July 2015
The Hong Kong Polytechnic University
Hong Kong Community College
Subject Description Form
Subject Code
CCN1042
Subject Title
Economics and Society (for Non-Business Students)
Level
1
Credit Value
3
Medium of
Instruction
English
Pre-requisite /
Co-requisite/
Exclusion
Exclusion
CCN2002 Introduction to Economics
Objectives
This subject aims to provide students with the basic concepts and
theories of economics issues from both micro and macro perspectives. It
provides the conceptual framework for students to conduct simple
analysis of economic issues and understand how economics can help an
individual to know more about human behaviour, society, the economy
and the world.
Intended Learning
Outcomes
Upon completion of the subject, students will be able to:
(a) define the basic economic concepts and theories from both micro
and macro perspectives.
(b) apply basic economic theories to comment on the effectiveness of
social and government policies to the society.
(c) illustrate simple analysis on the issues related to economics and
social problems.
(d) explain ideas clearly with the use of simple economic diagrams and
examples.
Subject Synopsis/
Indicative Syllabus
The Scope of Economic Analysis
Concept of scarcity, choice and opportunity cost; Nature of economics
as a science for understanding human behaviour; the difference between
microeconomics and macroeconomics.
Demand, Supply and the Price Mechanism
The law of demand; Elasticity of demand; The law of supply; Elasticity
of supply; The functions of price and the market system.
Market Structure
Definition of market; general features of perfect competition and
imperfect competition (monopoly, monopolistic competition, oligopoly);
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July 2015
Arguments against and for legislation to enhance “competition” and
regulation of monopoly; Production process.
Government Intervention
Role of government; Definition of “market failure” and examples; Tools
of the government intervention and the impact on human behaviour and
resource allocation.
Macroeconomics and National Income
Major macroeconomic issues; Concepts and approaches to national
income accounting; Relationship between national income and social
welfare.
Fiscal Policy and Monetary Policy
Definition of money supply in Hong Kong; Banking system and the
money creation process; Roles of central bank, government spending
and taxation; Demand for money; Determination of interest rate;
Monetary policy; Theories of unemployment, inflation and deflation.
The International Economy
International exchange and gains from trade; Trade restrictions; The
foreign exchange market and alternative exchange rate regimes; Debate
between protectionism and free trade.
Teaching/Learning
Methodology
Lectures will focus on the introduction and explanation of concepts and
theories supported by hypothetical and real examples wherever
appropriate. Group discussions and activities may be arranged to
stimulate students’ interests or their awareness of practical implications
of some concepts.
Tutorials will provide students with opportunities to deepen their
understanding and to explore further the applications of theories taught.
Activities in tutorials normally include student presentations and
discussions of problem sets.
Assessment
Methods in
Alignment with
Intended Learning
Outcomes
A variety of assessment tools will be used to develop and assess
students’ achievement of the subject intended learning outcomes.
Specific assessment
methods/tasks
%
weighting
Intended subject learning
outcomes to be assessed
a
b
c
d
Continuous Assessment*
50
 Test
20




 Assignment 1
7.5




 Assignment 2
7.5




 Tutorial Exercises &
Activities
15




Final Examination
50




2
July 2015
Total
100
*Continuous assessment items and/or weighting may be adjusted by the subject
team subject to the approval of the College Programme Committee.
To pass this subject, students are required to obtain Grade D or above in
both the Continuous Assessment and Final Examination.
Student Study
Effort Expected
Class contact
Hours
 Lecture
26
 Tutorial
13
Other student study effort
Reading List and
References
 Self-study
52
 Continuous Assessment
39
Total student study effort
130
Recommended Textbook
Moomaw, Ronald, L., Olson, Kent, W., Mclean, Bill, & Applegate,
Michael. (2010). Economics and Contemporary Issues, International
edition. (8th ed.), South-Western.
References
Bade, R., & Parkin, M. (2010). Essential Foundations of Economics. (5th
ed.), Addison Wesley.
Boyes, W., & Melvin, M. (2014). Fundamentals of Economics,
International Edition. (6th ed.), South-Western: Cengage Learning.
Mastrianna, Frank, V. (2013). Basic Economics, International Edition.
(16th ed.), South-Western: Cengage Learning.
Mankiw, N. G., Quah, E., & Wilson, P. (2013). Principles of Economics,
Asian Edition. (2nd ed.), South Western: Cengage Learning.
Tucker, I. B. (2013). Survey of Economics, International Edition. (8th
ed.), South-Western: Cengage Learning.
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