📚 Year 7 WJEC Economics: Key Terminology Quick Revision Guide | WJEC 7年级经济学：关键术语速记指南
Welcome to your Year 7 WJEC Economics glossary! Building a strong economics vocabulary is the first step towards understanding how people, businesses and governments make decisions in a world of limited resources. This guide provides clear, bilingual explanations of the most important terms you will encounter, helping you to memorise them quickly and use them with confidence in class discussions and assessments.
欢迎学习WJEC 7年级经济学词汇表！打好经济学词汇基础是理解个人、企业和政府在资源有限的世界中如何做出决策的第一步。本指南针对你将遇到的最重要术语提供清晰的双语解释，帮助你快速记忆，并能在课堂讨论和测评中自信地使用它们。
1. Scarcity and Choice | 稀缺性与选择
Scarcity is the fundamental economic problem. It exists because the resources we use to produce goods and services – such as land, labour and raw materials – are limited, but human wants are virtually unlimited.
稀缺性是基本的经济学问题。它之所以存在，是因为我们用来生产商品和服务的资源——如土地、劳动力和原材料——是有限的，而人类的欲望几乎是无限的。
Because resources are scarce, every society, business and individual must make choices about how to allocate them. Deciding to use time to study economics instead of playing sport is a personal example of a choice driven by scarcity.
由于资源具有稀缺性，每个社会、企业和个人都必须就如何分配资源做出选择。决定用时间学习经济学而不是去运动，就是一个由稀缺性驱动的个人选择的例子。
Economics is the study of these choices. It examines how people use scarce resources to satisfy their needs and wants, and the consequences of those decisions.
经济学就是研究这些选择的学科。它考察人们如何利用稀缺资源来满足自己的需要和欲望，以及这些决策带来的结果。
2. Needs and Wants | 需要与想要
A need is something that is essential for survival. Basic human needs include nutritious food, clean water, adequate shelter, warm clothing and access to healthcare. Without these, life cannot be sustained.
需要是生存所必需的事物。人类的基本需要包括有营养的食物、清洁的水、足够的住所、保暖的衣物和获得医疗保健。没有这些，生命就无法维持。
A want, on the other hand, is a desire for a good or service that is not necessary for survival. Wants are shaped by individual preferences, culture and advertising. Examples include designer trainers, a games console, or an overseas holiday.
而想要是对并非生存必需的商品或服务的欲望。想要由个人偏好、文化和广告塑造。例如名牌运动鞋、游戏机或海外度假。
In economics, it is important to distinguish between the two because when incomes are low, people must prioritise needs. Businesses also think carefully about whether their products are responding to needs or wants when planning production.
在经济学中，区分二者很重要，因为当收入较低时，人们必须优先满足需要。企业在规划生产时也会仔细思考其产品是在回应需要还是想要。
3. Goods and Services | 商品与服务
Goods are physical, tangible items that can be seen and touched. They are produced using resources and can be bought and sold. Consumer goods include food, furniture and smartphones, while capital goods are equipment used to make other products, such as factory machinery.
商品是看得见、摸得着的有形物品。它们使用资源生产出来，可以进行买卖。消费品包括食品、家具和智能手机，而资本品是用于制造其他产品的设备，例如工厂机器。
Services are intangible activities that one person or business performs for another. When you receive a service, you do not own a physical object. Examples are a haircut, a bus journey, a live music concert, or the work of a teacher.
服务是一个人或者企业为他人提供的无形活动。当你接受一项服务时，你并没有拥有一个实物。例如理发、乘坐巴士、现场音乐会或教师的工作。
Some goods are durable, meaning they last a long time, like a bicycle, while non-durable goods are used up quickly, like a chocolate bar. Both goods and services together make up the output of an economy.
有的商品是耐用品，意味着可以使用很长时间，如自行车，而非耐用品会很快消耗掉，如一块巧克力。商品和服务共同构成了一个经济的产出。
4. Factors of Production | 生产要素
The factors of production are the resources used to create goods and services. They are commonly grouped into four categories: land, labour, capital and enterprise.
生产要素是用于创造商品和服务的资源。它们通常分为四类：土地、劳动力、资本和企业家才能。
Land refers to all natural resources provided by nature. This includes the surface soil, minerals under the ground, forests, water and oil reserves. The reward paid to owners of land is called rent.
土地指自然界提供的所有自然资源，包括地表土壤、地下矿产、森林、水体和石油储备。支付给土地所有者的报酬称为租金。
Labour is the human effort, both physical and mental, contributed to production. Factory workers, doctors and software developers all provide labour. The payment for labour is wages or salaries.
劳动力是为生产贡献的体力和脑力的人类努力。工厂工人、医生和软件开发人员都提供劳动力。劳动力的报酬是工资或薪金。
Capital is any man-made resource used to produce other goods and services. This includes tools, machinery, office buildings and technology. Interest is the reward for the use of capital.
资本是用于生产其他商品和服务的任何人造资源，包括工具、机器、办公楼和技术。利息是使用资本的报酬。
Enterprise, or entrepreneurship, is the ability to combine land, labour and capital, take risks, and innovate to create new products or businesses. The reward for successful enterprise is profit.
企业家才能是将土地、劳动力和资本结合起来，承担风险并进行创新以创造新产品或新业务的能力。成功的企业家才能带来的报酬是利润。
5. Opportunity Cost | 机会成本
Opportunity cost is a core concept in economics. It refers to the value of the next best alternative that is forgone when a choice is made. Because resources are scarce, every decision involves an opportunity cost.
机会成本是经济学的核心概念。它指的是在做出选择时所放弃的次优选项的价值。由于资源稀缺，每一个决定都涉及机会成本。
For a student, spending an evening revising means giving up the chance to watch a film or hang out with friends. The opportunity cost is the enjoyment or benefit lost from the next best activity not chosen.
对于一名学生来说，花一个晚上复习意味着放弃了看电影或与朋友相处的机会。机会成本就是没有选择的次优活动所失去的乐趣或收益。
Governments also face opportunity costs. If a government decides to spend more money on building new hospitals, it may have to spend less on education or defence. The opportunity cost is the reduction in the next best public service.
政府同样面临机会成本。如果政府决定花更多钱建造新医院，可能就不得不在教育或国防上减少支出。机会成本就是次优公共服务的削减。
Considering opportunity cost helps individuals and organisations make more rational decisions by comparing what is gained with what is sacrificed.
考虑机会成本有助于个人和组织通过比较所得与所弃，做出更理性的决策。
6. Demand and Supply | 需求与供给
Demand represents the quantity of a good or service that consumers are both willing and able to purchase at a range of different prices over a given time period. It is not just a want; a consumer must have the money to back it up.
需求表示在一定时期内，消费者在不同价格水平上既愿意又有能力购买的商品或服务的数量。它不仅仅是想要，消费者还必须有足够的钱来支撑。
The law of demand states that, all other factors being equal, as the price of a good rises, the quantity demanded falls. Conversely, when price falls, quantity demanded rises. This inverse relationship is driven by affordability and substitution effects.
需求定律指出，在其他条件不变的情况下，随着商品价格上升，需求量下降。反之，价格下降时需求量上升。这种反向关系是由购买力效应和替代效应驱动的。
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 says that as price increases, quantity supplied increases, because higher prices can cover higher production costs and generate more profit.
供给是生产者在不同价格水平上愿意且能够提供销售的商品或服务的数量。供给定律指出，随着价格上升，供给量增加，因为更高的价格可以覆盖更高的生产成本并带来更多利润。
Market equilibrium occurs at the price where quantity demanded equals quantity supplied. At this point there is no surplus or shortage, and both buyers and sellers are satisfied.
市场均衡发生在需求量等于供给量时的价格上。在这个点上没有过剩或短缺，买卖双方都满意。
7. Price and Market | 价格与市场
Price is the amount of money that a buyer pays and a seller receives in exchange for one unit of a good or service. Prices act as signals in an economy, guiding the decisions of consumers and producers.
价格是买方支付、卖方收取的用于交换一单位商品或服务的货币金额。价格在经济中扮演信号的角色，引导消费者和生产者的决策。
A market is any arrangement – physical or online – that brings buyers and sellers together to exchange goods, services or resources. It does not have to be a single location; the global market for smartphones exists through websites, shops and trade agreements.
市场是任何将买卖双方聚集在一起以交换商品、服务或资源的安排，可以是实体的，也可以是在线的。它不必是一个单一地点；全球智能手机市场通过网站、商店和贸易协议而存在。
In competitive markets, prices are determined mainly by the interaction of demand and supply. A sudden increase in demand for a new game can push its price up, while an oversupply of strawberries tends to drive prices down.
在竞争性市场中，价格主要由需求和供给的相互作用决定。人们对一款新游戏需求的突然增加会推高其价格，而草莓的过量供给往往会拉低价格。
Understanding how prices emerge from markets helps explain why some goods are expensive and others cheap. It also shows why prices change over time with shifts in demand or supply.
理解价格如何从市场中产生，有助于解释为什么一些商品昂贵而另一些便宜。它也说明了为什么价格会随着需求或供给的变动而随时间变化。
8. Money and Banking | 货币与银行
Money is anything that is widely accepted as a means of payment for goods and services. For it to work well, money must serve three main functions: a medium of exchange, a store of value, and a unit of account. Without money, economies would rely on barter, which is very inefficient.
货币是任何被广泛接受作为商品和服务支付手段的事物。要让它良好运作，货币必须履行三大职能：交换媒介、价值储藏和计价单位。没有货币，经济将依赖以物易物，这是非常低效的。
A bank is a financial institution that accepts deposits from customers and uses these funds to provide loans to individuals and businesses. By channelling savings into productive investment, banks play a vital role in supporting economic activity.
银行是接受客户存款并利用这些资金向个人和企业提供贷款的金融机构。通过将储蓄引导到生产性投资中，银行在支持经济活动方面发挥着至关重要的作用。
Interest is a key term in banking. For a saver, interest is the reward for depositing money with a bank. For a borrower, interest is the cost of taking out a loan, expressed as a percentage of the amount borrowed annually.
利息是银行业的关键术语。对于储户，利息是把钱存入银行获得的回报。对于借款人，利息是获取贷款的成本，通常表示为每年借款金额的一个百分比。
Modern banks also offer electronic payment services, debit cards and online banking, making it easier for people to manage money and make transactions without using cash.
现代银行还提供电子支付服务、借记卡和网上银行，使人们更容易管理资金并在不使用现金的情况下进行交易。
9. Budgeting, Saving and Spending | 预算、储蓄与支出
A budget is a financial plan that estimates expected income and outlines planned spending over a set period, usually a week or a month. Governments, businesses and households all use budgets to ensure they do not spend more than they can afford.
预算是一个财务计划，用于估算特定时期（通常是一周或一个月）的预期收入并列出计划支出。政府、企业和家庭都使用预算来确保支出不超出承受能力。
Spending refers to using money to buy goods and services. Consumer spending accounts for a large portion of economic activity and is influenced by income levels, confidence and wants. Responsible spending means prioritising needs and planning purchases.
支出指用金钱购买商品和服务。消费者支出占经济活动的很大一部分，受收入水平、信心和欲望的影响。负责任的支出意味着优先考虑需要并做好购买计划。
Saving is the portion of income that is not spent on consumption but set aside for future use. People save for emergencies, large future purchases, or to earn interest. High levels of saving can provide funds for investment, but too much saving immediately can reduce current demand in the economy.
储蓄是收入中未用于消费而是留作未来使用的部分。人们储蓄是为了应急、未来的大额支出或赚取利息。高水平的储蓄可为投资提供资金，但当前过度储蓄也可能会减少经济中的即时需求。
Learning to balance saving and spending through a simple budget is an essential skill for personal finance and a key idea in introductory economics.
通过简单的预算平衡储蓄和支出是个人理财的基本技能，也是经济学入门的一个关键概念。
10. Introduction to Economic Systems | 经济体系简介
An economic system is the way a society organises the production, distribution and consumption of goods and services. The three main types are traditional, command and market economies, though most real economies are mixed.
经济体系是一个社会组织商品和服务的生产、分配和消费的方式。三种主要类型是传统经济、指令经济和市场经济，尽管大多数现实经济体都是混合经济。
In a traditional economy, customs, habits and rituals decide what to produce, how to produce and for whom. These systems are common in some rural and tribal communities where farming, hunting and gathering follow long-established patterns.
在传统经济中，习俗、习惯和仪式决定生产什么、如何生产和为谁生产。这类体系在一些农村和部落社区常见，那里的农耕、狩猎和采集遵循历史悠久的模式。
A command economy relies on a central authority, typically the government, to make all major economic decisions. The state owns most resources and enterprises and plans output and prices. Cuba and North Korea are modern examples, though many command elements can appear in mixed systems.
指令经济依赖中央权威，通常是政府，来做出所有重大经济决策。国家拥有大部分资源和企业，并计划产出和价格。古巴和朝鲜是现代的例子，尽管许多混合体系中也会出现指令性元素。
In a market economy, decisions about production and consumption are driven by the choices of private individuals and firms, with prices coordinating activity. The United Kingdom has a mixed economy that uses market mechanisms but also includes government intervention to provide public goods like healthcare and education, correct market failures, and promote fairness.
在市场经济中，生产和消费决策由个人和企业的选择驱动，价格协调各项活动。英国是一个混合经济体，它既运用市场机制，也包含政府干预以提供医疗和教育等公共物品、纠正市场失灵并促进公平。
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