1975-03-03 — Page 25

真四第張六第 日一廿月正年卯乙

|經濟及公共事務科

(十六

剟奇敏。

EXONOMIC AND PUBLIC AFFAIRS

(16) Question: (16) What are the chief. Oharecteristics of man's wants, and how are they mat?

Annweri Han'n ante tend to compete.

with one another. This is explain-

MAM

WAH KIU MAT PO

pany. For instance, we have to daalde

whether we should spend the afternoon reading a novel or watch- ing televisión, or whether we should do both but less of each. This also gives rise to the sig nificance of marginal utility. End the application of equi-marginal returna (or the Law of Subatiṭation)

Another outstanding character tatia of mimari wants is that the number of our wants increases day after day. Each morning as we wake up wo find ourselves wanting more thtaga to make our livee appy end comfortable. Yesterday we were delighted to have a radio set; today we want a radiogram, and: · tomorrow, it is certain that we will long to have a vape reed 上点AX, and ao on. Thle charanterdetic, however, does not apply so much to our basic wants as our aBoondary,

ed by the fact that as things ara...

BOB roity as

夜色 often find

limited in on it, economiste cull this soloing whether to de

ör to do that. Tina and money in particular are greatly demanded. by people, and when our decisions. invalva these two things, we find that a. choice must uiways be mads, That wants are competitive can be

seen from aur everyday experienòS 84.

報日僑華

If there is an advantage to be got from this characteristic, it....

to probably lies in its ability provide us an incentiva for work. Another thing to be noted is that had it not been for this character istic we should not have had a high atandard of living as we have today Our lives have thus been made more. confortable and

eaay.

Our wanta are also generally joint, By this is meant that if we want to buy A commodity, we may Also have to bay B commodity

AÐ

●期星

The leat characteristic of man's wants in that they can be generally jompletely meta However great is our desire for a particular nomodity there is a limit to this isere, ac that we are often satisfied with what we have. This" sharacteristic has hence given rise to the Law of Substitution which staves that when we have got a aertain minimum amount of esch'

it is possible for us to replace A article for Barticle and ́ét cetera.

Free goods and economic gooda

Trea exist to satisfy man's wante

•

goods are those things that exist freely around us and which we can obtain without effort. The air we breathe, the sand with which

because both A. and B co

commodities go. together to satisfy our wants. an example we can illustrate this in the case of gramophons and records.

One is useless without

the other. Oufflinks and tie-clips usually come in sete, because most

boys prefer these to match in order to appear more elegant,

children play by the beach, am the scenic landscapes of countries.

日三月三年五七九一圈公年四十六國民華中育教

#naon meyer cease to rascinate us are olussin examples of free goods.

Obviously, free goods alone cannot meet our wants, as We realize that our wants tend to grow in number as the years go by, if Nature fails to supply us enough thinga to mest our wante, then we bave to produce then, Economia

ment free goods. These are things or services which are produced by our effort.

Often the gifte of Nature must be utilized it économie goods are to be

Produned. For instance, a tree staniding alone du the foreat is merely a tree, da it does not Bat provide man any utility. through the apenditure of our time. and effort we can tum the trae into many forms useful to us. For instance, this baric can be converted

into paper, which in turn san pe used to make newspapers, magazines,

text books, etc; and the trink can be made into a boat on eft for "convenient transport down the river.

the wood can be turned into comfortable and attractive furniture.

It can be concluded that man a wents and met by the free gift of Nature; and where these gifte are incapable of satisfying our wante our.productive methods are employed: to ornate economic wealth, thus ensuring that at all times our primary and secondary wante are mét, no matter how competitive and mmerous they era.

Exercise for next week

(17) Comment on the problem of

juvenile delinquency, in Hong Kong and mention how it may be tackled.

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