What is Economics? It is a social science that studies the economic behaviour of people.
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Transcript of What is Economics? It is a social science that studies the economic behaviour of people.
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What is Economics?
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It is a social science that studies the economic behaviour of people.
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Syllabus in S4Syllabus in S4
MicroeconomicMicroeconomicss
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1. Basic Concepts
2. Types of economies
Eg: scarcity
Eg: Free economy
Command economy
VSVS
(pocket money)
(Hong Kong)
(China)
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P
Q0
P*
Q*
SS
DD
3. Market Mechanism---Equilibrium
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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
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4. Production & Factors of production
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5. Forms of business ownership
Private limited company
Listed companies
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6. Input-output relationship7. Expansion of firms
8. Market structure
Oligopolies Monopoly
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Syllabus in S5Syllabus in S5
MacroeconomiMacroeconomicscs
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1. National income accounting
Eg:GNP, economic growthEg:GNP, economic growth
2. Unemployment, Unemployment, inflation inflation
(deflation) & business (deflation) & business cyclescycles
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Statistical data of HK’s economy in 2002-20031. Real GDP Growth ra
te = 2 %
2. Inflation rate = - 3 %
3. Unemployment rate = 7 %
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3. Money & banking
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4.4. Public FinancePublic Finance
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5. International Trade & Finance
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•Continue to study in S6 & S7
•Major or minor in Economics in University or tertiary institutes
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Basic Requirements:1. Good at English
2. Good at Mathematics
3. Inquiring mind
4. Awareness of economic news
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http://www.ywgs.edu.hk/~econ/