Summary of Expert Scholar Dr. Kui Wai Li in the Field of Conceptual Economics (4)
–Correcting Canada’s Fiscal Debt–
作者：李鉅威博士
August 16, 2024
I. Introduction
引言
The worst combination in the Canadian economy is the high and continuous deficit spending in the fiscal budget on the one hand, and the low output with a shrinking manufacturing sector, falling productivity, and unattractive to investment on the other hand. This is because the high fiscal spending is not only inflationary, but it weakens the Canadian currency and exchange rate. The consequence would be the disastrous “twin deficit”: fiscal deficit as budgetary spending becomes uncontrollable and trade deficit as low productivity requires imports. The huge deficit means that the current generation has over-spent, and the fiscal burden will be passed on to future Canadians.
加拿大经济最糟糕的组合是，一方面是高且持续的财政预算赤字支出，另一方面是低产出、制造业萎缩、生产力下降和对投资缺乏吸引力。这是因为高财政支出不仅会导致通货膨胀，还会削弱加元和汇率。其结果将是灾难性的“双重赤字”：财政赤字因预算支出失控而出现，贸易赤字因低生产力需要进口而出现。巨额赤字意味着当前一代人过度消费，财政负担将转嫁给未来的加拿大人。
A country’s fiscal budget should not be used as a political tool to please certain groups of citizens to win election votes. Putting “economics in politics” would lead to undesirable and hurtful economic outcomes. On the contrary, a fiscal budget should be used to build up a future capacity of the economy that can benefit all Canadians. The construction on the future expansion of economic and production capacity, sustainability, and competitiveness should be the goal of any government. Putting “politics into economics” would lead to growth in economic opportunities that empower all Canadian workers and families. While there is the need to take care of people currently facing difficulties, that does not necessarily mean the need to adopt blanket coverage on all types of welfare provisions.
一个国家的财政预算不应被用作讨好某些公民群体以赢得选票的政治工具。将“经济置于政治中”会导致不良和有害的经济结果。相反，财政预算应被用来建立未来的经济能力，这可以使所有加拿大人受益。未来经济和生产能力的扩展、可持续性和竞争力的建设应是任何政府的目标。将“政治置于经济中”将带来经济机会的增长，使所有加拿大工人和家庭受益。虽然需要照顾当前面临困难的人，但这并不意味着需要对所有类型的福利提供全面覆盖。
There is never enough in welfare provision, and no one would deny receiving “free lunches”. But there is a difference between welfare provision and attention to difficulties. Welfare provisions should be selective and temporary to help the recipients to overcome their difficulties, not as a substitute for their living cost. Economically, the fiscal budget is a channel through which Canadians can be empowered so that they can improve their own private welfare. The economic approach to correct Canada’s severe budget deficit should come from both the spending side and the revenue side.
福利提供永远不够，没有人会拒绝“免费午餐”。但福利提供和关注困难之间是有区别的。福利提供应是有选择性和临时性的，帮助受助者克服困难，而不是替代他们的生活成本。从经济上讲，财政预算是一个渠道，通过它加拿大人可以获得赋权，从而改善他们自己的私人福利。纠正加拿大严重预算赤字的经济方法应来自支出和收入两方面。
II. The Structural Deficit
结构性赤字
However, one should not expect Canada’s severe budget deficit can be solved within a short time. It could even follow a theoretical “J-curve” phenomenon, namely that the deficit could get worse in the short term before it can be improved in the medium term. The first question is whether Canada’s fiscal debt is phenomenal or structural. A phenomenal deficit could be easier to correct, as cutting spending here and there could have done the job. However, given what the Liberal government has done to the fiscal deficit in the last nine years, especially during the pandemic when the Canadian economy was effectively shut down, our fiscal debt and deficit will likely be structural. A structural deficit means that many spending items and the amount spent on each item have been built into the fiscal system, and that the deficit itself could produce a “downward spiral” effect, namely that it could get worse and deteriorate on its own.
然而，不应期望加拿大的严重预算赤字能在短时间内解决。它甚至可能遵循理论上的“J曲线”现象，即赤字在中期改善之前可能在短期内恶化。第一个问题是加拿大的财政债务是现象性的还是结构性的。现象性赤字可能更容易纠正，因为削减这里和那里的支出可能就能完成任务。然而，鉴于自由党政府在过去九年中对财政赤字所做的事情，尤其是在大流行期间加拿大经济实际上关闭时，我们的财政债务和赤字可能是结构性的。结构性赤字意味着许多支出项目及其支出金额已嵌入财政系统，赤字本身可能产生“下行螺旋”效应，即它可能会自行轉差及惡化。
Correcting a structural deficit becomes an uphill battle because it may require some dismantling of spending items and revising revenue generating items. It requires a strong will and a determined government administration to tackle the structural deficit because it will produce unpleasant short term political results. But it may worth doing as the result would not only revise the deficit but could bring growth and prosperity to the Canadian economy, including a strong Canadian dollar, improvement in investment, and promising employment.
纠正结构性赤字成为一场艰苦的战斗，因为它可能需要拆除一些支出项目并修订创收项目。这需要强大的意志和坚定的政府管理来解决结构性赤字，因为它会产生不愉快的短期政治结果。但这可能值得一做，因为结果不仅会修正赤字，还可能为加拿大经济带来增长和繁荣，包括强劲的加元、改善的投资和有前景的就业。
III. The Spending Side
支出方面
A systematic approach is needed to deal with the spending side of the fiscal equation. Various criteria, disciplines, and scientific judgments can be used to examine the causes of the deficit. The criteria can include proportionality, relevance, nature and urgency of the issue, number of people affected, time intervals, geographical diversity, fairness and equity, and ranking of priorities.
处理财政支出方面需要系统的方法。可以使用各种标准、纪律和科学判断来检查赤字的原因。标准可以包括比例性、相关性、问题的性质和紧迫性、受影响人数、时间间隔、地理多样性、公平和公正以及优先级排序。
One can start with the criterion of proportionality by examining the various spending proportions in the budget. The relevance of the welfare item can be another concern. Are the spending items related to a minor issue or a life-threatening issue, and judgments will be made on these items. Another criterion could be the impact, namely the number of affected recipients, and the concern is whether the item involves a large or small group of recipients. The time frame or interval can be another criterion that concerns the frequency of the provision. Having such a list of criteria would be helpful in sorting out the importance of different spending items.
可以从比例性标准开始，检查预算中各项支出的比例。福利项目的相关性可能是另一个关注点。支出项目是与小问题相关还是与危及生命的问题相关，将对这些项目进行判断。另一个标准可能是影响，即受影响的受益人数，关注的是该项目涉及的是大群体还是小群体。时间框架或间隔可以是另一个标准，涉及提供的频率。拥有这样一份标准清单将有助于理清不同支出项目的重要性。
“Fiscal stubbornness” is another problem in correcting a fiscal deficit. This is because welfare provisions, once given, are difficult to remove without causing political spillovers. The correction policy would require the government to “bite a bullet”, as political opponents will attack with the aim to gain political capital.
“财政顽固性”是纠正财政赤字的另一个问题。这是因为一旦提供了福利条款，就很难在不引起政治溢出的情况下将其取消。纠正政策将要求政府“咬紧牙关”，因为政治对手会攻击以获取政治资本。
The answer lies in the proper use of criteria and disciplines in any form of fiscal correction, because voters will have to be informed as to why certain corrections are conducted. However, fiscal correction does not mean that spendings will unavoidably be cut. On the contrary, it is possible that new spending will be made, as the correction process will include fiscal adjustment and balance as well.
答案在于在任何形式的财政纠正中正确使用标准和纪律，因为选民必须了解为什么进行某些纠正。然而，财政纠正并不意味着支出将不可避免地被削减。相反，可能会进行新的支出，因为纠正过程还将包括财政调整和平衡。
A fiscal policy is meant to relate to the distribution of government resources. An important concern is the deployment of resources between short-term needs and long-term growth. The short-term needs include recurrent expenditure items, welfare spendings, cost on running the bureaucracy, overseas commitments, and interest payment on debts.
财政政策旨在与政府资源的分配有关。一个重要的关注点是资源在短期需求和长期增长之间的部署。短期需求包括经常性支出项目、福利支出、官僚机构的运行成本、海外承诺和债务利息支付。
There is no theoretical formula as to how fiscal resources should be divided between short-term needs and long-term growth. One can divide the fiscal structure into three or four spending categories. The investment category involves spending geared to nurturing future growth potential. Items in this category would include education, health, investment, R&D, and infrastructure items.
没有理论公式说明财政资源应如何在短期需求和长期增长之间分配。可以将财政结构分为三或四个支出类别。投资类别涉及旨在培育未来增长潜力的支出。该类别中的项目包括教育、健康、投资、研发和基础设施项目。
The second category involves spending that satisfies current needs, and the typical items include welfare provision, emergency relief and rescue, and interest payment of debts. This category primarily provides spending needs that are not growth oriented.
第二类涉及满足当前需求的支出，典型项目包括福利提供、紧急救济和救援以及债务利息支付。该类别主要提供非增长导向的支出需求。
The third category shall be the government administration, law enforcement, and national security. These spendings are payments to maintain the governmental machinery, and maintenance of national security.
第三类是政府行政、执法和国家安全。这些支出是维持政府机器和维护国家安全的支付。
The fourth category is the fiscal reserve, which is the residual of all spending and income items, and that a deficit will draw down reserve while a surplus will add to the reserve.
第四类是财政储备，这是所有支出和收入项目的剩余，赤字将消耗储备，而盈余将增加储备。
For a fiscal policy geared to promote future welfare for all Canadians, it is likely that the investment proportion of fiscal spending should be higher, say 40%. The welfare spending in the second category and the maintenance of the government machinery would occupy 30% each, making a total of 100%.
对于旨在促进所有加拿大人未来福利的财政政策，财政支出的投资比例可能应该更高，比如40%。第二类中的福利支出和政府机器的维护将各占30%，总计100%。
The proportions may not be exact, but this 40:30:30 ratio can be a guideline in drafting Canada’s fiscal policy. Of course, there can be variations as situations change, and more can be spent when we have a healthy fiscal reserve.
这些比例可能并不精确，但这种40:30:30的比例可以作为制定加拿大财政政策的指导方针。当然，随着情况的变化，可能会有变化，当我们有健康的财政储备时，可以花更多的钱。
If the Canadian government adheres to the principle that Canada’s fiscal policy is an economic framework, and not a political instrument in securing votes, positive economic outcomes could be achieved and that is how the fiscal debt can be lowered and eliminated.
如果加拿大政府坚持认为加拿大的财政政策是一个经济框架，而不是一个确保选票的政治工具，就可以实现积极的经济成果，这就是降低和消除财政债务的方法。
Furthermore, the use of criteria and application of disciplines could bring a clear and positive radiation to both domestic and foreign investors, foreign governments, and the international community that Canada is pursuing a healthy fiscal path. With fiscal consistency, sustainability can be achieved.
此外，使用标准和应用纪律可以为国内外投资者、外国政府和国际社会带来明确和积极的辐射，表明加拿大正在追求健康的财政道路。通过财政一致性，可以实现可持续性。
And a healthy fiscal policy can improve Canada’s overall economy, such a favorable trade, gain in competitiveness, and so on.
健康的财政政策可以改善加拿大的整体经济，如有利的贸易、竞争力的提高等。
IV. The Revenue Side
收入方面
To tax the rich because they can pay is a political concept because they are politically penalized. The economic concept will argue that there should be more rich people so that more tax can be collected. There is a difference in the approach to tax collection between a leftist political leader who is interested in nailing those with high incomes and a rightist political leader who is interested in expanding the country’s economic pie to empower more people. The philosophical difference is whether the government should tax the rich and able only or create an economic environment for more people to become rich and able.
对富人征税是因为他们有支付能力，这是一种政治概念，因为他们在政治上受到了惩罚。经济概念则认为应该有更多的富人，这样可以收取更多的税款。左翼政治领导人和右翼政治领导人在税收征收方法上存在差异，前者关注于打击高收入者，后者则关注于扩大国家的经济蛋糕以赋予更多人权力。哲学上的区别在于政府是否应该只对富人和有能力的人征税，还是创造一个让更多人变得富有和有能力的经济环境。
There are several intricacies in the revenue side of the fiscal equation. Tax is needed to finance the government spending and taxpayers are keen to show their social responsibility. However, one intricacy is how to use the taxation system as an incentive rather than as a penalty to investors and taxpayers. Hence, one can study and locate Canada’s “optimal tax rate”, below which tax revenue rises as tax rate increases, but beyond which tax revenue declines as tax rate keeps rising. In other words, at the optimal tax rate, tax revenue is said to have maximized. This is particularly true in the case of direct tax that contains salary tax and profit tax that form the bulk of the government’s income. Indirect tax, such as consumption tax, varies a lot, depending on seasons and spending pattern. Import tax may be needed to avoid unfair trade from countries whose government subsidizes their exports heavily.
财政收入方面有几个复杂之处。税收是政府支出的资金来源，纳税人热衷于展示他们的社会责任。然而，一个复杂之处在于如何将税收系统作为激励而不是惩罚投资者和纳税人的工具。因此，可以研究并确定加拿大的“最佳税率”，在此税率以下，随着税率的增加，税收收入增加，但超过此税率后，随着税率的继续上升，税收收入下降。换句话说，在最佳税率下，税收收入被认为是最大化的。这在包含工资税和利润税的直接税中尤其如此，这些税种构成了政府收入的主要部分。间接税，如消费税，因季节和消费模式而有很大变化。进口税可能是必要的，以避免来自政府大量补贴其出口的国家的不公平贸易。
Most people are concerned about a country’s tax rate because this is an effective indicator for inward investment. It is only through investment that can enrich the economy’s capacity. Hence, the tax policy can be an effective instrument in attracting foreign investment, especially investment in strategic industries that can raise the competitiveness of the Canadian economy. For example, Canada is a land intensive country, and it will be beneficial to attract land intensive manufacturing. There are several economic approaches to attract investment, especially foreign investment. Each approach will have its strengths and weakness. The provision of government subsidies, for example, has been conducted, but the problem is how extensive would be the subsidy, and how many foreign investors the government can subsidize. There can be a high degree of unfairness and bias. A “tax heaven” approach can be fairer, as the foreign investor would pay a lower tax, for example, in the first five to ten years of operation. This is fair because it is up to the foreign investor to come, and the government may not be involved. Joint ventures or the formation of investment consortiums are other possibilities.
大多数人关注一个国家的税率，因为这是吸引内向投资的有效指标。只有通过投资才能丰富经济的能力。因此，税收政策可以成为吸引外国投资的有效工具，特别是对提高加拿大经济竞争力的战略性行业的投资。例如，加拿大是一个土地密集型国家，吸引土地密集型制造业将是有益的。有几种经济方法可以吸引投资，特别是外国投资。每种方法都有其优点和缺点。例如，政府补贴的提供已经进行，但问题在于补贴的范围有多广，以及政府可以补贴多少外国投资者。可能会有高度的不公平和偏见。“税收天堂”方法可能更公平，因为外国投资者在运营的前五到十年内支付较低的税款。这是公平的，因为由外国投资者决定是否来，而政府可能不参与。合资企业或投资财团的形成是其他可能性。
In the case of consumption tax at the domestic level, there will be the need to make tax adjustments. One possible adjustment is to reduce tax on essential items but increase tax on non-essential items. The removal of carbon tax is an obvious example, as it creates unfairness between different users of fuels. Again, whether it will be an increase or a decrease in tax depends on economic criteria, such as proportionality, number of people affected, relevance, and so on.
在国内消费税的情况下，需要进行税收调整。一种可能的调整是减少对必需品的税收，但增加对非必需品的税收。取消碳税是一个明显的例子，因为它在不同燃料用户之间造成了不公平。同样，税收是增加还是减少取决于经济标准，如比例性、受影响人数、相关性等。
Another interesting consideration in tax reform in Canada is the division between federal and provinces, namely that a similar tax can be paid to the provincial government and the federal government. Hence, it can be complicated if the federal government holds a different tax philosophy from the provincial government. For example, the federal government prefers to lower the tax, but the provincial government may use the opportunity to raise the tax, thereby nullifying the intention of a reduction in tax.
加拿大税收改革中的另一个有趣考虑是联邦和省之间的划分，即可以向省政府和联邦政府支付类似的税收。因此，如果联邦政府与省政府持有不同的税收理念，情况可能会变得复杂。例如，联邦政府倾向于降低税收，但省政府可能利用这个机会提高税收，从而抵消降低税收的意图。
V. Conclusion
结论
It is quite clear that the strategy of the Liberal government in Canada is to tax heavily and extensively, and to spend excessively and lavishly, and the growing national debt will be passed on to the next federal government in the 2025 election.
很明显，加拿大自由党政府的策略是大规模征税和奢侈支出，日益增长的国家债务将被转嫁给2025年选举后的下一届联邦政府。
The Liberal government has no intention to deal with the fiscal deficit, nor has any plan or solution to revive the fiscal policy. The huge deficit would be the political bomb for the next Conservative government.
自由党政府无意处理财政赤字，也没有任何计划或解决方案来恢复财政政策。巨大的赤字将成为下一届保守党政府的政治炸弹。
Given such an inheritance, the Conservative government will have to try all means to correct the fiscal policy and revive the Canadian economy. Correcting the fiscal deficit requires harsh decisions, but the intentions will have to make known to Canadians.
鉴于这样的遗产，保守党政府将不得不尽一切努力纠正财政政策并振兴加拿大经济。纠正财政赤字需要做出严厉的决定，但这些意图必须让加拿大人知道。
It will require strong efforts from the Conservative leaders to revive our economy, but through the correction in the fiscal policy, there will be light at the end of the tunnel.
保守党领导人需要付出巨大努力来振兴我们的经济，但通过纠正财政政策，隧道尽头将会有光明。
原稿：英文
英翻中：张晋
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著名经济学家、前大学教授李鉅威（Charles）博士宣布将参加**士嘉堡-爱静阁**选区的联邦保守党提名。李博士拥有数十年的经济研究和学术经验，准备将其丰富的专业知识带到联邦政府层面，旨在应对加拿大紧迫的经济挑战，并使其释放全部经济潜力。
renowned economist and former university professor Dr. Kui-Wai Li (Charles) announced his candidacy for the federal Conservative Party nomination in the Scarborough-Agincourt riding. With decades of experience in economic research and academia, Dr. Li is prepared to bring his extensive expertise to the federal level, aiming to address Canada’s pressing economic challenges and unleash its full economic potential.
释放加拿大的经济潜力
Unleashing Canada’s Economic Potential
李博士对加拿大的愿景源于他对经济原则的深刻理解以及他对如何培育强劲可持续经济的承诺。“过去八年，联邦自由党政府的税收不断增加，债务不断增加，严重影响了加拿大经济，”李博士说。“我受到鼓舞，并准备为促进和改善加拿大经济而站出来，坚持由尊敬的皮埃尔·波利耶夫领导的保守党的原则。”
Dr. Li’s vision for Canada is rooted in his deep understanding of economic principles and his commitment to fostering a robust and sustainable economy. “With rising taxes and growing debt, the Liberal government over the past eight years has severely impacted the Canadian economy,” said Dr. Li. “I am encouraged and prepared to stand up for the promotion and improvement of the Canadian economy, adhering to the principles of the Conservative Party under the leadership of the Honorable Pierre Poilievre.”
经济发展研究领域的良好业绩
A Proven Track Record in Economic Development
李博士的辉煌职业生涯包括 1990 年至 2010 年担任香港亚太经合组织研究中心主任，并在耶鲁大学、东京大学和多伦多大学等全球知名机构担任教职。他的著作包括《概念经济学：政治和社会科学中的联络作用》和《重新定义资本主义在全球经济发展中的作用》，反映了他对经济自由和发展的深刻见解。
Dr. Li’s illustrious career includes serving as the Director of the APEC Study Center in Hong Kong from 1990 to 2010, and holding teaching positions at prestigious institutions worldwide, including Yale University, University of Tokyo, and University of Toronto. His publications, such as “Conceptual Economics: The Liaising Role In Politics And Social Sciences” and “Redefining Capitalism in Global Economic Development,” reflect his profound insights into economic freedom and development.
加强加拿大的政策重点
Policy Priorities for a Stronger Canada
李博士强调战略资源部署和惠及所有加拿大人的政策决策的重要性。“我们的政策必须全面、公正，并努力使每个加拿大人受益，”李博士表示。“我们需要关注当前问题和未来的可能性，确保经济可持续性和代际公平。”
Dr. Li emphasizes the importance of strategic resource deployment and policy decisions that benefit all Canadians. “Our policies must be comprehensive, unbiased, and work to benefit every Canadian,” Dr. Li stated. “We need to focus on both current issues and future possibilities, ensuring economic sustainability and intergenerational equity.”
促进加拿大经济的关键点
Key Points to Boost the Canadian Economy
– **先进技术**：促进技术进步，改善日常生活并保护资源。
– **Advanced Technology**: Promoting technological advancements to improve daily life and preserve resources.
– **人力资本**：加强教育并吸引技术移民，以填补专业劳动力的空白。
– **Human Capital**: Enhancing education and attracting skilled immigrants to fill gaps in the professional workforce.
– **私营部门赋权**：通过支持性政策和财政激励措施鼓励私人投资和企业。
– **Private Sector Empowerment**: Encouraging private investment and enterprise through supportive policies and financial incentives.
– **战略资源部署**：确保有效利用自然和金融资源促进经济增长。
– **Strategic Resource Deployment**: Ensuring effective use of natural and financial resources to foster economic growth.
呼吁士嘉堡-爱静阁居民采取行动
A Call to Action for Scarborough-Agincourt Residents
李博士呼吁士嘉堡-爱静阁居民支持他在即将举行的保守党提名会议上的候选资格。“在加拿大联邦议会中拥有发言权非常重要，”李博士强调道。“我已准备好面对这个选区的挑战性任务，并通过有效的经济政策为所有居民提供更高质量的生活。”
Dr. Li is calling on the residents of Scarborough-Agincourt to support his candidacy in the upcoming Conservative Party nomination meeting. “It is important to have a voice in Canada’s federal parliament,” Dr. Li emphasized. “I am prepared to face the challenging tasks of this riding and work towards a higher quality of life for all residents through effective economic policies.”
关于李鉅威博士
About Dr. Kui -Wai Li
李鉅威博士拥有伦敦城市大学贝叶斯商学院的博士学位，并完成了哈佛大学的高管课程。他的学术历程包括伊拉斯姆斯大学、伦敦经济学院和伦敦大学玛丽女王学院的学位。李博士致力于经济研究和政策制定，使他成为加拿大经济振兴的坚定倡导者。
Dr. Kui-Wai Li holds a Ph.D. from the Bayes Business School, City University, London, and has completed executive programs at Harvard University. His academic journey includes degrees from Erasmus University, London School of Economics, and Queen Mary College, University of London. Dr. Li’s dedication to economic research and policy development positions him as a strong advocate for Canada’s economic revitalization.
出版物：
Publications:
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《概念经济学：政治与社会科学中的联络角色》，2021年
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Conceptual Economics: The Liaising Role In Politics And Social Sciences, 2021
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《全球经济发展中的资本主义再定义》，2017年
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Redefining Capitalism in Global Economic Development, 2017
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《经济自由：香港的经验教训》，2012年
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Economic Freedom: Lessons of Hong Kong, 2012
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《东亚的资本主义发展与经济主义》，2002年
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Capitalist Development and Economism in East Asia, 2002
如何支持李博士
How to Support Dr. Li
- **加入保守党**：欢迎士嘉堡-爱静阁居民成为党员，并在提名会议上为李博士投票。会员费为 15 美元，可登录 www.conservative.ca 在线获取。
- **在提名会议上投票**：只有居住在该选区的党员才有资格投票。提名会议将于 2024 年后续某个月举行。
- **随时了解最新情况**：保留您的会员付款确认书作为购买会员资格的证明。
- **Join the Conservative Party**: Residents of Scarborough-Agincourt are invited to become party members and vote for Dr. Li in the nomination meeting. Membership can be obtained online for $15 at www.conservative.ca.
- **Vote in the Nomination Meeting**: Only party members residing in the riding are eligible to vote. The nomination meeting will be held sometime in 2024.
- **Stay Informed**: Keep your membership payment confirmation as proof of membership purchase.
- 加入联邦保守党 JOIN THE CONSERVATIVE PARTY
注释：概念经济学：
Conceptual Economics:
**概念经济学**是研究个人、企业和政府如何做出资源分配决策的学科。它涉及理解**微观经济学**（个人和企业的行为）和**宏观经济学**（整个经济的表现）。
**Conceptual Economics** is the study of how individuals, businesses, and governments make decisions about allocating resources. It involves understanding both **microeconomics** (the behavior of individuals and firms) and **macroeconomics** (the performance of the economy as a whole).
经济学中的关键概念：
Key Concepts in Economics:
1. **稀缺性和选择**：资源是有限的，因此必须选择如何使用它们。
**Scarcity and Choice**: Resources are limited, so choices must be made about how to use them.
2. **供给和需求**：商品和服务的可用性与对它们的需求之间的关系。
**Supply and Demand**: The relationship between the availability of goods and services and the desire for them.
3. **机会成本**：做出选择时放弃的成本。
**Opportunity Cost**: The cost of what you give up when you make a choice.
4. **市场均衡**：供给等于需求的点。
**Market Equilibrium**: The point where supply equals demand.
5. **经济体系**：社会组织经济活动的不同方式，例如资本主义、社会主义和混合经济。
**Economic Systems**: Different ways societies organize economic activity, such as capitalism, socialism, and mixed economies.
编辑、英翻中：张晋
