📚 Year 11 OCR Economics: Core Knowledge Review | Year 11 OCR 经济：核心知识点梳理
The OCR GCSE Economics course covers microeconomic and macroeconomic concepts, helping students understand how markets work, why governments intervene, and how the economy functions at a national and global level. This article provides a concise review of the core knowledge areas, offering key definitions, explanations, and revision points in both English and Chinese to support bilingual learning.
OCR 的 GCSE 经济学课程涵盖微观与宏观经济概念，帮助学生理解市场如何运作、政府为何干预，以及国家和全球经济如何运行。本文梳理核心知识点，以中英双语提供关键定义、解释和复习要点，方便双语学习。
1. Scarcity and Choice | 稀缺性与选择
Scarcity is the basic economic problem that arises because resources are limited while human wants are infinite. All societies face scarcity, which forces individuals, firms and governments to make choices about how to allocate scarce resources.
稀缺性是基本经济问题，源于资源有限而人类欲望无限。所有社会都面临稀缺性，这迫使个人、企业和政府就稀缺资源的配置做出选择。
Choices involve trade-offs and opportunity cost. Because resources are scarce, choosing to produce more of one good means producing less of another.
选择涉及权衡和机会成本。由于资源稀缺，选择多生产一种商品意味着少生产另一种商品。
2. Factors of Production | 生产要素
The four factors of production are land, labour, capital and enterprise. Land includes all natural resources; labour is the human effort; capital comprises man-made goods used to produce other goods; and enterprise is the risk-taking ability of entrepreneurs who combine the other factors.
四种生产要素是土地、劳动、资本和企业家才能。土地包括所有自然资源；劳动是人的努力；资本包括用于生产其他商品的人造物品；企业家才能是企业家承担风险、组合其他要素的能力。
Factor rewards are rent for land, wages for labour, interest for capital, and profit for enterprise.
要素报酬为：土地得租金，劳动得工资，资本得利息，企业家得利润。
3. Opportunity Cost and the Production Possibility Curve | 机会成本与生产可能性曲线
Opportunity cost is the value of the next best alternative forgone when a choice is made. It is a central concept for understanding trade-offs.
机会成本是做出一项选择时所放弃的次优替代品的价值。这是理解权衡的核心概念。
The production possibility curve (PPC) shows the maximum combinations of two goods an economy can produce with its existing resources and technology. Points on the curve represent efficiency; points inside show unemployed resources; shifts of the curve outward indicate economic growth.
生产可能性曲线 (PPC) 显示一个经济体利用现有资源和技术所能生产的两种商品的最大组合。曲线上的点代表效率；曲线内的点表示资源未充分利用；曲线向外移动表示经济增长。
Opportunity cost = sacrifice / gain
机会成本 = 牺牲 ÷ 收益
4. Demand and Supply | 需求与供给
Demand is the quantity of a good or service that consumers are willing and able to buy at different prices in a given time period. The law of demand states that, ceteris paribus, as the price rises, the quantity demanded falls.
需求是指在一定时期内，消费者在不同价格水平下愿意且能够购买的商品或服务的数量。需求定律指出，在其他条件不变的情况下，价格上升，需求量下降。
Supply is the quantity of a good or service that producers are willing and able to offer for sale at different prices. The law of supply states that, ceteris paribus, as the price rises, the quantity supplied increases.
供给是指在一定时期内，生产者愿意且能够以不同价格出售的商品或服务的数量。供给定律指出，在其他条件不变的情况下，价格上升，供给量增加。
Factors shifting demand include changes in income, tastes, prices of related goods and population. Factors shifting supply include changes in costs of production, technology, taxes and subsidies.
需求变动的因素包括收入、偏好、相关商品价格和人口的变化。供给变动的因素包括生产成本、技术、税收和补贴的变化。
5. Elasticities of Demand | 需求弹性
Price elasticity of demand (PED) measures the responsiveness of quantity demanded to a change in price.
PED = % change in quantity demanded / % change in price
需求价格弹性 (PED) 衡量需求量对价格变动的反应程度。
PED = 需求量变动百分比 ÷ 价格变动百分比
emand is unit elastic. Determinants include availability of substitutes, degree of necessity, and proportion of income spent.
若 PED > 1, 需求富有弹性；若 PED < 1, 需求缺乏弹性；若 PED = 1, 需求单元弹性。决定因素包括替代品的可获得性、必需程度和支出占收入的比例。
elasticity of demand (YED) measures responsiveness of demand to a change in income. YED = %∆Qd / %∆Y. Normal goods have positive YED; inferior goods have negative YED.
需求收入弹性 (YED) 衡量需求对收入变动的反应程度。YED = %∆需求量 ÷ %∆收入。正常商品的 YED 为正；低档商品的 YED 为负。
ures responsiveness of demand for one good to a change in the price of another good. XED = %∆Qd of good A / %∆P of good B. Substitute goods have positive XED; complements have negative XED.
需求交叉弹性 (XED) 衡量一种商品需求对另一种商品价格变动的反应程度。XED = %∆A商品需求量 ÷ %∆B商品价格。替代品的 XED 为正；互补品的 XED 为负。
6. Market Equilibrium and Price Mechanism | 市场均衡与价格机制
Market equilibrium occurs where the quantity demanded equals the quantity supplied. The equilibrium price is the price at which this balance is achieved. Disequilibrium leads to either excess demand (shortage) or excess supply (surplus).
市场均衡发生在需求量等于供给量时。均衡价格是实现这一平衡的价格。非均衡会导致超额需求（短缺）或超额供给（过剩）。
The price mechanism performs the functions of signalling, incentives and rationing. When demand rises, price increases, signalling producers to supply more, reallocating resources efficiently.
价格机制发挥信号、激励和配给的功能。当需求增加时，价格上涨，向生产者发出扩大供给的信号，高效地重新配置资源。
7. Market Failure | 市场失灵
Market failure occurs when the free market fails to allocate resources efficiently, resulting in a net social welfare loss. Causes include externalities, public goods, merit and demerit goods, information gaps and market power.
市场失灵发生在自由市场无法有效配置资源，导致社会净福利损失时。原因包括外部性、公共品、优值品与劣值品、信息不对称和市场势力。
Negative externalities, such as pollution, occur when social costs exceed private costs; positive externalities, such as education, occur when social benefits exceed private benefits. These lead to overproduction or underproduction respectively.
负外部性（如污染）发生在社会成本大于私人成本时；正外部性（如教育）发生在社会收益大于私人收益时。它们分别导致过度生产或生产不足。
Public goods are non-excludable and non-rival, so they are not provided by the private sector in sufficient quantities, e.g. street lighting. Merit goods are under-consumed if left to the market, while demerit goods are over-consumed.
公共品具有非排他性和非竞争性，因此私人部门不会提供足够数量，如路灯。优值品在市场中会被消费不足，劣值品则被过度消费。
8. Government Intervention | 政府干预
To correct market failure, governments may use taxation, subsidies, regulation, provision of public goods, and information campaigns. Indirect taxes can internalise negative externalities; subsidies encourage positive externalities.
为纠正市场失灵，政府可使用税收、补贴、监管、公共品供给和信息宣传。间接税可内化负外部性；补贴鼓励正外部性。
Government intervention can also have unintended consequences, such as government failure when the cost of intervention outweighs the benefits. Policies may be ineffective due to poor information or conflicting objectives.
政府干预也可能产生非预期后果，如政府失灵，即干预成本超过收益。由于信息不充分或目标冲突，政策可能无效。
9. Macroeconomic Objectives and Growth | 宏观经济目标与经济增长
Governments typically pursue four main macroeconomic objectives: sustained economic growth, low and stable inflation, low unemployment, and a satisfactory balance of payments. Other objectives may include income equality and environmental sustainability.
政府通常追求四个主要宏观经济目标：持续经济增长、低且稳定的通胀、低失业率以及令人满意的国际收支平衡。其他目标可能包括收入平等和环境可持续性。
DP = C + I + G + (X - M), where C is consumption, I investment, G government spending, X exports and M imports.
经济增长以实际 GDP（国内生产总值）的百分比增长衡量。GDP 可用支出法计算：GDP = C + I + G + (X - M)，其中 C 为消费，I 为投资，G 为政府支出，X 为出口，M 为进口。
10. Unemployment and Inflation | 失业与通货膨胀
Unemployment refers to people who are willing and able to work but cannot find a job. Types include cyclical, structural, frictional and seasonal. The claimant count and the Labour Force Survey are common measures.
失业指愿意并能够工作但找不到工作的人。类型包括周期性、结构性、摩擦性和季节性失业。申领人数和劳动力调查是常见衡量指标。
Inflation is a sustained increase in the general price level. It is measured by the Consumer Price Index (CPI). Demand-pull inflation occurs when aggregate demand exceeds aggregate supply; cost-push inflation results from rising production costs.
通货膨胀是总体物价水平的持续上升。它以消费者价格指数 (CPI) 衡量。需求拉动型通胀发生在总需求超过总供给时；成本推动型通胀源于生产成本上升。
Consequences of high inflation include erosion of purchasing power, menu costs, and uncertainty discouraging investment. Deflation (falling prices) can also harm the economy by delaying spending.
高通胀的后果包括购买力侵蚀、菜单成本和阻碍投资的不确定性。通缩（价格下跌）也可能因推迟消费而损害经济。
11. Fiscal and Monetary Policy | 财政与货币政策
Fiscal policy involves government spending and taxation. Expansionary fiscal policy (increased spending or tax cuts) boosts aggregate demand; contractionary policy reduces inflationary pressure. The budget may be in surplus, deficit or balanced.
财政政策涉及政府支出与税收。扩张性财政政策（增加支出或减税）刺激总需求；紧缩性政策降低通胀压力。预算可能出现盈余、赤字或平衡。
Monetary policy is managed by the central bank, mainly through interest rates and money supply adjustments. Lower interest rates encourage borrowing and spending, whereas higher rates discourage them. Quantitative easing is an unconventional tool used to increase money supply.
货币政策由央行管理，主要通过利率和货币供应量调整。降低利率鼓励借贷和支出，提高利率则抑制借贷和支出。量化宽松是一种增加货币供应的非常规工具。
Supply-side policies aim to increase the productive capacity of the economy, e.g. through education, training, tax reforms and deregulation, shifting the long-run aggregate supply curve to the right.
供给侧政策旨在提高经济生产能力，如通过教育、培训、税收改革和放松管制，使长期总供给曲线右移。
12. International Trade and Exchange Rates | 国际贸易与汇率
International trade allows countries to specialise based on comparative advantage, leading to more efficient global resource allocation and higher living standards. Free trade has many benefits, but protectionist measures (tariffs, quotas, subsidies) are sometimes used to protect domestic industries.
国际贸易使各国能基于比较优势进行专业化，从而实现更高效的全球资源配置和更高的生活水平。自由贸易有诸多好处，但有时也使用保护主义措施（关税、配额、补贴）来保护国内产业。
The balance of payments records a country's transactions with the
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