Core Knowledge Revision for Year 13 WJEC Economics | Year 13 WJEC 经济：核心知识点梳理

📚 Core Knowledge Revision for Year 13 WJEC Economics | Year 13 WJEC 经济：核心知识点梳理

This revision guide summarises the key topics for Year 13 WJEC Economics, covering microeconomic and macroeconomic concepts essential for the A2 examination. It provides a structured review of advanced theory including market structures, labour markets, macroeconomic policy, international trade, development economics, and market failure, helping you consolidate your understanding and improve exam technique.

本复习指南总结了 Year 13 WJEC 经济的核心主题，涵盖 A2 考试必备的微观与宏观经济学概念。它系统性地回顾了包括市场结构、劳动力市场、宏观经济政策、国际贸易、发展经济学和市场失灵在内的进阶理论，助力巩固理解并提升应试技巧。

1. Microeconomic Foundations: Elasticity and Efficiency | 微观经济基础：弹性与效率

Elasticity measures the responsiveness of one variable to changes in another. Price elasticity of demand (PED) indicates how quantity demanded reacts to price changes. When |PED| > 1, demand is elastic, meaning consumers are sensitive to price; when |PED| < 1, demand is inelastic, showing necessity or lack of substitutes. Income elasticity of demand (YED) distinguishes normal goods (positive YED) from inferior goods (negative YED), and for normal goods, a YED > 1 identifies luxury goods. Cross elasticity of demand (XED) reveals substitutes (positive XED) and complements (negative XED). Price elasticity of supply (PES) depends on production flexibility and time period.

弹性衡量一个变量对另一变量变化的反应程度。需求价格弹性（PED）表示需求量对价格变化的反应。当 |PED| > 1 时，需求富有弹性，消费者对价格敏感；当 |PED| < 1 时，需求缺乏弹性，表明必需品或替代品少。需求收入弹性（YED）区分正常品（YED 为正）和劣等品（YED 为负），且正常品中 YED > 1 的为奢侈品。需求交叉弹性（XED）显示替代品（XED 为正）和互补品（XED 为负）。供给价格弹性（PES）取决于生产的灵活性和时间周期。

Allocative efficiency occurs when resources are distributed to produce the combination of goods and services that consumers most value, where price equals marginal cost

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