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question (2) Explain the factors of production,
Answer:
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10英文中學會考試題預習專欄
堅道英文書院主編
經濟及公共事務科
(十二)
ECONOMIC & PUBLIC AFFAIRS
Lectura BO, IZ
́answers toʻzzercise No. 11
Question (1) Write an account on the effect of
division of labour on society.
Answer:
Haas production is the immediate result of division of labour. Even since the days of Industrial Revolution machines have turned out a greater quantit and a wider range of goods which could not otherwise be .nossible without division of labour.
A survey of the number of household appliances and the numerous gadgets can quickly convince us that mass production has certainly raised our standard of living. This is made possible by the fact that mass production has resulted in cheaper goods, and using the hire-purchase system, man can now acquire more goods and of different kinds.
Today countries can also specialize in what they are best suited, as explained by the Theory of Comparative Cost. Territorial division of labour has thus promoted and expanded international trade. Kong Kong, for instance, by specializing in the production if textiles can let the other countries to specialize in other commodities such as cattle (Argentina), coffee (Brazil), sugar (Cuba), and tin (Malaya). And by exchanging their products, countries can now enjoy the products of the other countries. Without division. of labour, this would not be made possible.
That the efficiency of a worker can be easily gained as a result of division of labour must be obvious; repetition of the same work is bound to produce efficiency not to say that "practice makes perfect".
Now when a worker embarks on`a new trade he does not have to spend so much time learning about his job since he needs only learn a sub-process of the work, A worker can become useful to his employer and to his community within a short span of time. Long hours of arduous training is new dispensed with under division of labour.
As a worker is not required to change from one process to another process of the same job, he does not have to lose time and effort while trying to. familiarize himself with the new conditions as entailed by a new process
When a worker becomes skilful, he can always manage to finish his 'work with sufficient time left for his hobbies or recreations. Consequently he has always the opportunity to learn something also besides hingjob.
As he can always enjoy the products and services of other workers, he gradually finds that his standard of living is raised. He now finds life more seours and comfortable under division of labour,
While we are still on the merit side, we must not Forget that division of labour can also bring benefita to an industry.
First and foremost, specialisation can improve the quality of work, and at the same time, as printed; out earlier, division of labour ales increases the output of goods.
(more-tideṛcan ́also be saved in a workanop ginos with specialisation of job, work can be dene at a comparatively shorter period. Moreover, machines are never left idle, as they will lead to greater saployment of machines and thus machines can be supplied more economically.
On the other hand, division of labour tends to make work less interesting, creative and productive. but more monotonous and at times may appear to the worker meaningless. Any piece of work when repeated too many times is sure to become routine and mechanical. Thus boredom vill result.
Workers not only feel`vnat oneir work 18 ďull and routine, but may suffer a less of pride. As he does only a portion of the work he cannot claim that he ham completed the finished product. There must be many others who have an equal claim to the work,
Earlier we stated that division of labour may result in mass production, which may appear that all is well. However, it is possible that trade depression will wat in, and soon the country is up with an economic orisis – deflation which gradually causer widespread unemployment.
Another result of division of labour is that industrial disputes may arise from time and time. Workers generally don't agree to similar wages nor working conditions.. They thua "rebel" against the management.
Finally, division of labour can result in a sharp rise in the problem of juvenile delinnency, public health, housing, school and many similar social problems. Workers usually like to concentrate in the sama area and this thus gives rise to, ¡overcrowdedness in housing,
日期星 日五廿月一年〇七九一屡公年九十五國民中 育教僑
Land, labour, capital and organization"are" they factors which are necessary befora production can take place so they are mutually interdependent,
When we speak of land here, we are using the word in its broadest aeneo to include the natural! resources, the lakes, seas, moisture and the darth found on it. Land provides man the place to build his factory his house and other buildings that make up a community. It also provides him with mines from
are also which minerale are extracted; lakes and seas provided from which other primary products aro obtained. The forcon of Nature, as are included in] lens, enable crops togrow. Thus it must be obvious! that without land, production cannot take place.
Although land in Hong Kong is very much limitea! in supply among other things, in recent years, abitious land development programmes have seen the addition of more levelled lands in Kowloon Peninsula' for industrial uses. Reclamation projects have also played an important part.
The next obvious factor is labour. Men and women? are needed in the factories to operate the machines and do many odd jobs resulting from the division and sub-division of processes of work. Skilled, semi- skilled of unskilled workers are thus needed tc perform either mental or physical work,
Next in the list of agents of production is 'capital, which does not necessarily mean money capital, but rather those raw materials, machinery and tools; that are needed to produce consumer goods, which we call producer goods. Of, course money capital can help if we do not have producer goods.
Modern economists have argued that with land, labour and capital, production cannot take place. These three factors, they say, age isolated, standing. alone by themselves. They cannot, of course, come together on their own accord; a fourth factor of agent in neaded to bring these three together, and this fourth factor is referred to as organization.
It is further argued that, there must be somebody who is willing to undertake the initial risk and responsibility when a business is first operated. At the same time, this person is also responsible for
(a) making decision as to the proportion in which each of the three factors of production (land, labour and capital) has to contribute so as to raise productivity:
(b) deciding what products his`firm should specialize in and what markets the products are aiming at;
(c) determining the size of his firm; (a) finding suitable markets for the products)
of his firm; and
(e) administering the affairs of his firm. Hance, the fourth factor, organization, is considered to be a vital agent of production by modern economists and should not therefore be omitted;}
Exercise No. 12
1
1. For each statement below write "True" or "False"
as applicable:-
(a) Man's wants are many and compatitive aus
0%
the unlimited supply of things in the world.
b) The 1969 Budget announces that Government will
be introducing social insurance soon.
(c) ETV is supplied free by Government.
(d) The Labour Department helps to solve industrial
disputes.
(e) Community Chest is administered by C.D.0.)
Credit Cards are legal tender.
(g) The Heung Yee Kuk advises the District
Commissioner on the development of the New' Territories.
h) The marginal utility of a commodity is high'
when its supply is small.
1) Iron has a greater total utility than gold.
A partner in a partnership firm can enjoy limited liability provided he investa half of the company's capital.
2. Fill in the blanks:
(a) The clearing of slum areas is known as (b) The minimum age at which a person can be
employed in a factory is
ic) Tax on a person's property after his death ia
known as
(d) Tha
Court.
haars appeal cases tried in the Fu
(e) People who become members of a Government Body such as the Legislative Council upon their official appointments in the Civil Service are known as
members.
(r) The system of stolishing competition in a
country and allowing all economic activities J to be carried out by the government only is
known as
(g) An
market is one in which there is an absence of a homogeneous product supplied by countless firme.
can be created by a lean, or better still by saving.
(M)
(1) Bue
(j)
•
of a newspaper provides a commentary on current affairs of the community, serving as guidance for public opinions and Government policies.
ensures that newspapers are never censored' Government.
3. Which Government Department
checks visas and entry permite?
(b) runs the C.D.D scheme?
(c) studies the prevention of diseased?
(d) collects customs-duty?
(e) prevents the smuggling of goods?
4. Answer the following questione:
(a) What is the total allowances a man can claim
if he is married with 3 children? What is the standard rate for Profits Tax? Who. produces the Colony's Annual Budget? Under what tax muet an unlimited Liability company pay in respect of its profits? (a) Government is seeking a loan from Great
Britain for a project to develop the Kai Tak
一露限 中文中學會考試題預習專欄
地理科
(十二)
·潘桂成。
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(未完轉入 第四張第三頁
Airport. What is the purpose of this project? (f) Name 3 principal problems created by a large
population.
(g) How can one send money to overseas countries)
by going to the post office:
(h) Under what basis can. a bank create credit?;
5. What is the correct 'economic term for each of
following!
108
(a) The purchasing of commodities in large amounta. (b) The destruction of utility of either a commodity
or service.
(c) Shares that do not carry a fixed rate of
dividend..
(c) Loans to a company.
(e) People engaged in extracting raw materials)
from nature.,
C/C HVP SZ