HKDSE Economics study plan

Build a one-page formula and definition sheet covering scarcity, opportunity cost, the three basic economic questions, and the production possibility curve

Solve 20 multiple-choice items on scarcity, opportunity cost, and PPC shifts, then write a two-sentence justification for every wrong option

Distinguish clearly between movements along a demand curve and shifts of the curve using six self-written examples

Draw and label a PPC showing increasing opportunity cost and annotate what causes an outward shift

Explain how price elasticity of demand and supply are calculated and interpret coefficient values including zero and infinity

Apply elasticity to predict how total revenue changes after a price change in four written scenarios

Analyse how a per-unit tax and a price ceiling each affect consumer surplus, producer surplus, and deadweight loss

Draw three market diagrams showing equilibrium, a binding price ceiling, and a binding price floor with surplus labels

Compare perfect competition, monopoly, monopolistic competition, and oligopoly on number of firms, barriers to entry, and price-setting power

Explain why a monopolist produces where marginal revenue equals marginal cost and identify the resulting deadweight loss

Describe how collusion and price competition behave in oligopoly without relying on game-theory notation

Classify ten real Hong Kong industries into market structures and justify each classification in one sentence

Define factors of production and explain the difference between explicit and implicit costs

Distinguish economic profit from accounting profit with two worked numerical examples

Explain how specialisation and exchange raise total output using comparative advantage

Explain market failure from externalities, public goods, and information asymmetry, and evaluate two corrective policies

Construct the circular flow of income and state what leaks and injections do to national income

Define GDP, GNP, and per-capita GDP and explain three limitations of GDP as a welfare measure

Calculate nominal and real GDP and the GDP deflator from given data

Distinguish demand-pull from cost-push inflation and identify which groups gain or lose from unanticipated inflation

Explain the functions of money and the relationship between the money supply, money demand, and the interest rate

Describe how a commercial bank creates deposits through the credit multiplier and calculate the multiplier from a reserve ratio

Explain the transmission mechanism from a policy rate change to consumption, investment, and aggregate demand

Compare fiscal and monetary policy on speed, targeting, and political constraints

Explain how aggregate supply and aggregate demand interact to determine output and the price level in the short and long run

Apply the AD-AS model to explain stagflation and demand-pull inflation in two written answers

Distinguish absolute and comparative advantage and calculate opportunity cost ratios from a two-country table

Evaluate how a tariff affects consumer surplus, producer surplus, and government revenue in a small open economy

Sit two full timed past-paper sessions under exam conditions and mark them strictly

Rank every missed mark by domain and by question type to expose the two weakest areas

Rewrite the three weakest answers to full-mark standard using the mark scheme wording

Memorise the diagram checklist for all seven core diagrams and confirm each can be drawn from memory in under two minutes