1989-11-08 — Page 35

(35)育教 日一十月十年巳己磨夏

1990 中學會考預習專欄

·明德出版社 MILL & DALE PRESS

Economics (6)

THE FORM OF OWNERSHIP

(continued)

PARTNERSHIP

Alato Li

In a partnership, there are 2 to 20

partners.

The partners agree among themselves how much capital each role each partner contributes, what partner plays in the management and how much profit each partners shares. Those 'partner's just contributing capital and having no responsibitities in the management are called sleeping partners and can exceptionally have limited liability.

-The partnership is particularly suitable for those kinds of business where personal expertise is important, e.g. lawyers, accountants and doctors.

FORMS OF PARTNERSHIP

There are 2 forms of partnership:

A. Ordinary partnership

In an ordinary partnership, all the partners have unlimited liability.

B. Limited partnership

In a limited partnership, the sleeping partners only have limited liability but there should be at least

One active partner

unlimited liability.

ADVANTAGES OF PARTNERSHIP

Partnership may have 4 advantages:

1990 中學會考預習專欄

明流出版社一 MILL & DALE PRESS

History (6)

with

J. Lui

The rise of nation-states in Europe (1) The independence of Belgium.

If we study Europe in the 1830's from a political perspective, we can come up with the conclusion that it was divided into 3 different kinds of political structures.

The first kind was the well-organized and independent states

had which undergone tremendous economic changes and their economies

liberal- based.

were

A proportion of the population was middle class who yearned for a democratic form of government. Since they were independent and had liberal

exerted economy, they certain degree of political economic influence inside and outside Britain and France belonged Europe,

to this category.

more

1. More capital

As there are more Owners, capital is available to support the firm or to finance its expansion. 2. Risk diversification

if the firm runs a loss, it will be. shared among the partners and so the risks can be diversified.

3. Division of labour

As each partner may be skillful in a certain' field, division of labour can raise productivity.

4. Strong incentive

Since the owners have personal interest in the firm, there is a strong incentive to reduce waste and to improve effiency.

DISADVANTAGES OF PARTNERSHIP Partnership may ahve 4 disadvantages: 1. Unlimited liability

Normally, all the partners have unlimited liability. Thus their personal possessions are at risk if their firm loses.

2. Slow decision

As it is difficult for all the

partner's to reach agreement,

decision-making is slow...

3. Less flexible.

Since the partners after differ in their opfaions, the firm has less flexibility to adjust to changes.

4. Difficult ownership transfer

As the transfer of ownership from any partner to somebody else requires all the other partners' agreement, it is difficult to transfer ownership or to admit a new partner.

LIMITED COMPANY

A limited company is in itself a legal (entity which is in law seperated from any owners or shareholders, and so the shareholders' liabilities are

limited

to the capital they have contributed.

The third type of states were large empires of mul Li-racial states. Because of their political structure, they

Conservative in were

their political outlook. Their governments were absolute and suppressed any ideas" which might upset the interests of their empires.

Austria,

ange Russia

the Ottoman Empire belonged, to this gategory, However, the above-mentioned empires experienced their disvegration in the 19th

shall century, and We examine how the nationalist leaders destrayed the established order and reshaped the map of Europe.

Although the Conservative statesmer of the Vienna Settlement reshaped the political map of Europe by sacrificing the national interests of some ethnic rational independence minorities, movements first gained success in the 1820's and then in 1930's....

Belgium and Greek were cases in point Moreover, Since I have already analysed the Greek War of independence in the previous passages. would focus my work on

(1) the factors which gave rise to the spread of liberal and independence

nationalist

movements.

(2) the underlying causes

the Belgian Independence.

to

arid

(3) the

were

The

states second type of states which were under foreign rule.

influenced - Partly

hy the ideas advocated in the French Revolution, and partly influenced by the policies of Napoleon, these states were inclined to nationalism and liberalism.

was

Thus, their first concern

to fight for independence since only an independent state could be powerful.

- Not only Italians and Germans, but alsc the ethical minorities living under the Turkish empire belonged to this group.

immediate

報日僑華

KINDS OF LIMITED COMPANY

There are 2 kinds of limited company: A. Private limited company

A private limited company has 2 to. SO shareholders. Their shares cannot be sold privately without the agreement of the others, nor can the shares be sold to the public.

B. Public limited company

A public limited company must have at least 7 sharesholders but there' is no upper limit. Having published a Prospectus and submited it with the Memorandum of Association and the Articles of Association to the Registrar General, the company may

Funds raise capital

by issuing shares and debentures to the public in the stock market.

In both private and public limited companies, the shareholders normally do not manage the firm, instead a Board of Directors is elected

the among shareholders to represent them supervise the management.

ADVANTAGES OF LIMITED COMPANY

5. Limited liability:

三期星日八月一十(九八九一)年八十七國民華中

All the shareholders in a limited. company have limited liability, so their personal possessions are safe. guarded and this attracts more investors.

DISADVANTAGES OF LIMITED COMPANY A limited company.. may disadvantages:

1. Difficult establishment'

The establishment of Company is more complex, consuming and experience.

A. Producers' co-operatives

In the producers' co-operatives, the

producers themselves

business,

Own the

e.g. the farmers co-

operatives and the fishermen's co- operatives. They buy production factors in bulk and sell their products together.

have

58. Consumers' co-operatives.

limited time.

As the managers are not the owners,. incentive for

2. Low incentive

they have lower

greater efficiency..

3. Slow decision

As there are so many owners, the decision-making process is quite

to

slow.

A limited Company may have 5 advantages:

1. Capital raising

As a limited Company has many shareholders, it bas a much wider. scope for raising capital than a sole proprietorship or a partnership For expansion.

2. Economies of scale

As a limited company can expand much more easily, it can enjoy economics of scale.

3. Easy transfer of ownership.

As the shareholders may easily sell out their shares, the transfer of ownership is easy and SO the investment in a company is highly flexible..

4. Stable continuity

D.

C.

A limited

has company

many shareholders.. While the owners may change, it will continue to exist.

4. Poor relationship

As a limited company is often a large and complex organization, it is difficult to maintain a good relationship with customers and employees.

5. Diseconomies of scale

When a limited company grows bigger and bigger, the managment becomes more difficult and diseconomies of scale occurs,

CO-OPERATIVE SOCIETY

A co-operative organization of

society is ari group of people

running a business for the benifit of the members. Its primary aim is not profit-maximization.

the the

In the consumers' co-operatives, consumers themselves own. business, e.g. the retail stores of trade. unions and the building societies of civil servants. sell goods to their members.

ADVANTAGES OF CO-OPERATIVE SOCIETY

A

co-operative society may have advantages:

1. Cost reduction

When the individual

They

nembers get

together they could buy production factors or goods at cheaper prices. and so can reduce cost.

2. Better market position

When the members unite together, they stand a better position in the market to compete with other big firms and to bargain.

DISADVANTAGES OF CO-OPERATIVE SOCIETY A co-operative society may have 2 disadvantages:

1. Lack of management skills

Most co-operatives lack business knowledge and so are inefficiently managed.

2. Malpractice

The people held responsible for the

co-operatives are volunteers

and

should not

obtain

any persona}

benefit.

If

they

yield

to

of co-operative

temptation,

it

will

result

in

malpractice.

KINDS OF CO-OPERATIVE SOCIETY There are 2 kinds society:

At

4. the earlier phase, romantic movement emphasized emotion and sentiment rather than reason intellect.

and

The Failure of the Metternich System

Thanks to his peculiar political interests, Metternich made use of the It made human personality seem more

Congress System to maintain the status important Chae

fant qugs and balance of society

power. He did it Simplicitycondemned restrictions by suppressing the two undermining an individual freedom of *political forces: nationalism and

iberalism."

expressions.

d. After 1820's, since many secret societies were suppressed and went underground, romantic movement had a closer tie with liberalism and democracy.

2.

The impact of the development of trade on Europe

In the 19th century, Europe had

tremendous undergone

ecomonical changes. An expansion of trade and the rapid development in industry led to the rise of industrial cities and above: all the rise of weal thy middle class.

- Such economic changes had great political impact on the 19th century politics because the middle class Jemanded greater economical and political freedom.

ich led

of

35

the

causes of Belgian War of Independence.

(4) the significance of the Belgian

War of Independence.

Factors which gave rise to the spread of liberal and nationalist independence movements.

1. Romantic Movement

a. Romantic writers of the 19th century helped to star Up the national awareness of the people through the study of folk tales and past heroism.

Thus, they demanded greater political freedom and representation in their government.

The significance of the Greeks and Belgians Nars of Independence

as an

The success of the Greeks and Belgians in gaining independence served

to impetus

other national independence movements. Their success set an examples to those national minorities who were still under the spell of foreign rule.

- As a result, national consciousness grew in these states and such growth helped to spread nationalism.

In addition, the significance of the French Revolution in the 1830 should not be overlooked. As far as the Europeans were concerned, the overthrow of Charles X marked the triumph of liberalism over

absolutism.

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Although, after/5 1815, Metternich carefully reshaped the political map of Europe for the interests of independent Austria nationalist movements became widespread in the 1820's and gained success in the 1.830.

The success of these movements destroyed the Metternich System and paved the way for the destruction of the old balance of power in Europe.

The underlying causes which led to the Belgian Revolution.

Belgium was one of the countries whose national. interests were overlooked for the sake of maintaining the balance of power in Europe.

the Despite

cultural political, religious and economical fferences, Belgium was Forced to unite with Holland to form the ingdom of the Netherlands.

Underlying Causes.

e.

Dutch, was recognized as the only official language, so the Belgium felt humiliated.

for

was

f. The economic structure of the

countries was another cause disunity. Since Belgium industrial-based, she favored protection. On the other hand, Holland favored free trade since she was agrarian-based.

of

The immediate cause the Belgian Revolution

The fall of the

legitimate

monarchy, Charles X, in France and the victory of liberalism there destroyed one main principle of the Congress of Vienna,

i.ė. the principle restoration and legitimacy.

of

The Belgians were encouraged by the French Revolution of 1830 and made use of this opportunity to fight for independence.

Accordingly, the Belgians demanded national independence from the House of Orange,

Then, William. I sought help from the great powers.

Britain and France were sympathetic with the Belgian revolutionaries and forced Russia, and Austria to accept her independence when the latter was preoccupied with the suppression of nationalist uprisings in her empire. The independence of Belgium énsured in the Treaty of London.

was

a. Polifically, Belgians and

betonged to different races. union of these two states generated racial tensions which inevitably led to political disunity.

Dutch The

b.

The Revolution.

significance

of the

Belgian

From the religious point of view, the Dutch and the Belgians could hardly live together. The Belgians were catholics, whereas the Dutch were Protestants.

they spoke different and had different

1. Despite the careful designs of the conservative statesmen, Belgians broke the

and chains

gained independence.

2. The success of the Belgian War of Independence encouraged other nationalist leaders to struggle for independence. Thus, the Italians their gained

the independence in 1870 and Balkans gained their independence

of the beginning. the 20th century.

at

C.

Also,

languages

customs.

d.

Above all, the Belgians did not

and

enjoy equal political rights with

the Dutch although the ratio of

their population to the Dutch was 3 to 1.

Germans

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幔銀彩

他點頭。

「那就是翳不會再拍下去了?」

√迢德華茲葉慈國又怎麽了,葉德嫻又殺人了

達到,故此仍想在榮

狀袋及實力,以寡家自居。」

非,也不會發生嚴重的意見分歧而茲生不上,那匹馬竟然......。 在緊畜上,談論馬經,是絕對沒有是 再度把全部錢投注在一匹沒有人睹的馬身, 商山林,卓喜竞然冒與老婆關翻

「現在疊埋心水專心工

作,暫時坐下感情,讓情緒

||

·靈兒·况自己有很多心頤證未

娛樂圈的工作,何

用女工做家務工作的,但她沒有 能变得一般好太太

這樣做,要把自己的母愛,多

* 假劇集,而且自己始終

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