Name: Frankie Ip
Subject: Economics for (F.4-F.7)
Objective: To prepare the public examinations in better (HKCEE and HKALE)
The syllabus covers:
The sources of economic problems: scarcity, unlimited wants and limited resources and free and economic goods
Choice and opportunity cost: economic decisions involving choices among alternatives and concept of cost in economics
How society tackles the basic economics problems: Traditional economy by society's customs and traditions
Individual demand: factors affecting individual demand, complements and substitutes, superior and inferior goods
Market demand: horizontal summation of individual demand curves, factors affecting market demand
Price elasticity of demand: arc elasticity
relationship between price
elasticity and total revenue and factors affecting price elasticity of demand