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S4 Economics Subject Structure
Cycle No.
Contents / Key Points
1 – 4
1.
Basic Economic Concept
-
Scarcity, choice and opportunity cost
-
The three basic economic problems
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Specialization and exchange
-
Positive and normative statements
5 – 13
2.
Production
-
Types / stages of production
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Types of goods and services produced
-
Division of labour
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Factors of production
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Production and costs in the short run and long run
-
Expansion and integration of firms
14 – 18
3.
Ownership of firms
-
Forms of ownership
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Shares and bonds as sources of capital
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The objectives of firms:
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Profit maximization and output determination
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Other objectives: market share, provision of non-profit
making services, corporate responsibility, etc.
19 – 24
4.
Market and Price
-
Law of demand
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Individual demand and market demand
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Individual supply and market supply
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Interaction between demand, supply and price
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Money price and relative price
-
Changes in demand and supply
-
Price elasticity of demand
-
Price elasticity of supply
-
Market intervention
Hitcount: 1059
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