Learning and Teaching Sequence for the SS Economics




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)
S5 Efficiency, Equity and the Role of Government Efficiency
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
Fiscal policy
Monetary policy

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



Component Outline Weighting Duration
Public examination Paper 1 (multiple-choice questions) 25% 1 hour
Paper 2 (conventional paper)
Part 1: Compulsory Part
Part 2: Elective Part
60% 2 hours
School-based assessment (SBA)* Task-based assessment (news commentary or essay/report). 15%

* SBA will contribute to the final subject result as from 2014 and thereafter. See table below.

Year of examination Implementation of SBA
2012 and 2013 Public examination results constitute 100% of the final subject result.
2014 and thereafter SBA marks will contribute 15% to the final subject result.

Relationship between Economics and Pubic Affairs (S1 – 3) Syllabus and SS Economics Curriculum

Economics and Public Affairs (S3)

Economics (S4 – 6)



Economic structure of Hong Kong Measurement of Economic Performance
Economic Growth and Development
Gross Domestic Product
Main features of Hong Kong economy Basic Economic Concepts
The three basic economic problems
Property rights
The Government’s role in the economy Efficiency, Equity and the Role of Government
Types / Stages of production Firms and Production
Types of goods and services produced
Division of labour
Factors of production
Mobility of factors of production
Hong Kong Industries
Money Money and Banking
Hong Kong’s Trade International Trade and Finance
Invisible Earnings
Free trade and trade barriers
Hong Kong – A financial Centre
Hong Kong’s External Economic Relations Macroeconomic Problems and Policies