GCSE WJEC Economics: Last-Minute Revision Notes | GCSE WJEC 经济：考前冲刺笔记

📚 GCSE WJEC Economics: Last-Minute Revision Notes | GCSE WJEC 经济：考前冲刺笔记

As your GCSE WJEC Economics exam draws near, this last‑minute revision guide summarises the core micro and macro content, definitions, formulas and exam tips you need. It follows the WJEC specification closely, helping you to recall key concepts and apply them confidently in multiple‑choice, data‑response and essay questions.

在 GCSE WJEC 经济考试临近之际，这份考前冲刺指南总结了您需要掌握的微观与宏观核心内容、定义、公式和考试技巧。它紧密贴合 WJEC 大纲，帮助您回忆关键概念，并将其自信地应用于选择题、数据分析题和论述题中。

1. The Basic Economic Problem & Resource Allocation | 基本经济问题与资源分配

The basic economic problem is that resources are limited but human wants are unlimited. This forces individuals, firms and governments to make choices, and every choice involves an opportunity cost—the next best alternative given up.

基本经济问题在于资源有限而人类欲望无限。这迫使个人、企业和政府做出选择，每一次选择都涉及机会成本——即所放弃的次优替代品。

The four factors of production are land (natural resources), labour (workforce), capital (man‑made goods used in production) and enterprise (risk‑taking by entrepreneurs). The reward for land is rent, for labour wages, for capital interest and for enterprise profit.

四种生产要素是土地（自然资源）、劳动力（劳动者）、资本（生产中的人造品）和企业（企业家承担风险）。土地的报酬是地租、劳动力是工资、资本是利息、企业是利润。

WJEC expects you to understand how a mixed economy combines market forces with government intervention. The price mechanism determines what, how and for whom to produce, but governments may intervene to correct market failure and provide public goods.

WJEC 要求您理解混合经济如何将市场力量与政府干预相结合。价格机制决定生产什么、如何生产以及为谁生产，但政府可以干预以纠正市场失灵并提供公共品。

2. Demand and Supply | 需求与供给

Demand is the quantity of a good consumers are willing and able to buy at different prices, ceteris paribus. The demand curve slopes downward due to the income and substitution effects. A change in price causes a movement along the demand curve; a change in any other determinant (income, tastes, price of substitutes/complements, population) shifts the entire curve.

需求是消费者在不同价格下愿意且能够购买的商品数量（其他条件不变）。由于收入效应和替代效应，需求曲线向下倾斜。价格变动导致沿着需求曲线的移动；其他任何决定因素（收入、偏好、替代品/互补品价格、人口）的变化都会导致整条曲线位移。

Supply is the quantity producers are willing and able to sell at different prices. The supply curve slopes upward because higher prices increase profit incentives and attract new firms. A rise in price causes an extension (movement up the curve); factors such as costs of production, technology, taxes and subsidies shift the supply curve.

供给是生产者在不同价格下愿意且能够出售的数量。供给曲线向上倾斜，因为较高的价格增加了利润激励并吸引新厂商进入。价格上升导致供给量的增加（沿曲线上移）；生产成本、技术、税收和补贴等因素会移动供给曲线。

Market equilibrium occurs where demand equals supply. If price is above equilibrium, there is excess supply (surplus); if below, excess demand (shortage). Prices adjust to clear the market.

市场均衡发生在需求等于供给时。若价格高于均衡，则存在超额供给（过剩）；若低于，则存在超额需求（短缺）。价格会调整以出清市场。

3. Elasticity | 弹性

Price elasticity of demand (PED) measures the responsiveness of quantity demanded to a 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 = %ΔQd ÷ %ΔP

If PED > 1, demand is elastic; a price cut raises total revenue. If PED < 1, demand is inelastic; a price rise increases total revenue. Unitary elasticity (PED = 1) leaves total revenue unchanged. Factors affecting PED: availability of substitutes, proportion of income, necessity vs luxury, time period.

若 PED > 1，需求富有弹性；降价会增加总收入。PED < 1，需求缺乏弹性；提价会增加总收入。单位弹性 (PED = 1) 时总收入不变。影响 PED 的因素：替代品的可得性、支出占收入的比例、必需品与奢侈品、时间长度。

Price elasticity of supply (PES) = %ΔQs ÷ %ΔP. PES depends on time period and spare capacity. Income elasticity of demand (YED) = %ΔQd ÷ %ΔY. A negative YED indicates an inferior good; a positive YED a normal good; YED > 1 a luxury good. Cross elasticity of demand (XED) = %ΔQd of good A ÷ %ΔP

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