📚 Year 11 WJEC Economics: Terminology Quick-Memory Guide | WJEC 经济词汇术语速记指南
Mastering WJEC Economics at Year 11 starts with a firm grip on the language of the subject. This guide breaks down the essential terms, organised by topic, and pairs each with a memory hack – from acronyms and rhyme to cause–effect chains – so you can recall them confidently under exam pressure.
要掌握 Year 11 WJEC 经济学，首先要吃透这门学科的语言。本指南按主题梳理核心术语，并为每个术语配上记忆窍门——从首字母缩写、顺口溜到因果链条——帮助你在考试压力下也能自信回忆。
1. Scarcity & Opportunity Cost | 稀缺与机会成本
Scarcity means that resources are finite while human wants are infinite, forcing choices. Opportunity cost is the value of the next best alternative forgone. Remember: “Every choice is a loss” – the choice you didn’t make carries the cost.
稀缺意味着资源有限而人类欲望无限，因此必须做出选择。机会成本是被放弃的次优选项的价值。记住：“每个选择都是一次失去”——你没选的那个选项就是代价。
The four factors of production – land, labour, capital, enterprise – can be recalled by thinking of a pizza: Land (natural ingredients), Labour (the chef), Capital (the oven), and Enterprise (the pizza shop owner who takes the risk).
四种生产要素——土地、劳动力、资本、企业——可以借助披萨来记忆：土地（天然食材），劳动力（厨师），资本（烤炉），和企业（承担风险的披萨店老板）。
Renewable resources replenish naturally (solar, wind); non‑renewable resources (oil, coal) are finite. Visualise a never‑ending sun vs a draining oil barrel.
可再生资源会自然再生（太阳能、风能）；不可再生资源（石油、煤炭）是有限的。想象永不落山的太阳 vs 正在流干的油桶。
2. Demand & Supply | 需求与供给
Demand is the quantity of a good consumers are willing and able to buy at various prices. The law of demand says price up → quantity demanded down. Think: “Sales make us happy – lower price, more buyers.”
需求是消费者在不同价格下愿意且能够购买的数量。需求定律说：价格上升 → 需求量下降。记住：“打折让人开心——价格越低，买家越多。”
Supply is the quantity producers are willing and able to offer. Price up → quantity supplied up (higher profits motivate production). Imagine a farmer planting extra crops when selling prices rise.
供给是生产者愿意且能够提供的数量。价格上升 → 供给量上升（更高利润激励生产）。想象农民在售价上升时多种庄稼。
Movements along the curve are caused by price changes only. Shifts are caused by other factors – use PASIFIC for demand shifts: Population, Advertising, Substitutes/Complements, Income, Fashion/Taste, Interest rates, Consumer confidence. For supply, remember PINTS WC: Productivity, Indirect taxes, Number of firms, Technology, Subsidies, Weather, Costs of production.
沿曲线移动仅由价格变化引起。曲线平移由其他因素造成——用PASIFIC记需求平移：人口、广告、替代品/互补品、收入、时尚/偏好、利率、消费者信心。供给平移用PINTS WC：生产率、间接税、企业数量、技术、补贴、天气、生产成本。
3. Elasticity: PED, PES, YED, XED | 弹性四兄弟
PED (Price Elasticity of Demand) = %Δ quantity demanded / %Δ price. A value >1 is elastic, <1 inelastic, =1 unitary. “Luxury cars are elastic – price jumps, sales crash; need items like insulin are inelastic.”
需求价格弹性 PED = 需求量变化% / 价格变化%。>1 为富有弹性，<1 为缺乏弹性，=1 为单位弹性。“奢侈品弹性大——涨价销量暴跌；必需品如胰岛素弹性小。”
PES (Price Elasticity of Supply) depends on time and capacity. Think of handmade crafts (low PES, hard to ramp up quickly) vs digital downloads (high PES, instant supply).
供给价格弹性 PES 取决于时间和产能。想象手工艺品（PES低，难以快速增产）vs 数字下载（PES高，瞬间供应）。
YED (Income Elasticity of Demand) shows normal goods (positive YED) and inferior goods (negative YED). “As income rises, you buy less bus travel (inferior) and more airline tickets (normal).”
需求收入弹性 YED 显示正常商品（YED为正）和低档商品（YED为负）。“收入提高，你减少公交出行（低档），增加机票购买（正常）。”
XED (Cross Elasticity of Demand): positive for substitutes, negative for complements. “If tea price rises, coffee demand rises (substitutes, positive XED). If console price drops, game demand rises (complements, negative XED).”
需求交叉弹性 XED：替代品为正，互补品为负。“茶价上涨，咖啡需求上升（替代品，XED正）。游戏机降价，游戏软件需求上升（互补品，XED负）。”
4. Market Equilibrium & Price Mechanism | 市场均衡与价格机制
Equilibrium is where demand equals supply – no shortage, no surplus. If price is above equilibrium, surplus pushes price down; if below, shortage pushes price up. “The market is a see‑saw finding its balance.”
均衡点是需求等于供给——既无短缺也无过剩。价格高于均衡，过剩迫使价格下降；低于均衡，短缺推高价格。“市场就像跷跷板，总在寻找平衡。”
The price mechanism has three functions: signalling, incentive, and rationing. Remember SIR. High price signals producers to enter, incentivises more output, and rations scarce resources to those who can pay.
价格机制有三大功能：信号、激励和配给。记住SIR。高价向生产者发出进入信号、激励更多产出，并将稀缺资源配置给能支付的人。
5. Costs, Revenue & Profit | 成本、收益与利润
Total cost = fixed cost + variable cost. Fixed costs stay constant regardless of output (rent), variable costs change (raw materials). “Rent doesn’t care how many pizzas you make, flour does.”
总成本 = 固定成本 + 可变成本。固定成本不随产量变化（如租金），可变成本跟着变化（如原材料）。“租金不管你做了多少披萨，面粉却是实打实的消耗。”
Average cost is total cost ÷ output. Marginal cost is the extra cost of one more unit. Revenue: total revenue = price × quantity. Profit = total revenue – total cost. Keep these relationships on a flashcard.
平均成本是总成本除以产量。边际成本是多生产一单位新增的成本。收益：总收益 = 价格 × 数量。利润 = 总收益 – 总成本。把这些关系写在小卡片上反复看。
Economies of scale reduce average cost as output grows – buying in bulk, specialisation. “Bigger tank, fewer liters of paint per toy.” Diseconomies raise costs when a firm gets too large (communication breakdowns).
规模经济随着产量增加而降低平均成本——批量采购、专业化。“更大的颜料桶，每个玩具用的颜料更少。”规模不经济在企业过大时推高成本（沟通不畅）。
6. Market Structures | 市场结构
Perfect competition: many buyers/sellers, identical products, no barriers to entry, price‑takers. Think of a farmers’ market – every stall sells the same carrots, no single farmer can raise the price.
完全竞争：买卖双方众多，产品同质，没有进入壁垒，价格接受者。想象农贸市场——每个摊位卖一样的胡萝卜，没哪个农户能单独涨价。
Monopoly: single seller, high barriers, price‑maker. The typical villain: a water company in a region with no competitors. Can exploit consumers with high prices.
垄断：单一卖方，壁垒高，价格制定者。典型反派：区域内无对手的自来水公司。可能以高价剥削消费者。
Oligopoly: few large firms dominate, interdependent, often non‑price competition (advertising, loyalty cards). Remember the UK supermarket giants – Tesco, Sainsbury’s, Asda, Morrisons. Their price wars and Clubcards.
寡头垄断：少数大企业主导，相互依存，常见非价格竞争（广告、会员卡）。记住英国超市巨头——Tesco, Sainsbury’s, Asda, Morrisons。它们的价格战和积分卡。
7. Market Failure: Externalities | 市场失灵之外部性
Market failure occurs when the free market misallocates resources. Negative externalities are costs to third parties not involved in a transaction (pollution from a factory). “Your smoke damages my laundry – Social cost > private cost.”
市场失灵指自由市场资源错配。负外部性是未参与交易的第三方承担的成本（工厂污染）。“你的烟熏了我的衣服——社会成本 > 私人成本。”
Positive externalities are benefits to third parties (education, vaccination). Social benefit > private benefit. Government may subsidise to boost consumption.
正外部性是第三方获得的利益（教育、疫苗）。社会收益 > 私人收益。政府可能补贴以促进消费。
Public goods are non‑excludable and non‑rival (street lighting, national defense). The free rider problem means they are under‑provided by the market. Remember: “You can’t charge for each ray of light from a lighthouse.”
公共物品具有非排他性和非竞争性（路灯、国防）。搭便车问题导致市场提供不足。记住：“你无法对灯塔的每一束光收费。”
Merit goods (healthcare, libraries) are under‑consumed because people underestimate benefits; demerit goods (tobacco, sugary drinks) are over‑consumed because people ignore long‑term harm.
绩优品（医疗、图书馆）被低估其益处而消费不足；劣值品（烟草、含糖饮料）因忽视长期危害而过度消费。
8. Government Intervention | 政府干预
To correct negative externalities, the government can impose indirect taxes (e.g., sugar tax) to raise price and reduce quantity to the socially optimum level. “Tax the bad, subsidise the good.”
为纠正负外部性，政府可征收间接税（如糖税），提高价格，使产量降至社会最优水平。“惩罚坏的，补贴好的。”
Subsidies lower production costs for goods with positive externalities (solar panels, electric buses). They shift the supply curve right, increasing quantity and lowering price.
补贴降低具有正外部性的商品生产成本（太阳能板、电动公交车）。使供给曲线右移，增加数量、降低价格。
Maximum price (price ceiling) stops prices rising above a certain level – protects consumers, but can create shortages (rent controls). Minimum price (price floor) prevents prices falling too low – e.g., minimum wage or alcohol floor price, can lead to surpluses.
最高限价防止价格过高——保护消费者，但可能造成短缺（房租管制）。最低限价防止价格过低——如最低工资或酒精底价，可能导致过剩。
Regulation includes laws banning certain activities, setting pollution limits, or requiring licenses. Think of the smoking ban in public places – a direct command to reduce negative externality.
管制包括禁止特定行为的法律、设定污染上限或要求许可证。想想公共场所禁烟令——直接命令减少负外部性。
9. Macroeconomic Objectives | 宏观经济目标
UK government aims for a ‘Magic Hexagon’: Economic growth (GDP rising steadily), low inflation (CPI near 2%), low unemployment, equitable income distribution, healthy balance of payments, environmental sustainability. Use the mnemonic GILDEB (Growth, Inflation, Labour, Distribution, External balance, Environment) or simply remember the “Six Targets.”
英国政府追求“魔法六边形”：经济增长（GDP稳步上升）、低通胀（CPI接近2%）、低失业率、公平收入分配、国际收支平衡、环境可持续性。用首字母GILDEB记忆（增长、通胀、劳动力、分配、外贸平衡、环境）或直接记住“六个目标”。
Inflation is a sustained rise in the general price level. Causes: demand‑pull (too much money chasing too few goods) and cost‑push (rising costs of production, e.g. oil shocks). Think of a tug‑of‑war: spenders pulling prices up, costs pushing from behind.
通货膨胀是物价总水平的持续上升。成因：需求拉动（过多货币追逐过少商品）和成本推动（生产成本上升，如石油危机）。想象一场拔河：消费者从前方拉高价格，成本从后方推高价格。
Unemployment types: cyclical (recession), structural (skill mismatch), frictional (between jobs), seasonal (holiday workers). The acronym CSSF might help – or picture a cycle (cyclical), a broken bridge (structural), a quick transition (frictional), and a snowman (seasonal).
失业类型：周期性（经济衰退）、结构性（技能不匹配）、摩擦性（换工作期间）、季节性（假期工）。用CSSF帮助记忆——或联想一个循环（周期）、一座断桥（结构）、一次快速跳槽（摩擦）和一个雪人（季节）。
10. Fiscal & Monetary Policy | 财政与货币政策
Fiscal policy uses government spending and taxation to influence the economy. “Spend more or tax less” is expansionary (boosts AD); “spend less or tax more” is contractionary. The government’s budget is like a household pot – deficit when spending exceeds revenue, surplus when it saves.
财政政策通过政府支出和税收影响经济。“多花钱少征税”是扩张性（刺激总需求）；“少花钱多征税”是紧缩性。政府预算就像家庭钱包——赤字时支出大于收入，盈余时则有结余。
Monetary policy is controlled by the central bank (Bank of England), primarily through the interest rate. Lower rates make borrowing cheaper, encouraging spending and investment; higher rates cool the economy. “Rate down → party on; rate up → put the brakes.”
货币政策由央行（英格兰银行）掌控，主要通过利率工具。降息降低借贷成本，鼓励消费和投资；加息为经济降温。“降息 → 嗨起来；加息 → 踩刹车。”
Quantitative easing (QE) is the central bank creating money to buy government bonds, injecting cash into the economy – like a financial “oxygen mask” during a crisis. Remember the post‑2008 flood of electronic money.
量化宽松 (QE) 是央行创造货币购买国债，向经济注入现金——就像危机时的“金融氧气罩”。联想2008年后电子货币的洪流。
11. International Trade & Globalisation | 国际贸易与全球化
Comparative advantage: a country should specialise in producing goods where it has a lower opportunity cost. Even if one nation is better at everything, both can gain from trade. “The lawyer still hires a typist – the lawyer’s time is more valuable elsewhere.”
比较优势：一国应专门生产机会成本较低的商品。即便某国在所有领域都更高效，双方仍能从贸易中获益。“律师也雇打字员——律师的时间用在别处更有价值。”
Free trade agreements remove tariffs and quotas. Protectionism uses tariffs, quotas, embargoes, and subsidies to shield domestic industries. “A tax on imports is a tariff – it makes foreign goods pricier, protecting local jobs but raising consumer prices.”
自由贸易协定取消关税与配额。保护主义用关税、配额、禁运和补贴来庇护国内产业。“对进口商品征税就是关税——它让外国货更贵，保护了本地岗位，却抬高消费者价格。”
Globalisation is the increasing integration of economies worldwide – driven by containerisation, internet, multinational corporations (MNCs). “Your phone is designed in California, assembled in China with chips from Taiwan, and sold in London.”
全球化是世界经济体日益融合的过程——由集装箱运输、互联网、跨国公司推动。“你的手机在加州设计，在中国用台湾芯片组装，在伦敦销售。”
12. Exchange Rates & Balance of Payments | 汇率与国际收支
Exchange rate is the price of one currency in terms of another. A depreciation (weaker pound) makes exports cheaper and imports more expensive. Mnemonic: SPICED – Strong Pound Imports Cheaper, Exports Dearer. The opposite for a weak pound.
汇率是一种货币用另一种货币表示的价格。贬值（英镑走弱）使出口更便宜、进口更昂贵。记忆口诀：SPICED——Strong Pound Imports Cheaper, Exports Dearer（强英镑进口便宜出口贵）。弱英镑则相反。
The current account of the balance of payments records trade in goods, trade in services, primary income (investment flows), and secondary income (transfers). A deficit means imports > exports; a surplus the reverse. A simple ledger in your head: “Does our trade with the world earn or cost money?”
经常账户记录货物贸易、服务贸易、初级收入（投资收益）和次级收入（转移支付）。赤字表示进口 > 出口；盈余反之。记住一个简单的账本：“我们与世界的贸易是赚钱还是花钱？”
When preparing, create flip cards for each term: Word on one side, definition + mnemonic on the other. Regularly test yourself under timed conditions – WJEC multiple‑choice and definition questions reward precise language.
复习时，为每个术语制作翻页卡：正面写术语，反面写定义+记忆口诀。定时自测——WJEC的选择题和定义题奖励精准表述。
Published by TutorHao | Economics Revision Series | aleveler.com
更多咨询请联系16621398022（同微信）
屏轩国际教育cambridge primary/secondary checkpoint, cat4, ukiset,ukcat,igcse,alevel,PAT,STEP,MAT, ibdp,ap,ssat,sat,sat2课程辅导，国外大学本科硕士研究生博士课程论文辅导