📚 Year 11 WJEC Economics: Vocabulary & Terminology Quick-Memorise Guide | WJEC 11年级经济学词汇术语速记指南
Getting to grips with the key economic terms is half the battle in your WJEC GCSE Economics exam. This revision guide provides clear definitions and memorable shortcuts – acronyms, wordplay, and visual tricks – so you can recall the right vocabulary when it matters most.
掌握关键经济学术语是 WJEC 经济学考试成功的一半。本复习指南提供清晰的定义和好记的捷径——首字母缩写、文字游戏和视觉技巧——帮助你在关键时刻准确回忆术语。
1. Scarcity and the Basic Economic Problem | 稀缺性与基本经济问题
Scarcity describes the fundamental condition that human wants are unlimited but resources are finite. This forces individuals, businesses and governments to make choices, giving rise to the basic economic problem: what to produce, how to produce it, and for whom to produce.
稀缺性描述了人类欲望无限而资源有限的基本状况。这迫使个人、企业和政府做出选择，从而产生了基本经济问题：生产什么、如何生产、为谁生产。
Opportunity cost is the value of the next best alternative forgone whenever a choice is made. If you spend your lunch money on a pair of shoes, the opportunity cost is the meal you skipped.
机会成本是指每当做出选择时所放弃的次优选项的价值。如果你把午餐钱花在了一双鞋上，机会成本就是你没吃的那顿饭。
Quick-memorise trick: Think of the word 'SCARCE' – e resources, R = Real trade-offs, C = Cost (opportunity cost), E = Every economy faces it.
速记技巧：用单词“SCARCE”来记忆——S=供应短缺，C=必须选择，A=资源配置，R=真实权衡，C=成本（机会成本），E=每个经济体都面临它。
2. 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 each price over a given period. The law of demand states that, ceteris paribus, as price falls, quantity demanded rises.
需求是消费者在给定时期内按各价格愿意且能够购买的商品或服务数量。需求定律认为，在其他条件不变的情况下，价格下降，需求量上升。
Supply is the quantity that producers are willing and able to sell. The law of supply says higher prices lead to higher quantity supplied.
供给是生产者愿意且能够出售的数量。供给定律指出，价格越高，供给量越大。
Shifters of demand can be memorised with PASIFIC: Population, Advertising, Substitutes' prices, Income, Fashion/Tastes, Interest rates, Complements' prices. Shifters of supply use PINTSC: Productivity, Indirect taxes, Number of firms, Technology, Subsidies, Costs of production.
需求曲线移动因素可用 PASIFIC 记忆：人口、广告、替代品价格、收入、时尚/偏好、利率、互补品价格。供给曲线移动因素用 PINTSC：生产效率、间接税、企业数量、技术、补贴、生产成本。
3. Price Elasticity of Demand and Supply | 需求价格弹性与供给价格弹性
and (PED) measures how sensitive quantity demanded is to a change in price. Formula: PED = %ΔQd ÷ % is elastic (luxury goods); if PED < 1, it is inelastic (necessities, addictive products).
需求价格弹性（PED）衡量需求量对价格变化的敏感程度。公式：PED = 需求量变动百分比 ÷ 价格变动百分比。PED > 1 为富有弹性（奢侈品）；PED < 1 为缺乏弹性（必需品、成瘾品）。
A simple memory aid: 'Elastic means Enthusiastic Response' – even a tiny price cut triggers a big demand jump. 'Inelastic means Inattentive' – consumers barely notice price changes.
简单助记：“弹性意味着热情响应”——哪怕很小的降价也会引起需求激增。“缺乏弹性意味着无动于衷”——消费者几乎不理会价格变化。
Price elasticity of supply (PES) uses the same logic: PES = %ΔQs ÷ % inant is time: supply is more elastic in the long run because firms can adjust production.
供给价格弹性（PES）同理：PES = 供给量变动百分比 ÷ 价格变动百分比。关键决定因素是时间：长期内供给更富弹性，因为企业可以调整产能。
Memory trick: 'PES time-stretch' – the longer the time frame, the more supply can stretch.
记忆技巧：“PES 时间拉伸”——时间越长，供给越能伸展。
4. Market Failure | 市场失灵
Market failure occurs when the free market, left alone, leads to a misallocation of resources – either overproduction of harmful goods or underproduction of beneficial ones. Common causes include externalities, public goods, information gaps, and monopoly power.
市场失灵发生在自由市场独自运行导致资源错配时——要么有害商品生产过多，要么有益商品生产不足。常见原因包括外部性、公共品、信息不对称和垄断势力。
Positive externalities are third-party benefits (e.g., education giving society a more productive workforce); negative externalities are third-party costs (e.g., pollution from a factory).
正外部性指第三方受益（如教育让社会拥有更高生产力的劳动力）；负外部性指第三方受损（如工厂污染）。
Mnemonic for the main types of market failure: 'FAIL' – mation, I = Imperfect competition, L = Lack of property rights (leading to externalities).
市场失灵主要类型的助记：“FAIL”——F=搭便车问题（公共品），A=信息不对称，I=不完全竞争，L=产权缺失（导致外部性）。
5. Costs, Revenue and Profit | 成本、收益与利润
materials, rise as production increases. Average total cost (ATC) = TC ÷ quantity.
总成本（TC）=总固定成本（TFC）+总可变成本（TVC）。固定成本如租金不随产量变动；可变成本如原材料随产量增加而上升。平均总成本（ATC）=TC÷数量。
Revenue: Total revenue (TR) = price × quantity sold. Profit = TR – reneur in business; supernormal profit (abnormal profit) is any excess over normal profit.
收入：总收入（TR）=价格×销售量。利润 = TR – TC。正常利润是维持企业家经营的最低回报；超常利润（超额利润）是超出正常利润的部分。
Speed recall: 'Fix-loved, Var-hated' – fixed costs are like a stubborn friend (stays constant), variable costs are flexible (change with output). The formula sandwich: TR on top, TC underneath → Profit is the filling.
快速回忆：“固定顽固，可变多变”——固定成本像顽固的朋友（保持不变），可变成本灵活（随产量变动）。公式三明治：TR在上，TC在下→利润是夹心。
6. Macroeconomic Objectives | 宏观经济目标
The UK government typically pursues four to five main macroeconomic goals: sustainable economic growth, low and stable inflation (2% target), low unemployment, a satisfactory balance of payments on current account, and a more equal distribution of income.
英国政府通常追求四到五个主要宏观经济目标：可持续经济增长、低且稳定的通胀（2%目标）、低失业率、经常账户国际收支令人满意、以及更公平的收入分配。
A quick acronym to remember them is 'GUPIE': Growth, Unemployment, Prices (inflation), International trade balance, Equality. Or convert it into a friendly phrase: 'Get Up Pier' – linking Growth, Unemployment, Prices, Imports/exports, Equity (redistribution).
记忆它们的简单首字母缩写是“GUPIE”：增长、失业、物价（通胀）、国际贸易平衡、平等。或编成一句顺口溜：“Get Up Pier”——将增长、失业、物价、进出口、公平联系起来。
7. Fiscal Policy | 财政政策
Fiscal policy involves the use of government spending and taxation to influence the level of aggregate demand (AD) and achieve macroeconomic goals. Expansionary fiscal policy (higher spending, lower taxes) boosts AD; contractionary policy (lower spending, higher taxes) reduces AD.
财政政策运用政府支出和税收来影响总需求（AD）水平，实现宏观经济目标。扩张性财政政策（增加支出、减税）刺激总需求；紧缩性政策（减少支出、增税）抑制总需求。
ome and wealth; indirect taxes (e.g., VAT) are charged on spending. A handy memory device: 'TAX the SPENDER' – Direct = on earner, Indirect = on spender.
直接税（如所得税）针对收入和财富征收；间接税（如增值税）针对消费征收。简便记忆法：“对挣的征直接，对花的征间接”——直接税针对挣钱的人，间接税针对花钱的人。
Automatic stabilisers, such as progressive taxation and welfare benefits, work without government intervention: during a boom, tax revenues rise and benefit payments fall, cooling the economy; in a recession, the opposite occurs.
自动稳定器（如累进税和福利津贴）无需政府干预即可发挥作用：经济繁荣时税收增加、福利支出减少，给经济降温；衰退时则相反。
8. Monetary Policy | 货币政策
Monetary policy is controlled by the Bank of England's Monetary Policy Committee (MPC). The main tool is the Bank Rate (base rate of interest). By raising interest rates, borrowing becomes more expensive, saving becomes more attractive, and aggregate demand tends to fall – helping to control inflation.
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