently. Common causes include externalities, public goods, information gaps, monopoly power, and income inequality. An externality is a cost or benefit that spills over to a third party not directly involved in an economic transaction.
市场失灵是指自由市场任其发展时无法有效配置资源。常见原因包括外部性、公共物品、信息不对称、垄断力量和收入不平等。外部性是溢出给未直接参与经济交易的第三方的成本或收益。
A negative externality (e.g. pollution from a factory) leads to over-production because the market price does not reflect the full social cost. A positive externality (e.g. vaccinations which protect others) leads to under-production. The difference between private and social costs/benefits drives the inefficiency.
负外部性（如工厂污染）导致生产过度，因为市场价格没有反映全部社会成本。正外部性（如保护他人的疫苗接种）导致生产不足。私人成本/收益与社会成本/收益之间的差异导致了这种无效率。
Social cost = Private cost + External cost
社会成本 = 私人成本 + 外部成本
9. Government Intervention Methods | 政府干预方式
Governments intervene in markets to correct market failures and achieve macroeconomic objectives. Direct intervention includes regulation (laws banning certain activities), taxation (e.g. a tax on carbon emissions to internalise the external cost), subsidies (to encourage production of merit goods like education), and direct provision of public goods (like street lighting).
政府干预市场是为了纠正市场失灵并实现宏观经济目标。直接干预包括监管（禁止某些活动的法律）、税收（如对碳排放征税以将外部成本内部化）、补贴（鼓励教育等优值品的生产）和直接提供公共物品（如路灯）。
Indirect intervention works through information campaigns, such as encouraging healthy eating, to change consumer behaviour. Maximum and minimum price controls can be applied to essential goods and labour markets, though they may create shortages or surpluses if not carefully set.
间接干预通过信息宣传（如鼓励健康饮食）来改变消费者行为。最高和最低价格控制可应用于必需品和劳动力市场，但如果设置不当，可能会造成短缺或过剩。
- Subsidy / 补贴：A payment by the government to a producer to lower costs and increase output.
- Indirect tax / 间接税：A tax on spending, such as VAT or excise duty, which can reduce consumption of demerit goods.
10. Macroeconomic Objectives and GDP | 宏观经济目标与国内生产总值
Governments usually pursue four main macroeconomic aims: sustainable economic growth, low and stable inflation (usually around 2%), low unemployment, and a satisfactory balance of payments on the current account. Additional aims may include a more equal distribution of income and environmental protection.
政府通常追求四个主要宏观经济目标：可持续的经济增长、低且稳定的通货膨胀（通常在 2% 左右）、低失业率以及令人满意的经常账户国际收支。其他目标还可能包括更平等的收入分配和环境保护。
Gross Domestic Product (GDP) is the total value of all final goods and services produced within a country in a year. Real GDP adjusts for inflation and is used to measure economic growth. A rise in real GDP signals higher output and, potentially, higher living standards, though it does not capture informal economy or income distribution.
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总价值。实际 GDP 剔除了通货膨胀的影响，用于衡量经济增长。实际 GDP 上升意味着产出增加，并可能意味着更高的生活水平，但它无法反映地下经济或收入分配状况。
Real GDP growth rate = (Real GDP₂ – Real GDP₁) / Real GDP₁ × 100%
实际 GDP 增长率 = (实际 GDP₂ – 实际 GDP₁) / 实际 GDP₁ × 100%
11. Inflation, Deflation and the CPI | 通货膨胀、通货紧缩与消费者价格指数
Inflation is a sustained increase in the general price level of goods and services over time. Deflation is the opposite – a sustained fall in the general price level. Both can harm an economy. The Consumer Price Index (CPI) is the most common measure, tracking the price changes of a representative basket of goods.
通货膨胀是指商品和服务的总体价格水平在一段时间内持续上升。通货紧缩则相反——总体价格水平持续下降。两者都可能损害经济。消费者价格指数 (CPI) 是最常用的衡量指标，它追踪一篮子代表性商品的价格变化。
Demand-pull inflation arises when aggregate demand grows faster than aggregate supply. Cost-push inflation occurs when the costs of production rise (e.g. higher wages or raw material prices). Consequences of high inflation include reduced purchasing power, menu costs (costs of changing prices) and uncertainty for investors.
需求拉动型通货膨胀出现在总需求增长快于总供给时。成本推动型通货膨胀发生在生产成本上升时（如工资或原材料价格上涨）。高通胀的后果包括购买力下降、菜单成本（更改价格带来的成本）和投资者面临的不确定性。
- Demand-pull / 需求拉动：Too much money chasing too few goods.
- Cost-push / 成本推动：Rising costs of inputs passed on as higher prices.
12. International Trade and Protectionism | 国际贸易与贸易保护主义
International trade allows countries to specialise according to comparative advantage, leading to higher global output and consumer choice. Exports are goods and services sold abroad; imports are those bought from abroad. Free trade is promoted by reducing barriers such as tariffs, quotas and subsidies.
国际贸易使各国根据比较优势进行专业化生产，从而实现更高的全球产量和消费选择。出口是在国外销售的商品和服务；进口是从国外购买的商品和服务。通过降低关税、配额和补贴等壁垒来促进自由贸易。
Protectionism refers to policies that shield domestic industries from foreign competition. Common tools include tariffs (tax on imports), quotas (physical limits on imports), embargoes (complete bans), and domestic subsidies. While protectionism may save jobs in the short run, it tends to raise prices and reduce efficiency.
贸易保护主义指保护本国产业免受外国竞争的政策。常用工具包括关税（对进口征税）、配额（对进口的数量限制）、禁运（完全禁止）和国内补贴。虽然贸易保护主义可能在短期内保住工作岗位，但往往会推高价格并降低效率。
Exchange rates play a key role: a weaker domestic currency makes exports cheaper and imports more expensive, potentially improving the balance of trade. In CIE, you may need to calculate the effect of an exchange rate change on export/import prices.
汇率起着关键作用：本币贬值使出口更便宜、进口更昂贵，可能改善贸易平衡。在 CIE 考试中，你可能需要计算汇率变动对出口/进口价格的影响。
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