Revenue收入 - : the total money the sellers received from the goods, Profit利润 - : the money the sellers get after necessary costs are deducted, Price mechanism价格机制 - : the way the market works by the value that sellers are willing to sell for and value that buyers are willing to pay for., Demand需求 - -consumer’s want or need for goods and supplies+-follows a negative or inverse relationship called the law of demand, Law of demand需求法则 - : the higher the price of good, the lower the demand for that good will be, and vice versa., Supply供应 - -a strong incentive to produce more goods when the potential to earn more revenue increases+Prices will have to rise to allow producers to cover their increased production costs+-follows a positive or upward curve, Equilibrium均衡/平衡 - : the balance (in economics: balance between supply and demand), Disequilibrium失衡/不平衡 - : the imbalance (in economics between supply and demand), Surplus(过剩): 过多的部分或剩余 - : excess (extra), Surplus of supply供给过剩 - : when the price is too high, the producer will want to have high quantity to earn more revenue, but the buyer’s willingness to buy will decrease (decrease in demand), so there will be an excess in the supply (more people want to produce but not enough people to buy)., Surplus of demand需求过剩 - : when the price is too low, the buyer’s willingness to buy will increase (increase in demand), but the producer will not want to produce more because the revenue is low, so there will be an excess in the demand (more people want the goods but not enough to sell)., Supply and Demand - (供需): 供给与需求,

Wordwall: Humanities Eco Review Link 2 (with some Chinese to help)

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