📚 Year 11 Eduqas Economics: Vocabulary and Terminology Quick Revision Guide | Year 11 Eduqas 经济：词汇术语速记指南
Understanding key economic terminology is essential for success in Eduqas GCSE Economics. This revision guide covers the most important terms across microeconomics and macroeconomics, helping you to build precise definitions and apply them in exam questions. Each term is explained in English and Chinese to strengthen bilingual comprehension and memory retention.
掌握关键经济术语对于在 Eduqas GCSE 经济学考试中取得好成绩至关重要。本速记指南涵盖微观经济学和宏观经济学中最重要的词汇，帮助你构建精准的定义，并在试题中加以应用。每个术语均提供英中双语释义，以强化双语理解和记忆。
1. Scarcity and Choice | 稀缺性与选择
Scarcity means that there are finite resources but unlimited wants, forcing individuals, firms, and governments to make choices.
稀缺性 指资源有限而欲望无限，迫使个人、企业和政府做出选择。
Opportunity cost is the value of the next best alternative that is given up when a choice is made.
机会成本 是做出选择时所放弃的次优替代品的价值。
The three fundamental economic questions are: What to produce? How to produce? For whom to produce?
三个基本经济问题是：生产什么？如何生产？为谁生产？
Factors of production: Land (natural resources), Labour (human effort), Capital (man-made goods used in production), and Enterprise (risk-taking by entrepreneurs).
生产要素：土地（自然资源）、劳动（人力付出）、资本（用于生产的人造品）和企业（企业家的冒险精神）。
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 given prices over a period of time. The law of demand states that as price falls, quantity demanded rises, ceteris paribus.
需求 是消费者在一定时期内、在不同价格水平下愿意且能够购买的商品或服务的数量。需求定律指出，在其他条件不变的情况下，价格下降，需求量上升。
Supply is the quantity producers are willing and able to sell at given prices. The law of supply says as price rises, quantity supplied rises, ceteris paribus.
供给 是生产者愿意且能够出售的数量。供给定律表明，价格上升，供给量上升，其他条件不变。
Factors shifting demand (non-price determinants): income (normal goods vs inferior goods), tastes and preferences, prices of substitutes and complements, population, advertising.
导致需求移动的因素（非价格决定因素）：收入（正常品与劣等品）、品味和偏好、替代品与互补品的价格、人口数量、广告。
Factors shifting supply: costs of production, technology, taxes and subsidies, number of sellers, weather (for agricultural goods).
导致供给移动的因素：生产成本、技术、税收与补贴、卖者数量、天气（农产品）。
Equilibrium price is where quantity demanded equals quantity supplied. Excess demand (shortage) pushes price up; excess supply (surplus) pushes price down.
均衡价格是需求量等于供给量时的价格。超额需求（短缺）推动价格上升；超额供给（过剩）推动价格下降。
3. Price Elasticity | 价格弹性
Price elasticity of demand (PED) measures the responsiveness of quantity demanded to a change in price. Formula: PED = %Δ quantity demanded ÷ %Δ price.
需求价格弹性 (PED) 衡量需求量对价格变动的反应程度。公式：PED = 需求量的百分比变动 ÷ 价格的百分比变动。
If PED > 1, demand is price elastic (luxuries, many substitutes). If PED < 1, demand is price inelastic (necessities, addictive goods). Unitary elasticity: PED = 1.
若 PED > 1，需求富有弹性（奢侈品、替代品多）；若 PED < 1，需求缺乏弹性（必需品、上瘾品）。单位弹性：PED = 1。
| PED Value | Elasticity | Revenue effect of price increase |
|---|---|---|
| > 1 | Elastic | Total revenue falls |
| < 1 | Inelastic | Total revenue rises |
中文对照： PED > 1 弹性充足，提价总收入下降；PED < 1 弹性不足，提价总收入上升。
Price elasticity of supply (PES) measures responsiveness of quantity supplied to price change. PES = %Δ quantity supplied ÷ %Δ price. Supply is elastic if producers can increase output quickly (e.g., manufactures); inelastic if difficult (e.g., agricultural goods, short-run).
供给价格弹性 (PES) 衡量供给量对价格变动的反应程度。PES = 供给量百分比变动 ÷ 价格百分比变动。若生产者能迅速增加产量（如制造业），供给富有弹性；若增加困难（如农产品、短期），供给缺乏弹性。
Income elasticity of demand (YED) = %Δ quantity demanded ÷ %Δ income. Positive for normal goods, negative for inferior goods.
需求的收入弹性 (YED) = 需求量百分比变动 ÷ 收入百分比变动。正常品 YED 为正，劣等品 YED 为负。
Cross elasticity of demand (XED) = %Δ quantity demanded of good A ÷ %Δ price of good B. Positive for substitutes, negative for complements.
需求的交叉弹性 (XED) = 商品 A 需求量百分比变动 ÷ 商品 B 价格百分比变动。替代品 XED 为正，互补品 XED 为负。
4. Market Failure | 市场失灵
Market failure occurs when the free market fails to allocate resources efficiently, leading to a net social welfare loss.
市场失灵指自由市场未能有效配置资源，导致社会净福利损失。
Negative externality: a cost imposed on a third party not involved in the transaction, e.g., pollution from a factory. This leads to over-production and over-consumption.
负外部性： 交易外第三方承受的成本，如工厂污染。导致生产与消费过多。
Positive externality: a benefit enjoyed by third parties, e.g., education or healthcare. The market under-produces and under-consumes these goods.
正外部性： 第三方享有的收益，如教育或医疗。市场对这些商品的产出与消费不足。
Public goods are non-excludable and non-rivalrous (e.g., street lighting, national defence). Free riders cause under-provision, so governments often provide them.
公共品 具有非排他性和非竞争性（如街灯、国防）。搭
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