2. What is Economics?

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

4. Syllabus in S4 Microeconomics

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

6. P Q 0 P* Q* SS DD 3. Market Mechanism ---Equilibrium

7. 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

8. 4.Production & Factors of production

9. 5.Forms of business ownership Private limited company Listed companies

10. 6.Input-output relationship 7.Expansion of firms 8.Market structure OligopoliesMonopoly

11. Syllabus in S5 Macroeconomics

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

13. Statistical data of HK’s economy in 2002-2003 1. Real GDP Growth rate = 2 % 2. Inflation rate = - 3 % 3. Unemployment rate = 7 %

14. 3.Money & banking

15. 4.Public Finance

16. 5.International Trade & Finance

17. Continue to study in S6 & S7 Major or minor in Economics in University or tertiary institutes

18. Basic Requirements: 1.Good at English 2.Good at Mathematics 3.Inquiring mind 4.Awareness of economic news

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