Year 11 Cambridge Economics: Essential Vocabulary Quick-Memorisation Guide | 剑桥Year 11经济：核心词汇术语速记指南

📚 Year 11 Cambridge Economics: Essential Vocabulary Quick-Memorisation Guide | 剑桥Year 11经济：核心词汇术语速记指南

Mastering key economic terminology is the first step towards exam success in Cambridge IGCSE or O Level Economics. This guide focuses on essential terms you need to memorise quickly, each paired with simple explanations and memory tricks.

掌握关键的经济学术语是在剑桥IGCSE或O Level经济考试中取得成功的第一步。本指南聚焦你需要快速记忆的核心词汇，每个术语都配有简单解释和记忆技巧。

1. Scarcity and Choice | 稀缺性与选择

The basic economic problem arises because resources are limited but human wants are unlimited. Scarcity forces individuals, firms and governments to make choices.

基本的经济问题源于资源有限而人类欲望无限。稀缺性迫使个人、企业和政府做出选择。

Choice leads to an opportunity cost – the next best alternative forgone.

选择导致了机会成本——即所放弃的次优替代方案。

Term	中文	Quick Memory Tip
Scarcity	稀缺性	Limited resources, unlimited wants
Choice	选择	Deciding between alternatives
Needs	必需品	Essential for survival (food, water)
Wants	欲望品	Desires, non-essential (luxury)

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2. Factors of Production | 生产要素

Resources used to produce goods and services are called factors of production. They are commonly classified into four categories: land, labour, capital and enterprise.

用于生产商品和服务的资源被称为生产要素。通常分为四类：土地、劳动、资本和企业才能。

Land includes all natural resources; labour is human effort; capital is man-made goods used in production; enterprise is the risk-taking ability to organise the other three factors.

土地包括所有自然资源；劳动是人力付出；资本是用于生产的人造物品；企业才能是组织其他三种要素并承担风险的能力。

Factor	中文	Reward	中文报酬
Land	土地	Rent	地租
Labour	劳动	Wages	工资
Capital	资本	Interest	利息
Enterprise	企业才能	Profit	利润

Remember the acronym CELL: Capital, Enterprise, Land, Labour. Each factor earns its respective reward.

记住缩写CELL：资本、企业才能、土地、劳动。每种要素获得相应的报酬。

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3. Opportunity Cost | 机会成本

Opportunity cost is the value of the next best alternative that must be given up when making a choice.

机会成本是指做出选择时必须放弃的次优替代方案的价值。

It is not just the monetary cost, but the benefit you could have received by taking the next best action.

它不仅仅是金钱成本，而是你采取次优行动本可获得的收益。

For example, if a government spends more on defence, the opportunity cost might be fewer hospitals built.

例如，如果政府在国防上支出更多，机会成本可能是减少的医院建设数量。

When evaluating decisions, always ask: ‘What is the next best alternative forgone?’

在做决策时，始终要问：“所放弃的次优替代方案是什么？”

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4. Demand and Supply | 需求与供给

Demand is the willingness and ability to purchase a good or service at a given price, over a period of time, ceteris paribus.

需求是指在其他条件不变的情况下，在一定时期内，在给定价格下购买商品或服务的意愿和能力。

The law of demand states that as price rises, quantity demanded falls, and vice versa.

需求定律指出，当价格上升时，需求量下降；反之亦然。

Supply is the willingness and ability to produce a good or service at a given price. The law of supply shows a positive relationship: price increases lead to higher quantity supplied.

供给是指在给定价格下生产商品或服务的意愿和能力。供给定律表现为正相关关系：价格上涨导致供给量增加。

Factors shifting the demand curve (PIRATES): Population, Income, Related goods’ prices, Advertising, Tastes, Expectations, Seasons.

使需求曲线移动的因素（英文缩写PIRATES）：人口、收入、相关商品价格、广告、品味、预期、季节。

Supply curve shifters (PINTS WC): Productivity, Indirect taxes, Number of firms, Technology, Subsidies, Weather, Costs of production.

供给曲线移动因素（PINTS WC）：生产率、间接税、厂商数量、技术、补贴、天气、生产成本。

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5. Price Elasticity of Demand (PED) | 需求价格弹性

PED measures the responsiveness of quantity demanded to a change in price. Formula: PED = %ΔQd ÷ %ΔP.

需求价格弹性衡量需求量对价格变动的反应程度。公式：PED = %ΔQd ÷ %ΔP。

If PED > 1, demand is price elastic; if PED < 1, inelastic; if PED = 1, unit elastic.

如果PED > 1，需求富有弹性；如果PED < 1，缺乏弹性；如果PED = 1，单位弹性。

Essential for total revenue: if elastic, lowering price increases total revenue; if inelastic, raising price increases revenue.

对总收入至关重要：如果富有弹性，降低价格会增加总收入；如果缺乏弹性，提高价格会增加收入。

Factors affecting PED: number of substitutes, proportion of income, luxury vs necessity, time period.

影响需求价格弹性的因素：替代品数量、占收入比例、奢侈品还是必需品、时间框架。

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6. Price Elasticity of Supply (PES) | 供给价格弹性

PES = %ΔQs ÷ %ΔP. It shows how easily producers can increase output when prices change.

PES = %ΔQs ÷ %ΔP。它显示当价格变化时，生产者增加产量的难易程度。

PES > 1 elastic supply; PES < 1 inelastic supply. Determined by spare capacity, stock levels, time period, and complexity of production.

PES > 1 供给富有弹性；PES < 1 供给缺乏弹性。由闲置产能、库存水平、时间长短和生产复杂性决定。

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7. Market Equilibrium | 市场均衡

Equilibrium occurs where demand equals supply. The equilibrium price clears the market – no shortage or surplus.

均衡发生在需求等于供给的时候。均衡价格使市场出清——没有短缺或过剩。

Excess demand occurs when price is below equilibrium, creating a shortage. Excess supply occurs when price is above equilibrium, creating a surplus.

当价格低于均衡时出现超额需求，产生短缺；当价格高于均衡时出现超额供给，产生过剩。

The price mechanism has three key functions: signalling, incentive, and rationing.

价格机制有三个关键功能：信号、激励和配给。

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8. Market Failure | 市场失灵

Market failure means the free market fails to allocate resources efficiently, leading to a net social welfare loss.

市场失灵意味着自由市场未能有效配置资源，导致社会净福利损失。

Common causes include externalities, public goods, merit and demerit goods, information asymmetry, monopoly power, and factor immobility.

常见原因包括外部性、公共品、有益品和有害品、信息不对称、垄断势力以及要素不流动。

Public goods are non-rival and non-excludable, which causes the free-rider problem.

公共品具有非竞争性和非排他性，这导致了搭便车问题。

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9. Externalities | 外部性

An externality is a cost or benefit affecting a third party not directly involved in an economic transaction. Negative production externalities include pollution; positive consumption externalities include vaccination.

外部性是指影响未直接参与经济交易的第三方的成本或收益。负生产外部性包括污染；正消费外部性包括疫苗接种。

Social cost = private cost + external cost. Social benefit = private benefit + external benefit. When externalities exist, the free market over- or under-produces.

社会成本 = 私人成本 + 外部成本。社会效益 = 私人效益 + 外部效益。当外部性存在时，自由市场会过度生产或生产不足。

Government interventions: indirect taxes, subsidies, regulations, tradable permits, and provision of information.

政府干预措施：间接税、补贴、法规、可交易许可证以及信息提供。

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10. Macroeconomic Objectives | 宏观经济目标

Governments typically pursue five main objectives: economic growth, low unemployment, low and stable inflation, a satisfactory balance of payments, and an equitable distribution of income.

政府通常追求五个主要目标：经济增长、低失业、低且稳定的通胀、令人满意的国际收支以及公平的收入分配。

Economic growth is measured by the percentage change in real GDP. A recession is defined as two consecutive quarters of negative economic growth.

经济增长以实际GDP的百分比变化来衡量。衰退被定义为连续两个季度的负经济增长。

The unemployment rate = (number of unemployed ÷ labour force) × 100%. Types of unemployment include cyclical, structural, frictional and seasonal.

失业率 = (失业人数 ÷ 劳动力) × 100%。失业类型包括周期性、结构性、摩擦性和季节性失业。

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11. Inflation | 通货膨胀

Inflation is a sustained increase in the general price level, commonly measured by the Consumer Price Index (CPI). Deflation refers to a persistent fall in the price level.

通货膨胀是总体物价水平的持续上升，通常以居民消费价格指数（CPI）衡量。通货紧缩指价格水平的持续下降。

Demand-pull inflation occurs when aggregate demand grows faster than aggregate supply – ‘too much money chasing too few goods’. Cost-push inflation arises from rising costs of production, such as wages or raw materials.

需求拉动型通胀发生在总需求增长快于总供给时——“过多货币追逐过少商品”。成本推动型通胀源于生产成本上升，例如工资或原材料。

Consequences of inflation include reduced purchasing power, shoe-leather costs, menu costs, and increased uncertainty for businesses and households.

通胀的后果包括购买力下降、鞋底成本、菜单成本以及企业和家庭面临的不确定性增加。

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12. Fiscal and Monetary Policy | 财政与货币政策

Fiscal policy involves government spending and taxation to influence aggregate demand. Expansionary fiscal policy means higher government spending and/or lower taxes; contractionary policy means cutting spending and/or raising taxes.

财政政策涉及政府支出和税收以影响总需求。扩张性财政政策意味着增加政府支出和/或减税；紧缩性政策意味着削减支出和/或增税。

Monetary policy is conducted by the central bank, which manipulates the money supply and

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