📚 Year 12 SQA Economics: Key Terms Memory Guide | SQA 经济学：术语速记指南
Mastering essential economics terminology is half the battle in your SQA Higher coursework and exams. This guide breaks down the most important terms with concise definitions, real-world links and powerful memory hooks – acronyms, analogies and quick visual reminders – to help you recall them under pressure.
掌握关键的经济学术语是 SQA Higher 课程与考试成功的一半。本指南用精炼的定义、现实链接和强大的记忆法（首字母缩写、类比、快速视觉提示）拆解最重要的术语，帮助你在高压下快速回忆。
1. Scarcity and Choice | 稀缺性与选择
Scarcity is the fundamental economic problem: unlimited human wants collide with limited productive resources (land, labour, capital, enterprise). Because we cannot have everything, individuals, firms and governments must make choices.
稀缺性是基本经济问题：无限的人类欲望与有限的生产资源（土地、劳动、资本、企业家才能）相冲突。由于无法拥有一切，个人、企业和政府都必须做出选择。
Memory trick: Think of the word ‘SCARCE’ itself – Supply Cannot Always Reach Consumer Expectations. Every time you see ‘scarce’ you immediately recall that resources are limited.
记忆技巧：想一想单词 ‘SCARCE’ 本身 – Supply（供给）Cannot（无法）Always（总是）Reach（达到）Consumer（消费者）Expectations（期望）。每次看到“稀缺”你就立刻想起资源是有限的。
Choice is the act of selecting among alternatives. Because of scarcity, every choice involves a trade-off – giving up one option to gain another. In economics, the value of the next best alternative forgone is opportunity cost.
选择是在备选项中做决定的行为。由于稀缺，每个选择都涉及权衡取舍——放弃一个选项来获取另一个。在经济学中，所放弃的次优选择价值即是机会成本。
2. Opportunity Cost | 机会成本
Opportunity cost is the value of the best alternative sacrificed when a choice is made. It is not the sum of all alternatives, just the next best one. For example, if a government spends £10 billion on a new motorway, the opportunity cost might be the schools and hospitals that cannot be built with that money.
机会成本是做出选择时牺牲的最佳替代选项价值。它不是所有替代项的加总，只是次优那个。例如，如果政府花了 100 亿英镑修建新高速公路，机会成本可能是用这笔钱本可建设的学校和医院。
Memory hook: ‘Opportunity cost = Opportunity lost.’ When you say ‘yes’ to one option, you say ‘no’ to the runner‑up. An easy visual is a fork in the road – you can only take one path, and the other path’s destination is your opportunity cost.
记忆链接：“机会成本 = 失去的机会”。当你说“是”给一个选项，你就对第二名说了“不”。一个简单的图像是岔路口——你只能走一条路，另一条路的目的地就是你的机会成本。
Opportunity cost applies to all decision makers: a student choosing between studying and part‑time work, a firm deciding between two investment projects, or a country allocating its budget.
机会成本适用于所有决策者：学生在学习和兼职工作间选择，企业在两个投资项目间决定，或国家分配预算。
3. Demand and Supply | 需求与供给
The law of demand states that, ceteris paribus, as the price of a good falls the quantity demanded rises. The demand curve slopes downwards. Supply follows the opposite law: as price rises, the quantity supplied rises, so the supply curve slopes upwards.
需求定律指出，其他条件不变下，商品价格下降则需求量上升。需求曲线向下倾斜。供给遵循相反的定律：价格上升，供给量上升，因此供给曲线向上倾斜。
Memory trick for demand shift factors – think ‘PIRATES’: Population, Income, Related goods’ prices (substitutes and complements), Advertising, Tastes and fashion, Expectations of future prices, Seasons. A change in any of these shifts the whole demand curve.
需求曲线移动因素记忆法——想到 ‘PIRATES’：Population（人口）、Income（收入）、Related goods’ prices（相关商品价格，替代品和互补品）、Advertising（广告）、Tastes and fashion（口味与时尚）、Expectations（对未来价格的预期）、Seasons（季节）。其中任何一个变化都会使整条需求曲线移动。
For supply shifts, use ‘PINTS WC’: Productivity, Indirect taxes and subsidies, Number of sellers, Technology, Supply shock (e.g. natural disaster), Weather/other environmental factors, Costs of inputs (raw materials, wages).
对于供给曲线的移动，使用 ‘PINTS WC’：Productivity（生产率）、Indirect taxes and subsidies（间接税与补贴）、Number of sellers（卖家数量）、Technology（技术）、Supply shock（供给冲击，如自然灾害）、Weather（天气/其他环境因素）、Costs of inputs（投入成本，原材料、工资）。
4. Price Elasticity of Demand | 需求价格弹性
Price elasticity of demand (PED) measures how responsive quantity demanded is to a change in price. It is calculated as:
需求价格弹性 (PED) 衡量需求量对价格变动的反应程度。计算公式为：
PED = (%ΔQd) ÷ (%ΔP)
If PED > 1, demand is price elastic – quantity demanded changes proportionately more than price. If PED < 1, demand is price inelastic. If PED = 1, it is unit elastic.
若 PED > 1，需求富有价格弹性——需求量变动比例大于价格变动比例。若 PED < 1，需求缺乏弹性。若 PED = 1，则为单位弹性。
Memory shortcut: Think of a ‘rubber band’. If demand is elastic, a small price change ‘stretches’ quantity a lot; if inelastic, the band barely moves. For the determinants of PED, remember ‘SPLAT’: Substitutes (more close substitutes → more elastic), Proportion of income (large share → more elastic), Luxury vs. necessity (luxuries elastic, necessities inelastic), Addictive/habit‑forming (inelastic), Time (longer time → more elastic).
记忆捷径：想象一根‘橡皮筋’。如果需求有弹性，小幅价格变化就会把数量‘拉伸’很多；如果缺乏弹性，橡皮筋几乎不动。记 PED 的决定因素用 ‘SPLAT’：Substitutes（替代品，越接近越有弹性）、Proportion of income（收入占比，占比越大越有弹性）、Luxury vs. necessity（奢侈品有弹性，必需品缺乏弹性）、Addictive/habit（上瘾/习惯品缺乏弹性）、Time（时间越长越有弹性）。
5. Market Failure | 市场失灵
Market failure occurs when the free market, left to itself, fails to allocate resources efficiently, leading to a net social welfare loss. Common types include: externalities (spillover effects on third parties), public goods (non‑excludable, non‑rivalrous), merit and demerit goods (under‑consumed or over‑consumed due to imperfect information), and information asymmetry.
市场失灵发生于自由市场无法有效配置资源，导致社会净福利损失。常见类型包括：外部性（对第三方的溢出效应）、公共品（非排他性、非竞争性）、优值品与劣值品（由于信息不完全而消费不足或过度）、信息不对称。
Memory acronym ‘EPMI’: Externalities, Public goods, Merit/demerit goods, Information failure. Or, chant ‘Every Perfect Market Is Inefficient’ as a prompt to detect market failure.
记忆首字母缩写 ‘EPMI’：Externalities（外部性）、Public goods（公共品）、Merit/demerit goods（优值品/劣值品）、Information failure（信息失灵）。或者念叨“Every Perfect Market Is Inefficient”（每个完美市场都低效）以提示识别市场失灵。
Externalities can be negative (e.g. pollution from a factory) or positive (e.g. vaccination protecting others). The key is that the market price does not reflect the full social cost or benefit, justifying government intervention such as taxes, subsidies or regulation.
外部性可能是负面的（如工厂污染）或正面的（如疫苗接种保护他人）。关键在于市场价格未能反映全部社会成本或收益，这为政府干预（如税收、补贴或管制）提供了理由。
6. National Income (GDP) | 国民收入（GDP）
Gross Domestic Product (GDP) is the total monetary value of all final goods and services produced within a country’s borders in a given period. It is a key measure of economic performance.
国内生产总值 (GDP) 是一个国家境内一定时期内生产的所有最终商品与服务的货币总值。它是衡量经济表现的关键指标。
Memory aid: GDP can be measured three ways – output, income and expenditure – and all should equal the same total. Remember ‘AIO’ or simply link the circular flow diagram: national output = national income = national expenditure.
记忆辅助：GDP 有三种核算方法——产出法、收入法和支出法——三者应等于同一总额。记住 ‘AIO’ 或直接联系循环流量图：国民产出 = 国民收入 = 国民支出。
Expenditure approach equation: GDP = C + I + G + (X – M), where C = consumption, I = investment, G = government spending, X = exports, M = imports. Think ‘C‑I‑G‑X‑M’ as ‘Consumers Invest in Government eXports Minus imports’.
支出法等式：GDP = C + I + G + (X – M)，其中 C = 消费，I = 投资，G = 政府支出，X = 出口，M = 进口。想象 ‘C‑I‑G‑X‑M’ 为‘消费者投资于政府出口减去进口’。
Nominal GDP is measured at current prices, while real GDP strips out inflation to show actual growth. Using real GDP per capita adjusts for both inflation and population.
名义 GDP 按当期价格计算，而实际 GDP 剔除了通胀以显示真实增长。人均实际 GDP 则同时调整了通胀和人口。
7. Inflation and Unemployment | 通胀与失业
Inflation is a sustained rise in the general price level, usually measured by the Consumer Price Index (CPI) or the Retail Price Index (RPI) in the UK. A low stable inflation rate (the UK target is 2%) is a key macroeconomic objective.
通货膨胀是指一般物价水平持续上涨，通常在英国由消费者价格指数 (CPI) 或零售价格指数 (RPI) 衡量。低而稳定的通胀率（英国目标为 2%）是关键的宏观经济目标。
Memory trick: In‑fla‑tion sounds like ‘inflating a balloon’. Too much money chasing too few goods makes the price balloon blow up. Two main types: demand‑pull (too much aggregate demand) and cost‑push (rising costs of production).
记忆技巧：In‑fla‑tion 听起来像“给气球充气”。过多的货币追逐过少的商品使价格气球膨胀。两种主要类型：需求拉动型（总需求过多）和成本推动型（生产成本上升）。
Unemployment occurs when people actively seeking work cannot find jobs. Main measures include the ILO survey‑based rate (claimant count is narrower). Types of unemployment: Frictional (between jobs), Structural (mismatch of skills/declining industries) and Cyclical (due to lack of demand in a recession). Remember the order with ‘FSC’ – ‘Frictional, Structural, Cyclical’.
失业指积极找工作的人无法就业。主要衡量方式包括基于调查的 ILO 失业率（申请人数更窄）。失业类型：Frictional（摩擦性，换工作期间）、Structural（结构性，技能错配/产业衰落）和 Cyclical（周期性，经济衰退需求不足）。用 ‘FSC’ 记住顺序：‘摩擦性、结构性、周期性’。
Note that full employment does not mean zero unemployment – there is always some frictional and structural unemployment, known as the natural rate of unemployment.
注意充分就业不意味着零失业——总会存在一些摩擦性和结构性失业，这便是自然失业率。
8. Fiscal and Monetary Policy | 财政与货币政策
Fiscal policy involves the government adjusting its spending and taxation to influence the economy. Expansionary fiscal policy (more spending, tax cuts) boosts demand; contractionary fiscal policy (less spending, higher taxes) dampens demand.
财政政策涉及政府调整支出和税收以影响经济。扩张性财政政策（增加支出、减税）刺激需求；紧缩性财政政策（减少支出、加税）抑制需求。
Memory peg: ‘Fiscal = finances of the state.’ Think of the government budget. The government budget deficit occurs when spending > tax revenue, while a surplus is the opposite. National debt is the accumulation of past deficits.
记忆挂钩：‘Fiscal = 国家财政’。想到政府预算。当支出 > 税收时出现预算赤字，相反为盈余。国债是历年赤字的累积。
Monetary policy is managed by a central bank (e.g. Bank of England) and focuses on interest rates and the money supply. Lower interest rates encourage borrowing and spending, expanding aggregate demand; higher rates cool the economy. Quantitative easing (QE) is an unconventional monetary tool where the central bank creates money to buy government bonds, injecting liquidity.
货币政策由中央银行（如英格兰银行）执行，关注利率与货币供给。降低利率鼓励借贷和消费，扩张总需求；提高利率则给经济降温。量化宽松 (QE) 是种非常规货币政策工具，央行创造货币购买政府债券，注入流动性。
Quick contrast: Fiscal = government tax and spend (Treasury); Monetary = central bank and interest rates (Bank of England).
快速对比：财政 = 政府税收与支出（财政部）；货币 = 中央银行与利率（英格兰银行）。
9. International Trade and Balance of Payments | 国际贸易与国际收支
The balance of payments records a country’s financial transactions with the rest of the world. The Current Account includes trade in goods (visible), trade in services (invisible), primary income (investment income) and secondary income (transfers). A current account deficit means imports > exports, summing the flows.
国际收支记录一国与世界其他地区的金融交易。经常账户包括货物贸易（有形）、服务贸易（无形）、初次收入（投资收益）和二次收入（转移）。经常账户赤字意味着在这些流量的加总上进口 > 出口。
Memory pattern: ‘Current = CA = Cash Actually moving.’ The current account is about money being spent or earned now. Remember the components with ‘TIPS’: Trade in goods, Income, Primary & secondary income, Services. Or link ‘Goods, Services, Income’ as a three‑part list.
记忆模式：‘经常 = CA = 实际流动的现金’。经常账户关乎当下发生或赚取的钱。用 ‘TIPS’ 记构成：Trade in goods（货物贸易）、Income（收入）、Primary & secondary income（初次与二次收入）、Services（服务）。或把‘货物、服务、收入’当作三部分列表。
Exchange rates affect trade: a stronger pound makes exports dearer and imports cheaper, worsening the current account. A weaker pound does the opposite, boosting export competitiveness. Use the phrase ‘SPICEE’: Strong Pound Imports Cheap, Exports Expensive.
汇率影响贸易：英镑走强使出口更贵、进口更便宜，经常账户恶化。英镑走弱则相反，提升出口竞争力。用短语 ‘SPICEE’：Strong Pound Imports Cheap, Exports Expensive（强势英镑进口便宜出口贵）。
10. Key Economic Indicators Summary | 关键指标速记总结
This table wraps up the four headline indicators you
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