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Contents Page Preamble Chapter 1 Introduction……………………………………………………..…1 Chapter 2 Curriculum Framework……………………………………………4 Chapter 3 Curriculum Planning……………………………………………..20 Chapter 4 Learning and Teaching…………………………………………...27 Chapter 5 Assessment………………………………………….……………29 Chapter 6 Effective Use of Learning and Teaching Resources……………..32 Chapter 7 Supporting Measures……………………………..………………33

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Preamble

The Curriculum Development Council (CDC)-Hong Kong Examinations and Assessment Authority (HKEAA) Committees (Senior Secondary) of various subjects have been set up jointly by the CDC and the HKEAA Council to develop the Curriculum and Assessment Guides (C&A Guides) for the new 3-year senior secondary academic structure in Hong Kong. During the first stage of consultation on the new academic structure between October 2004 and January 2005, the document Reforming the Academic Structure for Senior Secondary Education and Higher Education - Actions for Investing in the Future (Education and Manpower Bureau, 2004) was published to seek stakeholders’ views on the design blueprint of the structure, the timetable for implementation and financial arrangements. An accompanying document, Proposed Core and Elective Subject Frameworks for the New Senior Secondary Curriculum, was also produced to solicit views and feedback from schools on the initial curriculum and assessment design of individual subjects to inform the development of the C&A Guides.

The report New Academic Structure for Senior Secondary Education and Higher Education – Action Plan for Investing in the Future of Hong Kong (Education and Manpower Bureau, 2005), an outcome of the first stage of consultation, has just been published to chart the way forward for implementing the new academic structure and to set further directions for the second stage of consultation on curriculum and assessment as part of the interactive and multiple-stage process of developing the C&A Guides. In addition, taking into consideration the feedback collected through various means including the returned questionnaires from key learning area coordinators/panel heads during the first stage of consultation, the curriculum and assessment frameworks of subjects have been revised and elaborated. We would like to solicit further views on the frameworks from stakeholders, in particular the school sector.

To understand the position of each subject in the new academic structure, readers are encouraged to refer to the report. Comments and suggestions on the Proposed New Senior Secondary Economics Curriculum and Assessment Framework are welcome and could be sent to:

Chief Curriculum Development Officer (Personal, Social & Humanities Education) 13/F, Wu Chung House 213 Queen’s Road East, Hong Kong Fax: 2573 5299 E-mail: ccdopshe@emb.gov.hk

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Chapter 1 Introduction

Economics is one of the six elective subjects of the PSHE KLA in the senior secondary curriculum. The study of Economics helps students to understand the human world through enquiring into how resources are used to serve individuals and society. It also contributes to the development of critical thinking and decision making skills, which are crucial for the all-round development of students and in particular, their development as life-long learners and responsible citizens.

At present, the subject is offered at both S4-5 and sixth form levels. Under the new senior secondary academic structure, the curriculum of Economics is designed to be a 3-year elective course for all senior secondary students interested in the subject. The revised S4-5 Economics Curriculum implemented in September 2003 is the basis of the design of the new curriculum, with reorganisation of content, broadening of coverage and increase of required depth.

Rationale 1.1 Economics helps students understand the principles and forces that affect people in their everyday life, in particular, their roles as consumers and producers. The perspective it provides is also important for students to gain a more comprehensive understanding of contemporary issues facing our society and the country, as well as of the interdependence among regions and countries. As the Hong Kong economy is undergoing rapid changes, establishing closer links with the mainland and striving to remain competitive in the world economy, the study of Economics is highly relevant and applicable to real-life situations.

1.2 The study of Economics helps students to develop essential skills for ‘Learning to Learn’. The analytical approach of Economics enables students to learn to think logically. As students learn to apply theories and concepts to real world issues, their problem solving skills and critical thinking skills are enhanced. These skills are crucial for them to become life-long learners in a variety of fields of study, and to prepare themselves to live in a knowledge-based society. Students of Economics will also learn to master a variety of tools and skills for effective communication of economic ideas and discussion of economic issues.

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1.3 The Economics curriculum in Hong Kong secondary education has a strong tradition in positive economics, which emphasises its objective and scientific nature. The proposed curriculum also encourages students to formulate and explore normative questions. As a study that places prominence on the making of choices, economics has much to contribute to the enquiry of issues that involve values and preferences. When students investigate controversial issues, they will learn to draw conclusions based on logical analysis, and at the same time be made aware of the value judgments underlying the choices they make. Such analytical power and awareness are essential for making reasoned choices, as well as to develop intellectual capacity in general.

1.4 By helping students acquire basic economic knowledge and skills and develop awareness of different values, the curriculum will help students to make rational economic choices both for their own lives and with regard to social and public decisions as responsible citizens in various dimensions. The curriculum will also help to develop in students a concern for the well being of the family, society, the nation and the world.

1.5 Students’ prior learning experience in the PSHE KLA at junior secondary level should have equipped them with a preliminary understanding of certain economic ideas and a general impression about the Hong Kong economy. They should also have acquired some investigative skills through project learning in different humanities studies. The junior secondary curriculum should also have equipped students with basic communicative and numeracy skills necessary for the study of the subject. The study of Economics at senior secondary level will build upon these prior learning experiences and encompass a more specialised body of knowledge and skills.

1.6 The knowledge and skills of the curriculum help foster the intellectual power of students in general, and develop economic perspectives that will benefit their further studies in a variety of social sciences, including economics, sociology, public and social administration, geography and others. It also prepares students for future training and careers in a range of areas, such as banking, finance, commerce, industry, law and the environmental field.

Curriculum Aims 1.7 The aims of the NSS Economics Curriculum are to enable students to:

(a) develop interest in exploring human behaviour and social issues through an economic perspective;

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(b) understand the world in which they live through mastery of basic economic knowledge;

(c) enhance 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

(d) participate as informed and responsible citizens in the decision-making processes of a modern democratic society.

Curriculum Objectives 1.8 Students will develop knowledge and understanding about:

(a) economic terminology and concepts, as well as elementary economic theories;

(b) basic economic problems faced by every individual and society, and alternative approaches to tackle these problems;

(c) the considerations and forces that underlie the economic decisions that need to be taken by individuals, firms, institutions and governments;

(d) the interactions of different economic sectors; and

(e) the Hong Kong economy and its relationship with the economies of other parts of the nation and the world.

1.9 Students will develop skills to

(a) interpret economic information presented in verbal, numerical or graphical form;

(b) apply their economic knowledge to a variety of problems and issues in a range of economic contexts;

(c) analyse information through the use of economic concepts and theories;

(d) evaluate information, arguments, proposals and policies from different economic perspectives and make informed judgements; and

(e) communicate economic ideas and informed judgements in a clear, logical and appropriate form.

1.10 Students will develop values and attitudes so that they may

(a) participate as informed persons in the discussion of economic issues and decision making; and

(b) become active and responsible citizens and contribute to the well-being of the local community, the nation and the world.

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Chapter 2 Curriculum Framework

The new senior secondary Economics curriculum is developed on the basis of the revised S4-S5 Economics Curriculum implemented in September 2003, with a suitable restructuring of topics, broadening of coverage and addition of required depth.

Design of the Second Draft of the NSS Economics Curriculum 2.1 The principles of design for the second draft are outlined below. Feedback received from the first consultation has been considered with regard to the content and related components. Principles considered when preparing the second draft: (a) The principles of curriculum reform since 2000 will form the basis of the design. The

principle of “Learning to learn” and a constructivist approach to learning will be the key reference in professional discourse among One Committee members, school teachers and relevant stakeholders.

(b) The NSS Economics Curriculum will help students to equip themselves with powerful

concepts, theories and paradigm of Economics so that they can comprehend the world around them better, to make informed decisions and to participate more effectively as responsible citizens.

(c) Maximising opportunities for students to construct knowledge actively will be one of

the principles of design. Hence the choice of concepts and theories to the curriculum will have to fulfill the criterion that these elements will help students to explain social phenomena and human behaviour more effectively. These elements should help students to make connection with their social world. Enhanced meaningfulness would sustain motivation. Rote-learning and regurgitation of disconnected information would not be encouraged.

(d) The aspirations, abilities and diversity of students will be considered when choices of

curriculum elements are made. The premise is that every student can learn. The creation of enabling conditions for these young learners in Economics classrooms will need the wisdom and commitment of teachers. The incorporation of challenging tasks in a supportive context requires long term curriculum and teacher development. The

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NSS Economics curriculum would help teachers in this light. The introduction of School-based Assessment and Standards-referenced Assessment and the future design of learning and teaching activities are some of the enabling means.

(e) The NSS Economics curriculum is based on the existing S4-5 curriculum. With

extended learning time for the NSS education, a more coherent curriculum can be formulated. More key organising concepts/theories are now introduced. Some of the examples are the AS/AD approach, the concept of margin in decision making, the function of price, and the concept of equity and efficiency. On the other hand, elements that most teachers considered as low-priority, trivial or of low feasibility can be discarded or reorganised.

(f) To cater for greater diversity and more theory-applied elements in the curriculum, an

elective component is introduced. This would release more learning-teaching time for more in-depth treatment and incorporation of SBA in classrooms.

(g) Normative aspects of social issues will now be part of the curriculum. This would help

students to see and analyze controversial issues from multiple perspectives and be more sensitive and empathetic to other people.

(h) School-based assessment should help steer learning to learn and the cultivation of

generic skills. However, a system level requirement for SBA is new to the Economics teachers. Time for experimentation, development and dissemination is needed. The design of SBA would take an incremental and pragmatic schedule at the beginning phase of the introduction of the NSS Economics such that teachers would have more room for integrating assessment with learning. With the development of valid, reliable and field tested processes and criteria, the long term goal of assessment as part and parcel of learning would be realised through paradigm-shifted and pedagogically transformed teachers.

(i) The development of Standards Referenced Assessment (SRA) criteria and rubrics

would be the next stage for curriculum development. Expected learning outcomes and generic skills will be more clearly communicated to stakeholders. Hence, teacher participation in SRA development will be further encouraged.

(j) The design of the NSS Economics curriculum also makes room for its self-renewal.

A curriculum is always evolving. The discipline’s knowledge frontier advances. Societal demands changes. Classroom and students changes. The NSS Economics

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curriculum opens up more avenue and mechanism for development in learning and teaching activities, SBA etc. More importantly, more systematic teacher collaboration and sharing of good practices will be implemented. These would ensure a more responsive curriculum development. Improved cross-school sharing on pedagogical concerns would generate constructive and professional ideas on curriculum renewal.

2.2 The curriculum comprises two parts. The Compulsory Part is on basic concepts and topics in microeconomics and macroeconomics. They form the core of study for NSS Economics. The tools of economic analysis and discipline knowledge included are considered to be essential for students to better understand the world around them and prepare them to meet their future challenges. The Elective Part comprises two elective modules. Students have to choose one. The electives are designed with elements of extended analysis and broadening of economic knowledge. These elective modules allow for greater flexibility for students to choose areas of extended and enriched studies so that their aptitude, interest and diversity can be better accommodated. The weighting of an elective is about 10-12% in terms of study time. A total of approximately 270 hours of lesson time is suggested for the curriculum over the three years of senior secondary education. The modules and suggested time allocation for each part are listed in the tables below.

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Compulsory Part

Topic Key Points A

Basic Economic Concepts

Scarcity, choice and opportunity cost (i) The source of economic problems: scarcity

Unlimited wants and limited resources Free and economic goods

(ii) Choice and opportunity cost Economic decisions involving choices among

alternatives Concept of cost in economics

The three basic economic problems

(i) What to produce? How to produce? For whom to produce? (ii) How society tackles the basic economic problems

- By society's customs and traditions - By government decisions - By the market mechanism

(N.B. Illustrations by examples only. All theories on types of economic systems NOT required)

(iii) Private property rights and its importance in a market economy

Specialisation and exchange

- Exchange as a condition for specialisation (N.B. Illustration by production-possibilities frontier NOT required)

Circular flow of economic activities (i) Consumption and production (ii) The relationship among production, income and expenditure

Positive and normative statements - Distinction between positive statements from normative statements

B Production and Firms

Production and firm (i) Meaning (ii) Definition of ‘firm’ as a unit that makes decisions

regarding the employment of factors of production and the production of goods and services

Business Ownership

(i) Forms of ownership Public ownership Private ownership: sole proprietorship, partnership

and limited company (ii) Limited and unlimited liability (iii) Shares and bonds as sources of capital

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Types/stages of production - Primary, secondary and tertiary production and their inter-relationship

Types of goods and services produced (i) Goods and services (ii) Producer and consumer goods (iii) Private and public goods

Division of labour (i) Types: simple, complex and regional (ii) Advantages and disadvantages (iii) Limitations

Factors of production (i) Human resources

Labour: supply, productivity, mobility and different methods of wage payments Entrepreneurship: risk-bearing and decision-making

(ii) Natural resources Land: supply

(iii) Man-made resources Capital: accumulation and depreciation

(iv) The features of (i) to (iii) in Hong Kong

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Production and costs in the short run and long run (i) Definition of short-run and long-run

- In terms of fixed and variable factors of production. (ii) Law of diminishing returns

- Illustration by total product, average product and marginal product schedules only.

(iii) Cost of production Fixed and variable costs Total, marginal and average cost of production with

numerical examples (N.B. General relationship between total, marginal and average cost curves NOT required. Relationship between short run and long run cost curves NOT required.)

(iv) Economies and diseconomies of scale Economies of scale: technical, managerial, financial,

marketing, risk diversification, and research and development (N.B. Sources of technical economies of scale NOT required)

Diseconomies of scale: managerial, financial and marketing

(N.B. Economies and diseconomies of scale illustrated by average cost only)

(v) Expansion and integration of firms Types: vertical, horizontal, lateral and conglomerate Motives

The objectives of firms:

(i) Profit maximisation with given price and marginal cost schedule Meaning of profit as the difference between total

revenue and total cost Profit-maximising choice of output for individual

firms with given prices and marginal cost schedule The marginal cost schedule as the supply schedule of

individual firms (N.B. Long run supply NOT required)

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

C Market and Price

Individual demand (i) Factors affecting individual demand (ii) Complements and substitutes, superior and inferior goods

(N.B. Giffen goods NOT required) (iii) Individual demand schedule and importance of the ceteris

paribus assumption (iv) Difference between change in quantity demanded and change

in demand

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Market demand (i) Horizontal summation of individual demand curves (ii) Factors affecting market demand

Individual supply (i) Factors affecting individual supply (ii) Individual supply schedule and importance of the ceteris

paribus assumption (iii) Difference between change in quantity supplied and change

in supply

Market supply (i) Horizontal summation of individual supply curves (ii) Factors affecting market supply

Interaction between demand, supply and price (i) Definition of equilibrium: no tendency to change (ii) Equilibrium price and quantity (iii) Effects of change in demand and/or change in supply on

equilibrium price and quantity

Consumer and producer surplus (i) Marginal benefit to consumers, maximum willingness to pay,

consumer surplus, demand curve and their relationship. (ii) Marginal cost of firms, minimum supply-price, producer

surplus, supply curve and their relationship. (iii) Illustrate consumer surplus and producer surplus in a

demand-supply diagram. (N.B. Concepts of utility, marginal rate of substitution, and indifference curves NOT required.)

Price elasticity of demand (i) Arc elasticity

(N.B. Point elasticity, cross elasticity and income elasticity NOT required)

(ii) Relationship between price elasticity and total revenue (iii) Factors affecting price elasticity of demand

Price elasticity of supply (i) Arc elasticity

(N.B. Point elasticity and cross elasticity NOT required) (ii) Factors affecting price elasticity of supply

Market intervention (i) Price intervention: price ceiling and price floor (ii) Quantity intervention: quota

- Illustration of quota by a kinked supply curve (iii) Unit tax and unit subsidy

- Determination of the share of the tax burden/subsidy between producers and consumers

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(N.B. Graphical illustration of price ceiling, price floor, quota, unit tax and unit subsidy and their impact on price and quantity)

D Competition and Market Structure

Perfect competition and imperfect competition (monopolistic competition, oligopoly and monopoly) (i) Definition of market (ii) General features

- Number of sellers - Number of buyers - Nature of product - Ease of entry - Availability of information

(iii) Sources of monopoly power (N.B. The four different forms of market structure are theoretical constructs. Actual examples may only be approximations of the above constructs. General analysis with marginal revenue and marginal cost curves NOT required.)

E Efficiency, Equity and the Role of Government

Functions of prices (i) Rationing function: existing supplies are distributed to

users with highest value. (ii) Allocative function:

Operation of a competitive market: demand is derived from marginal benefit, and supply is derived from marginal cost, and then price and allocation are determined.

Long run adjustments: economic profit and loss, entry and exit of firms, and change in supply

(N.B. Graphical analysis NOT required)

Conditions for economic efficiency (i) Marginal benefit equals marginal cost. (ii) Overproduction, underproduction, and deadweight loss. (iii) Obstacles to efficiency: price ceiling, price floors, taxes,

subsidies and quota (iv) Divergence between private and social costs (benefits):

market versus government solutions, illustrated by examples ONLY

(N.B. Graphical analysis with illustration of consumer surplus

and producer surplus in a demand-supply diagram)

Equity and income inequality (i) Different ideas of fairness: basing on results or basing on

processes. (ii) Discussion of the free market economy in terms of

efficiency and equity; trade off between efficiency and fairness.

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(iii) Measuring inequality: income distribution, Lorenz curve, Gini index and income ratios.

(iv) Sources of income inequality: human capital (e.g. skill differentials), discrimination and unequal ownership of capital etc.

(v) Effect of government policies on income inequalities.

F Measurement of Economic Performance

National income (i) National income as a general term for aggregates like Gross

Domestic Product (GDP) and Gross National Product (GNP)

(ii) Gross Domestic Product (GDP) The three approaches to measure GDP: production

approach (value-added approach), income approach, expenditure approach (N.B. Components of GDP compiled under the income approach NOT required)

GDP at current and constant market prices GDP at factor cost GDP per capita; growth rate of GDP

(N.B. Other measures related to GDP NOT required.) (iii) GNP as GDP plus net income from abroad

(N.B. Other measures related to GNP NOT required.) (iv) Uses and limitations of national income statistics as an

indicator of economic welfare and for international comparison

Measurement of the general price level by Consumer Price Index

and implicit price deflator of GDP (N.B. Construction of CPI and implicit price deflator of GDP NOT required)

Unemployment rate as measured in terms of the percentage of unemployed persons in the labour force

Recent trends of national income, general price level and unemployment in Hong Kong

G National Income Determination and Price Level

Aggregate demand (i) Reasons for a downward sloping AD curve (ii) Determinants of aggregate demand:

Private consumption expenditure, which in turn depends on disposable income, the desire to save, wealth (value of financial assets), etc.

Investment expenditure, which in turn depends on business prospect, interest rate, etc.

Government expenditure Net exports, which in turn depends on the economic

conditions of trading partners, exchange rate, etc.

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(N.B. Derivation of the AD curve and magnitude of the shift in the AD curve NOT required.)

Aggregate supply (i) Distinction between short-run AS and long-run AS (ii) Upward sloping short-run AS curve (iii) Vertical long-run AS curve (iv) Factor endowments (labour, capital, land) and technological

changes affecting the AS curve (N.B. Explanation by the Philips curve NOT required. Magnitude of the shift of the AS curve NOT required)

The determination of level of output, prices and employment (i) Determination of the equilibrium level of output and price

level in the AS-AD model (N.B. Quantity Theory of Money NOT required)

(ii) Changes in the equilibrium level of output and price level caused by change(s) in the AD and/or AS

(iii) Relationship between employment and output level (N.B. Interest rate is treated as exogenously determined)

H Money and Banking

Nature and functions of money (i) Definition of money (ii) Different forms of money

- commodity money - paper money: convertible and non-convertible - deposit money

Banks: functions and services (i) Commercial banks and central bank (ii) Licensed banks and deposit-taking companies in Hong Kong (iii) How central banking functions are performed in Hong Kong

Money supply (i) Definitions of money supply in Hong Kong (ii) Credit creation and the banking multiplier

Money demand (i) Meaning of transactions demand for money and asset demand

for money (ii) Money demand as a function of nominal interest rate and

income

Determination of interest rate in the money market - Interaction of money supply and money demand (N.B. Money supply is treated as exogenously determined)

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Hong Kong as a financial centre (i) Factors contributing to its development as a financial centre (ii) Effects on the Hong Kong economy

I Macroeconomic Problems and Policies

Business cycles: a description of the short-run fluctuations in real GDP around the long-run trend (N.B. Theories of business cycles NOT required)

Inflation and deflation (i) Definitions of inflation and deflation (ii) Measurement by Consumer Price Index and implicit price

deflator of GDP (iii) Redistributive effects

(N.B. Construction of CPI and implicit price deflator of GDP NOT required)

Unemployment (i) Meaning of unemployment (ii) Meaning of underemployment (iii) Cost of unemployment (N.B. Phillips curve NOT required.)

Government budget (i) Definition of budget; surplus budget, deficit budget and

balanced budget (ii) Source of government revenue in HK

Direct tax Indirect tax Other revenue

(iii) Taxation Principles Classification Effects of taxation on individuals and firms

(iv) Public expenditure As a proportion of GDP and its trend By function and its trend Socio-economic implications of such trends

(v) Major proposals in the current budget speech

Fiscal policy (i) Meaning of fiscal policy (ii) Effect of fiscal policy on the AD and AS curves in affecting

the level of output and employment

Monetary policy (i) Meaning of monetary policy, (ii) Effect of monetary policy on the AD and AS curves in

affecting the level of output and employment

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Fiscal and monetary policy in Hong Kong

J International Trade and Finance

Trade: Principle of Comparative Advantage (i) Absolute advantage; comparative advantage and gains from

trade (ii) Using the pattern of trade in Hong Kong to illustrate the

principle of comparative advantage (iii) Importance of trade to Hong Kong's economy (iv) Trade barriers faced by Hong Kong and attempts to overcome

them Trade promotion Role of the HKSAR Government Role of international economic institutions (e.g. World

Trade Organisation)

Brief introduction to the balance of payments account: Current account

- Main components of the current account: goods, services, income and current transfers

(N.B. Sub-classification of these components NOT required)

Capital and financial account (N.B. Sub-classification of this account NOT required)

Exchange rate (i) Meaning of exchange rate

(N.B. Graphical analysis NOT required) (ii) Effect of a change in the exchange rate on import price and

export price (iii) Brief introduction to the linked exchange rate system in Hong

Kong (N.B. Mechanism of maintaining the linked exchange rate NOT required)

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Elective Part Elective 1 Topic Key Points Monopoly pricing

(i) Simple monopoly pricing: Determination of price and output Efficiency implications

(N.B. Graphical and numerical illustration with given demand, marginal revenue and marginal cost curves)

(ii) Other pricing strategies Price discrimination

- Meaning and conditions - First, second and third degree price discrimination Tie-in sales

- Meaning - Motives: as a method of price discrimination, with

dispersion of willingness to pay, cost savings (N.B. Price and output determination of ‘other pricing strategies’ NOT required)

Anti-competitive behaviours and competition policy

(i) Major forms of anti-competitive practices: Horizontal agreements among competitors:

agreements on prices, agreements to restrict output, market division and agreements to restrict advertising

Vertical agreements between buyers and sellers Mergers: horizontal mergers, vertical mergers and

potential competition mergers (ii) The impact of anti-competitive practices on price,

consumer surplus and producer surplus illustrated in a demand-supply diagram.

(iii) Justifications for competition policy

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Elective 2 Topic Key Points Extension of trade theory

(i) Illustration of comparative costs and consumption opportunities (after specialisation and trade) with the aid of production possibilities frontier

(ii) Comparative advantage and globalisation

Economic growth and development

(i) Measurement of economic growth and development - Changes in real GDP, per capita real GDP and human development index

(ii) Factors affecting growth rate of an economy Inputs: physical capital, human capital, natural

resources, technological change Policies: saving and investment, foreign direct

investment, trade, education, population, property rights, research and development

(N.B. The analytical framework of aggregate production function and the theories and models of economic growth NOT required.)

(iii) The desirability and costs of economic growth Current versus future consumption Growth, living standard and income distribution Resources exhaustion, pollution and sustainable

development (iv) International/regional comparison

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Suggested Time Allocation Topic Hours

A Basic Economic Concepts 12 B Production and Firms 30 C Market and Price 40 D Competition and Market Structure 12 E Efficiency, Equity and the Role of Government 30 F Measurement of Economic Performance 18 G National Income Determination and Price Level 31 H Money and Banking 24 I Macroeconomic Problems and Policies 24

Com

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ory

Pa

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J International Trade and Finance 22

Ele

ctiv

e Pa

rt

Elective 1: Monopoly Pricing/ Anti-competitive Behaviours and Competition Policy; OR

Elective 2: Extension of Trade Theory/ Economic Growth and Development

27

Total 270 * The time allotted to each topic/elective has already included time allowances for SBA tasks to be conducted in a class setting or its equivalent.

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Organising the NSS Economics Curriculum 2.3 The NSS Economics Curriculum incorporates microeconomic core concepts and skills for the analysis of choice – e.g. cost and marginal analysis, production and consumption. Price mechanism is then introduced to let students understand one of the most important resource allocation mechanisms. Efficiency is then discussed so that students can have a more in-depth understanding of real world issues. Equity, a concern that would surface in many real world issues is then introduced and let it ‘immerse’ in analysis of cases and social problems/controversies. 2.4 For the analysis of aggregate economic variables in macroeconomics, it was decided that the AD/AS approach is adopted so that an elementary modeling tool is available to students to understand the economy better. They can see factors affecting short-term economic fluctuations. They can study long-run growth factors in one of the electives. They will study international trade and grasp the importance of comparative advantage in explaining welfare effects of trade and impact of globalisation. 2.5 The provision of electives aims at providing choices for students so that their aptitude and interests can be better met. One is on extension of analysis of monopoly and a broadening of knowledge in relationship to competitive policy. The other is on extension of trade theory using production possibility frontier and economic growth.

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Chapter 3 Curriculum Planning Planning the Curriculum 3.1 Economics, as one of the elective subjects in NSS, should be viewed as one of the curriculum elements working with a synergic and collaborative stance with other teaching and learning endeavors in school. It should be the joint effort of the whole school to provide a rich and enlightening learning environment to all students. With the conceptualisation of learning to learn in the education reform and the emphases in knowledge construction, the implication is for schools to build a curriculum framework that will encourage cross subject collaboration and reduce compartmentalisation. Economics is a discipline that has always been providing powerful tools of analysis and perspectives to learners. The fact that these tools extend its applications to political science, law, environment, and sociology etc. in the academic field is strong evidence for the efficacy of Economics to work collaboratively with other disciplines in school. In this light, Economics teachers’ participation will certainly bring expertise, tools of analysis and different perspectives in the development of the whole-school curriculum. Collaboration with Liberal Studies, other humanities or science/technology subjects etc. can now take a more systematic manner for the betterment of student learning. 3.2 To plan the implementation of the NSS Economics, a stock-take of strengths and good/effective practices in the subject panel, matching with students’ characteristics and needs would be appropriate. An overview of the key organising concepts and skills in their appropriate sequence will have to be made so that a scheme of work can be devised. In the process, every effort should be made to solicit/identify/design relevant examples/cases to support concept learning. Pedagogical considerations follow so that learning/teaching design can be worked out. Teacher’s expertise, sources from teacher networks, Curriculum Development Institute, academics, Internet and publications etc. will provide inspirations to teachers in the planning of units and lessons. 3.3 On implementation, one of the most important considerations is the generation and use of information during and after the process of learning. Students’ change in attitude, motivation and state of acquisition of knowledge and skills should be actively and consciously monitored by teachers. Interpretation by teachers on whether learning is on track should be scrutinised by objective standards such as those proposed in SRA. Areas which might need improvement or investigation can be identified and action plans could follow. Strategy like in-house action research may help panel members to systematically address frustrations and concerns on the effectiveness of teaching. Collaboration with colleagues in

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moving towards better learning/teaching would bring fresh viewpoints or alternative approaches. Hence a system-level routine of information collection, collation, interpretation and analysis is a necessary condition of self-improvements in teaching and expertise development. In the process, ‘what works’ and ‘does not work’ in the unique setting of the school and student groups can become codified organisational knowledge. Progression of Study 3.4 Implementation of a curriculum is always a matter of optimising student learning under given constraints. In general, well established principles like ‘from concrete to abstract’, ‘from ‘simple to complex’ etc. would certainly help. However, more importantly, for learning to happen, student engagement is crucial. In this aspect, concepts like connectedness, meaningfulness etc. are in the bag of trade of a professional teacher. In Economics, authentic situations and cases are always accessible for teachers to help students build links between Economic concepts and real world phenomena. Yet, the design of the level of challenge for students, which is the province of the teacher, is one that teacher’s expertise can bring forth powerful learning experiences among students. The challenge should be ‘optimal’ to students such that the learner’s sense of achievement should be significant after exertion of effort. For this, other than Economics content/skills and pedagogical knowledge, teachers’ understanding of their students is a necessary condition for an effective design. 3.5 In designing the curriculum in Economics for NSS, the assumption taken is that SS1 students’ participation and exposure to macroeconomics variables and event is very limited comparing to their daily involvements in making choices and taking up their role as consumers. Hence it is recommended that Economics concepts like cost, choices, production, firm and prices will be introduced at the beginning of the course. Macroeconomics can be introduced at around SS2. GDP measurement and AS/AD analysis would be the focus. Then, more analytical micro-topics like efficiency can be treated. Hence in the later phase of SS2, students would be quite well equipped with essential tools for analyzing cases and phenomena reported in the news. For comparative advantage and other topics on trade, they can be introduced either at late SS1, late SS2 or beginning of SS3, depending on the readiness of students and school scheduling considerations. As for the elective module, it should be introduced in SS3 since prior learning in relevant topics should be completed. 3.6 The following considerations would help teachers while organising the curriculum content: (a) The NSS Economics has a compulsory part and an elective part. The electives have

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components which are extensions of previously learned elements. There are also elements that serve as broadening of economic knowledge. Hence it is recommended that the chosen elective module should be implemented in SS3.

(b) In sequencing the core part, it is suggested that elementary concepts should be

introduced in SS1. There are ample real world examples for inductive/interactive designs utilising concrete examples for development of essential concepts. These would also help alleviate the skepticism from students that Economics is too abstract or too ‘remote’ to their life experiences. Teachers have to make allowance to familiarise students with the nature and significance of economics knowledge to their future in the beginning of SS1. This would be helpful for them to make their choices in 2Xs/3Xs in SS2, if they are taking more than 3Xs in SS1. At this stage, students should be given adequate sampling of important concepts and stimulating learning experiences so that they are well-informed before they decide on their choice of subject-mix before the commencement of SS2.

(c) As for the more abstract and powerful tools for economic analysis like

supply-demand/AS-AD and the like, teachers’ judgment is crucial. For more academically inclined and relatively more homogenous groups, introduction at late-S1/early-S2 may help these students grasp these powerful tools earlier so that they can explain events around them better and bolstering their incentive to pursuit more in this discipline. For more diverse student groups (in terms of motivation or cognitive readiness), may be the strategy is focused on the design of authentic learning experiences so that their engagement can be significant and sustainable. This consideration may require prudent integration of content knowledge, generic skills and meaningful learning contexts incorporated in an innovative teaching/learning design and implemented at a time compatible with student readiness and aspiration. To address the tendency for ‘weaker’ students to lag further and further behind over the course of three years of study, active steps should be taken to implement more cooperative/collaborative modes of learning in class and through more positive enhancers in SBA tasks. Frequent and systematic communication among teachers and students should be formalised as far as possible.

(d) Learning should be supported by assessment, or assessment (through learner controlled

mode like reflective journals) should be part of learning. NSS Economics stresses the pivotal role of continuous, formative assessment in providing feedback to students for improvements. For assessment information to be helpful, an overall supportive social setting is crucial. Minimising the detrimental effects of summative assessment would

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hence be an enduring concern. The sequence of learning task should hence be designed in such a way that content and activities that have high student involvement, interaction and reflection be given earlier priorities. This would help maintaining students’ motivation and investment of effort.

(e) A learner forms/constructs his/her concepts and theories from the total personal

encounters which are meaningful to him/her, irrespective of the source of these experiences. Economics learning activities is but one of these sources. Hence, in designing and structuring learning sequences, Economics teachers should make an effort to liaise with other subjects so that more related concepts and skills be dealt with across subjects in given time and space so that it would be easier for students to see the common connections and hence more effective acquisition of knowledge/skills. Interweaving of similar concepts through different or seemingly unconnected contexts across subjects would make strong and long-lasting impact on students. The resulting empowering of students would be the most uplifting reward for teachers.

To summarise, there should be no one best prescription for teaching/learning sequence for all. It is an arena for a teacher’s expertise to excel. Two examples of teaching sequences are attached in Appendices A and B for teachers’ reference. Managing the Curriculum 3.7 The Economics curriculum, as intended learning outcomes, has always been the predominating focus of teachers at the S4-5 level. To some teachers, outcome has been somehow ‘conceptualised’ as ‘examinable’ elements. This is unfortunate as the curriculum intent has always been much broader and richer. NSS Economics expects a concerted effort on the part of the teachers and other stakeholders to take student learning and a resulting increased awareness of society as the prime curriculum intention. The sense of being a member of a community has to be supported by awareness, understanding and the feeling of relatedness/connectedness to others and events. Instrumentalism should gradually give way to a sense of personal enlightenment and accomplishment through understanding. In this light, teachers in the subject panel should make an effort to exchange their views on the curriculum intention. They should align among themselves after deliberation and make prudent and balanced choice between what is desired and what should be encouraged. Different school settings would need different strategies and methods. However, the value of a more student-oriented curriculum should be the overarching concept and criteria for planning. 3.8 However, the reality is that past practices, routines and beliefs would linger around.

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Teachers should be prepared to invest more in knowing what are currently available (i.e. ‘best practices’) in designing a more interactive classroom. In-house development, given the limited number of Economics teachers in each school, would reach the ‘upper-bound’ for new ideas quickly. Training by CDI and other educational institutions would help. Yet the matching of individual needs may be slow or simply not forth coming. Hence, active formation of cross-school teacher networks would bring a higher probability of meeting individual needs. Though costly at setting up and maintaining connections, this should be a critical source for the development of effective practices. The Economics teacher network in Hong Kong is at its infancy. It is high-time for teachers to participate more for this development. 3.9 Within school, Economics teachers could consider working out a mechanism for more effective professional development. There are many professional development models. One of the approaches is the development of pedagogical content knowledge proposed by Shulman(1987, see diagram below). The essence is to work towards the development a core-professional knowledge for teachers. Teachers, while making pedagogical decision, would have to consider the curriculum content and skills to be acquired by learners. Considerations like rationale, proximity to students etc. are needed. Learner characteristics are also a prime consideration. What works for them and in what ways individual diversity can be catered for are some of the important factors teachers need to consider. Contextual factors and resource are other concerns. An expert teacher can usually cut across the maze of these interlocking factors and makes a pedagogical decision with a high success rate. The teacher simply has a powerful pedagogical content knowledge. For novice teachers, they may be able to focus on one or two aspects of these decisions, but the omission of some of the other factors may bring many undesirable or unforeseeable effects. Hence, panel members may need to have opportunities for mutual exchanges of experiences and concerns. Collaboration in the classroom can usually help if adequate trust and psychological preparation in communication and support are available. At times, external guests can bring new insights. They can sometimes see things that are ‘blind’ to teachers in a school (may be due to habituation or cognitive ‘fixation’ etc.). With follow-up discussion and reflection, the road to expertise development will be wider and less bumpy. With strong pedagogical content knowledge, teachers can have stronger claims on the control of the curriculum and student learning.

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Teacher expertise development

Knowledge of learner

Knowledge of “subject”

Knowledge of design of learning context

Pedagogical content Knowledge

Connection and meaningfulness

Choice of strategies

Teacher’s perception on subject’s connection with the world

Development of PCK

Possibility of learner constructive learning activities

A teacher’s impact is always constrained by what he knows, does and believes in

3.10 Another aspect in managing the curriculum is the balance between routine tasks and tasks for developmental purposes. Professionals work in an ever-changing environment. To reduce cognitive load, routinisation is necessary for many day-to-day operations. To teachers, an example is the design and marking of worksheets. Students’ worksheet could provide valuable information about their learning. If a teacher takes it as a routine task by doing straight forward scoring tasks, and do not actively look for pattern of excellence, mistakes etc. from students’ work, information about student learning will be lost. The teacher would have no new information/pattern to remedy learning. Hence, teachers should consciously remind themselves about discovering patterns and abnormalities in routine work. The subject panel should, as far as possible, have sessions to review routine practices and making sure that important information would not be lost. Another concern is that after routinisation, or institutionalisation of some practices, teachers would not always examine the effectiveness of these practices in relation to their objectives for existence. This is another area that the team of professionals has to be alert of. 3.11 As for team work, trust under the flag of quest for quality should be the binding force among members. School is an educational institute. Every stakeholder expects that it can bring good to all its members. By ‘good’, student learning and effectively preparing them for positive adult life is the interpretation that most would accept. Hence it would be more morale enhancing if members of a team work effectively for the good of their students. A mechanism for this to happen has to be developed through an equitable procedure and every

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member’s views are being treasured. Discourse is unavoidable. It is only through mutual trust and respect, together with a genuine adherence to evidence and acceptable interpretation that team effectiveness can be enhanced. The ultimate criteria should be ‘Should this make our student learn better, now and in the future?’ With this in the lime-light, team efficacy and decisions would be professional.

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Chapter 4 Learning and teaching

4.1 Although economics involves a collection of concepts, principles and theories, it should not be regarded as a purely abstract and theoretical subject. Students should be led to see that economic theories are applicable to daily life and real-world situations. They should be encouraged to enquire into economic issues and problems in the local, national and global contexts, so as to broaden and deepen their understanding of economic phenomena.

4.2 Teachers should give consideration to students’ interests, abilities and background, and select issues and problems that are of a suitable level of complexity. Teachers can also make use of different strategies, such as case study, problem solving tasks, project learning, etc., to provide a variety of learning experiences for students to develop knowledge and understanding, generic skills, and positive values and attitudes. Students should also be encouraged to make use of life-wide learning opportunities to enrich and extend learning in the subject.

4.3 Learners will be equipped with tools of economic analysis during the course. Some are conceptual and some are procedural. Both can be acquired through student participation and construction. Examples, cases and issues that students are familiar with could be the starting point for many learning/teaching designs. Through searching for patterns, cutting through incongruence, addressing paradoxes, solving problems and defending arguments, students can construct knowledge and develop their procedural knowledge. This would imply an attempt on the part of the teacher to migrate from an expository mode to a more interactive and constructivistic mode of learning. Economics teachers would bring better impact with an enriched repertoire of learning/teaching design skills. An appropriate mix of expository, enquiry and problem solving strategies in class catering for students’ unique motivation, ability and social aspects would be needed. These strategies would be modified as learning moves on. 4.4 Teachers are encouraged to develop a rich repertoire of learning/teaching designs. As research in education psychology, learning and instruction etc. are producing many useful references and insights, access to these sources through universities, CDI, internet would be helpful. More importantly, teacher collaboration in and outside school with clear agenda of trying alternative teaching approaches so as to ‘localise’ effective foreign practices or development of local ‘genre’ in learning and teaching should be encouraged. The CDI will explore this and other approaches to support teachers in teaching and learning developments.

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4.5 The adoption of a variety of approaches could help learning. Student diversity in motivation, cognitive styles, and prior knowledge etc. would be better met. The presence of more ‘novel’ learning contexts would also help motivate students. Opportunity to involve students in preparation of these learning activities (e.g. collation of newspaper articles) should be opened up. At times, students’ designing of challenging tasks to their peers would have positive effects on learning and peer relationships. Many other approaches can be tried and the CDI will support these developments. More detailed proposals will be given in Chapter 7. 4.6 Another consideration is on students’ development of effective learning habits and routines. Effective note-taking, self-management approaches etc. should be inculcated early in support of students’ own learning. Schools can explore and experiment with reflective journal or similar approaches. Once a viable practice is developed, teachers and schools should make sure approaches that can encourage students to take up learning responsibilities and self-improvement will be implemented. Economics teachers should collaborate with other colleagues to explore these possibilities.

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Chapter 5 Assessment

5.1 Assessment is the practice of collecting evidence of student learning. The aims are to improve learning and teaching as well as to recognise the achievement of students. It should be viewed as an integral part of learning and teaching. The assessment design will align with curriculum aims, design and learning processes of this subject.

Internal Assessment 5.2 Internal assessment refers to the assessment practices that schools employ as part of the learning and teaching strategies during the three years of study in Economics. In designing internal assessment for this subject, teachers should maintain a proper balance between the formative and summative functions of assessment. A diversity of assessment modes should be adopted so that students are given opportunities to develop and demonstrate the full range of learning outcomes of the curriculum, including those of knowledge, skills and values and attitudes. Assignment tasks, such as the writing of news commentaries, can be used to motivate students to learn from current economic news and develop an interest in economic affairs. Excessive drills and tests should be avoided as they may have a negative impact on motivation and encourage students to focus on a narrow set of learning outcomes.

Public Assessment Introduction 5.3 Public assessment of NSS Economics offered by the Hong Kong Examinations and Assessment Authority will lead to a qualification in the subject in the [Hong Kong Diploma of Secondary Education Examination (HKDSEE)]* that replaces the exiting HKAL Examination and HKCE Examination. A standards-referenced approach will be adopted in the public assessment for grading and reporting student performance. The SRA recognises each student’s performance that matches against a set of performance standards rather than compared with the performance of other students. The implicit standards will be made explicit by providing specific indication of student performance. Descriptors for the set of standards will be provided at a later stage.

(* This proposed name may change.) 5.4 To integrate assessment into learning and teaching, or in other words, to include both summative and formative components in the public assessment of the subject, there will be a

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written examination conducted at the end of SS3 and a School-based Assessment (SBA) conducted predominantly during SS2 and SS3. SBA is made part of the public assessment for the following reasons: (a) SBA is able to provide a more valid assessment because a more extensive range of

course outcomes can be covered and a wider range of assessment practices used. SBA can be extended to cover areas that cannot be easily covered by traditional paper-and-pencil tests and improves the validity of measurement.

(b) SBA allows for continuous assessment of the work of candidates. Since a course

usually covers a prolonged period of time, it is fairer to recognise candidates’ work during the period rather than just consider their performance in a one-off examination. Since assessments are typically based on multiple observations of students’ performance, SBA can improve the reliability of the overall assessment.

Examination Rubrics 5.5 Public assessment of the curriculum is composed of a written paper component that carries 80% of the total subject marks and an SBA component that carries 20% of the total subject marks. There will be two written papers.

Paper 1 will be a paper of multiple-choice questions (24% of subject marks), and will be of one hour’s duration. There will be questions on the concepts/theories that are contained in the Compulsory Part of the curriculum.

Paper 2 will comprise Part A (24% of subject marks), Part B (24% of subject marks)

and Part C (8% of subject marks), and will be of two hours’ duration. Part A will consist of 6-8 short questions and Part B will consist of 3 structured/essay-typed questions. Both parts will set questions on the concepts/theories that are contained in the Compulsory Part of the curriculum. Candidates will be required to answer all questions from both parts.

Part C of Paper 2 will consist of 2 structured/essay-typed questions, one from the

first elective of the syllabus and one from the second elective of the syllabus. Candidates will be required to answer one of them only.

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Further elaboration of the examination rubrics can be found in the documents and handbooks issued by the HKEAA at a later stage.

The SBA Component 5.6 The assessment can be a continuous assessment of individual student’s performance or an assessment of individual student’s learning through specific tasks. It will consist of 3 modes:

Mode of Assessment Weighting

(Total = 20%) 1. Internal tests and examinations SS2 : 5%

SS3 : 5% 2. News commentary SS2 and SS3 : 5% 3. Essay / report SS2 and/or SS3: 5%

5.7 The assessment modes are chosen after deliberation of teachers’ feedback collected during the first consultation in October 2004. They are the most popular choices in the feedback. Consideration has also been given to the comparability among different assessment modes and the assurance of fairness among different schools/different students in the same school. 5.8 Mode 2 and mode 3 have a high relevancy to the study and application of the subject matter. Concerning the subject knowledge, the level of difficulty involved ranges widely from an elementary training to a rather sophisticated study in terms of economic analysis and implications, and evaluation. These modes are also reported by some schools as practical and effective in training the skills of observation and self-learning of their students. Further elaboration on the SBA can be found in the documents and handbooks issued by the HKEAA. 5.9 SBA should be built into ongoing learning and teaching activities within the classroom and not designed as “add-on” activities. The assessment modes are designed in a way that can enable teachers to authenticate students’ work. This means that significant proportions of SBA tasks will be done in class under teacher supervision.

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Chapter 6 Effective Use of Learning and Teaching Resources 6.1 Teachers are the best resource. From a higher stand point, they are models. If they like to read, their students would have a higher inclination to develop this habit. If an Economics teacher likes to talk about daily events with insightful analysis, students would naturally take it as ‘the natural way’ of an economist. Students would better comprehend how people make decisions in different situations. Considering alternatives and weighing costs at the margin would gradually be a ‘habit’. Hence it is most important that Economics teachers should not be shy in assuming a modeling role. They are alert of things around them. They make reasoned choices and judgment. They are open-minded…..., and the list goes on. Hence, Economics teachers could be actives player in providing vicarious experiences to their students. 6.2 The real world around our students is another rich source for learning. Students are in real contexts making or seeing decisions being made and effects emerging. The media inform them of many dramatic or interesting events. Economics teachers can choose events that are happening to their students as examples. ‘Choosing to be a scout’ can be used for the topic of ‘cost’. The choice of the location of domestic dwellings by a family can be used to illustrate optimising concepts. Newspaper and video-clips from news can be another rich source of teaching/learning. Teachers can choose from these unlimited sources of authentic examples so that the needs of their students can best be catered for. 6.3 Internet is another rich source of information and material. Teachers and students in Hong Kong should have little problem in its access. However, Economics teachers should prepare their students better in terms of some basic skills such as interpretation of graphs and diagrams. Vocabulary is another issue. Balancing the time used on surfing through the internet and participation in authentic and social learning experiences is an area of concern. This document is also a draft of the curriculum and assessment guide. More suggestions on these issues will be provided at a later stage.

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Chapter 7 Supporting Measures The Curriculum Development Institute (CDI) will provide the following measures to support the implementation of the New Senior Secondary Economics Curriculum:

Development of Curriculum Resources 7.1 The Curriculum Development Council and the Hong Kong Examinations and Assessment Authority will jointly issue a Curriculum and Assessment Guide for the subject. Supporting materials will also be developed to facilitate the school-based implementation of the curriculum. These materials will include exemplary learning activities, learning and teaching materials, a glossary, a reference list, etc. They will also be made available on the CDI website for Personal, Social and Humanities Education (http://www.emb.gov.hk/cd) when ready.

Professional Development Programmes 7.2 The Curriculum Development Institute and the Hong Kong Examinations and Assessment Authority will organise a series of professional development programmes for teachers of the subject. The structure of the programmes will be as follows:

(a) Rationale of the New Senior Secondary Curriculum

(b) Updating of curriculum knowledge

(c) Learning and teaching and the use of curriculum resources

(d) Assessment (including SBA)

Items (a) and (d) will be compulsory whereas (b) and (c) will be optional for teachers.

7.3 Seminars and workshops on special topics will also be organised regularly in response to the needs of teachers.

7.4 More details of the above support measures will be announced on the CDI website for Personal, Social and Humanities Education (http://www.emb.gov.hk/cd). Teachers are also invited to check the EMB Training Calendar regularly for information on professional development programmes.

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Reference List for Teachers

Assessment and Qualifications Alliance, UK, 2003, GCSE Economics 2005.

Assessment and Qualifications Alliance, UK, 2003, GCE AS/A Economics 2005.

Board of Studies, NSW, 1999, Economics (Stage 6 Syllabus).

Cambridge International Examinations, UK, 2003, Economics (IGCSE syllabus code: 0455, for 2005).

College Entrance Examination Board, US, 2003, 2004 Course Description for AP Economics.

Edexcel, UK, 2002, AS/A GCE in Economics 2003/4.

International Baccalaureate Organisation, 2003, International Baccalaureate Diploma Programme: Economics (For first examinations in 2005).

Mankiw, N. Gregory, 2004, Principles of Microeconomics, 3rd ed., South-Western College Publishing.

Mankiw, N. Gregory, 2004, Principles of Macroeconomics, 3rd ed., South-Western College Publishing.

National Council on Economic Education, US, Voluntary National Content Standards in Economics.

Parkin, Michael, 2003, Microeconomics, 6th ed., Addison Wesley.

Parkin, Michael, 2003, Macroeconomics, 6th ed., Addison Wesley.

Shulman, L. S. 1987, Knowledge and Teaching: Foundation of the new reform. Harvard Educational Review, 57(1), 1-22.

Welsh Joint Education Committee, UK, 2003, GCE AS/A Economics 2005/6

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o co

nstr

uct k

now

ledg

e