chan wai kwok (2) yeung king (5) ho man fong (6) lee lok sze (7) wan shuk yin (11) chung sin nga...

Chan Wai Kwok (2)Yeung King (5)

Ho Man Fong (6)Lee Lok Sze (7)

Wan Shuk Yin (11)Chung Sin Nga (36)

Report of Fieldtrip on

Lamma Island

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Content

1. Public goods vs. Private goods-----------------p.3-52. Demand and Supply-----------------------------p.6-73. Consumption and Production-------------------p.8-104. Public enterprise and private enterprise------p.11-135. Fixed factor and Variable factor----------------p.14-166. Type of production-------------------------------p.17-207. Factors of production----------------------------p.21-238. Question-------------------------------------------p.249. Reflection------------------------------------------p.25-30

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1.Public goods vs. Private goods• Public goods: are goods that are non-

rival and non-excludable in consumption.

• Private goods: are goods that are rival and excludable in consumption.

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Public goods

• Beach• Herboland

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Private goods

• “建興阿婆” bean curd• “蔡記” restaurant’s noodle

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2.Demand and Supply

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

• Supply: refers to the quantity of a good that a seller is willing and able to sell at different prices per period of time, other factor being constant.

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Demand Supply

Foreigner Restaurant supply foreign food

Visitors Souvenirs and

typical product

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3.Consumption and Production• Consumption: It refers to the goods

directly to satisfy wants.

• Production: It refers to the goods that are used to produce other goods and services. They are also known as capital goods.

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Consumption

• Ferry • “蔡記” restaurant’s noodle

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Production

• Refrigerators• Chairs• Tables

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4. Public enterprise and Private enterprisePublic enterprise:• Government enterprises: are directly run and managed

by the government.• Public corporations: are enterprises established with

government funds and managed by government-appointed directors.

Private enterprise:• Legal entity: is an independent entity with rights and

obligations like an ordinary individual and that the company has lasting continuity. If the owner dies, the company can still continue and can also initiate or receive lawsuits, the only change is its ownership.

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Public enterprise

• The North Lamma Maternal and Child Health Centre

• North Lamma Public Library

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Private enterprise

• “ 兄弟便利店” Brother’s Shop• Emily Ice-cream Express

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5.Fixed factor and Variable factor• Fixed factor: are factors of

production that remain unchanged in quantity as output changes.

• Variable factors: are factors of production that production that vary in quantity as output changes.

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Fixed factor

• Shops• Tables• Chairs• Refrigerators

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Variable factor

• Labours• Ice-creams• Electricity

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6.Type of production

• Primary production: involving the direct use of natural resources.

• Secondary production: process raw materials or semi-finished good.

• Tertiary production: includes the production activity of all service industries.

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Primary production

• Fishing• Herb planting

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Secondary production

• Fish powder• Herbal tea• Salt fish

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Tertiary production

• Ferry • Banking

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7.Factors of production

• Land: is natural resources, incurs no production cost, but there is the cost of use.

• Capital: is man-made resources, the creation of it is known as capital formation it is a kind of investment, and is affected by interest rate.

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Land

• Fishing

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Capital

• Herb planting

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Question

Q(i). What is the opportunity cost of taking part in the fieldtrip on Lamma Island?

A(i). The highest value option forgone is the day lessons of us.

Q(ii). Will your answer in (i) change if the weather on that day was very good?

A(ii). No.Q(iii). Will your answer in (i) change if the

weather on that day was very bad?A(iii). No.

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Reflection

Chan Wai Kwok (2) I think have a trip on Lamma Island is

very interesting. We can learn many terms of Economic through this trip. People who lives in Lamma Island can earn money form their creative, such as market, restaurant and so on.

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Yeung King (5)I think visit Lamma Island can let me learn more

knowledges. I can learn more about renewable energy.And I know that a windmill from planning to completion is very difficult, construction of windmill power plants requires careful planning, can not act in haste. I also interest why does a small island can attract foreigners to live.

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Ho Man Fong (6)This is a great trip! The Lamma

Island’s people are very nice. And we didn’t see a private car there. The airs are very fresh. After this trip, I learnt that Economic is relate to our life closely. We can find a lot of things that are about Economic around us.

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Lee Lok Sze (7)After this trip, I find that the concept of

Economies can easily find in our daily life. If we can be careful on the things that around us, we can find more than the things that we can expect. Besides, the trip helps us to revise the economics concept that we learned. As a results, it helps us to know more about them.

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Wan Shuk Yin (11)After this field trip, I realize that Economic

concept are always around our daily life. Such as on the Lamma Island, the shop always show the Economic concept. So that this trip can help us to have more understand to the Economic concept. I have a nice trip and also can learn more about the lessons. This is a great extracurricular learning chance. I am looking forward to next field trip.

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Chung Sin Nga (36)The trip was very interesting! I am the

first time to watch the windmill. That is very large. After watching the windmill, we walk around on Lamma Island. There are many western shop and restaurant. And also I can buy some good which are create by the shop owner!

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THE END