📚 AS Edexcel Economics: Vocabulary & Terminology Quick Memory Guide | AS Edexcel 经济：词汇术语速记指南
Mastering economics vocabulary is essential for success in AS Edexcel Economics. This guide provides key terms, concise definitions, and memory techniques to help you quickly learn and recall the terminology needed for exams. Each term is explained in plain English followed by its Chinese equivalent, so you can build a strong bilingual economic lexicon.
掌握经济学词汇是 AS Edexcel 经济学考试成功的关键。本指南提供核心术语、简洁定义和记忆技巧，帮助你快速学习并回忆考试所需的专业词汇。每个术语先用简单英文解释，再配以中文释义，从而建立扎实的双语经济学词库。
1. Scarcity, Choice and Opportunity Cost | 稀缺性、选择与机会成本
Scarcity: the fundamental economic problem that resources are limited while human wants are infinite.
稀缺性：基本的经¬济问题，即资源有限而人的欲望无穷。
Choice: because of scarcity, economic agents must decide how to allocate scarce resources among competing uses.
选择：由于稀缺性，经济主体必须决¬定如何在相互竞争的用途之间分配稀缺资源。
Opportunity cost: the value of the next best alternative forgone when a choice is made.
机会成本：作出选¬择时所放弃的次¬佳选择的价值。
Economic good: a good that is scarce and has an opportunity cost.
经济物品：一种稀缺并且存在机会成本的物品。
Free good: a good that is abundant and has no opportunity cost (e.g. air).
免费物品：一种充裕且没有机会成本的物品（如空气）。
Production Possibility Frontier (PPF): a curve showing the maximum possible output combinations of two goods with given resources and technology.
生产可能性边界（PPF）：一条曲线，显示在给定资源和技术条件下两种商品最大可能的产量组合。
Memory tip: link ‘SC-O-E’ – Scarcity → Choice → Opportunity cost. For PPF, think of moving along the curve: producing more of one good always costs the other.
记忆技巧：串联“SC-O-E”——稀缺→选择→机会成本。对于PPF，想象沿着曲线移动：多生产一种商品总要以牺牲另一种为代价。
2. Demand and the Demand Curve | 需求与需求曲线
Demand: the quantity of a good or service that consumers are willing and able to buy at each price over a period of time, ceteris paribus.
需求：在其他条件不变的情况下，消费者在一段时间内于每个价格水平上愿意且能够购买的某种商品或服务的数量。
Law of demand: as price falls, quantity demanded rises; as price rises, quantity demanded falls.
需求定律：价格下降，需求量上升；价格上升，需求量下降。
Movement along the demand curve: caused by a change in the good’s own price only.
沿需求曲线的移动：仅由该商品自身价格变化引起。
Shift of the demand curve: caused by changes in any other factor (PASIFIC) – Population, Advertising, Substitutes’ price, Income, Fashion/tastes, Interest rates, Complements’ price.
需求曲线的平移：由任何其他因素变化引起（记忆口诀 PASIFIC）——人口、广告、替代品价格、收入、时尚/偏好、利率、互补品价格。
Normal good: demand increases when income rises (positive income effect).
正常商品：收入增加时需求上升（正的收入效应）。
Inferior good: demand decreases when income rises.
低档商品：收入增加时需求下降。
Substitutes: goods that can replace each other; a rise in price of one increases demand for the other.
替代品：可以相互替换的商品；一种商品价格上升会增加对另一种商品的需求。
Complements: goods used together; a rise in price of one decreases demand for the other.
互补品：一起使用的商品；一种商品价格上升会减少对另一种商品的需求。
3. Supply and the Supply Curve | 供给与供给曲线
Supply: the quantity of a good or service that producers are willing and able to offer for sale at each price over a period of time, ceteris paribus.
供给：在其他条件不变的情况下，生产者在一段时间内于每个价格水平上愿意且能够出售的某种商品或服务的数量。
Law of supply: as price rises, quantity supplied rises; as price falls, quantity supplied falls.
供给定律：价格上升，供给量上升；价格下降，供给量下降。
Movement along the supply curve: caused by a change in the good’s own price only.
沿供给曲线的移动：仅由该商品自身价格变化引起。
Shift of the supply curve: caused by changes in other factors – remember ‘PINTS WC’: Productivity, Indirect taxes, Number of firms, Technology, Subsidies, Weather (for agricultural goods), Costs of production.
供给曲线的平移：由其他因素变化引起——记忆“PINTS WC”：生产率、间接税、企业数量、技术、补贴、天气（农业品）、生产成本。
Joint supply: when producing one good automatically yields a by-product, e.g. beef and leather.
联合供给：生产一种商品时自动产生副产品，如牛肉和皮革。
Competitive supply: when resources can be used to produce alternative goods, e.g. land for wheat or barley.
竞争性供给：资源可用于生产多种替代商品，如土地种小麦或大麦。
4. Price Elasticity of Demand (PED) | 需求价格弹性（PED）
PED measures the responsiveness of quantity demanded to a change in price.
PED 衡量需求量对价格变化的反应程度。
PED = % change in quantity demanded ÷ % change in price
PED = 需求量变动的百分比 ÷ 价格变动的百分比
Elastic demand: PED > 1, quantity demanded is very responsive to price changes.
弹性需求：PED > 1，需求量对价格变化非常敏感。
Inelastic demand: PED < 1, quantity demanded is less responsive.
非弹性需求：PED < 1，需求量反应不敏感。
Unitary elasticity: PED = 1, total revenue stays constant when price changes.
单位弹性：PED = 1，价格变化时总收益不变。
Perfectly elastic demand: PED = ∞, horizontal demand curve.
完全弹性需求：PED = ∞，水平的需求曲线。
Perfectly inelastic demand: PED = 0, vertical demand curve.
完全无弹性需求：PED = 0，垂直的需求曲线。
Determinants of PED: use mnemonic ‘SPLAT’ – Substitutes available, Percentage of income, Luxury vs necessity, Addictive / habit-forming, Time period.
PED 的决定因素：记忆“SPLAT”——替代品的可获得性、占收入的比例、奢侈品还是必需品、是否成瘾/习惯、时间跨度。
Total revenue test: if price rises and revenue rises, demand is inelastic; if revenue falls, demand is elastic.
总收益检验：若提价后总收益上升，则需求缺乏弹性；若总收益下降，则需求富有弹性。
5. Other Elasticities and Applications | 其他弹性与应用
Income elasticity of demand (YED): measures responsiveness of demand to a change in income.
需求收入弹性 (YED)：衡量需求对收入变化的反应程度。
YED = % change in quantity demanded ÷ % change in income
YED = 需求量变动的百分比 ÷ 收入变动的百分比
YED > 0 for normal goods; YED < 0 for inferior goods. Luxury goods often have YED > 1.
正常商品的 YED > 0；低档商品的 YED < 0。奢侈品通常 YED > 1。
Cross elasticity of demand (XED): measures responsiveness of demand for good A to a change in price of good B.
需求交叉弹性 (XED)：衡量商品 A 的需求对商品 B 价格变化的反应程度。
XED = % change in Qd of A ÷ % change in price of B
XED = 商品 A 需求量变动的百分比 ÷ 商品 B 价格变动的百分比
XED > 0 for substitutes; XED < 0 for complements; XED ≈ 0 for unrelated goods.
替代品的 XED > 0；互补品的 XED < 0；无关商品的 XED ≈ 0。
Price elasticity of supply (PES): measures responsiveness of quantity supplied to a change in price.
供给价格弹性 (PES)：衡量供给量对价格变化的反应程度。
PES = % change in quantity supplied ÷ % change in price
PES = 供给量变动的百分比 ÷ 价格变动的百分比
Key determinant of PES: time period – supply is more elastic in the long run because firms can adjust capacity.
PES 的关键决定因素：时间周期——长期内供给更有弹性，因为企业可以调整产能。
6. Market Equilibrium and the Price Mechanism | 市场均衡与价格机制
Market equilibrium: the price where quantity demanded equals quantity supplied – no tendency for change.
市场均衡：需求量等于供给量时的价格，不存在变动的趋势。
Excess demand (shortage): when price is below equilibrium, Qd > Qs, putting upward pressure on price.
超额需求（短缺）：当价格低于均衡时，Qd > Qs，对价格形成上行压力。
Excess supply (surplus): when price is above equilibrium, Qs > Qd, putting downward pressure on price.
超额供给（过剩）：当价格高于均衡时，Qs > Qd，对价格形成下行压力。
Functions of the price mechanism (SIR): Signalling – prices signal where resources are needed; Incentive – higher prices encourage production; Rationing – scarce resources are allocated to those willing to pay.
价格机制的功能（SIR）：信号功能——价格标示资源需求的领域；激励功能——高价鼓励生产；配给功能——稀缺资源分配给愿意支付的人。
Consumer sovereignty: the idea that consumer choices ultimately dictate what is produced.
消费者主权：消费者选择最终决定生产什么的理念。
Memory tip: When you see ‘equilibrium’, think of a balancing scale. A market out of balance corrects itself through price changes.
记忆技巧：看到“均衡”，想象一架天平。失衡的市场会通过价格变动进行自我修正。
7. Consumer and Producer Surplus | 消费者剩余与生产者剩余
Consumer surplus: the difference between what consumers are willing to pay and what they actually pay, shown as the area below the demand curve and above the market price.
消费者剩余：消费者愿意支付的金额与实际支付金额的差额，表现为需求曲线以下、市场价格以上的区域。
Producer surplus: the difference between the price producers receive and the minimum price they are willing to accept, shown as the area above the supply curve and below the market price.
生产者剩余：生产者获得的价格与它们愿意接受的最低价格之间的差额，表现为供给曲线以上、市场价格以下的区域。
Total welfare: the sum of consumer and producer surplus.
总福利：消费者剩余与生产者剩余之和。
Changes in surplus: an increase in price reduces consumer surplus but increases producer surplus; the reverse occurs with a price decrease.
剩余的变化：价格上升减少消费者剩余但增加生产者剩余；价格下降则相反。
Allocative efficiency: achieved when resources are distributed to maximise total surplus (where demand = supply).
配置效率：当资源分配使得总剩余最大化时实现（需求 = 供给）。
Memory tip: Visualise the demand and supply ‘X’ shape. The triangle under the top ‘V’ of the X is consumer surplus; the triangle above the bottom ‘Λ’ is producer surplus.
记忆技巧：想象需求和供给的“X”形。X形上方“V”下的三角形是消费者剩余；下方“Λ”上的三角形是生产者剩余。
8. Production, Costs and Revenues | 生产、成本与收益
Short run: at least one factor of production is fixed, e.g. capital.
短期：至少有一种生产要素是固定的，例如资本。
Long run: all factors of production are variable.
长期：所有生产要素均可变。
Fixed costs (FC): do not change with output, e.g. rent.
固定成本 (FC)：不随产量变化的成本，如租金。
Variable costs (VC): change directly with output, e.g. raw materials.
可变成本 (VC)：随产量直接变化的成本，如原材料。
Total cost (TC) = FC + VC.
总成本 (TC) = 固定成本 + 可变成本。
Average cost (AC) = TC ÷ quantity.
平均成本 (AC) = 总成本 ÷ 产量。
Marginal cost (MC): the additional cost of producing one more unit.
边际成本 (MC)：多生产一单位产品所增加的额外成本。
Total revenue (TR) = price × quantity sold.
总收益 (TR) = 价格 × 销售量。
Average revenue (AR) = TR ÷ quantity = price.
平均收益 (AR) = 总收益 ÷ 产量 = 价格。
Profit = TR − TC. Normal profit is the minimum return to keep resources in a business; supernormal profit exceeds normal profit.
利润 = 总收益 − 总成本。正常利润是保持资源留在这个行业的最低回报；超额利润则超过正常利润。
Law of diminishing returns: in the short run, adding more variable factors to a fixed factor eventually yields smaller additions to output.
边际报酬递减规律：短期中，向固定要素上连续追加可变要素，最终产出的增量会下降。
9. Market Failure and Externalities | 市场失灵与外部性
Market failure: when the free market fails to allocate resources efficiently, leading to a net welfare loss.
市场失灵：自由市场未能有效配置资源，导致净福利损失。
Externality: a cost or benefit affecting third parties not involved in the transaction.
外部性：影响未参与交易的第三方的成本或收益。
Negative externality: social cost > private cost, e.g. pollution from a factory.
负外部性：社会成本 > 私人成本，例如工厂污染。
Positive externality: social benefit > private benefit, e.g. education creating a more productive workforce.
正外部性：社会收益 > 私人收益，例如教育提高了劳动力的生产率。
Private cost: the cost directly borne by the producer or consumer.
私人成本：由生产者或消费者直接承担的成本。
External cost: the cost imposed on third parties.
外部成本：施加给第三方的成本。
Social cost = private cost + external cost.
社会成本 = 私人成本 + 外部成本。
Social optimum: where marginal social cost (MSC) equals marginal social benefit (MSB).
社会最优：边际社会成本 (MSC) 等于边际社会收益 (MSB) 的位置。
Welfare loss triangle: the area between MSB and MSC curves where output is above or below the social optimum.
福利损失三角形：MSB 和 MSC 曲线之间、产量高于或低于社会最优水平的三角形区域。
10. Government Intervention to Correct Market Failure | 纠正市场失灵的政府干预
Indirect tax: a tax on spending (e.g. excise duty) that raises private cost, shifting the supply curve left to internalise a negative externality.
间接税：对支出征收的税（如消费税），提高私人成本，使供给曲线左移，从而内部化负外部性。
Subsidy: a payment from the government to a firm to lower costs, increase supply and correct under-provision from positive externalities.
补贴：政府向企业提供的支付，以降低成本、增加供给，纠正因正外部性导致的供给不足。
Minimum price (price floor): set above equilibrium to discourage consumption of demerit goods, e.g. minimum price on alcohol.
最低限价（价格下限）：设定在均衡价格之上以抑制有害品的消费，如酒精最低价格。
Maximum price (price ceiling): set below equilibrium to keep essentials affordable, e.g. rent controls.
最高限价（价格上限）：设定在均衡价格之下以保障必需品可负担，如租金管制。
Regulation: laws and rules that restrict harmful activities, e.g. emissions standards.
监管：限制有害活动的法律法规，如排放标准。
Tradable pollution permits: a cap-and-trade system giving firms the right to emit a set amount of pollution, which can be bought and sold, creating incentives to reduce emissions.
可交易污染许可证：总量控制与交易制度，赋予企业排放一定量污染物的权利，许可证可以买卖，激励企业减少排放。
Information provision: the government educates consumers to address information gaps, e.g. health campaigns.
信息提供：政府通过教育消费者来填补信息缺口，例如健康宣传活动。
Government failure: when intervention causes a worse allocation of resources than the original market failure, often due to unintended consequences.
政府失灵：干预导致的资源配置比原来的市场失灵更差，通常由于意外后果。
11. Macroeconomic Objectives and Indicators | 宏观经济目标与指标
Key macroeconomic objectives: sustainable economic growth, low and stable inflation, low unemployment, a satisfactory balance of payments, and equitable income distribution.
主要宏观经济目标：可持续的经济增长、低而稳定的通货膨胀、低失业率、令人满意的国际收支平衡以及公平的收入分配。
Gross Domestic Product (GDP): the total value of all final goods and services produced in an economy over a period of time.
国内生产总值 (GDP)：一段时间内一国生产的所有最终商品和服务的总价值。
Real GDP: GDP adjusted for inflation, measuring the actual volume of output.
实际 GDP：剔除了通货膨胀影响的 GDP，衡量实际产出量。
Inflation: a sustained increase in the general price level, often measured by the Consumer Price Index (CPI).
通货膨胀：一般物价水平的持续上涨，常用消费者价格指数（CPI）衡量。
Deflation: a sustained decrease in the general price level.
通货紧缩：一般物价水平的持续下跌。
Unemployment rate: the percentage of the labour force that is actively seeking work but cannot find it.
失业率：劳动力中正在积极寻找工作但找不到工作的人口百分比。
Current account of the balance of payments: records trade in goods, trade in services, primary income and secondary income.
国际收支经常账户：记录货物贸易、服务贸易、初次收入和二次收入。
Economic growth: an increase in the productive potential of the economy, shown by an outward shift of the PPF or an increase in long-run aggregate supply.
经济增长：经济生产潜力的增加，表现为 PPF 向外移动或长期总供给的增加。
12. AD/AS Model and Macro Policy Tools | AD-AS 模型与宏观政策工具
Aggregate Demand (AD): total spending on domestically produced goods and services, AD = C + I + G + (X − M).
总需求 (AD)：对国内生产的商品和服务的总支出，AD = C + I + G + (X – M)。
Components: Consumption (C), Investment (I), Government spending (G), Net exports (X − M).
组成部分：消费 (C)、投资 (I)、政府支出 (G)、净出口 (X – M)。
Factors shifting AD: changes in consumer confidence, interest rates, wealth, exchange rates, business expectations, fiscal and monetary policy.
使 AD 平移的因素：消费者信心变化、利率、财富、汇率、企业预期、财政和货币政策。
Short-run aggregate supply (SRAS): a curve showing how much firms are willing to produce at each price level; slopes upward because some input costs are sticky.
短期总供给 (SRAS)：一条显示在每个价格水平上企业愿意生产多少的曲线；向上倾斜是因为某些投入成本具有粘性。
Factors shifting SRAS: changes in costs of raw materials, wages, taxes, subsidies, and supply-side shocks.
使 SRAS 平移的因素：原材料成本、工资、税收、补贴的变化以及供给侧冲击。
Long-run aggregate supply (LRAS): the economy’s productive potential when all inputs are fully and efficiently employed. Classical LRAS is vertical at full employment; Keynesian LRAS has a horizontal section during deep recession.
长期总供给 (LRAS)：所有投入要素被充分利用和有效配置时经济的生产潜力。古典 LRAS 在充分就业处垂直；凯恩斯 LRAS 在深度衰退时存在
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