算四第張七第6日四廿月九年亥癸夏 WAH KIU YAT PO
1984
中學會考試題預習專欄 經濟及公共事務 *
all the firm's debts. There is no legal
distinction between the personality and posses- sions of the owner and those of the firm. In
王啓光提供資料fact the owner is'the
明德出版社陳勵德
ECONOMIC AND PUBLIC
AFFAIRS (6):
K.K. WONG. & L.T. CHAN
MILL & DALE PRESS LTD.
BUSINESS UNITS AND OWNERSHIP
Definition of a firm
A firm is a business unit formed for the purpose of carrying on some kind of economic activity. It is the basic unit of production. Most business firms are privately owned and motivated by profits should be noted that ownership is a determin- ing factor in a firm's behavior.
Public and Private Enterprises "
The basic unit of planning and control over production is the enterprise. The terms firm and enterprise actually belong to one group. All modern economic societies have such control units, but there are wide differ- ences in the ways they are organized.
Public enterprise iơ owned and managed by the state. In Hong Kong, the owner of such enterprise is the government. The Post office, the Water Works, the airport, and the British section of the Kowloon and Canton Railway are public enterprises.
Private enterprise is owned, and managed by the private individuals. In
which our community, follows the laissez faire (free enterprise) principle, most of the commercial and industri concerns are privately owned.
The Sole Proprietorship
This is the oldest and simplest type of firm that has the character- istic of "oneman” business. All the firms's decision are centered in him, all profits from the firm is his, and be is personally liable for
1984
中學會考試題預習專欄
IN (A)
地
•蓁基施
GEOGRAPHY (6)
YY LEE & K.C. CHOI
MILL & DALE PRESS LTD..
Revisional: Questions: 11. Granite and
two.
conglomerate are rocks found in Hong Kong.
For each answer, thế
following. Describe a local- hand specimen of the. rock particularly its texture and
minerals, Explain its mod formation, Describe briefly the landscape ii usually produces in Hong Kong and
an area in Hong Kong where an example is found
name
Sugguested Answers: 11. Granite
Minerals and texture
Glassy Quartz
Biotite Feldspar
firm and is personally
responsible for every-
thing the firm does.
The Partnership
A partnership is composed of several (more than one) owners who pool their resources together to form the firm. The partners agree among themselves about how much capital each is to contribute, what role each will play in the management, and how much each will share in the profits. A partnership has more capital and resources and thus has greater possibility of staying in the business. Since different, partners may have different skills or experiences, each can contribute to the firm in various ways. Also: there is fleibility and adaptablility for the firm when partners are directly involved in supervision and thus the motivation to work is therefore strong,
The Limited Company (Joint-stock Company)
This is a legal form of enterprise (organiza- tion) designed to take advantage of large-scale production methods by pooling the wealth of many people into a single enterprise while at the same time maintaining centralized control over, and responsibility for
operation8.
The major character- istic of a limited company is that the liabilities of the shareholders are limited. This simply means that the liability of the. shareholder is limited to the fully paid up value of the shares he holds,
so that should the company find itself in. difficulties and unable to meet the demands of its creditors the share- holder can lose no more than the amount he has invested, the rest of
HAND SPECIMEN OF GRINITE Granite" is mainly
composed of quartz,
which is glassy or
white in colour, feldspar
(orteoclase), which is white or pink in colour; and biotite, which is black in colour. Granite is a kind of medium granïned rock with crystals around 1-3 mm in size.
b. Node of Formation
Granite if kind of plutonic igneous rock which is formed by the solidification of magma when it is cooled. It usually occurs in large
masseg
or batholiths at a great distance below the surface. When the overlying
rocks have been eroded, granite. exposes on the surface.
Landscapes
Under the humid. and hot climate in. Hong Kong, granite is a kind of weak rock which weathers very
easily, so it always forms lowlands or low hill, below 300 M.,. e.g. the Castle Feak Hills, the range of hills to the north of Kowloon and N. Lantao. Sometimes, serious erosion acts on
granite and badland
formed. The surface: is bare of any vegetation cover,
郭日僑華
his property being free from any claims by the company's creditors.
In Hong Kong, limited company is set up under the Companies Ordinance. ce. Each limited company is a legal entity, i.e., it is treated as a legal person and has the right to sue and to be used, can own property in its name and makes contracts. The capital of the entity is divided into shares and the share- holders normally do not manage the firm. Instead, a Board of Directors is elected and it holds. responsibility to the shareholders, ie., to report the state of business and publish the annual reports to the public.
There are two types of limited companies, the public limited company and the private limited company. The two are quite different as far as as legal commitment, organization, and capital raising are concerned. A detailed comparsion of them is found in the question and answer section in the later part of this lesson. The Co-operative Society.
This is another form of business organization but is quite distinct in its structure and objectives. The major aim of such a society is to provide benefits which are common to all its members.
The most common type of co-operative soci ety is the Consumers' co- operative. The owner s are sometimes also the customers and the profits are distributed among the members, The students' co-operatives, in many universities are examples of such. In Producers co-opératives the workers themselves own the business and elect some of their members to manage it, the profit then being divided among them. Co-operation among farmers is a good example of the producers' co-operatives.
Co-operative societies in Hong Kong have to
such as in the Castle Peak region.
Conglomerate Minerals and Texture
Quots. Pebbles
Coarse ground mass
HAND SPECIMEN OF AN TYPICAL CONGLOMERATE Conglomerate is coarsed grained. It consists of rounded pebbles which are cemented together by finer materials, in a red or brown groundmass,
b. Mode of Formation
12.
It is a type of mechanically formed sedimentary rock, for formed along the former sea coast. It resulted from the position of materials derived from the weathering and erosion of other rocks..
Landscapes:
Conglomerate is usually resistant and therefore forms a cap rock to ridges, e.g.
the Pat Siu Range.
Location
Averate
July T
Annual
Rainfall (May- Rainfall m
Sept.) min.
Rock
Types
六期星
register with the
Registrar of Co-operative Societies and is
incorporated under the
Co-operative Societies Ordinance. Presently, there are over 400 registered co-operative societies and all are under the control of the Registrar (The Director of Agriculture and Fisheries). Examples of. co-operative societies in Hong Kong are the rural societies (e.g. the Vegetable Marketing Societies), the fisher-
(e.g.
men's societies
the Federation of Fishermen's Credit Societies), and the urban societies (e.g. the Building Societies). QUESTIONS
1. Distinguish between a
public limited. company and a private limited company.
The public and private limited companies are differ- en't in many aspects. A private limited. company is usually small in scale and its number of sharë- holders ranges from 2 to 50; a public limited company is usually large and there is no upper limit in the number of shareholders, but there must be at least seven. The shares of a private limited company are not quoted in the stock market and thus it can only raise capital from its shareholders in private.
Un the other hand, the shares of the public limited company can be quoted on the stock market and therefore it can raise a large amount of capital from the public through the stock exchange by issuing shares or by issuing
debentures (bonds). In this way, (bonde), In this way,
a large amount of capital can be accumulated from small savings of the public for the public limited company.
650 Shale
日九廿月十年三八九一曆公年二十七國民華中
A 31°C 2000
B 20°C 500 320 Porphyry
500 C20 C
160 Granite
D 31°C 2500 1600 Rhyolite
31 C 2000 1600 Granite
The above table shows the climatic: data and rock types of 5 different locations. Which one do you think experiences active chemical weathering? Give reasons to support your answer.
the mos
Suggested Answers: 12.
The granite found at location E
experiences the most active chemical weathering
The rate of chemical weathering is determined, not only by the resistance of but also by: temperatures, amount of rainfall and distribution of rainfall.
Chemical weathering takes place most rapidly. in regions of humid climates, with high temperatures, or regions where the rainfall is highly irregular. The
high temperature. (51°c in July),
As far as the
private limited
company is concerned,
the
a shareholder cannot transfer his shares without the consent of
the company nor can any invitation be made to the general public to subscribe for shares. Hence, company cannot be controlled through trading of shares. Also, the shares cannot be used for speculation. For the public limited companies, shares are freely traded in the stock exchange and the company can be controlled by purchas- ing shares. Therefore the shares can be manipulated for speculation.
It should be noted that the financiabi statement of a private limited company is not open to the public and
there is a closeam relationship between shareholders and management for such a company. The opposites are true for the public limited company, i.e. the financial statement of the company is open to the public; and the. shareholders usually only invest without taking part in the management of the company.
2. What are the
advantages of public enterprise and private enterprise? Advantages of public enterprise
Public enterprises are motivated by the consideration of the well-being and interest of the people, not that of. making profits. Therefore a stateowned organization can offer to the public cheap, uniform piece and regular services, products. Unlike private enterprise. system, excessive. competition can be avoided and the government can ensure
heavy annua l rainfall (2000 mm) with a great concentration in summer (1600 mm) at location E thus favour chemical weathering.
The rapid rate of chemical weathering at location E also aided by the non- resistance nature of granite. Amongst the four different types of rocks, granite is the one that is the must susceptible to chemical weathering - It is relatively less resistant under the above climatic condition.
Owing to the high temperatures and
heavy rainfall, chemical process such as hydration hydrolysis,. carbonation and oxidation take place in the rock. These
the are not only on surface as rain water penetrates well below the surface along joints and cracks, Granite is kind of well-jointed coarsed grained crystalline rock. composed of mica, feldspar and quartz. The mica weathers the fastest and in doing so produces iron oxide. The feldspar decomposes slowly, and it combines with. water to form a fine clay, some time s known as kaolin.
育教僑舖 T
that essential goods.
and socially necessary services are maintain- ed. Public investment also can finance long- term and big projects such is the Plover Cove Scheme which is to costly to private investors. Generally speaking, a government-run enterprise has better access to various kinds of information and statistical data and thus enables further development Advantages of
private enterprise
The activities of
enterprises
prnerally regulat-
are
ed by the law of demand and supply Competition among private enterprises not only lead to new product and technology development (innovation). And thus
economic progress,
also allows wider range of higher quality goods and services offered to the consumers. In addition, competition ensures price to be. kept at a competitive level so that consumers can be benefitted more The profit-making object- ive is a powerful incentive in making private enterprise to work hard and display greater initiative in his work. This kind of drive usually leads to more efficient and effective management Moreover, the free market ensures the optimal (best) alloca- tion of resources. including labour and thus the possibility of vastage of s
resources will then be limited. Hence in such
a system, the interestes of the consumers are taken care of in that the production of various goods and services is based on satisfying consumer needs.
Following
decomposition, the resultant clay is washed out and the rock structure is weakened. Coupled with this there is. a considerable
breakdown of the resistant silica or quartz. This can partly explained by the periodic rains, followed by a rapid dessication of the rock which results from high insolation As a result of the
stresses and a strains caused by these chemical actions the granite
decays and breaks up..
For location D, although the climatic condition is the same, rhyolite, a kind of fine grained volcanic rock, ís much more resistant than granite.
For location A, despite the non- resistant nature of shale and the hot summer, the dry condition in that season does not favour active chemical weathering. For both B and C, temperatures are. cool, annual rainfall is moderate and summer rainfall is scanty, such a climatic conditioni does not favour rapid chemical weathering.
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