📚 Essential Economics Terms: A Quick Memorisation Guide for Pre-U WJEC | Pre-U WJEC 经济词汇术语速记指南
Mastering the specialist vocabulary of Economics is half the battle for Pre-U WJEC students. This guide breaks down high-frequency terms into logical clusters, offers clear bilingual definitions, and shares smart memory hooks designed to embed key concepts into your long-term memory. Use it alongside your revision notes to strengthen your command of economic language and boost your essay and data-response performance.
掌握经济学的专业词汇是 Pre-U WJEC 学生成功的一半。本指南将高频术语按逻辑模块分解，提供清晰的双语定义，并分享巧妙的记忆钩子，旨在将关键概念嵌入你的长期记忆中。搭配复习笔记使用，可强化你对经济学语言的掌握，提升论文与数据分析题的得分。
1. Core Supply & Demand Terms | 供需核心术语
The law of demand states that, ceteris paribus, as the price of a good falls, the quantity demanded increases. Remember the ‘D for down’ trick: demand curves slope down.
需求定律指出，在其他条件不变的情况下，商品价格下降，需求量增加。记住“D 向下”的口诀：需求曲线向下倾斜。
A contraction in demand is caused by a rise in price (movement up the curve), while an extension is caused by a fall in price. Avoid confusing ‘contraction/extension’ with ‘decrease/increase’, which refer to shifts of the whole curve.
需求收缩由价格上涨引起（沿曲线上移），而需求扩张由价格下跌引起。切勿将“收缩/扩张”与“减少/增加”混淆，后者指整条曲线的移动。
The supply curve slopes upwards because higher prices give producers an incentive to expand output. Think ‘S for sky’: supply rises with price.
供给曲线向上倾斜，因为更高的价格激励生产者扩大产出。联想“S 像上坡”：供给随价格上升。
Equilibrium occurs where quantity demanded equals quantity supplied. Visualise the perfectly balanced seesaw – any mismatch creates either excess supply (surplus) or excess demand (shortage).
均衡发生在需求量等于供给量之处。想象完美平衡的跷跷板——任何不匹配都会造成超额供给（过剩）或超额需求（短缺）。
The price mechanism performs three functions: signalling, rationing, and incentivising. Use the mnemonic ‘SRI’ – Signalling shows where resources are needed, Rationing allocates scarce goods to those willing to pay, and Incentives encourage production changes.
价格机制履行三个功能：信号、配给和激励。用缩写“SRI”记忆——信号显示资源需求方向，配给将稀缺商品分配给愿意支付者，激励鼓励生产调整。
2. Elasticity Concepts | 弹性概念
Price elasticity of demand (PED) measures responsiveness of quantity demanded to a change in price. Formula: PED = %ΔQD / %ΔP. A value greater than 1 is elastic, less than 1 is inelastic. Picture a rubber band: elastic demand stretches a lot when price changes; inelastic barely moves.
需求价格弹性（PED）衡量需求量对价格变化的反应程度。公式：PED = %ΔQD / %ΔP。大于1为富有弹性，小于1为缺乏弹性。想象一根橡皮筋：弹性需求随价格明显拉伸，缺乏弹性则几乎不动。
Determinants of PED include substitutes, necessity vs luxury, proportion of income, and time period. Remember ‘SNIT’: Substitutes, Necessity, Income share, Time.
PED 的决定因素包括替代品、必需品与奢侈品、收入占比和时间周期。用“SNIT”记忆：替代品、必需品/奢侈品、收入份额、时间。
Income elasticity of demand (YED) tells us how demand changes with income. Normal goods have positive YED; inferior goods have negative YED. Link ‘Y’ to ‘Your income’. Luxury goods have YED > 1.
需求收入弹性（YED）反映需求如何随收入变化。正常品 YED 为正，低档品 YED 为负。将“Y”联想到“你的收入”。奢侈品的 YED 大于1。
Cross elasticity of demand (XED) measures the response of demand for good A to a price change of good B. Positive XED = substitutes; negative XED = complements. Think ‘X’ marks the relationship between two goods.
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。XED 为正＝替代品，为负＝互补品。用“X”联想两种商品的关系交叉点。
Price elasticity of supply (PES) depends mainly on production time and spare capacity. Short-run supply is often inelastic; raw materials and manufactured goods with flexible inventories are more elastic. Use the phrase ‘Time and spare room’ to recall determinants.
供给价格弹性（PES）主要取决于生产时间和闲置产能。短期供给通常缺乏弹性；原材料及库存灵活的制成品更具弹性。用“时间和备用空间”联想决定因素。
3. Market Structures & Efficiency | 市场结构与效率
Perfect competition features many firms, identical products, no barriers to entry, and perfect knowledge. Firms are price takers. Think of a farmers’ market: many sellers with identical produce, nobody can dictate price.
完全竞争特征：众多企业、同质产品、无进入壁垒、完全信息。企业是价格接受者。联想农贸市场：众多卖家售卖同质农产品，无人能左右价格。
Monopoly exists when a single firm dominates the market with high barriers to entry. A pure monopolist is a price maker. Remember the board game ‘Monopoly’ – one player controls everything.
垄断是指单一企业主导市场且进入壁垒高。纯垄断者是价格制定者。联想桌游“大富翁”——一人掌控全局。
Oligopoly is characterised by a few interdependent firms, product differentiation, and strategic behaviour. Use the kinked demand curve to remember price rigidity. Think ‘Oli-gopoly’ – oligarchs controlling markets.
寡头垄断的特征是少数相互依赖的企业、产品差异化及策略性行为。用弯折需求曲线记忆价格刚性。联想“寡头”一词：少数巨头控制市场。
Monopolistic competition blends many firms, low barriers, and differentiated products. Firms have some price-setting power in the short run. It is like high-street coffee shops: many, but each tries to be unique.
垄断竞争混合了众多企业、低壁垒及差异化产品。企业在短期有一定的定价权。如商业街的咖啡店：数量多，但每家都力求独特。
Allocative efficiency occurs where P = MC (price equals marginal cost); it means resources mirror consumer preferences. Productive efficiency occurs at minimum average cost. Dynamic efficiency arises from innovation and technological progress over time. XYZ recall: Allocative (P=MC), Productive (min AC), Dynamic (innovation).
配置效率出现在 P=MC（价格等于边际成本），意味着资源反映消费者偏好。生产效率出现在最低平均成本。动态效率来自长期创新和技术进步。用“APD”记忆：配置（P=MC）、生产（最低AC）、动态（创新）。
4. Market Failure & Government Intervention | 市场失灵与政府干预
Market failure means the free market fails to allocate resources efficiently. Causes include externalities, public goods, information gaps, and market power. The mnemonic ‘EPIC’ works: Externalities, Public goods, Information failure, Concentration of market power.
市场失灵指自由市场未能有效配置资源。成因包括外部性、公共品、信息缺口和市场势力。可用“EPIC”记忆：外部性、公共品、信息失灵、市场势力集中。
Negative production externalities impose costs on third parties (e.g. pollution). The marginal social cost (MSC) lies above marginal private cost (MPC). The triangle of welfare loss is between MSC, MPC and the demand curve. Visualise a factory chimney: private cost is coal, social cost is smoke.
负生产外部性给第三方带来成本（如污染）。边际社会成本（MSC）高于边际私人成本（MPC）。福利损失三角形位于 MSC、MPC 与需求曲线之间。想象工厂烟囱：私人成本是煤，社会成本是烟。
Positive consumption externalities generate external benefits (e.g. education). Marginal social benefit (MSB) exceeds marginal private benefit (MPB). The under-consumption leads to a welfare loss. Think of vaccination: you benefit, but society also gains herd immunity.
正消费外部性产生外部收益（如教育）。边际社会收益（MSB）高于边际私人收益（MPB）。消费不足导致福利损失。联想疫苗接种：你受益，社会也获得群体免疫。
Public goods are non-rivalrous and non-excludable, leading to the free-rider problem. Pure examples: street lighting, national defence. Slogan: ‘No rivalry, no exclusion, no private provision.’
公共品具有非竞争性和非排他性，导致“搭便车”问题。纯公共品如路灯、国防。口号：“无竞争、无排他，私人不提供”。
Government intervention tools: indirect taxes (Pigouvian taxes), subsidies, regulation (bans, quotas), tradable pollution permits, and information campaigns. For Pigouvian tax, tax equals the external cost at the socially optimal output. Think ‘tax the externality away’.
政府干预工具：间接税（庇古税）、补贴、管制（禁令、配额）、可交易污染许可证和信息宣传。庇古税：在社會最优产出下税额等于外部成本。联想“用税消弭外部性”。
5. Macroeconomic Objectives & Indicators | 宏观经济目标与指标
The four main macroeconomic objectives are: stable economic growth, low and stable inflation, low unemployment, and a satisfactory balance of payments. Use the acronym ‘GIRL’ (Growth, Inflation, (un)employment Rate, Balance of payments (Ledger)) – or ‘BIG U’ for Balance, Inflation, Growth, Unemployment.
四大宏观经济目标是：稳定经济增长、低且稳定的通胀、低失业率以及理想的国际收支。可用缩写“GIRL”（增长、通胀、失业率、国际收支平衡）或“BIG U”记忆。
Gross Domestic Product (GDP) measures the total value of output produced within a country’s borders. Real GDP strips out inflation. GDP per capita divides GDP by population. Keep clear: nominal vs real, and total vs per head.
国内生产总值（GDP）衡量一国境内产出的总价值。实际 GDP 剔除通胀影响。人均 GDP 是 GDP 除以人口。务必分清：名义与实际、总量与人均。
Inflation is a sustained increase in the general price level. The Consumer Price Index (CPI) tracks a basket of goods. Demand-pull inflation arises from excess AD; cost-push inflation comes from rising production costs. Picture a balloon: demand-pull blows air in; cost-push squeezes the balloon from outside.
通货膨胀是总体物价水平的持续上涨。消费者价格指数（CPI）追踪一篮子商品。需求拉动型通胀源于总需求过剩；成本推动型通胀来自生产成本上升。想象气球：需求拉动是往里吹气；成本推动是从外部挤压气球。
Unemployment rate = (unemployed / labour force) × 100. Key types: cyclical (demand-deficient), structural (mismatch of skills), frictional (between jobs), seasonal. Memory tip: ‘CS FS’ – Cyclical, Structural, Frictional, Seasonal.
失业率 =（失业人数 / 劳动力）× 100。主要类型：周期性（需求不足）、结构性（技能错配）、摩擦性（换工作间）、季节性。记忆线索：“CSSF”——周期性、结构性、摩擦性、季节性。
The balance of payments on current account records trade in goods, services, primary income and secondary income. A deficit means spending on imports and income outflows exceeds earnings from exports and income inflows. The phrase ‘Trade, transfers, and income flows’ covers it.
经常账户记录货物、服务、初次收入和二次收入。赤字意味着进口及收入流出支出超过出口及收入流入。用“贸易、转移和收入流”概括其内容。
6. Aggregate Demand & Aggregate Supply | 总需求与总供给
Aggregate Demand (AD) = C + I + G + (X – M): Consumption, Investment, Government spending, Net exports. Every component is a spending stream. Chant ‘C-I-G-X-M’ to internalise the identity.
总需求 AD = C + I + G + (X – M)：消费、投资、政府支出和净出口。每个组成部分都是支出流。反复诵读“C-I-G-X-M”以牢记公式。
The AD curve slopes downward due to the wealth effect, interest rate effect, and international trade effect. When the price level falls, real wealth rises, interest rates may fall, and exports become more competitive – boosting AD. Remember ‘WIT’: Wealth, Interest, Trade.
AD 曲线向下倾斜源于财富效应、利率效应和国际贸易效应。价格水平下跌时，实际财富上升、利率可能下降、出口竞争力增强——推动 AD。记忆“WIT”：财富、利率、贸易。
Short-run Aggregate Supply (SRAS) is upward-sloping because of sticky wages, menu costs, or imperfect information. At least one factor input is fixed. Long-run Aggregate Supply (LRAS) is vertical at the full-employment level, reflecting the economy’s productive potential.
短期总供给（SRAS）向上倾斜，因为工资粘性、菜单成本或信息不完全。至少一种要素投入固定。长期总供给（LRAS）在充分就业水平处垂直，反映经济生产潜力。
Shifts in LRAS come from changes in quantity or quality of factors of production, technology, and institutional frameworks. Wordplay: ‘Quality, Quantity, Tech, Institutions’ – QQTI.
LRAS 的移动源于生产要素数量或质量、技术及制度框架的变化。记忆“QQTI”：质量、数量、技术、制度。
Macroeconomic equilibrium occurs where AD = SRAS. A positive output gap means actual GDP > potential GDP (inflationary pressure); a negative output gap means actual GDP < potential GDP (spare capacity and unemployment). Think of the economy as an oven: a positive gap means overheating.
宏观经济均衡出现在 AD = SRAS 处。正产出缺口意味着实际 GDP 大于潜在 GDP（通胀压力）；负产出缺口意味着实际 GDP 小于潜在 GDP（闲置产能和失业）。把经济想象成烤箱：正缺口就是过热。
7. International Trade & Protectionism | 国际贸易与保护主义
Comparative advantage states that countries should specialise in producing goods with the lowest opportunity cost, even if one country has an absolute advantage in all goods. The classic Ricardo example: two goods, two countries, constant opportunity costs. Memory aid: ‘Compare opportunity cost, not absolute efficiency.’
比较优势理论指出，即使一国在所有商品上都有绝对优势，各国仍应专业化生产机会成本最低的商品。经典的李嘉图模型：两种商品、两个国家、固定机会成本。记忆口诀：“比的是机会成本，不是绝对效率”。
Protectionist measures include tariffs (import taxes), quotas (quantity limits), subsidies to domestic firms, and non-tariff barriers (regulations, standards). Remember ‘TQSN’ – Tariffs, Quotas, Subsidies, Non-tariff barriers.
保护主义措施包括关税、配额、对国内企业的补贴以及非关税壁垒（法规、标准）。用“TQSN”记忆：关税、配额、补贴、非关税壁垒。
A tariff raises domestic price, reduces imports, and generates government revenue, but causes a deadweight welfare loss. Diagram: world supply shifts upward by the tariff amount. The revenue box belongs to government. Students often confuse tariff diagram labels; practise drawing from memory.
关税提高国内价格、减少进口并产生政府收入，但造成无谓福利损失。图示：世界供给因关税向上平移。收入矩形归政府。学生常混淆关税图标签；需反复默画练习。
Arguments for protectionism include protecting infant industries, preventing dumping, preserving strategic industries, and maintaining employment. The acronym ‘IPSE’ helps: Infant industry, Preventing dumping, Strategic industries, Employment protection.
支持保护主义的论点包括保护幼稚产业、防止倾销、维护战略性产业和保障就业。用“IPSE”记忆：幼稚产业、防倾销、战略性产业、就业保护。
Free trade benefits include lower prices, greater consumer choice, economies of scale, and technology transfer. Think ‘LCET’: Lower prices, Choice, Economies, Technology.
自由贸易的好处包括更低价格、更多消费选择、规模经济和技术转移。联想“LCET”：低价、选择、规模经济、技术。
8. Exchange Rates & Balance of Payments Correction | 汇率与国际收支调节
An exchange rate is the price of one currency in terms of another. Floating rates are determined by market demand and supply for currencies. Appreciation means a rise in value; depreciation means a fall. Use the phrase ‘A for up, D for down’ to separate appreciation from depreciation.
汇率是一国货币以另一货币表示的价格。浮动汇率由市场对货币的供需决定。升值意为价值上升，贬值意为下降。用“A 向上，D 向下”区分升值(Appreciation)与贬值(Depreciation)。
A depreciation makes exports cheaper and imports dearer, improving the trade balance if the Marshall-Lerner condition holds – sum of PED for exports and imports > 1. Think of the J-curve: initial worsening then improvement. Sketch the J shape when revising.
若马歇尔-勒纳条件成立（出口与进口需求弹性之和大于1），本币贬值使出口更便宜、进口更昂贵，从而改善贸易收支。联想 J 曲线：初期恶化再改善。复习时画出 J 形。
Expenditure-switching policies shift spending from imports to domestically produced goods (e.g. depreciation, tariffs). Expenditure-reducing policies cut overall spending via fiscal or monetary tightening. Key phrase: ‘Switch or reduce’ – switch demand, reduce total expenditure.
支出转换政策将支出从进口转向国内产品（如贬值、关税）。支出削减政策通过财政或货币紧缩降低总支出。“转换或削减”——转换需求方向，削减总支出的规模。
A current account deficit may be corrected through supply-side improvements, demand management, or exchange rate adjustment. Remember the triad: ‘Exchange rate, Expenditure, Efficiency (supply side).’
经常账户赤字可通过供给侧改善、需求管理或汇率调整加以纠正。记住三元组：“汇率、支出、效率（供给侧）”。
9. Fiscal & Monetary Policy | 财政与货币政策
Fiscal policy uses government spending and taxation. Expansionary fiscal policy involves higher spending and/or lower taxes to boost AD. Contractionary policy does the reverse. All-important: budget deficit = spending > tax revenue; national debt is the accumulated sum of past deficits.
财政政策运用政府支出和税收。扩张性财政政策通过增加支出和/或减税以刺激 AD。紧缩政策则相反。必记重点：预算赤字 = 支出 > 税收；国债是历年赤字的累积总和。
Automatic stabilisers work without deliberate policy change: progressive taxes and welfare benefits automatically dampen economic fluctuations. Think ‘autopilot’ – they smooth the cycle without government intervention.
自动稳定器无需政策刻意变动：累进税和福利金能自动平抑经济波动。联想“自动驾驶”——无形中熨平周期。
Monetary policy involves controlling money supply and interest rates, often managed by a central bank. Lowering the base rate stimulates borrowing, consumption, and investment. The transmission mechanism: rate change → borrowing costs → spending → AD → real GDP and inflation. Use the chain: ‘Rate, Cost, Spend, AD, GDP/Prices.’
货币政策涉及控制货币供应与利率，通常由中央银行执行。降低基准利率刺激借贷、消费和投资。传导机制：利率变动 → 借贷成本 → 支出 → AD → 实际 GDP 与通胀。链条速记：“利率、成本、支出、AD、GDP/物价”。
Quantitative easing (QE) is an unconventional tool: central bank creates money to buy government bonds, raising asset prices and injecting liquidity. The key phrase: ‘Creating money to buy bonds.’
量化宽松（QE）是非常规工具：央行创造货币购买政府债券，抬高资产价格并注入流动性。一句话：“创造货币买债券”。
10. Economic Development & Growth | 经济发展与增长
Economic growth is an increase in real GDP over time; economic development is a broader concept including living standards, health, education, and freedoms. ‘Growth is about income; development is about human wellbeing.’
经济增长是实际 GDP 随时间增加；经济发展概念更广，涵盖生活水平、健康、教育和自由。“增长关乎收入，发展关乎人的福祉”。
The Human Development Index (HDI) combines life expectancy, education (mean and expected years of schooling), and GNI per capita. Use ‘LEGS’: Life expectancy, Education, GNI per capita Standardised.
人类发展指数（HDI）综合预期寿命、教育（平均与预期受教育年限）和人均国民总收入。用“LEGS”记忆：预期寿命、教育、人均 GNI 标准化。
Barriers to development include primary product dependency, volatile commodity prices, poor infrastructure, indebtedness, and institutional weaknesses. The mnemonic ‘PIVII’ covers: Primary dependency, Infrastructure, Volatility, Indebtedness, Institutions.
发展障碍包括初级产品依赖、大宗商品价格波动、基础设施薄弱、债务负担和制度缺陷。用“PIVII”记忆：初级产品依赖、基础设施、波动性、债务、制度。
Strategies for development range from trade liberalisation and export-oriented industrialisation to microfinance and foreign aid. Remember the two ends of intervention: market-led vs. state-led approaches.
发展战略涵盖贸易自由化、出口导向型工业化、小额信贷到对外援助。记住干预光谱的两端：市场主导与政府主导。
The Lorenz curve shows income inequality; the Gini coefficient quantifies it (0 = perfect equality, 1 = maximal inequality). The further the Lorenz curve bows from the diagonal, the higher the Gini. Visualise the bow.
洛伦兹曲线展示收入不平等；基尼系数量化不平等（0为完全平等，1为完全不平等）。洛伦兹曲线越弯曲偏离对角线，基尼系数越大。想象弓形弯曲。
11. Costs, Revenues & Profit | 成本、收益与利润
Fixed costs (FC) do not vary with output in the short run (e.g. rent). Variable costs (VC) change with output (e.g. raw materials). Total cost (TC) = FC + VC. Fixed costs are like a phone’s monthly line rental; variable costs are like pay-per-use calls.
固定成本（FC）在短期不随产量变化（如租金）；可变成本（VC）随产量变化（如原材料）。总成本 TC = FC + VC。固定成本就像电话月租费，可变成本好比按次计费的通话。
Average cost (AC) = TC / Q. Marginal cost (MC) is the extra cost of producing one more unit. The MC curve cuts the AC curve at its minimum point. The ‘MC runs through AC’s heart’ phrase helps.
平均成本 AC = TC / Q。边际成本（MC）是多生产一单位产品所增加的成本。MC 曲线穿过 AC 曲线的最低点。“MC 穿过 AC 的心脏”一句辅助记忆。
Total revenue (TR) = Price × Quantity. Average revenue (AR) = TR / Q = Price. Marginal revenue (MR) is the extra revenue from selling one more unit. Under perfect competition, AR = MR = Price. Under imperfect competition, MR lies below AR because price must be cut to sell more.
总收益 TR = 价格 × 数量。平均收益 AR = TR / Q = 价格。边际收益（MR）是多卖一单位带来的额外收益。完全竞争下 AR = MR = 价格；不完全竞争下 MR 低于 AR，因为多卖须降价。
Profit maximisation occurs where MR = MC. Supernormal (abnormal) profit exists when AR > AC; normal profit when AR = AC (zero economic profit). Remember the rule: ‘Produce up to where the last unit adds as much revenue as cost.’
利润最大化出现在 MR = MC 处。当 AR > AC 时存在超常（超额）利润；当 AR = AC 时获得正常利润（零经济利润）。牢记法则：“生产到最后一单位带来的收益等于成本为止”。
12. Labour Market & Wage Determination | 劳动力市场与工资决定
The demand for labour is derived demand – it depends on the demand for the final goods and services produced. The marginal revenue product of labour (MRPL) theory states that a profit-maximising firm hires workers up to MRPL = wage rate. MRPL = MPP × MR.
劳动力需求是派生需求——它取决于对最终产品和服务的需求。劳动边际收益产品（MRPL）理论指出，追求利润最大化的企业会雇佣工人直到 MRPL = 工资率。MRPL = MPP × MR。
The supply of labour is influenced by the wage rate, non-wage benefits, training requirements, and the number of workers available. The backward-bending supply curve arises when higher wages cause workers to trade income for leisure (income effect outweighs substitution effect).
劳动供给受工资率、非工资福利、培训要求及可用劳动者数量影响。当更高工资使工人以收入换取闲暇（收入效应大于替代效应）时，出现向后弯曲的供给曲线。
Wage differentials arise from differences in skills, qualifications, productivity, compensating differentials (risk), and labour market imperfections. Use the abbreviation ‘S-Q-P-C-I’: Skills, Qualifications, Productivity, Compensating differentials, Imperfections.
工资差异源于技能、资格、生产率、补偿性差异（风险）及劳动力市场不完善。用“S-Q-P-C-I”记忆：技能、资格、生产率、补偿性差异、不完善。
Trade unions can affect wages through collective bargaining, restricting supply, or supporting productivity improvements. Monopsony occurs when a single employer dominates the market, able to force wages below competitive levels.
工会可通过集体谈判、限制供给或促进生产率提升影响工资。买方垄断（Monopsony）指单一雇主主导市场，能将工资压低至竞争水平以下。
Published by TutorHao | Economics Revision Series | aleveler.com
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