Demand, Supply, and PriceThis is the heart of the microeconomics syllabus. Past paper questions frequently test:The law of demand and supply.Changes in demand vs. changes in quantity demanded.Market equilibrium and the effects of price floors and ceilings.Point and arc elasticity of demand and supply.
Production and the FirmHKCEE often emphasized the practical side of business structures. Key topics include:Types of ownership: Sole proprietorships, partnerships, and corporations.The law of diminishing marginal returns.Economies and diseconomies of scale.Division of labor and its impact on productivity. hkcee econ past paper by topic
Fundamental Concepts and Basic ProblemsThis section covers the "building blocks" of the subject. When practicing these papers, focus on:Scarcity, choice, and opportunity cost.The three basic economic problems (What, How, and For whom).The distinction between free goods and economic goods.The circular flow of income in a simple economy. Demand, Supply, and PriceThis is the heart of