1979-12-17 — Page 21

有教訊航 頁一第張六第 日八廿月十年未己

1980

報日僑華

especially rising wages,

WAH KIU YAT PO

中學會考試題預習專欄

deflation, inflation tends to benefit debtors and people whose incomes respond

經濟及公共事務(+)

明德出版社

王啓光 -陳勵德

要提供資料

Economic & Public Affairs (10)

K.K. Wong & L. T. Chan (MIII & Dale Press Lia)~~ "DEFLATION and INFLATION

Deflation

Deflation refers to conditions when the general prices and costs of goods and services are falling continuously (i.e. the value or of money is rising). In

general, deflation tends to benefit creditors and people whose incomes respond only slowly to falling prices at the expense of debtors and those whose incomes are

more flexible. To the economy Casa whole, however,

deflation has harmful effects since bankruptcy of firms and unemployment may result.

InflationTS M

Inflation refers to conditions when the general prices and costs of goods.. and services are rising -continuously (ife. the value

of money is declining). In

general, as opposite

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quickly to rising prices at the

expense of creditors and

people whose incomes are slow

|to change. But, just like

deflation, inflation is also

harmful to the economy and thus thus both inflation and deflation should be avoided if possible.

If the prices and costs

are rising relatively slowly fire,-a-relatively slow decline.. of the value of money), the. situation is called creeping inflation or pesistant inflation. On the other hand, the situation when the prices and costs are rising rapidly- and out of control (i.e. the value of money is declining very rapidly and eventually to almost nothing) is known as hyperinflation or runaway inflation or galloping inflation.

Types of Inflation

(1) Demand-pull inflation

This refers to the type of inflation mainly induced by excessive demand i.e. prices rise as a result of that aggregate demand is greater then aggregate supply (total output) of goods and services.

(2) Cost-push inflation

When an inflation is essentially induced by

rising costs of production

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wis known as cost-push Inflation.

(3) Imported inflation

This type of inflation usually occurs in economies which are small and depend a lot on international trade e.g. Hong Kong. These small countries generally have no strong influence or bargaining power over- the prices of their exports or imports and are thus called pricetakers. When an inflatidin. occurs somewhere else, it may sooner or later be 'imported into these countries and imported inflation said to have occurred.

Question

1. What is inflation and

what are the common causes of inflation Discuss the effects of nflation upon the daily life of an average Hong Kong consumer today?

Inflation refers to conditions when the general prices and costs of goods and services are rising continuousl continuously (i. e. the value of money is declining in a continuous manner). The common causes of inflation

follows:

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(a) Inflation may be cuased by an increase in the amount of money in

circulation or by a drop in the supply of goods and services.

(b) It may occur as a result of excess demand (i.e demand-pull inflation) induced by an increase in demand of goods and services by consumers as well as overspending by firmerorby governments.

(c) Inflation may occur

because of rising costs of production. (i.e. cost-push production)、

(d) Inflation may be caused by natural disasters, social disturbances or wars. It may also be caused by the deliberate policy of the government or speculatus who stock- pile goods in order to force the price level upwards to realize abnormal profits.

The effects of inflation upon the daily life of an average Hong Kong consumer

are:

The effects of inflation upon different groups of consumers are essentially different. In general, the re will be a rise in the prices

of consumer goods and

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services e.g. rents, food

stuffs etc. The purchase and

consumption patterns of

consumers will change

accordingly. Necessary goods will increase in demand while spending on luxuries will be decreased. Savings will also be less and people will try to earn more money to increase their real incomes. Generally speaking debtors and people whose incomes respond quickly to inflation will gain while creditors and people withw relatively fixed income will lose. Lower income people. will likely be hurt more because of the rise in the prices of necessary items.

Thus, there is generally a redistribution of income. The people in Hong Kong will tend to purchase. more imported items since these products are now relatively cheaper than before because of inflation. When hyper- inflation occurs, there will be a fall in investment and unemployment will result. Likewise, as the prices of exports of Hong Kong rise due to inflation, the competitive power of these items. will be weakened and exports tend to decrease.. Since Hong Kong is so exportdependent, the economy of Hong Kong and hence the life of the consumers will be adversely affected.

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电刁拜,達文、巴速,科威特、亞布打比

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香港鍊代理:香港海運有限公司

中国联邦大堂23字 電話: 5-22500635-61212

戴在與黃埔業金

SANKYO LINE

吉利

18-22/12 23/12

十九日前

12月

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