Learning and Teaching Sequence for the SS Economics

Curriculum

Level Topics
S4 Basic Economic Concepts Economics as a social science
Scarcity, choice and opportunity cost
The three basic economic problems
Specialization and exchange
Positive and normative statements
Firms and Production Ownership of firms
Types/stages of production
Types of goods and services produced
Division of labour
Factors of production
Production and costs in the short run and long run
The objectives of firms
Market and Price Law of demand
Individual demand
Market demand
Individual supply
Market supply
Interaction between demand, supply and price
Consumer and producer surplus
Functions of prices
Price elasticity of demand
Price elasticity of supply
Market intervention
Competition and Market Structure Perfect competition and imperfect competition (monopolistic competition, oligopoly and monopoly)
F.5

 

Efficiency, Equity and the Role of Government Efficiency
Equity
Policy concerns
Measurement of Economic Performance National income
General price level as measured by Consumer Price Index and implicit price deflator of GDP
Unemployment and underemployment rates
Recent trends of national income, general price level and unemployment in Hong Kong
National Income Determination and Price Level Aggregate demand
Aggregate supply
The determination of level of output and price
Money and Banking Money
Banks: functions and services
Money supply
Money demand
Determination of interest rate in the money market
Hong Kong as a financial centre
Macroeconomic Problems and Policies Business cycles: a description of the short run fluctuations in real GDP around the long run trend
Inflation and deflation
Unemployment
Fiscal policy
Monetary policy
S6 International Trade and Finance Free trade and trade barriers
Brief introduction to the balance of payments account
Exchange rate
Elective Part: Extension of Trade Theory
Economic Growth and Development

Assessment

Component Outline Weighting Duration
Public examination Paper 1 (Multiple-choice questions) 30% 1 hour
Paper 2 (Conventional paper)
Part 1: Compulsory Part (Section A & B)
Part 2: Elective Part (Section C)
70% 2.5 hours

 

Life Wide Learning (S3)-Tasting Program
Topic
Basic concept   Policy address and Budget Analysis (Group Project)
Simple Demand and Supply
International Trade- Exchange rate
Main features of Hong Kong economy – A financial Centre