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自三初月三年申戊腰惫
WAH KIU YAT PO
D18英文中學會考試題預習專欄
Economic & Public Affairs
經濟及公共事務科 (廿二)
Lecture No. 22
By K.M. Lau, J.
Production
You have often heard people mention the term "standard of living", and you have perhaps used it yourself, but how would you explain this term in your examination paper? Is "standard of living" the same as cost of livingi? How do you distinguish the two?
by the "standard of living” is meant the extent- to which the people in a country is capable of enjoying the total amount of goods and servicea available in the country. Based on this definition, when we say that the average Hongkong resident has a higher standard of living compared with that of the average African, we mean that most people in Hong Kong have the chance to enjoy a greater diversity of goods (such as motor-cars, refrigerators: air-conditioners, typewriters, cameras, movie- cameras, etc.) and services (such as those of bus«! conductors, dentists, doctors, teachers, accountants, etc.) than most people in Africa.
"Cost of living", however, means the amount of money one has to spend on those goods and services which he considers as necessary within his budget, and which depends on the changes in the retail price Index which indicates the general level of prices at! a given period,
be you think Hong Kong has a higher standard of} 1lving than New York? Before we can answer such & question, we have to know what can affect changes 15-* the standard of Living.
to be considered.
Only two factors are (1) The aggregats quantity of economic wealth Available in the country.
- what do
(2) The degree of distribution of the country), economic wealth among the people in the country.
mean by "economic wealth”? Inis term. denote the goods and services (such as those of doctors) provided in a country. Goods can be further classified wi
Gooda
Free Goods
Economic Goods
Consumer"
Gooda
Capital Goods
Durable
Hop-durable ←
How goods are classified
Things that are available to us free from Nature are known as free goods. Examples of frakk goods are the air we breathe, and the sand with art which we play on the beach.
Economic goods (or sometimes referred to an *scondido wanlth" by #conomists) are things a services which we bave to pay to get them and whic can satisfy our wants. These goods can be further alassified into commer goods and capital goods.
Costumer goods (ar sometimes Imawn as consumption goods) are things that we buy for immediate use lest or wants would not be mat. Foodstuffs, clothes, are example of consumer goods,
1
日
日期壘
payments known as instalments. The only disadvantage is that a consumer cannot claim ownership of the commodity until the entire sum is paid and at the same time if he fails to pay, normally; two monthly instalments, the commodity is reclaimed by the shop proprietar. Thus, before the full sum is paid, the commodity is said to be'given to a consumer on a hire-purchase basis, The hire-purchase system hae logically led to the expansion of insurance facilities. #ny? It must be obvious that both the seller and the hirer are ruming a risk quring the period while the hire-purchase agreement is still valid. Fire and burglary, among the most common risks, cannot be ruled out; thus, if a commodity is not covered by an insurance policy, who is to bear for the loss of it - the seller or the hirer? An insurance policy easily takes care of. this roblem.
In recent years the insurance system has 1 been very well developed in Hong Kong, and this has thus given rise to the introduction and the gradual popularity of the hire-purchase system ins Hong Kong.
Today, it is possible for a person to byy quite a wide range of commodities in Hong Kong, ranging from a radiogram to a residential flat. It'
is therefore correct to say that the standard of - living in Hong Kong is higher today than say twenty years ago.
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Having clarified to economic terms "standard of living" Brandcost of living" come to the meaning of "production"." Production" can be defined as the system of creating economie › wealth. It also implies "the amount of goods producad". But "production" must be clearly distinguished from another economic word "productivity" which means the rate at which commodities are croduced, and implies the quality of work.
-
we now
能骨
大大学
Production falls into three distinct groups » primary production, second, production and
tertiary«production. Primary product on the extraction of raw materiala from ne sure secondary productionds the turning of
whereas
into various other forms useful cove man. #lertiary.
product tons on the other hand, refers to the provsaion
of those direct and personal services such as thos "of scavengers, teachers and film stars,
Things extracted f rom Nature and exist Sinally in the raw form are known as primary products such as fish, timber, minerals, rocka crops. People whose work is connected with the extraction of things from Nature are known as primary producers such as farmers, fiaheren Lumberjacks, quarry-workers, and miners,
Raw materials which have been turned into` various other useful forma are known as secondary products. People whose work is connected with the turning of things extracted from Nature into forma tiseful to men in many ways are jamm as Becondary produsene.
elastic audply Fe (b) effective demand
(a) deficit
B (a) no.
(b) FG. (e) AB.
3. ja) False,
Veixercise No. XIX
(d) derived deand (#) monas
(a) It shows an exceptional demand
currve.
(d), Trus (b) False. (●) False (c) True
JONG KON
Carital goods (or sometimes known as producers goods, investment goods, or business wealth)' are goods that are required to produce sther goods. Emaples of capital goods are raw materials and madtrincery.
Whether goods are consumer or capital, they are sither durable or non-durable, depending how long they can last. Television sets, sewing machines, and motorycars are generally considered as durable goods, whereàs alothes may be considered as non-durable,
#ince they become useless after wear and tear, or if they are out of fashion after a táme.
If we make a survey of the living conditions in both countries, Hong Kong and hew York, it is possible to determine which country has a higher. standard of living.,
The extent to which the amount of economic wealth is created is more or less similar in both countries, since, even if one country is incapable of producing a particular commodity it can always,、 import it. But, the extent to which the economic wealth is distributed among the people in each country is different from that of the other.
It is common knowledge that the average American family has the chance to enjoy more economic wealth than the average family in Hong Kong. Practically every family has at least, if not more than, one motor-car, a refrigerator, apecially installed high-fidelity stereophone sound system, ♣ decently-furnished apartment with most things operated by buttons. Thus, we can safely conclude that the aggregate amount of economic wealth is more widely and equally distributed in America than in Hong Kong where only well-to-do families can “afford such luxuries,
How is it that the average american family today has a high standard of living? This can best be explained by the fact that the distribution of the country's economic wealth is done by the hire- purchase system. The system solves the problem of surplus goods, and conveniently makes it possible for as many consumers to enjoy as great a range of consumer goods produced or imported as possible.
A. consumer needs only to pay a sum of money (known as down payment or deposit) in order to acquire a commodity, ady a refrigerator,or even a residential flat. This sum of money is only a partial payment of the net price of the commodity, The rest of the payment is aattled by monthly
(*) The Police force Ordinance.)
(o) large noisy crowd
e, freedom of the press #editorial
Comprehensive Certificates of vri
.3. (a) Department of Commerce and Industry.
(b) Maine departmento
(0, Co-operative Development and fisheries
Department。
id) Registrar General's Department (e) Labour Department.
6.(a) Heung Yee Kuk (Rural Consultative Council
(b) Public Service Commission
(c) The Colonial Secretary
(d) Senior Superintendent of Police. (•) $80,000,000.
7. (a) (ii) It is too expensive.
(口)(111) the existence of too many private schools
has attracted many unqualified teachers, (1) so that the educational standards in
你
Hong Kong can be raised
(1) Financial problems.
(e) (11) helping merchants to transact their
business deals easily and conveniently.
B. (e) In a newspaper, news ia classified into lucai
news and foreign news.
b) At a lower price a greater quantity of the
commodity is demanded.
(c) The Commerciel: Crime Office of the Criminal
Investigation Department.
d) Property tax is a tax on a property owned by
a person in Hong Kong, and which derives an annual income. Rates are a tax on enjoyment derived from ownership or the using of land or building in Hong Kong.
‹) A Tax Reserve Certificate is issued by the
Inland Revenue which provides a means of saving one's monthly surplus income to be used at the end of the year to pay his tax.
Exercise No. X
1. write an account on the effect of division of
labour on society...
2. explain the factors of production in the light of
modern, kiconomics. Justify your answer.
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一祊撒料以了我: