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What is Economics?

What is Economics?. It is a social science that studies the economic behaviour of people. Syllabus in S4. Microeconomics. 1. Basic Concepts. Eg: scarcity. (pocket money). 2. Types of economies. Eg: Free economy. (Hong Kong). VS. Command economy. (China). 3. Market Mechanism.

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What is Economics?

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  1. What is Economics?

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

  3. Syllabus in S4 Microeconomics

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

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

  6. Eg: Government Intervention: ---Price control Eg: minimum wage (Filipino maids in HK get at least HK$ 3670 as required by law) ---Tax , subsidy, quota Eg: transport subsidy

  7. 4. Production & Factors of production

  8. 5. Forms of business ownership Privatelimited company Listed companies

  9. 6. Input-output relationship 7. Expansion of firms 8. Market structure Oligopolies Monopoly

  10. Syllabus in S5 Macroeconomics

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

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

  13. 3. Money & banking

  14. 4. Public Finance

  15. 5. International Trade & Finance

  16. What can I do after S5? • Continue to study in S6 & S7 • Major or minor in Economics in University or tertiary institutes

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

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

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