📚 IGCSE WJEC Economics: End-of-Term Revision Checklist | IGCSE WJEC 经济：期末复习提纲
Mastering IGCSE WJEC Economics requires a clear overview of both microeconomic and macroeconomic topics. This end-of-term revision checklist distils the entire syllabus into manageable sections, highlighting key concepts, definitions, diagrams and evaluation points you need for the exam.
掌握 IGCSE WJEC 经济学需要对微观和宏观课题有一个清晰的全面认识。这份期末复习提纲将整个教学大纲浓缩成易于复习的模块，突出了考试所需的重点概念、定义、图表和评估要点。
1. The Basic Economic Problem | 基本经济问题
The central economic problem is scarcity: unlimited wants vs. finite resources. Because resources are limited, economic agents (consumers, firms, governments) must make choices. Every choice involves an opportunity cost – the value of the next best alternative given up.
核心经济问题是稀缺性：无限欲望与有限资源之间的矛盾。由于资源有限，经济主体（消费者、企业和政府）必须做出选择。每个选择都涉及机会成本——即所放弃的次优选择的价值。
The production possibility curve (PPC) illustrates opportunity cost, efficiency and economic growth. A shift of the PPC outward indicates an increase in the quantity or quality of factors of production. The factors of production are land, labour, capital and enterprise.
生产可能性曲线（PPC）展示了机会成本、效率与经济增长。PPC 向外移动表明生产要素的数量或质量提高了。生产要素包括土地、劳动、资本和企业。
2. Demand and Supply | 需求与供给
The law of demand states that, ceteris paribus, as the price of a good rises, quantity demanded falls. The demand curve slopes downwards. Factors shifting the demand curve include income, tastes, prices of substitutes/complements, advertising and population.
需求定律指出，在其他条件不变时，商品价格上升，需求量下降。需求曲线向右下方倾斜。导致需求曲线移动的因素包括收入、偏好、替代品/互补品的价格、广告和人口规模。
The law of supply states that, ceteris paribus, a higher price leads to a higher quantity supplied. The supply curve slopes upwards. Shifts in supply are caused by production costs, technology, indirect taxes, subsidies and number of firms.
供给定律指出，在其他条件不变时，价格越高，供给量越大。供给曲线向右上方倾斜。供给曲线的移动由生产成本、技术、间接税、补贴和企业数量等因素引起。
Market equilibrium occurs where demand equals supply. Any deviation creates excess demand (shortage) or excess supply (surplus), prompting price adjustments until equilibrium is restored. Exam questions often ask you to illustrate these on a diagram.
市场均衡出现在需求等于供给时。任何偏离都会造成超额需求（短缺）或超额供给（过剩），促使价格作出调整直至恢复均衡。考试中常要求用图表来说明这些情况。
3. Price Elasticity | 价格弹性
Price elasticity of demand (PED) measures responsiveness of quantity demanded to a price change. The formula is:
PED = %Δ Quantity Demanded / %Δ Price
需求的价格弹性（PED）衡量需求量对价格变化的反应程度。公式为：
PED = 需求量的百分比变化 / 价格的百分比变化
If |PED| > 1, demand is elastic and a price cut raises total revenue. If |PED| < 1, demand is inelastic and a price rise raises total revenue. Unitary elasticity (|PED| = 1) leaves revenue unchanged. Determinants include availability of substitutes, degree of necessity, time period and proportion of income.
如果 |PED| > 1，需求富有弹性，降价会增加总收入。如果 |PED| < 1，需求缺乏弹性，提价会增加总收入。单一弹性（|PED| = 1）总收入不变。影响弹性的因素包括替代品的可获得性、必需程度、时间跨度以及支出占收入的比重。
Price elasticity of supply (PES) measures how quantity supplied responds to price changes. A low PES indicates difficulty in expanding output quickly. YED (income elasticity) and XED (cross elasticity) may be tested: normal goods have positive YED, inferior goods negative YED; substitutes have positive XED, complements negative XED.
供给的价格弹性（PES）衡量供给量对价格变化的反应。PES 低表明难以迅速扩大产量。考试还可能涉及收入弹性（YED）和交叉弹性（XED）：正常品的 YED 为正，低档品的 YED 为负；替代品的 XED 为正，互补品的 XED 为负。
4. Market Failure | 市场失灵
Market failure means the free market fails to allocate resources efficiently. Key causes include externalities, public goods, information gaps and market power. Externalities are spill-over effects on third parties. Negative production externalities (e.g. pollution) lead to overproduction because private costs are below social costs.
市场失灵指自由市场未能有效配置资源。主要原因包括外部性、公共品、信息不对称和市场支配力。外部性是对第三方的溢出效应。负生产外部性（如污染）导致生产过度，因为私人成本低于社会成本。
Positive consumption externalities (e.g. vaccination) result in underconsumption as private benefits fall short of social benefits. Public goods are non-rival (one person’s use does not reduce availability) and non-excludable (cannot stop free riders); examples include street lighting and national defence. The free market would provide none or too few.
正消费外部性（如疫苗接种）导致消费不足，因为私人收益低于社会收益。公共品具有非竞争性（一人的使用不影响他人可得性）和非排他性（无法阻止搭便车者），例如路灯和国防。自由市场要么不提供，要么提供得太少。
5. Government Intervention | 政府干预
Governments intervene to correct market failure. Price controls include maximum prices (ceilings) set below equilibrium to protect consumers (e.g. rent controls), which cause shortages, and minimum prices (floors) set above equilibrium to protect producers (e.g. minimum wage), causing surpluses.
政府干预旨在纠正市场失灵。价格管制包括最高限价（低于均衡价格以保护消费者，如租金管制），这会造成短缺；以及最低限价（高于均衡价格以保护生产者，如最低工资），这会造成过剩。
Indirect taxes (e.g. sugar tax, fuel duty) raise production costs, shifting the supply curve left and reducing a negative externality by increasing the price. Subsidies (e.g. on renewable energy, education) lower costs and shift supply right, encouraging desirable consumption and production. Other interventions include regulation, public ownership and information provision.
间接税（如糖税、燃油税）提高生产成本，使供给曲线左移，通过提价来减少负外部性。补贴（如对可再生能源、教育的补贴）降低生产成本，使供给曲线右移，鼓励可取的生产与消费。其他干预手段包括法规、国有化和信息提供。
6. Macroeconomic Objectives | 宏观经济目标
Governments typically pursue four main macroeconomic objectives: sustainable economic growth (rising GDP), low unemployment (labour resources used efficiently), low and stable inflation (typically 2% target) and a satisfactory balance of payments on current account. Income redistribution and protection of the environment are also often added in WJEC discussions.
政府通常追求四大宏观经济目标：可持续的经济增长（GDP 增加）、低失业率（劳动力资源得到有效利用）、低而稳定的通胀（通常目标为 2%）以及令人满意的经常账户国际收支。收入再分配和环境保护也常常被 WJEC 的讨论纳入为附加目标。
Conflicts can arise, such as between economic growth and lower inflation (growth can be inflationary), or between growth and environmental protection. A key evaluation skill is explaining trade-offs and discussing the most appropriate priority in different contexts.
目标之间可能发生冲突，例如经济增长与低通胀之间（增长可能带来通胀），或增长与环保之间。关键的评估技能是解释权衡取舍，并结合不同情境讨论最恰当的优先目标。
7. Aggregate Demand and Aggregate Supply | 总需求与总供给
Aggregate demand (AD) = C + I + G + (X − M). Consumer spending, business investment, government spending and net exports together determine the total demand in an economy. A fall in interest rates or a rise in confidence can increase AD. The AD curve slopes downwards due to the wealth effect, interest rate effect and international trade effect.
总需求 (AD) = C + I + G + (X − M)。消费支出、企业投资、政府支出和净出口共同决定一个经济体的总需求。利率下降或信心提升可以增加 AD。AD 曲线因财富效应、利率效应和国际贸易效应而向右下方倾斜。
Short-run aggregate supply (SRAS) shows total output firms are willing to produce at a given price level; it tends to slope upwards due to sticky wages and menu costs. Long-run aggregate supply (LRAS) represents the economy’s full-employment output and can shift through investment, technology and improved education. Show the intersection of AD and AS to determine national output and the price level.
短期总供给 (SRAS) 曲线表示在既定价格水平下企业愿意生产的总产出；由于工资黏性和菜单成本，该曲线通常向上倾斜。长期总供给 (LRAS) 代表经济体的充分就业产出，可通过投资、技术进步和教育改善而移动。用 AD 与 AS 的交点来确定国民产出和价格水平。
8. Fiscal and Monetary Policy | 财政与货币政策
Fiscal policy involves government spending and taxation. Expansionary fiscal policy (higher G, lower T) boosts AD and is used during recessions. Contractionary fiscal policy (lower G, higher T) cools an overheating economy. Budget deficits occur when government spending exceeds tax revenues, leading to a build-up of national debt.
财政政策涉及政府支出和税收。扩张性财政政策（增加支出、减税）可提振 AD，用于衰退期。紧缩性财政政策（减少支出、增税）用于冷却过热的经济。当政府支出超过税收收入时便会产生预算赤字，进而累积国债。
Monetary policy, operated by the central bank, uses the official interest rate and money supply to influence AD and inflation. Lowering the rate encourages borrowing and spending, raising AD; raising the rate has the opposite effect. WJEC often asks students to evaluate the effectiveness of these policies in different situations, considering time lags and side effects.
货币政策由中央银行执行，利用官方利率和货币供应量来影响 AD 和通胀。降低利率鼓励借贷与支出，推高 AD；提高利率则有相反作用。WJEC 常要求学生评估这些政策在不同情境下的有效性，并考虑时滞和副作用。
9. International Trade and Exchange Rates | 国际贸易与汇率
Comparative advantage explains why countries trade: a nation should specialise in producing goods where it has the lowest opportunity cost and trade for others. Trade boosts efficiency and consumer choice. A tariff diagram showing a rise in price, fall in imports and welfare loss is a must-know for the exam.
比较优势解释了贸易的成因：一个国家应专门生产其机会成本最低的商品，并通过贸易获取其他商品。贸易能提高效率，增加消费者选择。关税图示是考试必会内容，要展示价格上升、进口减少和福利损失。
Exchange rates are determined by supply and demand for currencies. Appreciation (stronger pound) makes exports more expensive and imports cheaper, worsening the trade balance. Depreciation has the opposite effect but can bring imported inflation. Factors affecting exchange rates include interest rates, trade flows and speculation.
汇率由货币的供求决定。本币升值（英镑走强）使出口更贵、进口更便宜，恶化贸易差额。贬值则产生相反效果，但可能带来输入型通胀。影响汇率的因素包括利率、贸易流量和投机活动。
10. Economic Development and Globalisation | 经济发展与全球化
Globalisation is the increasing integration of national economies through trade, investment and technology. Multinational corporations (MNCs) bring FDI, jobs and technology to developing countries but can also exploit labour and damage the environment. The debate over costs and benefits is a typical evaluation topic.
全球化是指通过贸易、投资和技术使各国经济日益融合。跨国公司 (MNCs) 给发展中国家带来外国直接投资、就业和技术，但也可能剥削劳动力、破坏环境。对成本与收益的辩论是典型的评估题目。
Economic development encompasses improvements in living standards, health and education, not just GDP growth. Indicators such as the Human Development Index (HDI) capture these dimensions. Policies to promote development include trade liberalisation, aid, debt relief and sustainable strategies that protect the environment.
经济发展不仅包括 GDP 增长，还涵盖生活水准、健康和教育的改善。人类发展指数 (HDI) 等指标可体现这些维度。促进发展的政策包括贸易自由化、援助、债务减免以及保护环境的可持续战略。
11. Revision Tips and Exam Technique | 复习技巧与应试策略
Define key terms precisely at the start of each answer. For data-response questions, always refer to the provided figure or table to gain analysis marks. Use diagrams wherever possible, labelling axes, curves and equilibrium points clearly, and refer to the diagram in your written explanation.
每题开头精准定义关键术语。对数据回答题务必引用提供的图表或表格以获取分析分。尽可能使用图形，清晰标注坐标轴、曲线和均衡点，并在文字解释中呼应图示。
WJEC’s 9- and 15-mark questions need evaluation: consider short-run vs. long-run effects, different stakeholder perspectives, magnitude of impact, and whether the outcome depends on underlying assumptions. Structure essays with a short introduction, a main body of chains of analysis, and a balanced conclusion that directly answers the question.
在 WJEC 的 9 分和 15 分题中需要进行评估：考虑短期与长期效应、不同利益相关者的视角、影响程度以及结果是否依赖于前提假设。论文结构应包括简短引言、分析链条的主体部分，以及能直接回答问题的平衡结论。
12. Key Formulas and Graphs Checklist | 关键公式与图表清单
Memorise these formulas: PED = %ΔQd / %ΔP; YED = %ΔQd / %Δincome; PES = %ΔQs / %ΔP; GDP per capita = GDP / population; unemployment rate = (unemployed / labour force) × 100; inflation rate using CPI = (current CPI − previous CPI) / previous CPI × 100.
熟记以下公式：PED = 需求量变化% / 价格变化%；YED = 需求量变化% / 收入变化%；PES = 供给量变化% / 价格变化%；人均 GDP = GDP / 人口；失业率 = (失业人数 / 劳动力) × 100；用 CPI 计算的通胀率 = (当期 CPI − 前期 CPI) / 前期 CPI × 100。
Essential diagrams to practise: PPC (showing shifts and opportunity cost), demand-supply equilibrium and shifts, maximum and minimum price controls, negative externality in production/consumption, incidence of a specific tax, aggregate demand-aggregate supply, tariff diagram and free trade vs. protection, and an exchange rate market. Be ready to draw from memory and relate the diagram to the events described in the exam question.
必练图表：生产可能性曲线（显示移动和机会成本）、供需均衡及其移动、最高和最低限价、生产/消费负外部性、从量税的税收归宿、总需求-总供给图、关税图及自由贸易与保护主义对比、汇率市场。要能够凭记忆画出，并将图示与考题所述事件联系起来。
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