📚 Year 10 Cambridge Economics: Terminology Memorization Guide | Year 10 Cambridge 经济：词汇术语速记指南
Mastering economics starts with a firm grasp of core terminology. This guide breaks down the key terms you will encounter in the Year 10 Cambridge Economics syllabus, pairing each concept with a straightforward memory aid. Use these explanations and mnemonics to build a solid foundation and boost your confidence for exams.
学好经济学，关键在于牢固掌握核心术语。这份指南分解了 Year 10 剑桥经济课程中你会遇到的关键词汇，并为每个概念配上了简单好记的方法。用这些解释和助记技巧来打牢基础，让你在考试中更加自信。
1. Scarcity and Factors of Production | 稀缺性与生产要素
Scarcity is the fundamental economic problem that arises because human wants are unlimited, but the resources available to meet those wants are finite. It forces individuals, firms, and governments to make choices about how to allocate resources.
稀缺性是根本的经济问题，它源于人类的欲望是无限的，但满足这些欲望的资源是有限的。这迫使个人、企业和政府必须就如何分配资源做出选择。
Remember the four factors of production with the acronym CELL: Capital, Enterprise, Land, Labour. Capital refers to man-made goods used in production, such as machinery. Enterprise is the risk-taking ability of the entrepreneur who combines the other factors. Land covers all natural resources, and Labour is the human workforce.
用首字母缩略词 CELL 来记住四种生产要素：Capital（资本）、Enterprise（企业家才能）、Land（土地）、Labour（劳动）。资本指用于生产的制成品，如机器。企业家才能是企业家承担风险、组合其他要素的能力。土地涵盖所有自然资源，劳动则指人力。
2. Opportunity Cost | 机会成本
Opportunity cost is the value of the next best alternative you give up when a choice is made. It is not simply everything you forgo, but specifically the single most desirable option sacrificed. This concept is central to decision-making in economics.
机会成本是指当你做出选择时，所放弃的次优选项的价值。它不是你放弃的所有东西，而是特指你牺牲掉的那个最想得到的选项。这个概念是经济学决策的核心。
A useful memory trick is to think: 'Every time I say yes to one thing, I am saying no to the next best thing.' When you spend an hour studying instead of earning money at a part-time job, the opportunity cost is the wage you could have earned.
一个有用的记忆窍门是：'每当你对一件事说“是”，你就是对次优的那件事说了“不”。' 当你花一个小时学习而不是去兼职赚钱时，机会成本就是你本可以赚到的工资。
3. Demand and Law of Demand | 需求与需求定律
Demand is the willingness and ability of consumers to purchase a good or service at various prices over a given period. It is not just a desire; effective demand requires both the desire and the financial means to buy. The law of demand states that there is an inverse relationship between price and quantity demanded – as price rises, quantity demanded falls.
需求是指消费者在某一时间段内，愿意并能够以不同价格购买某种商品或服务。它并不只是想要；有效需求必须有购买意愿和支付能力。需求定律指出，价格与需求量之间存在反向关系——价格上升，需求量下降。
To recall the determinants of demand, use the mnemonic PASIFICT: Population, Advertising, Substitutes' prices, Income, Fashion & tastes, Interest rates, Complements' prices, Taxes (indirect). A change in price causes a movement along the demand curve, while a change in any other determinant shifts the entire demand curve.
要记住需求的非价格决定因素，可用助记词 PASIFICT：人口（Population）、广告（Advertising）、替代品价格（Substitutes' prices）、收入（Income）、时尚与偏好（Fashion & tastes）、利率（Interest rates）、互补品价格（Complements' prices）、间接税（Taxes）。价格变动引起需求曲线上点的移动，而任何其他决定因素的变动会使整条需求曲线平移。
4. Supply and Law of Supply | 供给与供给定律
Supply is the willingness and ability of producers to offer a good or service for sale at different prices during a specific period. The law of supply shows a direct relationship: as price increases, the quantity supplied also increases, because higher prices motivate firms to produce more to maximise profits.
供给是指生产者在特定时期内，愿意并能够以不同价格出售某种商品或服务。供给定律呈现正向关系：价格上升，供给量也随之上升，因为更高的价格激励企业增加生产以获取最大利润。
Key conditions that influence supply can be remembered by the acronym PINTSWC: Productivity, Indirect taxes, Number of firms, Technology, Subsidies, Weather (especially for agriculture), and Costs of production. A change in the good's own price results in a movement along the supply curve, whereas shifts are caused by changes in these conditions.
影响供给的关键条件可用首字母缩写 PINTSWC 来记：生产率（Productivity）、间接税（Indirect taxes）、企业数量（Number of firms）、技术（Technology）、补贴（Subsidies）、天气（Weather，尤其对农业）以及生产成本（Costs of production）。商品自身价格的变化导致供给曲线上的移动，而这些条件的变化则引起曲线平移。
5. Price Elasticity of Demand (PED) | 需求价格弹性
s how responsive the quantity demanded is to a change in price. It is calculated as: PED = % change in quantity demanded / % cally negative, but economists often ignore the minus sign and look at the absolute value.
需求价格弹性衡量需求量对价格变动的反应程度。计算公式为：PED = 需求量变化百分比 / 价格变化百分比。计算结果通常为负值，但经济学家常忽略负号，只看绝对值。
If PED > 1, demand is price elastic – consumers are very sensitive to price changes. If PED < 1, demand is price inelastic – quantity demanded changes little when price changes. Think 'elastic stretches a lot' and 'inelastic stays stiff' to recall the meanings. Factors influencing PED include the availability of substitutes, whether the good is a necessity or luxury, the proportion of income spent, and time period.
如果 PED > 1，需求富有弹性——消费者对价格变化非常敏感。如果 PED < 1，需求缺乏弹性——价格变化时需求量变动很小。想象“弹性伸得开”，“无弹性很僵硬”来回忆起这些含义。影响 PED 的因素包括替代品的可用性、是必需品还是奢侈品、支出占收入的比例，以及时间长短。
6. Market Equilibrium | 市场均衡
Market equilibrium occurs where the demand curve and supply curve intersect. At the equilibrium price, the quantity consumers are willing to buy equals the quantity producers are willing to sell. There is no shortage or surplus, and the market clears.
市场均衡发生在需求曲线与供给曲线相交之处。在均衡价格下，消费者愿意购买的数量等于生产者愿意出售的数量。此时没有短缺也没有过剩，市场出清。
When the price is set above the equilibrium, a surplus (excess supply) is created, putting downward pressure on price. When the price is below equilibrium, a shortage (excess demand) emerges, pushing price upward. The mnemonic 'SAD' can help: Surplus Above, shortage Demand-below. Government interventions like price ceilings (maximum prices) cause persistent shortages, while price floors (minimum prices) lead to surpluses.
当价格定在均衡价格之上时，出现过剩（超额供给），对价格产生下行压力。当价格低于均衡时，出现短缺（超额需求），推动价格上升。用助记词 'SAD' 可协助记忆：Surplus（过剩）发生在 Above（上方），shortage（短缺）来自 demand-below（对下方的需求）。政府干预如价格上限（最高限价）会导致持续短缺，而价格下限（最低限价）则会导致过剩。
7. Market Failure | 市场失灵
Market failure occurs when the free market fails to allocate resources efficiently, leading to a net social welfare loss. Common causes include externalities, public goods, information failures, and market power. Understand the difference: private costs and benefits are those experienced by the individual consumer or producer, while external costs and benefits affect third parties outside the market transaction.
市场失灵发生在自由市场无法有效配置资源，从而导致社会净福利损失时。常见原因包括外部性、公共物品、信息失灵和市场权力。要理解区别：私人成本与收益是消费者或生产者个人感受到的，而外部成本与收益则影响市场交易之外的第三方。
Negative externalities occur when social cost exceeds private cost, such as pollution from a factory. Positive externalities arise when social benefit exceeds private benefit, like the herd immunity gained from vaccinations. To correct them, governments can impose taxes on negative externalities or provide subsidies for positive ones. Remember: 'We tax bad, we subsidise good.'
负外部性发生在社会成本大于私人成本时，例如工厂造成的污染。正外部性发生在社会收益大于私人收益时，好比疫苗接种带来的群体免疫。为纠正外部性，政府可以对负外部性征税，或对正外部性提供补贴。记住：'坏的征税，好的补贴'。
8. Macroeconomic Objectives | 宏观经济目标
Governments typically pursue four main macroeconomic objectives: sustained economic growth, low and stable inflation, low unemployment, and a stable balance of payments on the current account. These objectives can be summarised by the acronym 'GIIB': Growth, Inflation, Unemployment, Balance of payments.
政府通常追求四大宏观经济目标：持续的经济增长、低而稳定的通胀、低失业率，以及经常账户的国际收支平衡。这些目标可用首字母缩写 'GIIB' 来概括：增长（Growth）、通胀（Inflation）、失业（Unemployment）、国际收支（Balance of payments，与收入分配 Equality 有时会替换，但此处用 B）。
Economic growth is measured by the percentage increase in real GDP (Gross Domestic Product). Inflation is the sustained rise in the general price level, measured by the Consumer Price Index (CPI). Unemployment refers to those who are actively seeking work but cannot find it. The current account of the balance of payments records trade in goods, services, income flows, and transfers.
经济增长用实际 GDP（国内生产总值）的百分比增长来衡量。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）衡量。失业指那些正在积极寻找工作却无法找到的人。经常账户则记录商品、服务、收入和转移支付方面的交易状况。
9. Fiscal Policy | 财政政策
Fiscal policy involves government decisions about taxation and public spending to influence the economy. The government's budget can be in surplus (revenue > spending), deficit (spending > revenue), or balanced. Expansionary fiscal policy (increasing spending or cutting taxes) aims to boost aggregate demand, while contractionary fiscal policy does the opposite to cool down an overheating economy.
财政政策涉及政府有关税收和公共支出的决策，以影响经济运行。政府预算可以是盈余的（收入 > 支出）、赤字的（支出 > 收入）或平衡的。扩张性财政政策（增加支出或减税）旨在刺激总需求，而紧缩性财政政策则相反，是为过热经济降温。
Key terms to memorise: Direct taxes (e.g., income tax) are levied on income and wealth, while indirect taxes (e.g., VAT) are added to the price of goods and services. Government spending on schools, hospitals, and infrastructure can affect long-run productive potential. A mnemonic phrase: 'Fiscal is what the Treasury does – Tax and Spend.'
需要记忆的关键术语：直接税（如所得税）针对收入和财富征收，间接税（如增值税）则附加在商品和服务的价格上。政府在教育、医疗和基础设施上的支出能影响长期生产潜力。一句助记语：'财政就是财政部做的事——征税与花钱。'
10. Monetary Policy | 货币政策
Monetary policy involves controlling the supply of money and interest rates to achieve price stability and support economic growth. It is typically carried out by a country's central bank, such as the Bank of England. The main tool is the base interest rate, which influences borrowing and saving decisions throughout the economy.
货币政策涉及调控货币供应量和利率，以实现价格稳定和支持经济增长。它通常由一国的中央银行执行，例如英格兰银行。主要工具是基准利率，它影响着整个经济中的借贷和储蓄决策。
When the central bank raises interest rates, borrowing becomes more expensive and saving becomes more rewarding, which tends to reduce consumer spending and investment – this is contractionary monetary policy. Lowering interest rates has the opposite expansionary effect. Remember: 'High rates to fight inflation, low rates to fight recession.' Quantitative easing is an unconventional tool where the central bank buys assets to inject money directly into the financial system.
当中央银行提高利率时，借贷成本变高，储蓄回报变好，这倾向于减少消费者支出和投资——这就是紧缩性货币政策。降低利率则有相反的扩张效果。记住：'高利率抗通胀，低利率抗衰退。' 量化宽松是一种非常规工具，央行购买资产以向金融体系直接注入资金。
11. International Trade and Specialisation | 国际贸易与专业化
International trade allows countries to specialise in producing goods and services where they have a comparative advantage, and then trade for other products. Specialisation increases efficiency and global output. Absolute advantage means a country can produce a good using fewer resources than another, while comparative advantage means it can produce at a lower opportunity cost.
国际贸易使各国能专门生产其具有比较优势的商品和服务，然后通过贸易换取其他产品。专业化提高了效率和全球总产出。绝对优势意味着一国能以比另一国更少的资源生产某种商品，比较优势则意味着一国能以更低的机会成本进行生产。
Free trade is often promoted through the removal of protectionist measures such as tariffs, quotas, and subsidies to domestic producers. However, some countries impose protectionism to shield infant industries, protect jobs, or prevent dumping. 'Trade creates winners and losers, but specialisation raises the pie,' is a useful phrase to remember the overarching debate.
自由贸易通常通过取消保护主义措施来推进，如关税、配额和对国内生产者的补贴。然而，一些国家会实施保护主义来保护幼稚产业、保障就业或防止倾销。'贸易创造赢家和输家，但专业化能把蛋糕做大' 是一个有助于记住这场大辩论的金句。
12. Exchange Rates | 汇率
The exchange rate is the price of one currency in terms of another. It can be expressed directly (e.g., number of domestic currency units per one unit of foreign currency) or indirectly. A floating exchange rate is determined by market forces of supply and demand for the currency, while a fixed exchange rate is set and maintained by the government or central bank.
汇率是一种货币以另一种货币表示的价格。它可以直接标价（例如，每单位外币兑换多少本币）或间接标价。浮动汇率由市场对该货币的供求力量决定，而固定汇率则是由政府或央行设定并维持的。
If a currency appreciates (becomes stronger), exports become more expensive for foreign buyers, but imports become cheaper. This can worsen the trade balance. A depreciation (becoming weaker) makes exports cheaper and imports more expensive. Use the memory phrase 'SPICED' – Strong Pound: Imports Cheaper, Exports Dearer. The opposite applies for a weak pound.
如果一种货币升值（变得更强势），对外国买家来说出口商品变贵了，但进口商品变便宜了。这可能导致贸易平衡恶化。贬值（变弱）则会使出口更便宜、进口更昂贵。用记忆口诀 'SPICED'：Strong Pound，Imports Cheaper，Exports Dearer（强英镑，进口便宜，出口贵）。弱势英镑情况正好相反。
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