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

-          Specialization and exchange

-          Positive and normative statements

 

5 – 13

2.    Production

-          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

-          Expansion and integration of firms

 

14 – 18

3.   Ownership of firms

-          Forms of ownership

-          Shares and bonds as sources of capital

-          The objectives of firms:

-       Profit maximization and output determination

-       Other objectives: market share, provision of non-profit making services, corporate responsibility, etc.

 

19 – 24

4.    Market and Price

-          Law of demand

-          Individual demand and market demand

-          Individual supply and market supply

-          Interaction between demand, supply and price

-          Money price and relative price

-          Changes in demand and supply

-          Price elasticity of demand

-          Price elasticity of supply

-          Market intervention