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

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Presentation transcript:

What is Economics?

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

Syllabus in S4 Microeconomics

1.Basic Concepts 2.Types of economies Eg: scarcity Eg: Free economy Command economy VS (pocket money) (Hong Kong) (China)

P Q 0 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 relationship 7.Expansion of firms 8.Market structure OligopoliesMonopoly

Syllabus in S5 Macroeconomics

1.National income accounting Eg:GNP, economic growth Unemployment, inflation 2.Unemployment, inflation (deflation) & business cycles

Statistical data of HK’s economy in Real GDP Growth rate = 2 % 2. Inflation rate = - 3 % 3. Unemployment rate = 7 %

3.Money & banking

4.Public 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

/~econ/

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