📚 Year 11 WJEC Economics: Core Knowledge Review | Year 11 WJEC 经济：核心知识点梳理
Preparing for the Year 11 WJEC Economics exam requires a solid grasp of the core principles across micro and macroeconomics. This guide consolidates the essential topics you need to master, from scarcity and market equilibrium to inflation, government policy and globalisation. Each section is designed to reinforce your understanding and help you apply concepts confidently in the exam.
准备 Year 11 WJEC 经济考试需要对微观和宏观经济学的核心原则有扎实的掌握。本指南整合了你必须掌握的关键主题，从稀缺性和市场均衡到通货膨胀、政府政策与全球化。每部分旨在强化你的理解，并帮助你在考试中自信地应用概念。
1. Scarcity, Choice and Opportunity Cost | 稀缺性、选择与机会成本
The fundamental economic problem is scarcity: we have unlimited wants but only limited resources to satisfy them. This forces every economic agent – individuals, firms and governments – to make choices.
基本的经济问题是稀缺性：我们有无限的欲望，但满足这些欲望的资源是有限的。这迫使每个经济主体——个人、企业和政府——做出选择。
Because resources are scarce, every choice involves an opportunity cost. Opportunity cost is defined as the value of the next best alternative that is forgone when a decision is made. For example, if a government chooses to build a hospital instead of a school, the opportunity cost is the education that could have been provided.
由于资源是稀缺的，每一个选择都涉及机会成本。机会成本的定义是：做出一个决定时所放弃的次优选项的价值。例如，如果政府选择建一所医院而不是一所学校，机会成本就是本可以提供的教育。
A production possibility frontier (PPF) shows the maximum combinations of two goods an economy can produce using all its resources efficiently. Points inside the curve represent inefficient use of resources or unemployment; points outside are unattainable given current resources. An outward shift of the PPF indicates economic growth.
生产可能性边界（PPF）展示了一个经济体在有效利用所有资源的情况下可以生产的两种商品的最大组合。曲线内的点代表资源利用低效或失业；曲线外的点在当前资源条件下无法达到。PPF 向外移动表示经济增长。
2. Factors of Production and Specialisation | 生产要素与专业化
The four factors of production are the resources used to create goods and services. Each factor earns a return: land receives rent, labour earns wages, capital yields interest, and enterprise earns profit.
四种生产要素是用于创造商品和服务的资源。每种要素都有相应的回报：土地获得地租，劳动获得工资，资本产生利息，企业家才能获得利润。
- Land: all natural resources such as land itself, minerals, forests and water bodies.
- 土地：所有自然资源，如土地本身、矿产、森林和水体。
- Labour: the physical and mental effort contributed by workers in production.
- 劳动：工人在生产中贡献的体力和脑力付出。
- Capital: man-made resources used to produce other goods, e.g. machinery, tools, factories.
- 资本：用于生产其他商品的人造资源，例如机器、工具、工厂。
- Enterprise: the willingness and ability of entrepreneurs to take risks, organise the other factors and innovate.
- 企业家才能：企业家承担风险、组织其他生产要素并进行创新的意愿和能力。
Specialisation occurs when individuals, firms or countries concentrate on producing a limited range of goods and services. Division of labour breaks production into small tasks, raising productivity. Benefits include higher output, lower costs, and improved worker skill. However, specialisation can lead to repetitive work and reduced flexibility.
专业化是指个人、企业或国家专注于生产有限范围的商品和服务。劳动分工将生产过程分解成小任务，从而提高生产率。好处包括更高的产出、更低的成本以及工人技能的提高。然而，专业化也可能导致重复性劳动和灵活性降低。
3. Demand, Supply and Price Determination | 需求、供给与价格决定
Demand is the quantity of a good or service that consumers are willing and able to buy at various prices over a period of time. The law of demand states that, ceteris paribus, as price falls, quantity demanded rises, creating a downward-sloping demand curve.
需求是消费者在一段时间内，在不同价格下愿意并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，价格下降，需求量上升，从而形成一条向下倾斜的需求曲线。
Factors that shift the demand curve include changes in income, tastes and fashion, prices of substitutes and complements, advertising, and population size. A shift to the right represents an increase in demand at every price.
导致需求曲线移动的因素包括收入变化、品味和时尚、替代品和互补品价格的变化、广告以及人口规模。曲线向右移动表示在每个价格下需求都有所增加。
Supply is the quantity that producers are willing and able to offer for sale at various prices. The law of supply shows a positive relationship: as price rises, quantity supplied rises. Supply can shift due to changes in costs of production, technology, taxes and subsidies, and the number of sellers.
供给是生产者在不同价格下愿意并且能够出售的数量。供给定律体现了正向关系：价格上升，供给量增加。供给可能因生产成本、技术、税收和补贴以及卖方数量的变化而发生移动。
The equilibrium price is established where demand equals supply. If price is above equilibrium, a surplus exists and price tends to fall; if below, a shortage drives price up. Market forces move the price back to equilibrium without external intervention.
均衡价格在需求等于供给处形成。如果价格高于均衡水平，会出现过剩，价格趋于下跌；如果低于均衡水平，会出现短缺，推动价格上涨。在没有外部干预的情况下，市场力量会使价格回到均衡点。
4. Price Elasticity of Demand and Supply | 需求与供给的价格弹性
Price elasticity of demand (PED) measures the responsiveness of quantity demanded to a change in price. The formula is:
需求的价格弹性（PED）衡量需求量对价格变化的反应程度。其公式为：
PED = percentage change in quantity demanded ÷ percentage change in price
ic (PED = 0). Knowledge of PED helps firms predict the effect of price changes on total revenue. If demand is elastic, a price cut raises total revenue; if inelastic, a price rise raises total revenue.
需求可以是富有价格弹性（PED > 1）、缺乏价格弹性（PED < 1）、单位弹性（PED = 1）、完全弹性（PED = ∞）或完全无弹性（PED = 0）。了解 PED 有助于企业预测价格变化对总收益的影响。如果需求富有弹性，降价会提高总收益；如果缺乏弹性，提价会提高总收益。
Price elasticity of supply (PES) measures the responsiveness of quantity supplied to a change in price. Factors affecting PES include the time period, spare production capacity, availability of stocks, and the ease of switching production. Supply tends to be more price-elastic in the long run.
供给的价格弹性（PES）衡量供给量对价格变化的反应程度。影响 PES 的因素包括时间周期、闲置产能、库存可得性以及转换生产的难易程度。在长期中，供给往往更具价格弹性。
Related elasticities include income elasticity of demand (YED) and cross elasticity of demand (XED), which help to distinguish normal goods, inferior goods, substitutes and complements.
相关的弹性还包括需求的收入弹性（YED）和需求的交叉弹性（XED），它们有助于区分正常品、低档品、替代品和互补品。
5. Costs, Revenues and Profit | 成本、收益与利润
Firms incur different types of cost. Fixed costs (e.g. rent) do not vary with output in the short run; variable costs (e.g. raw materials) change directly with production levels. Total cost (TC) equals fixed cost plus variable cost. Average cost (AC) is total cost divided by output.
企业承担不同类型的成本。固定成本（如租金）在短期内不随产量变化；可变成本（如原材料）直接随生产水平变化。总成本（TC）等于固定成本加可变成本。平均成本（AC）等于总成本除以产量。
ximisation rule states that firms maximise profit where marginal cost equals marginal revenue (MC=MR). Understanding cost structures helps businesses decide on output levels and pricing.
总收益（TR）等于价格乘以销售量。利润是总收益与总成本之间的差额。利润最大化法则指出，企业在边际成本等于边际收益（MC=MR）时实现利润最大化。理解成本结构有助于企业决定产出水平和定价。
Economies of scale describe falling long-run average costs as output expands, arising from technical, purchasing, managerial and financial advantages. Diseconomies of scale occur when a firm grows too large and average costs rise, often due to communication problems or inefficiency.
规模经济指随着产量扩大，长期平均成本下降，这源于技术、采购、管理和财务方面的优势。规模不经济则发生在企业规模过大、平均成本上升时，通常是由于沟通问题或效率低下。
6. Market Failure: Externalities and Public Goods | 市场失灵：外部性与公共产品
Market failure arises when the free market fails to allocate resources efficiently. A common cause is externalities – costs or benefits that affect third parties who are not directly involved in the transaction. Negative externalities (e.g. pollution) lead to overproduction because private costs are lower than social costs. Positive externalities (e.g. vaccination) lead to underproduction because private benefits are lower than social benefits.
市场失灵发生在自由市场无法有效配置资源时。一个常见原因是外部性——影响未直接参与交易的第三方的成本或收益。负外部性（如污染）导致过度生产，因为私人成本低于社会成本。正外部性（如疫苗接种）导致生产不足，因为私人收益低于社会收益。
Public goods are non-excludable and non-rivalrous. Once provided, no one can be prevented from using them, and one person’s use does not reduce availability for others (e.g. street lighting, national defence). Because firms cannot easily charge for public goods, the free market will under-supply them, creating a role for government provision.
公共产品具有非排他性和非竞争性。一旦提供，无法阻止任何人使用，且一个人的使用不会减少对他人的可用性（例如路灯、国防）。由于企业难以对公共产品收费，自由市场会供给不足，这为政府提供创造了空间。
Information failure, monopoly power and factor immobility can also lead to market failure, justifying government intervention.
信息失灵、垄断势力和要素不流动也可能导致市场失灵，这为政府干预提供了理由。
7. Government Intervention and Policies | 政府干预与政策
Governments intervene in markets to correct market failure and achieve a more equitable distribution of income. Common methods include indirect taxation, subsidies, price controls, regulation and direct provision of goods and services.
政府干预市场是为了纠正市场失灵并实现更公平的收入分配。常见的方法包括间接税、补贴、价格管制、监管以及直接提供商品和服务。
Taxing negative externalities (e.g. a sugar tax or carbon tax) raises private costs to reflect social costs, reducing consumption to the socially optimal level. Subsidising positive externalities (e.g. education, renewable energy) lowers costs to encourage consumption. Regulations can set limits on pollution or require safety standards.
对负外部性征税（如糖税或碳税）可提高私人成本以反映社会成本，从而将消费降低至社会最优水平。对正外部性进行补贴（如教育、可再生能源）可降低成本以鼓励消费。监管可以设定污染限制或要求安全标准。
Maximum and minimum price controls can also be used. A maximum price (price ceiling) prevents prices from rising above a certain level, often to protect consumers. A minimum price (price floor) stops prices from falling too low, often to protect producers. However, price controls can lead to shortages or surpluses and may create black markets.
最高和最低价格管制也可以使用。最高价格（价格上限）防止价格升到某一水平以上，常用于保护消费者。最低价格（价格下限）防止价格降得太低，常用于保护生产者。然而，价格管制可能导致短缺或过剩，并可能催生黑市。
8. Macroeconomic Aims and Indicators | 宏观经济目标与指标
The main macroeconomic objectives include sustainable economic growth, low and stable inflation, low unemployment, and a satisfactory balance of payments on the current account. Governments may also pursue a more equitable income distribution and environmental sustainability.
主要的宏观经济目标包括可持续的经济增长、低而稳定的通货膨胀、低失业以及合意的经常账户国际收支状况。政府还可能追求更公平的收入分配和环境可持续性。
Economic growth is measured by the percentage change in real Gross Domestic Product (GDP) – the total value of goods and services produced in a country over a period, adjusted for inflation. Real GDP per capita is often used as an indicator of living standards, although it does not reflect income distribution or non-market activities.
经济增长通过实际国内生产总值（GDP）的百分比变动来衡量——一个国家在一段时期内生产的商品和服务总价值，并经过通胀调整。实际人均 GDP 常被用作生活水平的指标，尽管它无法反映收入分配或非市场活动。
The rate of inflation is measured by the Consumer Price Index (CPI), which tracks changes in the price of a basket of goods. A low and stable inflation rate supports confidence and planning. Unemployment is measured through the Labour Force Survey or claimant count, with categories including frictional, structural, cyclical and seasonal unemployment.
通货膨胀率通过消费者价格指数（CPI）来衡量，该指数追踪一篮子商品的价格变化。低而稳定的通胀率有助于信心和规划。失业通过劳动力调查或申领人数来衡量，其类型包括摩擦性、结构性、周期性和季节性失业。
9. Fiscal and Monetary Policy | 财政政策与货币政策
Fiscal policy involves changes in government spending and taxation to influence the level of economic activity. Expansionary fiscal policy (raising spending or cutting taxes) aims to boost aggregate demand during a recession, while contractionary fiscal policy (cutting spending or raising taxes) is used to cool an overheating economy and reduce inflation.
财政政策涉及改变政府支出和税收以影响经济活动水平。扩张性财政政策（增加支出或减税）旨在在经济衰退期间提振总需求，而紧缩性财政政策（削减支出或增税）用于冷却过热经济并降低通胀。
Governments manage the budget balance: a budget deficit occurs when spending exceeds revenue, and a surplus when revenue exceeds spending. In the long term, governments must ensure public finances are sustainable.
政府管理预算平衡：当支出超过收入时出现预算赤字，当收入超过支出时出现盈余。从长远来看，政府必须确保公共财政的可持续性。
Monetary policy, usually conducted by an independent central bank (e.g. the Bank of England’s Monetary Policy Committee), uses the main interest rate, quantitative easing and other tools to control inflation and support the economy. Raising interest rates tends to reduce borrowing and spending, dampening inflationary pressure; lowering rates stimulates spending.
货币政策通常由独立的中央银行（如英格兰银行的货币政策委员会）执行，利用主要利率、量化宽松和其他工具来控制通胀并支持经济。提高利率倾向于减少借贷和支出，从而抑制通胀压力；降低利率则刺激支出。
Both policies interact, and supply-side policies – such as improving education, infrastructure and reducing regulation – aim to increase the productive capacity of the economy, shifting long-run aggregate supply to the right.
两种政策相互作用。供给侧政策——如改善教育、基础设施和减少监管——旨在提高经济的生产能力，使长期总供给曲线向右移动。
10. International Trade, Exchange Rates and Globalisation | 国际贸易、汇率与全球化
International trade allows countries to specialise and benefit from comparative advantage. Free trade increases consumer choice, lowers prices and raises global output. However, some industries may suffer from import competition, creating structural unemployment.
国际贸易使各国能够进行专业化并享受比较优势的好处。自由贸易增加了消费者选择、降低了价格并提高了全球产出。然而，一些行业可能会受到进口竞争的冲击，产生结构性失业。
Protectionist measures such as tariffs, quotas and subsidies are used to shield domestic industries. While they may protect jobs, they often raise prices for consumers and can trigger retaliation from trading partners.
保护主义措施，如关税、配额和补贴，被用来保护国内产业。虽然它们可能保住就业，但通常会提高消费者价格，并可能引发贸易伙伴的报复。
Exchange rates express the value of one currency in terms of another. They can be floating, fixed or managed. A depreciation (weakening) of a currency makes exports cheaper and imports dearer, which can improve the trade balance. An appreciation has the opposite effect. Exchange rates are influenced by interest rates, inflation, speculation and current account balances.
汇率表示一国货币以另一国货币衡量的价值。它们可以是浮动的、固定的或受管理的。一国货币贬值（走弱）会使出口更便宜、进口更昂贵，这可能改善贸易平衡。升值则产生相反效果。汇率受利率、通胀、投机和经常账户差额的影响。
Globalisation refers to the increasing integration of the world’s economies through trade, capital flows, migration and technology. It brings opportunities such as access to larger markets and knowledge transfer, but also challenges including greater inequality and environmental pressures. Multinational corporations (MNCs) play a significant role in globalisation.
全球化是指世界经济通过贸易、资本流动、移民和技术日益一体化。它带来了进入更大市场和技术转让等机遇，但也带来挑战，包括不平等的加剧和环境压力。跨国公司在全球化中扮演着重要角色。
Published by TutorHao | Economics Revision Series | aleveler.com
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