What is Economics?

It is a social science that studies the economic behaviour of people.

Syllabus in S4Syllabus in S4

MicroeconomicMicroeconomicss

1. Basic Concepts

2. Types of economies

Eg: scarcity

Eg: Free economy

Command economy

VSVS

(pocket money)

(Hong Kong)

(China)

P

Q0

P*

Q*

SS

DD

3. Market Mechanism---Equilibrium

Eg: Government Intervention:

Eg: minimum wage

(Filipino maids in HK get at least HK$ 3670 as required by law)

---Price control

---Tax , subsidy, quota

Eg: transport subsidy

4. Production & Factors of production

5. Forms of business ownership

Private limited company

Listed companies

6. Input-output relationship7. Expansion of firms

8. Market structure

Oligopolies Monopoly

Syllabus in S5Syllabus in S5

MacroeconomiMacroeconomicscs

1. National income accounting

Eg:GNP, economic growthEg:GNP, economic growth

2. Unemployment, Unemployment, inflation inflation

(deflation) & business (deflation) & business cyclescycles

Statistical data of HK’s economy in 2002-20031. Real GDP Growth ra

te = 2 %

2. Inflation rate = - 3 %

3. Unemployment rate = 7 %

3. Money & banking

4.4. Public FinancePublic Finance

5. International Trade & Finance

•Continue to study in S6 & S7

•Major or minor in Economics in University or tertiary institutes

Basic Requirements:1. Good at English

2. Good at Mathematics

3. Inquiring mind

4. Awareness of economic news

http://www.ywgs.edu.hk/~econ/