1979-10-20 — Page 23

★教僑康 真三第張六第 日十三月八年未己

1980

WAH KIU YAT PO

tertiary production. They are interdependent on one another.

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盧家作

經濟

ECONOMICS (2)

Basic Concepts (Cont'd)

Price and value

Cice: The price of a com- modity is the sum of money

Rich a person pays to a seller

order to obtain the ownership the commodity. Thus, the

price of a certain commodity is

at the exchange value of it hich is in terms of money.

The price of a com- modity is determined by supply and demand conditions in the

e market. It tends to rise demand exceeds supply, or as supply exceeds demand in the market.

However, price may not move freely in accordance with changes in demand and

supply due to market imperfec- tons or government intervent- alons.

Despite the fact that arice may not reflect the real market conditions, it still serve as an index for consumption, production, exchange, and resources allocation to certain extent. In a mixed economy, price plays a very important role indeed.

به تو فیلم امور بالی و

Value: For each commodity, there are two kinds of value, which are known as 'vlaue in use and value in exchange'.

. אן

The 'value in use' of

a commodity is the total utility which it yields as it is. used. It reflects the usefulness of the commodity.

The value in exch- ange' of a commodity is the quantity of some other commo- dity for which the commodity can be exchanged. Thus, the exchange value of a commodity dan be expressed in terms of units of some other commodity. It also can be expressed in terms of money, and is there- Tore called price.

The 'value in use' of a commodity may differ from its value in exchange', sincé- the latter is usually affected by the market demand and supply conditions. The higher the marginal utility of a com- modity, the higher its 'value in exchange will be.

Production and Consumtion

Production:

Production is defined as any activity directed to the creation of goods or services with given resources.

f

Production involves changes in time, place, form, ah shape of the resources. main aim of production is to provide sufficient goods and

The

services to satisfy human wants.

Consumption:

Consumption is

defined as the process of utilising a certain commodity or service, from which satisfaction is obtained by the person who uses it.

Consumption is

necessary for each individual

As consumption

and it is the primary motive for a person to work,

occurs, utility is derived and

9. Income and Expenditure

the need for production arises.

Income:

Income is defined as the inflow of money or wealth to an individual or

organisation. Income may arise, as an reward to land, labour, capital, entrepreneur, or a transfer payment such as pension, social welfare assistance, or subsidy.

It is important to distinguish between real and money income. Real income is the amount of goods that can be purchased with the income. It reflects the real purchasing power of the income. Money income is the nominal value of the money. In time of inflation, real income may fall although money income remains constant.

Expenditure: The outflow of money of a person or a firm is called expenditure, The expenditure can be of various forms. It may be spent on the consumption of certain 'commoditites and services, or the instalments of producer goods for further production.

Whenever income exceeds expenditure, stock of capital increases because the remaining income which is not spent will add to the stock of capital.

10. Types of Economy

In general, there are three types of economy. They are free economy, mixed economy, and planned economy.

In a free economy, prices are freely determined by the interaction of demand and supply conditions of markets. There is no govern- ment interventions on the eco-

Production and nomy at all. consumption are directed by price. Decisions made by all producers and consumers are free from any intervention from the government.

In a mixed economy, both private sector and the government take part in the economic activities. The government imposes taxes on certain groups of individuals and business enterprises and spends public funds on certain public projects or schemes run by the government.. On the other hand, private sector remains unaltered by the governmental actions.

Businessmen still do their

There are three stages best in making profits, while

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In a planned economy, the government decides on what goods should be produced, what factors of production should be adopted and in what quantities. Consumers have to accept the supply of commodities and services at prices set by the government. In this economy, it is the government that dictates the production,

consumption, distribution and

employment of factors of

production.

1980

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HISTORY (2)

Philip Y. 1. Yon

38 you may probably know, the most important historial event in 19th-century East Ania is the coming of the Vesterners. The brought with

them not only western goods for trade, which the Ch'ing dynasty rejected in general, but also a nighty military power that backed up the demand for trade, which the Ch'ing dynasty could not resist, It vas in this way that China was "opener!" to the Veat after the two opium. wars (one in 1804-42, the other in 1856-60), China even adopted many of the Western technology and nilitary things in the following thirty

or so (1862-1894). The efforts were known as the Self-Strengthening Movement,

Did the reform succeed? No, because China was defeated in the Sino-Japanese War of 1894-95. If you were que of the scholars when made up the ruling elses at that time in China, what would you feel? Don't forget that the Chinese scholar (shik †) had always regarded himself as being superior to common people and therefore more able to save the country. So it is little wander that he would feel hitler und wanted to do something to strengthen China,

This desire to save Ching vas mixed with some political rivalry in the scholar class, The Self-strengthening Movement was carried out by top scholar-officials who were more corservative and less willing to make new changes, because they feared of losing their political power and position, But younger acholars felt differently, who welcomed. radical changes because they had nothing to lose. In fact, only sudden reform chauges gave them opportunities to advance to positions of power. It's just like asking all students in Hong Kong to support a movement for the sudden creation of ten

t

universities so that everyone has the chance to receive university education. The

government, industrialists

and wealthy businessmen would say no to it, not only because of the vast expenses but also because there would not be any students leaving school to work in factories and offices if all students go to university at the same time,

•

If the young scholars after 1895 demanded reforms of some kind, what kind of reform do you think they would call for Logically not the kind tried before 180% purely techurlogiesl and military,

and logically de Tonger

ccnfined to picce-meal reform

measures carried out in

different provinces as the

六期星

日十二月十年九七九一座公年八十六菌民華中

(32) 2.1

-2,

2x+2(2-3) 2x

2x-3

2.x-2

5x

that led up to the Hundred Day Reform of 1898 advocated administrative and political

changes to be effected from Peking to the country at large. If considered from this angle, the motives of

a step the 1898 reform were nore progressive than the Self-strengthening Movement in 1862-94. The basic reason for administrative and political reforms was that it was the government which carried out military techno- logical changes. In other words, it was thought, after 1895, that military-techno- logical reforus before 1894 failed because there was not an enlightened and progressive government to supervise them. Nor was it only a lack of

2. (a)

culightened governuent;

reform-minded and

forward-looking scholars were

(b)

also few. Thus the 1898 reform aimed at a reform of the Chinese civil service examination which selected Men us social leaders and government officials.

All such is the different part of the background to the 1898 reform. There sure are uany factual details that serve to illustrate the gain ideas I have outlined, but as long as the nin ideas (main themes) are clearly understood, minor details can be neglected,

To summarize a hit, both external and internal factors inter-reacted to one another

to bring about the 1898 refors. Externally, there were the introduction of Western ideas of reform (which the young scholars could turn to if they wanted), the Sing-Janpanese War of 1894-95 the defeat of China of which fully convinced the young scholars of the need for turning to deeper Western refora), and other things. Internally, there were the general recognition of the failure of the Self-Streng- thening Movement as shown by the Sino-Japanese War, the dechud for reform by a group of nationalistic young scholars. (who all believed in the need for administrative and political reform on the Western model), and other

things. The interplay between these factors was the buckground to the Hundred Day Reform of 1898.

For a detailed analysis of the causes, contents, results and reasons for failure of the Hundred Day Reform, you can see my book Modern East Asian History. 1870-1952:

u comprehensive analysis.

Next time there will be a general discussion of the different reform measures and their significance. The topic ne a whole has long been neglected in Past Cert.

examinations. It is therefore

for your own good to pay more. attention to it.

1980

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ADDITIONAL MATHEMATICS (2) Solutions to Exercise 1

5

1,a)

t

O

(ADS)

+

*

++

· (2·3) • (22):

.2

34x+4+(2x-3)-5x-1 22x-3-1-(2x-4) 3*. 20

5+2-35(5-1)

9.50

ཏ" དྭ° - ཏ•7n"ཀ1

5" (52-5-7-5-1)

25-7

5.3

(Ans)

(Ans)

6.5".

2)

=

3(6.3-) 2.3

-

(ANB)

log8

4

log/8-log/125+log/27

Tog6-10g5

'-log125*+log273

Logh-log5

Jog(2)-10g(53)+log (33)+

log(x2)-log5

3

tog2-10R5+ locs log3+log2-1og5 (Ing2-1og5+1ng3) 10g2=10g5+19g3

**

+

1

(Ana)

logie

(4.(n) log(y+3)+logy log(y+3)+logy

1og(y+3)y logi .. (y+3)y = 10

+3y-10 (y+5)(x-2) K 0

0

y = -5

or

2

(Ane)

2

-

0

1

2

a“-a-6 × 0

where 108109

(a-3)(8+2)

a = 3 OT -2 1081*3

0

or 10810--2

i.e. log10 - log101000

or 10810

y = 1000

*

10810

10010100

- 10810(100)

y = 100 ·

5.(a) 3**+2(3*)

15

(Ans)

1.c. (3)2+2(3*)-15 - 0

Let y =

y2+2y-15 - 0 (y+5)(y-3)

3

y

- U

3 or -5

x

= 1

(Ans)

(y--5 is not applicable).

(b) 25*+4(5x+1)-125 -`n

i.c. (5*)*+(5*)(5')

(5*)2+20(5*)−125

Let y

.*. y*+20y-125 (x-5)(x+45)

--

U

W #

y = 5 or -25

0

0

X = 1

(Ans)

of production. They are

consumers have freedom in

primary, secondary, and

consumption to certain extent.

self-strengthening Peform. 50, (1)

the reform dennut after 1895

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(y=-25 is not applicable).

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