📚 Year 11 OCR Economics: Key Terms Memory Guide | Year 11 OCR经济学：词汇术语速记指南
Welcome to your fast-track memory guide for Year 11 OCR Economics. Mastering key terms is not just about memorising definitions – it is about building a mental toolkit you can use in exams, especially for ‘define’, ‘explain’ and ‘analyse’ questions. In this guide, each term comes with a clear explanation and a quick memory trick, from simple acronyms to vivid word pictures. Work through them steadily, cover them up to self-test, and you will see your confidence and marks improve.
欢迎使用这份 Year 11 OCR 经济学词汇速记指南。掌握关键术语不只是死记硬背定义，而是建立起一套可以在考试中灵活运用的思维工具，尤其对于“定义”、“解释”和“分析”题型。本指南中每个术语都附带清晰的解释和一条速记窍门，从简单的首字母缩写到生动的画面联想，帮你轻松记住。循序渐进，遮住中文试着回忆英文，你的信心和分数都会明显提升。
1. The Basic Economic Problem | 基本经济问题
Scarcity is the fundamental condition where limited resources cannot meet unlimited wants. Remember it with ‘SCARCE’ – Something Can’t Always [be] Readily Created Enough. Every time you face a choice, scarcity is the reason behind it.
稀缺性是指有限资源无法满足无限欲望的根本状况。用英文首字母缩写 SCARCE 来记忆——东西总是不够用。每当你面临一个选择，背后都可以追溯到稀缺性。
Opportunity cost is the value of the next best alternative you give up when making a choice. Picture ‘O.C.’ as ‘Other Choice’ lost. If you choose to revise for one more hour, the opportunity cost might be the leisure time you forfeit.
机会成本是你做选择时放弃的次优选项的价值。把 O.C. 看作丢失的“另一个选择”（Other Choice）。如果你多复习一小时，机会成本可能就是放弃的休闲时间。
Factors of production are the inputs used to make goods and services: land (natural resources), labour (human effort), capital (man-made goods) and enterprise (risk-taking to combine the others). Use the sentence ‘Little Lions Can Eat’ to recall Land, Labour, Capital, Enterprise.
生产要素是生产商品和服务的投入：土地（自然资源）、劳动（人力）、资本（人造工具）和企业家精神（承担风险整合其他要素）。用短句“小狮子能吃”对应 Land, Labour, Capital, Enterprise 的首字母。
2. Demand and Supply | 需求与供给
Demand shows the quantity consumers are willing and able to buy at various prices. The law of demand says price and quantity demanded move in opposite directions. Think ‘DOWn’ – Demand curve slopes down.
需求表示消费者在不同价格下愿意且能够购买的数量。需求定律表明价格与需求量反向变动。记法：’DOWn’——需求曲线向下倾斜。
Shifts in demand are caused by non-price factors. Use the mnemonics ‘PASIF’ – Population, Advertising, Substitutes’ prices, Income, Fashions/tastes – or add Expectations for ‘PASIFE’. When one of these changes, the whole demand curve moves left or right.
非价格因素导致需求曲线移动。用缩写 ‘PASIF’ 记：人口、广告、替代品价格、收入、潮流/偏好；再加上预期就是 ‘PASIFE’。这些任一变化，整条需求曲线就会向左或向右平移。
Supply shows the quantity producers are willing to offer at different prices. The law of supply tells us that higher prices encourage greater quantity supplied. ‘Supply slides UP’ – the curve slopes upwards.
供给表示生产者在不同价格下愿意提供的数量。供给定律说明价格越高，供给量越大。记法：供给曲线向上爬（UP）。
Supply can shift due to factors summarised by ‘PINTS’ – Productivity, Indirect taxes, Number of firms, Technology, Subsidies (and costs of production). An improvement in technology shifts the supply curve to the right.
供给曲线移动的因素可以用 ‘PINTS’ 记忆：生产力、间接税、企业数量、技术、补贴（以及生产成本）。技术进步会让供给曲线向右平移。
3. Price Elasticity | 价格弹性
Price elasticity of demand (PED) measures how responsive quantity demanded is to a price change. The formula is centred and bold below. If PED > 1, demand is elastic – think of a stretchy rubber band; price changes cause a bigger percentage change in quantity. If PED < 1, demand is inelastic – like a stiff rope, quantity barely changes.
需求价格弹性（PED）衡量需求量对价格变化的反应程度。公式见下方居中加粗。若 PED > 1，需求富有弹性——像根橡皮筋，价格变动带来更大的需求量百分比变化。若 PED < 1，需求缺乏弹性——像根粗绳，需求量几乎不变。
PED = %ΔQd / %ΔP
A simple memory hook: ‘Elastic = Easily stretched’. Necessities often have inelastic demand; luxuries tend to be elastic.
简单记忆：‘弹性（Elastic）就是容易拉伸’。必需品通常缺乏弹性，奢侈品往往富有弹性。
Price elasticity of supply (PES) measures how responsive quantity supplied is to a price change. The formula is similarly PES = %ΔQs / %ΔP. Think ‘Time to react’: in the short run supply is often inelastic because firms cannot change production quickly; in the long run it becomes more elastic.
供给价格弹性（PES）衡量供给量对价格变化的反应程度。公式类似 PES = %ΔQs / %ΔP。联想 ‘反应时间’：短期供给常缺乏弹性，因为厂商无法快速调整产量；长期则变得更富弹性。
4. Market Failure | 市场失灵
Market failure happens when the price mechanism leads to an inefficient allocation of resources. A major cause is externalities – spill-over effects on third parties. Negative externalities (e.g. pollution) mean social costs exceed private costs. Positive externalities (e.g. vaccinations) mean social benefits exceed private benefits. Picture a factory’s smoke affecting neighbours who are not involved in the transaction.
市场失灵是指价格机制导致资源配置无效率。一大成因是外部性——施加给第三方的外溢效应。负外部性（如污染）使得社会成本大于私人成本。正外部性（如疫苗接种）使得社会收益大于私人收益。想象工厂的烟尘影响了并未参与交易的邻居，这就是负外部性。
Public goods are non-rival (one person’s consumption doesn’t reduce availability for others) and non-excludable (you cannot stop free riders from using them). Streetlights and flood defences are classic examples. Memory tip: ‘2 N’s – Non-rival, Non-excludable’.
公共物品具有非竞争性（一人消费不会减少他人可用量）和非排他性（无法阻止搭便车者使用）。路灯和防洪设施是典型例子。记忆诀窍：两个“非”——非竞争、非排他。
Information failure occurs when buyers or sellers lack full knowledge, leading to poor decisions. Think of a used car seller knowing about a hidden fault that the buyer cannot spot. The acronym ‘AIM’ – Asymmetric Information Marketplace helps recall this market imperfection.
信息失灵发生在买方或卖方缺乏充分信息，进而做出差劲决策时。好比二手车卖主知道隐藏的故障，而买家看不出来。用缩写 ‘AIM’（不对称信息市场）来记住这种市场缺陷。
5. Government Intervention | 政府干预
Indirect taxes are charges on spending, such as VAT or fuel duty. They raise the cost of production, shifting supply leftwards, and can correct negative externalities. Remember: ‘Tax the bad, not the good’. A subsidy is a payment from the government to producers, lowering their costs and shifting supply right – often used to encourage merit goods like solar panels.
间接税是对支出征收的税，如增值税或燃油税。它们提高生产成本，使供给曲线左移，并能纠正负外部性。记住：“对坏事征税”。补贴是政府给生产者的支付，降低其成本并使供给曲线右移，常用于鼓励优值物品，如太阳能板。
Regulation involves rules and laws to restrict harmful activities – for example, bans on smoking in enclosed public places. The keyword ‘RULES’ (Regulations Usually Limit Excess Social costs) can anchor the idea.
监管指用规则和法律限制有害活动，例如禁令室内公共场所吸烟。关键词 ‘RULES’（监管通常限制过度社会成本）能帮你记住这个概念。
Minimum and maximum prices are forms of price control. A minimum price (floor) is set above equilibrium, e.g. a minimum wage. A maximum price (ceiling) is set below equilibrium, e.g. rent controls. Visualise a floor you cannot go below, and a ceiling you cannot go above.
最低限价与最高限价是价格管制的形式。最低限价（地板价）设定于均衡价格上方，如最低工资。最高限价（天花板价）设定于均衡价格下方，如租金管制。在脑海中想象一个你不能走下去的地板，和一个你不能穿过去的天花板。
6. Macroeconomic Objectives | 宏观经济目标
Governments generally pursue five key aims: economic growth, full employment/low unemployment, price stability (low inflation), balance of payments equilibrium on current account, and a fair distribution of income. Use the first letters to build the sentence ‘Every Great Penguin Swims Brilliantly Fast’ – Growth, Prices, Stability? Actually, let’s use ‘GREP’? Better: ‘G.I.F.T.S.’ – Growth, Inflation, Fairness, Trade (balance of payments), (un)Employment. This clusters the targets neatly.
政府通常追求五大目标：经济增长、充分就业/低失业、物价稳定（低通胀）、经常账户国际收支平衡和公平的收入分配。可以用缩写 ‘G.I.F.T.S.’ 来记忆——Growth, Inflation, Fairness, Trade, (un)Employment。这样把各大目标打包成一个“礼物”（GIFTS）。
Economic growth is measured by the increase in real GDP over time. Price stability in the UK is defined by an inflation target of 2%, set for the Bank of England. Simply link ‘2% – too high? No, just right’.
经济增长以实际GDP随时间增长来衡量。英国的物价稳定由央行2%的通胀目标定义。直接联系“2%——不高不低刚刚好”。
7. Gross Domestic Product | 国内生产总值
Gross Domestic Product (GDP) is the total monetary value of all finished goods and services produced within a country in a given period. For OCR, think ‘GDP = Goods Domestic Produced’. Nominal GDP is measured at current prices, while Real GDP adjusts for inflation to show true growth. Imagine a balloon: nominal looks big, but real strips away the air (inflation) to show its actual size.
国内生产总值（GDP）是一个国家在特定时期内生产的全部最终商品和服务的货币总值。应对OCR，记住 ‘GDP = 国内生产的东西’。名义GDP按现价计算，实际GDP剔除了通胀，反映真实增长。想象一个气球：名义值是鼓起来的外观，实际值把充进去的气（通胀）放掉，才看得出原本大小。
GDP per capita is GDP divided by the population, giving an average measure of living standards. A handy phrase: ‘Share the cake’ – a country might have a large GDP, but if the cake is split among many people, each slice gets smaller.
人均GDP是GDP除以人口，用来平均衡量生活水平。一个顺口溜：“蛋糕大家分”——如果国家GDP这块蛋糕虽大，可分的人太多，每人分到的就小。
8. Inflation and the CPI | 通货膨胀与消费者价格指数
Inflation is a sustained increase in the general price level over time. Its antonym, deflation, is a sustained fall in the general price level. A clear mental image: inflation means your money’s purchasing power shrinks – the same £10 buys fewer goods.
通货膨胀是整体物价水平在一段时间内的持续上升。反义词通货紧缩是物价水平持续下跌。清晰的画面：通胀意味着你货币的购买力缩水了——同样的10英镑能买到的物品变少了。
The Consumer Price Index (CPI) is the main UK measure of inflation, based on a representative ‘basket’ of goods and services. To memorise the method, say ‘Check Prices Inside’ the basket. OCR often asks students to explain how the CPI is constructed: a basket is selected, prices are collected monthly, a weighted index is calculated, and the annual percentage change is the inflation rate.
消费者价格指数（CPI）是
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