A market in which perreot competition exists 15/ known as a perfect market,
Under absolute monopoly, since there are no possible substitutes for the products put out on the market, the pride of each product, is determined by supply. Thus, to raise the price the firm will
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日一初月二十年未丁歷复
WAH KIU YAT PO
英文中學會考試題預習專欄
經濟及公共事務科 (九)·劉奇敏
aconomic & Public al.
Lecture No. 9
Sy §.Y. Lau,
Introduction
The Theory of Ownership
The growth of towns has largely been ressonsible for a change in men's economic system. whereas ar villager's needs are few and simple, a townee 'o nesas are many and complex. a villager'e economic system is. therefore a simple one. He acquires what he desires. through his own independence. Fishing, farming and perhaps hunting, or the alternative, herding, are sufficient to keep him and his family alive and happy. A townse, on the other hand, leads ≤ life in which dependence on his fellow-men is a prerequisite to his aurvival w. high degree of specialization in the
Trades are divided and sub-divided, methods of production vary from onewman jobs to big acale productions in which tens of thousands of men anc woman. are employed. The economic system is a more complicated one in the town, and this in turn brings us to the question of ownership..
The government of a country may decide, if 18 Thinks and feels that it is for the Interests or the. public, to organize the economic system in such a way. as to be respondible for the provision of goods and services for the people. Everything is then said to be owned by the state, 1.e. the government The people consequently work for the government, This @ystem is known as nationalization or otherwise known es: public enterprise. China is today in favour of this Bystém.
The other system is to allow the people to own Industries and at the same time allow them to manage and run their businesses without the intervention of tm government, unless a breach of the Law has been. caused. This system allows maximum freedom far the people to provide whatever goods and services that are needed in the country. Competition, of course, the principal consequence of this system which we call private enterprise, or known by a Franch @quivalent laissez-faire". here in Hong Kong this ayatem has been popularly adopted for years,
The branches of private enterprise
Under the ayates of allowing the people in the country to own and manage their own businesses with
ittle, if not complete absence of, intervention from the government, there arise a few industrial set-ups, We shall now emmine these set-ups and discuss their, pros and sons.
on theory there is the system of producing on identical product by a large number of firms. firm is concerned with producing only a small output. The product of each firm, however, da exactly similar in quality and other characteristi to any of those produced by the other firms. This known as perfect competition.
The other extremity, is far quy one arm to exist, and this firm is responsible for the entire production of a particular product which can have substitutes. This system is known as absoluta monopoly.
Perfent competition can only take place under the following "conditions:
There is no hindrance to buying and selling) (b) The products put out for sale must be
homogeneous.
(c) No one seller as sole to influence that
mrket price. Y
(d) Both the buyers and sellers are free to find
dut the warket conditions without any
w.lculty.
the buyers should treat the sellers fairly; for example they should not buy from one particular seller just because they go to the same church..
(f) The products ahould be able to be transferred
from one part of the market to another or
from market to market,
curtail the supply, and similarly by increasing the supply the price will drop, another way of
determining the price is to fix the supply, and let | demand(of the buyers) decide the price (1.... greater demand maans a higher price, and vice versa al drop in demand would cause a drop in price), alternatively, the firm may set up a fixed price, and let the amount to be supplied determined by the huvers' demand,
In practice, it is not possible to have perfect Lompetition or absolute monopoly. Instead, there exists imperfect competition which is half-way between che two extremities, This maana that there are a few firms instead of one or many in the country engaged in the production of the same kind of commodities which are not identical in quality or
oder features and
they are under different brands: trade marks. Comos, cigarettes, soft drinks, soap, tooth-paste and many others are examples of goods produced under imperfecu competition.
In the provision of services, such as telephone, wired television, transport, it is possible to have these organized under monopoly. But the firms allowed to operate under monopolistic franchises have to abide by certain regulations. For instance if one firm fails to eupply a particular service adequately and satisfactorily, the government has the right to:
: withdraw the franchise and appoint another firm to
take over.
The
monopoly
Supply or one-commodity or service can be planmed and this eliminates any possible wastage. Example: If more than one bus company is serving
the same route, while the buses of one company may be filled to capacity the buses of the other companies may be empty or only travelled by a few passengers
(b) The price of the product or service supplied can
cheaper...
be ma Example: If there are seveni allkmen deliverine
milk in the sams neighbourhood, it certainly would cost more than if cha coe milkman is employed to do the job as in the case of monopoly.
Monopoly rules out the possibility or bankruptcy. Example: It is quite impossible to think that the
Kowloon Motor Bus Co, Limited would one day become bankrupt, since in the first place the company does not have to face any competition, That the company may make less profits is of course a possibilit- that cannot be divmésedelem
Lo the supply of certain services, monopoy eliminates any awkward or confusing situation. Example: In the absence of monopoly, there will be
several companies supplying, say, gas,
Just imagine how many gas pipes there wild be in one street alone) Could you Imagine what would happen If more than one ferry. company is using the present route of the "Star" Ferry Company Limited?
Disadvantages of monopoly
(a) in the absence of competition, the firm that 15
given a monopolistic franchise may exploit: cha situation by providing inadequate and unsatis factory service.
Example: ATV has lately improved its progrzemes
The reason being that another television
station hap Been establishedi
(b) Consumers ard left without any choice,
Example: If you are not happy with the service of the Hong Kong Telephone Co. Limited, are you Left with any other choice? The quality of a product or service supplivu under monopoly may not be what the consumerS expect to get. Example: Under monopoly, a firm realizes that the public has no choice but to buy from the firm. Thus the fim my fail to find out what the requirements of tha consumers
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日一卅月二十年七六九一层公年六十五國民亊中
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are, and eventually sells on the "Take it. For leave it" basis.
d)"Under monopoly, a firm may fix its output, and
thus allows the demand of the consumers. t数
determine the price, and it may sometimes curtail the supply and therefore raising the price. Example: If a hawker decides to sell 100 appies and if there are 100 people wishing to buy, he may charge each apple at 40 cents. Now if more people decide to buy. naturaliy the price will go up so that only those who can afford can buy, what happens if the hawker finds that only. 50. people wish to buy? He may keep back the other 50 apples and thus maintaining the price at 40 cents per apple. If there is: another hawker selling apples, the situation would be different.
Under monopoly a firm is primarily interested in (uking profits. It is not willing to investi
large capitals to introduce improvements in its/ service or the quality of its product, unless the firm ds certain that its investment can reap.ouick dividends.
Example: where more unan one shop is rounù in chof
gape street, each shop will try to
improve its service. Each shop will try to put up attractive decorations in order to draw customers from the other shops. In] the absence of competition, as is in the case of monopoly, customers have to go to only one shop.
In the next lecture Ne shall discuss the results
of nationalization, as well as, large and small firms.
Answers to the restdons in axercise VIE
(a) a cheque:
(b) the reserve requiremen,
(c) Inflatiori
(d) barter (ecürong:
(e) a clearing house
2. (a) The rule of law.
(b) The Habeas Corpus writ
(c) A Magistrates Court. (a)$10,000
(e) Civil Law. 3.(a)False
(b) False.
(c) True (d) Prue
(e) False.
(a) 4.2 per cent
(b) promoting our tourist trade (a) losslly-nede goods
(d) robbery
(e) landlords and tenants
5(a) Registration
(b) Sweeps
(c) Draft
(d) Statute (or statutory) (e) deficit
RIES
use a crossed cheque:
(b) A bank must have a correspondent bank in
b. country.
【c) Heung Yee Kud for the moral Consultative
Council)
(d) The Lion Rock Tunnel nas been constructed.
wHong Kong week, "
(e) Royal Observatory
(b) Marine Department
(c) The Public works Depart.ment
(d) Registrar General's Department
(e) Medical, and Health Services Department
VASARASI MArxetang organizatior.
(b) Jegetable Marketing Organization (c) Training and Research Branch (d) Loan Funds Branch:
(e) Co-operative Movement.
txercise C
A. what does G.1.5. atand for?
Give a description of its work and functions?
7. How does a bank serve the community?
Illustrate your
answer.
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