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/
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