Induction Course for New PSHE Subjects: Economics Panel Chairpersons

1. Induction Course for New PSHE Subjects: Economics Panel Chairpersons Part 1: Learning and teaching: • Adoption of wide range of learning and teaching strategy • Lesson observation in Economics • Sharing session EDB

2. Existing situations • Old AL Curriculum and NSS Curriculum • Is Economics a popular subject in schools? • Can the teaching/learning resources or strategies for AL be used in NSS Economics? • What is a good curriculum design for your school? • How to teach ( abstract) economic concepts/theories? • What are the suitable learning and teaching strategies to help students learn and understand? • How to assess learning effectiveness? EDB

3. Popular teaching resources/strategies • Class discussion and applying study skills - such as drawing mind maps and note-writing skills • Video - e.g. income inequality, money, HKMA , HK manufacturing industries and etc • Sound track ( radio ) – e.g. LTV Café • Extra-curricular activities – e.g. Company Programme ( JAHK) • News • Student presentation – e.g. price controls EDB

4. Popular teaching resources/strategies • Websites • Dictionary – e.g. meaning of “market” • School visits – e.g. Coca Cola, HKMA, HK Printing Ltd. • Knowledge in other academic subjects such as Chinese History ( e.g. 兩稅制、租庸調 – tax incidence, tax principle and types of tax) • Market survey e.g. find the prices of some selected products ( with different sizes ) and photocopying cost – concept of economies of scale • etc EDB

5. Sample 1: class discussion ( from students’ life experience to economic concept ) Topic: Problems of resource allocation ( Basic problems of resource allocation ) Reason: To those S4 students, Economics is a totally new school subject and it is NOT a nice idea to “hard sell” economic concepts to them. So I use a discussion topic to introduce the “three basic economic problems – what, how and for whom to produce” and the concept about the “problems of resource allocation”. EDB

6. Problems of Resource Allocation Task: Your class is going to have a class party. As the chairperson of your class committee, you are planning for the party. In the space below, draw a mind map to show your plan. You should include items like the resources needed; food, games and activities; people being invited and others in the mind map. 1. Mind map for the party Economic systems

7. 2. How is the above mind map related to the study of economics? Economic systems

8. Revision The Basic economic Problems: Scarcity means that the quantity of a resource or good is NOT enough to satisfy human wants. So more of it is preferred. Scarcity Meaning It is because human wants are unlimited but resources are limited. Reason Result We have to make choices. We have to decide which want(s) to satisfy and which to give up. _________ basic economic problems: 1. 2. 3. three what to produce? how to produce? for whom to produce? Economic systems

9. Sample 2: use examples commonly used in setting exam papers ( HKCEE ) Topic: Price and non-price competition / allocation Reason: The examples are used in public examination papers and are also closely related to our everyday lives. EDB

10. Examples of “for whom to produce” problem • I want to attend Eason’s concert. • I want to live in a public housing unit in Hong Kong. • I am sick. I consult the outpatient clinic (門診部) of a public hospital(公立醫院 ). • I am a real estate (地產 ) developer (發展商 ). I am planning to build several residential( 住宅) buildings in Yuen Long. • I want to study in the University of Hong Kong. • I want to win Mark Six. • …… Economic systems

11. “I want to live in a public housing unit in Hong Kong.” Are you qualified? Not everybody is qualified for a public housing unit. There is a maximum income limit and number offamily members has to be specified. Of course, you have to pay the rent, which is cheaper than the market rent of private housing unit. Economic systems

12. “I am sick. I consult the outpatient clinic (門診部) of a public hospital ( 公立醫院 ).” Are you qualified? Everybody is qualified. The services are allocated on a first come firstserved (先到先得 ) basis. Of course, you have to pay the consultation fees ( 診金), which is much cheaper than the fees of private clinic. Economic systems

13. “I am a real estate (地產 ) developer (發展商 ). I am planning to build several residential( 住宅) buildings in Yuen Long.” What do you need to do? Land in Hong Kong belongs to the government. Land is sold by the government inland auction ( 士地拍賣). Land is sold to the estate developer (地產發展商) who bids the highest price (價高者得 ). Economic systems

14. “I want to study in the University of Hong Kong.” Are you qualified? You have to meet the entrance requirement (入學條件 ). A university place is allocated to a person with good academic result (學業成績 ). Economic systems

15. “I want to win Mark Six.” What do you need to do? You have to buy the “ticket”. The numbers will be randomly drawn. If you have selected to buy these numbers, you win the lottery (彩金 ). This method of allocation is drawing lot or lucky draw (抽籤 ). Economic systems

16. Price allocation You have to offer one good ( e.g. $ money ) in exchange for another thing. e.g. I pay $10 to buy a hamburger. What is price? Price is the exchange ratio/rate between goods. Non-price allocation: queuing or first come first served age ability beauty gender ( sex ) lucky draw needs seller’s preference rank etc Classifying the methods of allocation Economic systems

17. Sample 3: use of news articles Topic: Interest is the cost of earlier availability of resources ( AL Topic - “Capital, Interest and Investment Decisions” ) Reason: Is it really inappropriate or even impossible to teach this concept under the topic “ NSS - Basic Economic Concepts”? EDB

18. Prior knowledge : Economic and free goods, opportunity cost and meaning of consumption Consumption means that a consumer uses goods and services to satisfy his/her wants. Consumers prefer ____ economic goods to less. more Task 1: You help Ms. Wong clean the room and she will pay you. Help me clean the room today and I’ll give you Two options: Option 1: HK$300 now. Option 2: HK$300 a week later. (1). Which option will you choose? Give ONE reason why you choose the option.

19. How many of you choose “Option 1” ? How many of you choose “Option 2”? ALL! Right? Possible reasons: I am afraid that Ms. Wong may break her promise. I am afraid that Ms. Wong may forget to give me the money next week. I can put the money in the bank now and earn “interest”. I do not want to wait. Ms. Wong may get fired next week. I can use the money now. EDB

20. Help me clean the room today and I’ll give you Option 2: HK$300 a week later. (2) Ms. Wong wants to persuade you to choose “Option 2”. Give ONE possible situation why you will accept this option. Ms. Wong invites me to lunch. Ms. Wong gives me a gift. Ms. Wong gives me more than $300.

21. Objective of “Task 1”: Concept of earlier availability • Option 1: HK$300 now Option 2: $300 + a week later • Which option will you choose? Give ONE reason why you choose the option. • Ms. Wong wants you to choose “Option 2”. Give ONE possible situation why you will accept this option. Option 1 because I can use the money earlier. I will take Option 2 if Ms Wong gives me something more ( $300 + a bit more ).

22. Task 2: “I am now earning $10 000 per month and I want to buy a new car which costs $120 000.Can I own this car now?” How? Yes. You can borrow money from a bank. Then you pay back the bank ( principal + interest ) by instalments. (Pay interest to get things earlier) Task 3: “If I deposit ( ) $10 000 in a bank, how much do I get back one year from today if the interest rate is 5% p.a.” You will get back $10 000 ( 1 + 5%) = $10500 one year later. (Earn interest if you do not use the money now.) Concept of interest Objective of Task 2 & 3:

23. Early consumption or later consumption Early consumption means that a person chooses to consume _____________ goods and services now. Later or future consumption means that a person chooses to consume_______________ goods and services ________________. Task 1: a. You are willing to choose “Option 1” – receive $300 now because more in the future more you can use the money earlier ( early consumption) b. You are willing to choose “Option 2” – receive $300 later because you can have more future or later consumption. EDB

24. Task 2: I can consume more goods earlier ( early consumption) if I borrow from a bank. Then I return the money to the bank by instalments. The money includes the principal and interest. Task 3: If I put my money in a bank, I will consume ____________ now since the money is kept in the bank. But a year later, I can consume _________________ because I can receive _______________. That means I can have more ______________ consumption. less more interest later/future EDB

25. Interest as the price or cost of earlier consumption or earlier availability Examples: (1) If I borrow money from a bank to buy a car, I have to pay an _______________ to the bank. The amount I pay depends on theinterest rate, the amount borrowed ( called principal) and the time of repayment. In this case, I have earlier consumption but I have to pay an _________________. So interest is the price or cost I pay to have earlier consumption.  interest interest EDB

26. (2) If I deposit my money in a bank, I give up _________________ consumption because I cannot use the money to consume now but I will receive _____________ from the bank. The amount I receive depends on the interest rate, the amount of deposit and the time period. In this way, I can have more __________________ consumption. So interest is the price which compensates me for deferring my present consumption. present/early interest future EDB

27. Exercise : Interest as the cost of earlier availability Read the following Sources and answer the questions. Source A. 【本報訊】「毋須入息證明、毋須抵押、低息貸款。」大耳窿年息540厘　債仔包括紀律部隊成員一借一還從不見面 其中一名報案債仔是28歲的女文員，她在07年底根據廣告提供的聯絡方法向集團借了8千元，集團要求她以傳真方式提供個人資料進行審查。手續完成後，集團將貸款直接存入女事主的銀行戶口，之後女事主須每10日將1,200元利息存入集團指定的銀行戶口中，如此，雙方一借一還過程中，完全沒有見過面，相信集團目的是減低被捕風險。女事主一年內先後共還了4萬多元，但其後因無力還款被集團成員用手機向她及其擔保人進行恐嚇，並指她還欠7萬元未還，換言之她一年共要還款達11萬元，是她當日貸款的14倍，即年利率高達540厘，女事主恐怕泥足深陷，於是在去年底報案。警方連日拘捕7名集團成員，揭發受害債仔超過150人，據悉當中有警員、消防員及懲教員。 EDB

28. 高利貸集團放數資料 女債仔07年借款　8,000元每10日須還息　1,200元一年共還息（1,200X36期）　43,200元年利率540厘，08年尚欠　70,000元 ( Source: modified and shortened from Apple Daily 31 July 2009) EDB

29. Source B • 樓按低息戰未停止 • 新盤群起開動，吸引投資者及用家入市，銀行為搶奪市場客源，不惜推出低息優惠等吸客。 • 由於各大中小銀行持續水浸，樓按市場便直接成為目標，各家銀行將夥拍發展商及代理或按揭公司等推出貼身的按揭優惠，務求在今次樓市復甦時搶奪市場佔有率。 • 業界指出，發展商與銀行的合作明顯積極，各大銀行除推出低處未見低的低息樓按外，還推出現金回贈、首兩年免息免供、採用優惠利率、定息及銀行同業拆息等五花百門等方式吸客，由於銀行之間的樓按競爭轉趨激烈，相信低息樓按計畫陸續有來。 • (資料來源:撮寫自星島日報，31-7-2009) EDB

30. i. Refer to Source A, complete the following table 8 000 120 70 000 43 200 540% EDB

31. (1) From Source A, does the woman prefer earlier consumption or later consumption? Explain your answer with the evidence from Source A. She prefers earlier consumption because she borrows money and pays an interest. (2) What price does the woman pay for her choice? She has to pay very high interest. This is the cost of her choice. (3) What advice would you give to the woman to reduce the cost of her choice? Free response EDB

32. ii. Refer to Source B. (1)    How does the change in interest rate affect the cost of borrowing from these banks to buy properties? (2)    Does the change in interest rate encourage more present or future consumption? (3) Does the change in interest rate encourage people to buy properties? Why? • The cost of borrowing from banks decreases as the interest rate falls. The money repaid to banks is smaller. (2) The fall in interest rate encourages people to borrow money. So this encourages more present consumption. (3) The fall in interest rate encourages people to borrow money to buy properties earlier because the cost is lower. EDB

33. Sample 4: Use of websites and radio sound track Topic: Corporate social responsibility ( New NSS Topic under Item (B) Firms and Production) Questions: Do firms have similar corporate social responsibility? Why do firms need to bear corporate social responsibility? EDB

34. http://www.csrinhongkong.com/default.htm http://www.hongkongairport.com/eng/csr/index.html http://www.bochk.com/web/common/multi_section.xml?section=about&level_2=corporate_citizenship&fldr_id=125 http://www.swire.com/eng/csr/swirecommunity.htm http://www.standardchartered.com.hk/sustainability/en/ http://www.hkfairtradepower.com Corporate social responsibility ( ) - Meaning Firm objectives and profit maximising output

35. 樂施會「咖啡貿易要公平」運動 咖啡貿易是樂施會「貿易要公平」運動的第一輪大型公眾行動。自2002年10月開展以來，樂施會聯同美國、英國、西班牙、荷蘭等地樂施會；通過公眾教育、宣傳推廣、政策遊說、以至消費者行動等不同途徑要求四大咖啡焙炒商以合理價格向農民訂購咖啡豆；並要求各國政府及國際組織支援咖啡農；發達國家減低關稅和貿易壁壘。 • 樂施會出售的「公平咖啡」是東非坦桑尼亞的卡蓋拉合作社聯盟收購。 • 樂施會以每包1.41美元的價格向卡蓋拉合作社聯盟(三萬名咖啡農)收購，為市價的三倍。 • 卡蓋拉合作社聯盟會將四分之一的利潤作農民借貸、學校建設、改善衛生等對社區長遠發展有利的用途，其餘的利潤則會分發給農民。 • 樂施會「公平咖啡」的售價為每包15元正，每包「公平咖啡」包含十小包即溶咖啡。

36. Textbook HSBC avoids lending to or investing in projects that may cause much environmental damage-e.g. pollution of land, water and air and depletion of resources. In addition, it actively its employees in community services and invests in youth education. CLP Group provides a reliable supply of electricity to the public and makes contributions to the community by organising voluntary work, providing environmental education and charity donations. CLP volunteers provide electricity safety inspection services to the elderly living alone in public housing estates

37. ii. Find and summarise the corporate social responsibility of the following organizations ( from the powerpoint) below. Firm objectives and profit maximising output

38. Firm objectives and profit maximising output

39. iii. Suggest a major reason why a company should bear corporate social responsibility. Free response They want to build up their company image in the mind of potential investors and customers. Firm objectives and profit maximising output

40. 再有第13名富士康員工自殺！ 富士康董事長郭台銘親自到深圳廠房，了解員工自殺事件。但他的到訪不但沒有解決問題，反而再有員工接連自殺。 本月26晚，廠區出現「第12跳」，一名23歲，姓賀的員工，從7樓宿舍陽台墜樓身亡。據悉該員工是去年6月入廠。至昨日凌晨，廠內傳出有第13人割脈自殺…… --資料來源：撮寫自《文匯報》，28-5-2010 RTHK: LTV Café – Corporate Social Responsibility ( 29 May 2010) EDB

41. Students’ Role • Make pre-lesson preparation – tasks in worksheets • Take part in class discussion and share ideas with classmates • Read textbook – it is students’ duty to read their textbooks ( developing reading habit) Worksheets are designed to help students understand the textbooks more easily. • Exercise after each topic • Test after each topic EDB

42. Sharing resources with teachers of Econ Department • Video bank in school intranet – free access to teachers e.g. video clips of EDB, RTHK, some downloaded from TV / youtube and other sources. • Class-based worksheets – meet the needs of students of different abilities and the teaching pace of teacher • Share teaching strategies, resources and expertise e.g. topic on externalities – share the experience ( teaching AL students ), techniques and resources ( a new ppt ) with the panel members • Talk to panel members frequently to understand their difficulties and problems and share with them some good practices

43. NSS Economics Self Evaluation for Students (2009-2010) • Objectives of the survey: • to collect information on students’ learning difficulties and interest in the subject • to help teachers devise appropriate teaching and learning materials and strategies • to motivate students to reflect on their studies, including their strengths and weaknesses . Name: ________________________ Class: _________ Section A: Put a  in an appropriate box below. 1. I am interested in studying NSS Economics: 2. I have been working hard and doing well throughout this term in the subject. EDB

44. 3. I find the notes and exercises very useful in helping me understand the economic concepts and theories. I thus find it easier to read the textbook by myself. • 4. I have difficulties in understanding economic concepts and organizing answers. • 5. I have more difficulties answering multiple choice questions than short and structured questions. • I face heavy workload in the subject EDB

45. Section B: Please feel free to write your comments/opinions/suggestions to the following items. You can write in English or Chinese. • The most difficult parts of the subject are ………( e.g. what topic? Drawing D& S diagrams and etc.) How do you overcome these difficulties? • The most interesting parts of the subject are…….. (e.g. what skills do I learn? What knowledge can I apply in my daily life and etc?) • Do you always prepare for lessons? Why or why not? • Do you think preparing for lessons help with my understanding in class? Why or why not? • 11. Give your suggestions and comments on the notes/worksheets/exercises/tests assigned by your teacher. These should be based on the frequency, level of difficulties, examples used and etc. • Evaluate briefly on how you study the subject throughout the whole school term. Suggest ways which you can adopt to make improvement. • Any other comments or suggestions EDB

46. Lesson observations • Usually held at the end of the school term • Two colleagues observe the lesson at the same time, if technically possible • Observe students’ responses to teacher’s questions. • Have students prepared for the lessons or completed the tasks assigned? • Can they apply their economic knowledge to explain economic phenomenon? • What about teacher’s sequence of teaching and questioning technique? • What are the feedbacks from observing teachers? • Complete a form to record the lesson observed and duly signed. Students’ responses and teachers’ questioning technique and skills to handle contingencies EDB

47. Part 2: Internal Assessment • Promotion of Assessment for Learning • Plans for internal summative assessment • Monitoring internal test / examination papers • Sharing session EDB

48. Assessment for learning Routine assessment: Exercises, worksheets and tests • Exercises after each topic, worksheets and tests ( Sample 1 and Sample 2) Worksheets - “grades” attained ( Grade A = 5 marks, Grade E = 1 mark) Exercises – total marks for all exercises done in each term to be converted to a ___ % in term total Test after each topic – total marks also converted to a __ % in term total

49. Sample 1 EDB