1982-10-31 — Page 19

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1983

中學會考試題預習專欄

次

展

經 濟州 (A) 明德出版社王啓光

光提供資料

·陳勵德

ECONOMICS (6)

K.K. Wong & L.T. Chan

Mill & Dale Press Ltd.

Factors of production

"con'd.

Returns to factors of production,

Land, capital, Labour and entre- preneurship are the productive resources available to produce commodities. They are the factor services provided by the owners of factories of production, Payments are made to the owners of the factors input în return for the services they render, These amount of payments are called. factor incomes in economics. Factor income refers to the payment which is paid by the producers for the employment of each unit of factor service. The factor incomes consist of four elements;

A. Rent is the payment

to land.

B Wages are the

payment to labour. C. Interest is the

payment to capital D. Profit is the payment to entrepreneur.

Rent:

To the payment, rent refers to price paid per unit of time for the services of some durable goods. such as the rent of car, a flat, a television set, tc Under the à Lone ⠀⠀ condition, the payment is called. commercial rent.

To the economist, rent refers to the payment for the productive factor. which is fixed in supply. It is because rent is the payment to land in production. Land is not only defined as the produc-. tion site but it is also regarded as the natural resources involved in produc- tion which is fixed

supply.

in

Wages?

Wages are the paynent paid by the firm to the skilled or unskilled, physical or mental labour for the effort they have made in production.

Time rate means that the workers are paid according to the period of time they work for producing goods or services.

Piece rate means that the workers are paid according to the amount of goods and services they have produced.

C. Interest:

Interest refers to the payment paid by the producer for the

use of capital and it

is the rate of return. on the capital in invested..

Since some of the

money capital may be borrowed from money lenders, interest is also regarded as the payment by a borrower for the use of a sum of money for a fixed period of time.

If the payment is completely for the use of money. It is called pure interest. Usually, interest is the payment for the risk involved in making loans.

D. Profit:

Profit refers to the income accures to entrepreneur. It is the reward given for the performance of the managerial skill and the organization of the firm. In ad addition, profit also refers to the reward to the risk bearing and business decisión making in a manufactoring unit.

Since entrepreneur is the one who. organizes the other three factors of producti on and supplies the capital of the firm, profit is the amount that remains after the rewards to all other factors of production.

II.Determination of rent wages, interest and profit. In market economy, the prices of productive factors are determined in the factor markets through www.chanism In- price other words, the factor incomes, just like the prices of other commodities, are determined by the interaction between demand and supply of, the factors.

The market demand of

a factor of: production, for example, the market demand of capital, is the aggregation of the demand curves of the

individual firms.

The demand for

factor production in an individual firm will depend upon: a.the physica

productivity of the

factor

If the produc

tivity of the factor

input is improved,

the demand for factor would be increased. For instance, the

productivity of a

machinery can be improved through technical progress.. or managerial know- hows.

b.the price of the

product which the firm is producing

The demand for factor input would

be increased.

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儲源資

噸億百三

resulting from the

rise of the price of the goods which is manufactoring.

the prices or other factor services.. employed by the firm

The firm may employ several variable factors in short run

production. Factor input are mobile so that the price of other factors can influence the price of the factor to some extent.

B. The supply of the

factor means the amount which is offered as the reward is varied. Because factors of production would be attracted from other industries and occupation, för example, the supply of work force, we should expect a higher price to expand supply..

For the same taken, more supply of land would be expected due to rise of rent, and profit is the incen-

tive which stie

the entrepreneur make muen effort in production.

C. The prices of factors

of production such a8. rent, wages, interest and profit are determined by the interaction of the market demand curve and the market supply curve of the factors of production as shown in the following

diagram.

(rent, wages, interest or profit).

Price of the factor of production

Market ・demand

curve of

the factor

Market Supply curve of

the factor

Quantity demand and supplied of the factor of production

1983

中學會考試題預習專欄

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史

(六)

明德出版社胡應亮提供資料

HISTORY (6)

Philip YL. Woo

Mill & Dale Press Ltd.

European history from

1919 to 1939 is often known as the inter-war years, for reason these

reasons:

(1) In 1919 the Paris

Peace Conference settled the First World War (1914-18) (2) In 1939 another world

war, the Second War

字

World, broke out.

(3) So in many ways the

First World War left behind many unsolved problems for Europe, and these problems helped bring about the Second World War.

We shall learn about the

following aspects. A. Unsolved problema

the First World War after 1919 (political. social, economic, etc.)

B. Rise of Fascist and.

Nazist dictatorships in Italy and Germany in the 1920s and ⠀⠀ 1950s, which could in part be explained by the unsolved problems. Internation

3

aggressions committed by Fascist Italy and Nazist Germany in the 1930s.

Attempts by the Western Powers.

(Britain and France), at checking: international aggressions: failure of the League of Nations,.

failure of appeasement.: Note the following:

il (1) above is in fact about the consequences of the First World War.

(B) is a result of

(A).

(C) and (D) form the

causes of the Second World War.

Then you can see how the. First World War led up to the Second World War. (from A to D},

1. Defects of the Paris

Peace Settlement

As a result of the settlement, there were two kinds of powers in

Shope:

powers that wanted to the settlement e.g. Germany, (which felt that it was. humiliated in many ways), Italy (which claimed that it was not justly rewarded), and Soviet Russia (which was not invited to the 1919 peace conference and thus resented the settlement).

powers that wanted to maintain the settlement -0.g. France (which aimed at preventing the revivial of Germany) Britain (which wanted peace at all cost so that trade would be

good) and the USA

(which withdrew from European affairs after 1919).

2. Unstable small states.

in East Europe - The First World War helped bring about revolutions in Russia. ́and Austria. On the

one hand, Russia became a communist state since late 1917. On the other hand, Austria was broken up into many small states like Yugoslavia, Czechoslovakia, etc. These Eastern European states had shallow democratic tradition. They might be easily

conquered by aggressors. In the

1930s, Germany was the aggressor, Other powers tolerated Germany at first, They used an appeasement policy towards Germany. But they could not let Germany conquer all East. Europe. In the end.

they resisted Germany So war broke out in 1939 the Second World War,

Communism versus Fascism Russi& became a communist country since late 1917, People in " capitalist countries such as Germany and Italy feared that communism would take their countries too. Thus fascist groups were formed, ie. extreme nationalist groups aiming at saving their countries from communist

penetration. Society became more unstable in this way. As you will see, Fascism took Italy and Nazi an took Germany. The se dictatorships then committed aggressions- against other

countries. In the end,

the Western Powers

(Britain and France) decide ̈to: decide to fight these

whicho

aggressors, brought about the Second World War,

Nationalist feelings becoming tense Before 1919.. autocratic empires like Hapsburg Austria and Tsarist Russia ruled. People fought. for independence. against them. After 1919, empires like these fell, and new democratic states came intu being. The nationalist feeling of many European people. become more intense. People in different countries were loyal to their fatherland. When war broke out, they were willing to fight for their countries. Before 1914, wars were fought between dynasties or expires. After 1914, wars were fought between peoples. Wars became more bloody toɑ,

5. Social discontent and

trouble Because of poor economic

conditions, people became discontented. Different social. classes ran into conflict with one another. Soldiers could not adjust themselves to peaceful lives when the war was over. Violence increased, In fact, this helped the Fascists and Nazists to come to power in Italy and German Y respectively. They found many unemployed people supporting them.

6. Economic recovery.

delayed by reparations.

The 1919 Versailles Treaty held that

Germany should pay the Allies reparations

(i.e. a large sum of money). This delayed the economic recovery of Germany. Over Europe as a whole the foundationR OF sound ecónony snaken uy the First World War. Ai though

z

was ratuer

in the 1920s, Great Depression hit Europe badly in 1929- 52:

HOW THE SECOND WORLD WAR BROKE OUT IN 1939

1. Germany and Italy

funder the control of the Nazis and the Fascists respectively) committed aggressions against small countries. The other powers (such as. France, Britain):

at first appeased the aggressors, i enot resisting then, but

later made war on them when it became clear that further appeasement was useless.

2. Aggressions committed

by Germany and Italy included:

war against Ethiopi by Italy in 1934

march into the Rhineland areas by Germany in 1935

support for Tebels in Spain by Italy and Germany from 1936-39

d: invasion of Austria.

by Germany in 1938

invasion of Czechslovakia by Germany in 1938 invasion of Poland by Germany in 1939.

Ꭲ .

From 1934 to 1939, other powers did not resist the aggressora.

Soviet Russia did not trust France and Britain. Stalin (of Soviet Russia) thought that France and Britain encouraged Germany to conquer East Europe so as to weaken Soviet influence there..

Britain was

preoccupied with colonial problems. She

did not want to: act without the

support of the

USA.

The USA did not want

ta get involved in European affairs.

France WAS

alone, She was too weak to defend

against aggressions, especially when the. aggressions were not against herself,

Italy and Germany knew that the other powers dared not risk another world var to resist their aggressions. The memory of the destructiveness of the First World War was too deep. People wanted to prevent war at all cost.

In 1939, when Germany invaded Poland, the western powers knew that they must resist the aggressors. They made war on them.