10 -03 -2011 Member List Li Lai Kuen 08

10 -03 -2011 Member List: Li Lai Kuen(08) Wong Ching Yee(12) Suen Sze King(39) Yeung Lai Sze(13) Tsoi Sze Man(10) Kwok Nga Wing(32) Lee Ying Shuen(34)

1) Ownership of company: Government enterprises…………………. p. 2 Sole proprietorship……………………. . p. 3 2) Public Goods VS Private Goods Public Goods………………………p. 4 Private Goods………………. . . p. 5 3) Demand & Supply Definition of Demand & Supply…………………. ……p. 6 Example of Demand & Supply……………. . . p. 7 4) Types of production Primary production……………. . . …………p. 8 Secondary production………………. . p. 9 Tertiary production…………………. . p. 10 5) Scarcity……………………p. 11 6) Free goods and Economic goods Free goods………………………p. 12 Economic goods………………. . p. 13 7) Private property rights …………. . p. 14

Definition: Government enterprises are directly run and managed by the government. Example: Hong Kong Police Force is one of the example of government enterprises. They provide services to the public.

Definition: It is the kind of business that is conducted by one person. The owner runs the business on his own without sharing his business with anybody. Example: The Bean Curd Pudding shop is one of the example of Sole Proprietorship. It owned by one person and the owner should cover all the skills by running the business.

Definition Of Public Goods: Public Goods that are non-rival in consumption and non-excludable Example: The public toilet in Lamma Island is one of the example of public goods. They are non rival and non-excludable. All people can enjoy them.

Definition Of Private Goods: Private Goods are goods that are rival and excludable in consumption. Example: Bean curd desserts are one of the example of private goods because two persons cannot take the same bite and the owner can prevent others from enjoying it.

• Definition of Demand: • It refers to the quantity of a good that a consumer is willing and able to buy at different prices period of time, other factors being constant. • Definition of Supply: • It refers to the quantity of a good that a seller is willing and able to sell at different prices period of time, other factors being constant.

• Example of Demand & Supply : The Lamma Island Ferry. The Ferry schedule frequency will increase rapidly when the passengers of the ferry increase , demand of the ferry will increase. The selling of the Ferry company(the supplier, seller) will also increase either. Therefore, the price and the quantity of the ferry are increase.

• Definition: The production activities which directly turn the natural resources into product. • Example: The farming of the herboland is one of the example of the primary production on the Lamma Island.

Definition: • The activities that turn raw material to the semifinished product or finished product. • Example: The chief of the restaurant on the Lamma Island turn raw material(seafood of other raw material of the food) to the finished product (the cooked food) for selling to consumers.

• Definition: The activities that provide services to customers. Example: The restaurants is an example of tertiary production. It provides services to customers.

• Definition: It states that society has insufficient productive resources to fulfill all human wants and needs Example: The wind power is scarcity. The supply of the wind power cannot satisfy the human wants.

Definition of Free goods: Anything whose quantity is enough to satisfy all human wants is a free good. More is not preferred to less. Example: The air in Lamma Inland is free goods. The quantity is enough to satisfy all human wants.

• Definition of economic goods: Anything whose quantity is not enough to satisfy all human wants is a free good. More is preferred to less. Example: The souvenir which sold in Lamma Inland is economic good. Their quantity was not enough to satisfy if everyone were bought one.

• Definition: Private property rights include exclusive right to use to goods , exclusive rights to receive income generated by the use of the good and right to transfer the good. Example: There have a lot house in Lamma Island, the owner of these houses can live in these house, receive income by rent the house, they also can transfer the house.

i)What is the opportunity cost of taking part in the fieldtrip on Lamma Island? Ans: The opportunity cost of taking part in the field trip on Lamma Island is the time to study in school. ii)Will your answer in (i) change if the weather on that day is very good? Ans: No, the opportunity will not change if the weather is very good on that day, because opportunity cost is the highest valued option forgone. Although the weather is very good, it will not affect the highest valued option forgone. iii)Will your answer in (i) change if the weather on that day is very bad? Ans: NO, the opportunity cost will not change if the weather on that day is very bad, because it will not affect the highest valued option forgone, so the opportunity cost remain unchange.

In this fieldtrip, I thought everyone of us have a great day~ We are not just stay in the classmates and listen for the teachers, but also went outside. After this fieldtrip, I had been more clear about the concept of economics. Beside I was enjoyed the time that interview with the local people of Lammap. 17 Island, they are very nice.

• In this trip, it provides lots of chances for me to study. I have better understanding of economic concepts. For example, there have some farmland in Lamma Island which can strengthen the understanding of primary production for me. Moreover, there have many shops are sole proprietorship such as Bean Curd Pudding. • In short, this is a wonderful trip. It not only provides chances for us to study, but also make me feel fun. •

• In this fieldtrip, I got how the daily use of the economics concept. In the Lamma Island, we can find that most of the citizens who live in Lamma Island are in business. The Lamma Island like a mini society in Hong Kong. They live in an island. They should get the daily material in the island. Therefore, they create a lot of families business on the island to satisfy the citizens wants.

• After this economic project. I knew what the economic development, how to development of Lamma Island. After the trip of the CORD day , we also knew the Economic is how surrounding us! And we experience a nature with classmates!

• It’s interesting that the whole form four students could group together and went to Lamma Inland do our explore trip. It was my first time to go to Lamma Inland. We can only learn more and have a deeply knowledge about economics concept outside the classroom, but also enjoy a day with shiny sun. Although Lamma Inland is not a large place, we can found there were a lots of economics idea around this small inland such public goods, free goods, etc. After this trip, I realize that we can learn economic concept through different ways such as this explore trip, not just from the academic book.

• Lamma Island is located to the southwest of Hong Kong Island. Lamma provides an alternative to the hectic life in the city. Property and rents are cheap compared with those of central Hong Kong. I think the reasons why it can attract many foreigners to live in there are the views are beautiful and they feel leisurely and carefree, • Hung Shing Yeh Beach , Lamma Power Station and Lamma Winds are the popular attraction in Lamma Island. The beach is very beautiful and the sand is fine. When we reach Lamma Power Station, I can see a big pile of coal there. Some coal will follow the wind and fly away. I think it will cause air pollution. Besides, we go to the Lamma Winds. I think it is a great construction because the wind in there is very strong. It can make the Lamma Winds work better. Wind energy is a renewable energy. It can reduce the pollution and the damage of natural environment. • The fieldtrip on Lamma Island is meaningful and joyful. I hope we can have more fieldtrip.