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Economics

12 sections available

Basic Economic Concepts

Economics as a social science

Scarcity, choice and opportunity cost

The three basic problems

Competition and discrimination

Production and consumption

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

Market equilibrium

Interaction between demand, supply and price

Price elasticity of demand and supply

Market intervention

Competition and Market Structure

Perfect competition and imperfect competition (monopolistic competition, oligopoly and monopoly)

Efficiency, Equity and the Role of Government

Policy concerns

Measurement of Economic Performance

National income

General price level as measured by Consumer Price Index and implicit price deflator

Unemployment and unemployment rates

Recent trends of national income, general price level and unemployment in Hong Kong

National Income Determination and Price Level

Aggregate demand (AD)

Aggregate supply (AS)

The determination of level of output and price

Money and Banking

Banks: functions and services

Money creation and contraction

Money demand, money supply and interest rate determination

Hong Kong as a financial centre

Macroeconomic Problems and Policies

Inflation and deflation

Government budget

Business cycles: a description of the short run fluctuations in real GDP around the long run trend

Fiscal policy and Monetary policy

International Trade and Finance

Free trade and trade barriers

Brief introduction to the balance of payments account

Microeconomics Extension

Monopoly pricing & price discrimination

Anti‑competitive behaviours & competition policy

Macroeconomics Extension

Extension of trade theory

Economic growth & development

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