📚 Year 12 OCR Economics: Key Terminology Quick Revision Guide | Year 12 OCR 经济学：核心术语速记指南
Mastering essential economic terminology is crucial for success in Year 12 OCR Economics. This guide provides concise definitions and explanations of key terms across both microeconomics and macroeconomics, helping you build a solid foundation for exam answers and essays. Use this as a quick reference to reinforce your understanding and recall.
掌握基本经济学术语对 Year 12 OCR 经济的成功至关重要。本指南提供微观经济学和宏观经济学核心术语的简明定义和解释，帮助您为考试答案和论文打下坚实基础。可将其用作快速参考，以巩固理解和记忆。
1. Scarcity, Choice and the Economic Problem | 稀缺性、选择与经济问题
Scarcity refers to the fundamental condition where finite resources are insufficient to satisfy all human wants. Because of scarcity, individuals, firms and governments must make choices about how to allocate resources efficiently.
稀缺性是指有限资源无法满足所有人类欲望的基本状况。由于稀缺，个人、企业和政府必须就如何有效配置资源做出选择。
Opportunity cost is the value of the next best alternative that is sacrificed when a choice is made. It represents the true cost of any decision in terms of foregone benefits.
机会成本是做出选择时所放弃的下一个最佳替代品的价值。它代表了任何决策的真实成本，即放弃的收益。
The factors of production are the inputs used to produce goods and services. They are commonly classified as
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