The aims of Economics curriculum are to enable students to

• develop an interest in exploring human behavior and social issues through an economic perspective;
• understand the world in which they live through mastery of basic economic knowledge;
• enhance their general intellectual capacity for life-long learning, through developing their capacities in economic analysis, so that they possess the skills necessary for reasoning about issues and making rational choices; and
• participate as informed and responsible citizens in the decision-making processes of a modern democratic society.

• Students will develop knowledge and understanding about:

  • economic terminology and concepts, as well as elementary economic theories;
  • basic economic problems faced by every individual and society, and alternative approaches to tackling these problems;
  • the considerations and forces underlying the economic decisions that need to be taken by individuals, firms, institutions and governments;
  • the interactions of different economic sectors; and
  • the Hong Kong economy and its relationship with the economies of other parts of the nation and the world.

• Students will develop skills to:

  • interpret economic information presented in verbal, numerical or graphical form;
  • apply their economic knowledge to a variety of problems and issues in a range of economic contexts;
  • analyse information through the use of economic concepts and theories;
  • evaluate information, arguments, proposals and policies from different economic perspectives and make informed judgements; and
  • communicate economic ideas and informed judgements, in a clear, logical and appropriate form.

• Students will develop values and attitudes so that they may:

  • participate as informed persons in the discussion of economic issues and decision making;
  • become active and responsible citizens and contribute to the well-being of the local community, the nation and the world.

Economics provides an interpretive framework for students to see the world in a more systematic way. This will equip learners with a range of tools of analysis through which they can comprehend realities better. With the addition of some normative issues in the curriculum, empathy, sensitivity and multi-perspective thinking of learners can be more readily enhanced. The preparation for future challenges can be more effectively achieved. The components, concepts and tools of analysis in this curriculum are outlined below :

• This curriculum comprises two parts. The Compulsory Part covers basic concepts and topics in microeconomics and macroeconomics. The Elective Part, which constitutes 10% of curriculum time, comprises two parts from which students choose one. The Elective Part includes elements that call for extended analysis and broader economic knowledge. It provides an opportunity for students to choose an area of study related to their aptitudes and interests.
• The senior secondary Economics curriculum incorporates microeconomic core concepts and skills for the analysis of choice, such as cost and value, production and consumption. Specialisation as the basis for trade is discussed. Marginal analysis is introduced in the topic on firms and production, although the treatment is very elementary. Price mechanism as one of the most important resource allocation mechanisms is introduced. Efficiency is then discussed so that students can have a more in-depth understanding of real-world issues with the help of the concepts of consumer and producer surplus. Equity, a concern that surfaces in many real-world issues, is then introduced through the discussion of income inequality. This concept is useful for the analysis of cases, social problems and controversies. The framework of analysing choice is central to the microeconomic topics of this curriculum, and how a social system influences human behaviour through the shaping of incentives is embedded in this framework.
• The performance of the economy has impact on the individual. This curriculum prepares students to understand the macroeconomy. To achieve this, elementary macroeconomic models and tools are introduced. For the analysis of aggregate economic performance, the AS-AD approach is adopted. Students can use this tool to study factors affecting short term economic fluctuations and the effects of government policy on the economy. Also, the Quantity Theory of Money is brought in to explain inflation. The inclusion of these explanatory tools enables students to analyse the macroeconomy more comprehensively. Finally, the theory of comparative advantage is introduced to explain gains from trade.
• As for the Elective Part, Part 1 extends students' understanding of the topic on monopoly by introducing more advanced analytical tools, and broadens students' knowledge about competition policy. Part 2 extends students' understanding of trade theory with the use of production possibilities frontier, and broadens their knowledge about economic growth.

• Integrating classroom learning and independent learning
  In the classroom, a teacher can provide many learning opportunities for each student. For the long term benefit of students, teachers should encourage students to become independent learners. Teachers can foster intrinsic motivation in students through a conscious effort to use authentic cases and observations to make economic explanations interesting. Teachers should design meaningful learning tasks in and outside the classroom. Schools could consider having more explicit guidelines on ways of minimising rote-learning and excessive competition among individual learners in the curriculum plans.
• Catering for learner diversity
  Students vary in their family, social, economic and cultural backgrounds, and have different talents and interests. The senior secondary Economics curriculum is designed in such a way that the basic concepts and tools of analysis are embedded in the Compulsory Part, whereas the Elective Part includes elements that call for extended analysis and broader economic knowledge.
• Building a learning community among the students
  The concept of a learning community should also be considered in curriculum planning. Students should be given tasks which involve collaboration through discussion and group problem-solving. The teacher should monitor and facilitate students' working by providing suitable guidance at the right time. A free flow of ideas and insights, with the teacher's input at times, generates a self-perpetuating learning cycle in a student learning community. Building up a learning community among students should be one of the planning targets for Economics teachers.
• Synchronisation of content elements with authentic learning opportunities
  Teachers can take advantage of social or public events that are directly related to the content covered in Economics. For instance, the government's announcement of the annual budget in February is related to the topic on taxation, and business opportunities for the public in bazaars in major public parks before the Lunar New Year involve concepts in the topics on business ownership and market structure. The matching of these opportunities with the timing of relevant content components will enhance student learning.
• Integrating learning with assessment
  Learning should be supported by assessment, and assessment tasks in a learner-controlled mode, such as writing a reflective journal, can be part of learning. Teachers should place more emphasis on the role of continuous and formative assessment in providing feedback to students for improvement.

• Use contexts which are meaningful to learners
  Learning will be more effective when students can connect the new ideas they are learning to daily life.
• Engage students' attention
  The higher the students' level of attention and the greater their degree of engagement in a lesson, the more effective student learning will be.
• Provide an appropriate challenge
  Learning tasks which provide an appropriate level of challenge are essential for focusing students' efforts.
• Build on students' prior knowledge and experience
  Students' motivation and understanding can be enhanced by connecting the learning tasks and their existing knowledge and experience.
• Provide opportunities for learners to generate new ideas or a new product as the result of learning
  In the process of generating new ideas and producing a new product, a learner uses his/her knowledge actively and learning takes place.
• Give timely feedback during the learning process
  Feedback helps a learner to make adjustments to improve his/her knowledge construction process.
• Consolidate new learning through debriefing and structured consolidation activities
  Many learners are unable to structure their new learning experiences immediately after a learning activity. Teachers, therefore, need to facilitate and demonstrate the process of structuring learning experiences in a systematic way. It is best if students are equipped with skills to construct their own lesson notes and consistently apply them in their learning.
• Provide opportunities to apply knowledge and skills to similar or novel contexts
  The application of knowledge to a new task helps to consolidate knowledge and skills. More importantly, this practice helps to strengthen learners' ability to transfer knowledge and skills to different but relevant contexts.
• Encourage a life-long learning disposition
  It is undesirable for teachers to foster students' heavy dependency on them, as they are helping their students to prepare for future challenges. In designing learning and teaching activities, the teacher should attempt to encourage creativity and develop higher-order thinking skills in students. Through successful learning experiences, students can be empowered. They will gradually develop a set of thinking and problem-solving skills which suit their strengths, as well as a more positive view on the value of effort and persistence. This process helps students to prepare for life-long learning.
• Promote students' capacity for self-directed learning
  The practice of reflection and conscious review of their thinking can increase learners' awareness and control of their thinking processes, and provide a firm basis for independent learning. Teachers can promote the development of self-directed learning through dialogue, reflection, thinking aloud and other similar strategies.
• Choose appropriate examples
  Economics studies human behaviour, and there are plenty of events, cases and issues which teachers can adopt to promote learning. It is important to choose examples that match students' experience and interest.