This semester we will be diving into our new units on Price Elasticity of Demand (PED) and Price Elasticity of Supply (PES). Students will get to see just how important these concepts are in the marketplace. Students won't just get to grips with economic theory; they will also gain a better understanding of how consumers and producers act and react.

这个学期我们将深入新单元，学习需求价格弹性（PED）和供给价格弹性（PES）。学生们将会发现这些概念在市场中的重要性。学生们不仅能理解经济理论，也能更好地理解消费者和生产者的行为反应。

PED helps us understand how much the demand for a product changes when its price does. On the flip side, PES measures the change in the quantity supplied when a product's price changes. Grasping these ideas is essential for interpreting market signals and making informed decisions, both in business and as consumers.

PED帮助我们理解产品需求量在价格变动时的变化幅度。相对地，PES衡量产品价格变动时供应量的变化。无论是商业活动还是作为消费者掌握这些理念对于解读市场信号和做出明智的决策至关重要。

To illustrate the concept of inelastic PED, consider an essential and time-sensitive product like emergency medical kits, which have no real substitutes. Imagine a scenario in Econotown during a health scare. The residents realised the importance of having a medical kit due to an unexpected outbreak. Despite a price increase by the only retailer in town, people continued to purchase the kits. The demand for medical kits remained steady despite price changes because they are essential, needed urgently, and lack any true substitutes.

以需求价格弹性不大的紧急医疗包为例，它是必需品，对时间敏感，且没有真正的替代品。想象一下在Econotown发生健康恐慌时的情景：居民们由于意外的疫情爆发而意识到拥有医疗包的重要性。尽管城镇里唯一的零售商提高了价格，人们还是继续购买这些医疗包。因为它们是必需品，急需品，并且没有真正的替代品，所以医疗包的需求量即使在价格变动时也保持稳定。

This example shows us how certain products, especially those tied to health and safety, maintain steady demand regardless of price changes. During our lessons, we will investigate different market scenarios, engage in role-plays, and analyse case studies to see how PED and PES come to life beyond the textbook.

这个例子告诉我们，某些产品，尤其是那些与健康和安全相关的产品，即使价格发生变化，需求也保持稳定。在课程中，我们将研究不同的市场情景，参与角色扮演，并分析案例研究，了解PED和PES如何在课本之外是如何实现的。

The concepts of Price Elasticity of Supply (PES) and Price Elasticity of Demand (PED) are invaluable tools for governments and suppliers. For policymakers, these elasticities provide a roadmap for anticipating the consequences of taxation, subsidies, and price controls. By gauging PED, a government can predict how a tax on cigarettes might decrease consumption, or conversely, how inelastic demand for essential medicines can result in minimal usage change despite price hikes.

供给价格弹性（PES）和需求价格弹性（PED）的概念对政府和供应商来说是宝贵的工具。对于政策制定者来说，这些弹性为预测税收、补贴和价格控制的后果提供了路线图。通过评估PED，政府可以预测对香烟征税可能会如何减少消费，或者反过来，对基本药物的需求缺乏弹性会如何导致尽管价格上涨，但使用量变化极小。

On the supply side, PES is a beacon for understanding how quickly producers can respond to market changes. For suppliers, mastering PED means grasping how pricing strategies can affect their sales volume. A deep understanding of demand elasticity helps suppliers set prices that maximise revenue without alienating customers.

在供应方面，PES是了解生产者如何快速响应市场变化的灯塔。对于供应商来说，掌握PED意味着理解定价策略如何影响销售量。深刻理解需求弹性有助于供应商设定最大化收入而不会吓到顾客的价格。

In essence, PES and PED are not just academic terms; they're the sinews and muscles that flex with every market pulse, guiding both governments and suppliers through the intricate dance of economic decision-making.

本质上，PES和PED不仅仅是学术术语；它们是随着市场脉搏跳动的筋骨和肌肉，在错综复杂的经济决策变化中为政府和供应商提供指标参考。

The students of Grade 10A class came up with a brilliant idea to test their knowledge of economics terms in a fun and interactive way. They organised a game called "Guess the Term," where teams had to describe a specific economics term within a limited time frame, and their teammates had to guess the term based on the description. The objective was to reinforce their understanding of key concepts and specialised vocabulary while having a great time.

十年级A班的同学们提出了一个绝妙的主意，以有趣和互动的方式测试他们对经济学术语的认识。他们组织了一个“术语猜猜猜”的游戏，团队在规定的时间内描述一个特定的经济学术语，然后队友根据描述猜出该术语。这个活动的目的是在娱乐的同时加强对关键概念和专业词汇的理解。

By participating in such interactive activities, our Grade 10A class is not only reinforcing their knowledge but also developing important skills such as critical thinking, problem-solving, and effective communication. These skills are fundamental in the field of economics and will benefit them in their future academic and professional endeavours.

通过参与这样的互动活动，十年级A班的同学不仅巩固了知识，还培养了重要的技能，如批判性思维、解决问题和有效沟通。这些技能是经济学领域的基础，这使他们在未来的学术和职业中受益。

The game was highly competitive, and the teams put their knowledge to the test. They used various strategies to describe the terms, including drawing diagrams, using analogies, and providing real-life examples. This not only helped them recall the definitions but also encouraged creative thinking and effective communication within the teams.

这个游戏竞争非常激烈，各小组对自己的知识进行了考验。他们使用了各种策略来描述这些术语，包括绘制图表、使用类比和提供实际例子。这不仅有助于他们回忆定义，还鼓励了团队内的创造性思维和有效沟通。

The students thoroughly enjoyed the game, and it provided them with a unique opportunity to apply their theoretical knowledge in a practical context. It also fostered teamwork, as the players had to collaborate and coordinate their efforts to successfully convey the meaning of the terms. The activity not only made learning economics more engaging but also strengthened their grasp of specialised vocabulary.

同学们非常享受这个游戏，这让他们能够在实际情境中应用所学的理论知识，还培养了团队合作精神。队友们必须相互协作和配合才能成功传达术语的含义。这个活动使学习经济学更加有趣，并且加强了他们对专业词汇的掌握。

After a pleasant vacation, our students have quickly adjusted and entered the next semester of learning. This week, we focused on government policies in macroeconomics.

经过一个愉快的假期，我们的学生们现在已经迅速调整状态，进入到了新学期的学习。本周我们学习了宏观经济学中的政府政策。

During our studies, we took the example of the tax reduction policy implemented in China after the COVID-19 pandemic, such as lowering personal income tax and corporate income tax rates. This would provide individuals and businesses with more disposable income. Individuals may choose to increase consumption, purchasing more goods and services, thereby stimulating economic growth. Meanwhile, businesses may utilise the tax reduction policy to increase investment and expand production scale, creating more employment opportunities.

学习中，我们以中国疫情（COVID-19）后采取的减税政策为例，比如降低个人所得税和企业所得税的税率。这将使个人和企业有更多可支配收入。个人可能会选择增加消费，购买更多商品和服务，从而刺激经济增长。同时，企业则可能会利用减税政策，增加投资和扩大生产规模，从而创造更多的就业机会。

However, tax reduction policies can also have an impact on fiscal conditions. By reducing tax revenue, the government may experience an increase in fiscal deficits, where government expenditure exceeds tax revenue. To address fiscal deficits, the government may need to take other measures such as increasing borrowing or reducing other expenditures. For instance, in October 2023, the government issued 1 trillion Yuan in national bonds, which were allocated to local governments through transfer payments. Students also recognised that when formulating economic policies, the government needs to balance conflicting objectives and strive to find a middle ground.

但减税政策还可能对财政状况产生影响。政府通过减少税收收入来实施减税政策，这可能会导致财政赤字的增加。财政赤字是指政府支出超过税收收入的情况。为了应对财政赤字，政府可能需要采取其他措施，如增加借款或削减其他支出。例如，2023年10月，政府增发的1万亿国债全部通过转移支付方式分配给地方政府。同学们也意识到，制定经济政策时，政府需要权衡不同目标之间的冲突，并努力找到一个平衡点。

To enhance the students' learning experience, we utilised the Fiscal Ship website. Students were required to choose three economic aims, considering economic conditions, social needs, environmental protections etc. They were encouraged to make flexible adjustments based on the circumstances to adapt to the ever-changing economic conditions and goals.

为了增强同学们的体验感，我们使用了Fiscal Ship网站。要求同学们在考虑经济状况、社会需求、保护环境等因素的基础上，选择三个经济目标。根据情况进行灵活调整，以适应不断变化的经济条件和目标。

The Grade 11 students have been diligently preparing for the NEC National Economics Challenge, utilising their winter break to get a head start on studying some of the advanced economic concepts typically covered in Grade 12. They displayed great initiative and motivation by taking the initiative to learn ahead of time and equip themselves with the necessary knowledge and skills to excel in the competition.

十一年级的同学们在积极备战全美经济挑战赛，他们利用寒假时间提前学习了十二年级的经济概念。他们表现出极大的主动性和积极性，提前学习并准备自己所需的知识和技能，以在比赛中取得优异成绩。

Upon returning to school, the students have been utilising their weekly CCA on Wednesdays to conduct in-depth research on various economic topics related to the competition. They have formed study groups, engaged in lively discussions, and collaborated on analysing case studies and solving complex economic problems. This collaborative and research-oriented approach has not only enhanced their understanding of economics but has also fostered teamwork and critical thinking skills.

回到学校后，同学们利用每周三的拓展课程（CCA）时间进行深入研究与比赛相关的各种经济主题。他们组成了学习小组，进行了热烈的讨论，并合作分析案例研究和解决复杂的经济问题。这种以合作和研究为导向的方法增强了他们对经济学的理解，培养了团队合作和批判性思维能力。

The Grade 11 students serve as excellent role models for their peers, demonstrating the importance of hard work, determination, and a proactive approach to academic pursuits. Their dedication to mastering economic principles and their commitment to continuous learning have set a high standard for all students to follow.

十一年级的同学们为其他同学树立了良好的榜样，展示了勤奋和积极主动的学习态度的重要性。

As the NEC National Economics Challenge approaches, we want to extend our best wishes to our Grade 11 students. We believe in their potential and are excited to see their achievements in the NEC National Economics Challenge!

随着全美经济挑战赛的临近，我们向十一年级的同学们致以最诚挚的祝福。我们对他们的能力充满信心，期待在全美经济挑战赛中见证他们的成就！