Economic project Team leader: Lo Ting Hee members: Mok Chun Fai Fong Hiu Yi Wong Hoi Hung Chan Tsz Wai keung chingwai Seven different economics concept Public good vs Private good • For the public good,we have lamma fire station,lamma post office,lamma police station,they are free. • For the private good,we have Sok Kwu Wan Ferry Pier and some shops which is provied • service to local people and tourist,such as bean curd shop or special product of the place . Demand and Supply • Bean curd shop.When more people want to eat bean curd,demand increase(Taste factor),the demand curve(D1) shifts to the right(D2),hence the producer(shop owner)will produce more bean curd,so that the supply curve(S1) shifts to the right(S2).When quantity demanded is equal to quantity supplied.The equilibrium price increase. Types of production First, there are three types of production, including primary production, secondary production and tertiary production. In Lamma Island, there are both primary production and secondary production, as well as tertiary production. Some people in Lamma Island involving in fishing and planting. It is because the environment of Lamma Island is nearby by the sea and the land’s texture is suitable for planting, the soil are soft and there are enough rainfall. Although primary production is not an important character of the economics of Hong Kong. But in Lamma Island, the gimmick of its is the natural environment and the nature. It plays an important role in this place. Primary production provides raw material to both secondary production and tertiary production. Moreover, there is a big wind power generator in Lamma Island. People work in there is belong to secondary production. It turns raw material (fuels) into finishing product (electricity) . Also, the shop selling seafood also belong to secondary production because it turn seafood into a yummy dish. It also plays an important role in Lamma Island. Secondary production provides tools and product to the other productions. • Lastly, the food shops in Lamma Island are belong to tertiary production. It provides services to costumers to earn money. The relationship between it and the other productions is that, it provides services to them for their productions. It occurs a main population in those three productions. Factor of production Land • Land is natural resources used in production. The fish in the sea and the wind is a kind of natural resources. Factor of production Capital • Capital is man made resources used in production. In Lamma island the ship for fishing is a kind of capital. Factor of production Labour • Labour is the physical and mental effort people put into production. The worker work in the shop. Factor of production Entrepreneurship • Entrepreneurship is the physical and mental effort people put into production.Besides,you should bear the risk.The owner of the shop is Entrepreneurship. Public limited company • A public limited company can sell its shares to the public. The number of shareholders in the public limited company has no upper limit, but it must have at least one shareholder. • In Lamma Island, HSBC is a public limited company in there. Sole proprietorship • A sole proprietorship is a business owned by one person. It is the simple and most common from of business organisation in Hong Kong. • Characteristics: • Owned by one person • Unlimited liability • Small scale of business • Managed by the owner • In Lamma island the cheese shop is sole proprietorship free goods In the island, the beach is one of the free good .In the beach, there have no competition and opportunity cost . Whatever traveler or people live in there. They can use the beach freely scarcity , competition and discrimination • Scarcity implies competition and discrimination. • Any criterion of competition is discriminatory. There must be winners and losers. Owing to the wants of human is unlimited, limited resources are not enough to satisfy us. It appear scarcity. Scarcity implies competition • For example, food shop VS restaurant • This is include price competition Scarcity implies discrimination • There have food shop or restaurant. But we want to eat our lunch in restaurant not in food shop. • This is our criterion of competition and this criterion is discriminatory. • In our viewpoint, restaurant is winner and food shop is loser. Finally, we ate in B-B Seaview Restaurant delicious….. Q&A(1) • Q:what is the opportunity cost of taking part in the fieldtrip on Lamma Island? • A:The opportunity cost of taking park in the fieldtrip is a school day. Our 1st choice fieldtrip on Lamma Island Our 2nd choice Go to school and have school day Q&A(2) • Q:Will your answer in(1)change if the weather on that day is very good?? • A:we will not change the answer in (1)because the higher value option forgone is still go to school . Q&A(3) • Q:will your answer in (1)change if the weather on that day is very bad?? • A:The answer in (1) will change if the weather on that day is very bad. It is because when the weather on that day is very bad , the fieldtrip will cancel .The higher value option forgone will change to a school day. Reflection(All) Last Friday, all form 4 students have to go to Lamma Island for researching and on-the-spot investigation to do the project learning of LS and economic. When we got on a boat, we started to take photo and preparing all the stuffs. When we took off the boat, we felt it is amazing because the view of Lamma Island is great and pretty good. We walked passes the side-street and mark down all the detail we needed. We were happy that the shop’s owner was nice to giving us information. Also, we wanted to thank to the enthusiastic person who helped us to go to the Tin Hau Temple. We were lost in somewhere and we could not find the correct way to get out from there. And this person gave us the correct direction and lastly we can find it. Then,we went to the big wind power generator, just felt good and it is a tall building we have not seen in the city-side. It only appears in the countryside far away from city. We learnt a lots from it because there were some introduce on the display board. If Hong Kong build more building like this which provide reusable energy to the citizen, the pollute will be reduced. Then we went to a sole proprietor shop to have lunch. Although the environment was not good, the price of the food was reasonable and the shopkeeper was nice and we felt relax while we were talking. Also, we had go to the beautiful beach for on-the-spot investigation. We knew more about the environment of Lamma Island. It really provides a good environment to the fisher fishing. It can increases the labour productivity of the fisher under the good conditions. Hence, we can enjoy more delicious seafood! Nearby the beach, there were a space which for people planting some flower and enjoy the contryside life style different from the city. But the fee was expensive and we had no enough money to pay for. Anyway, the place was picturesque and full of the sweet smell of flowers. We all love this place! After we finished all the works, we went to somewhere else for a walk. We took many photoes and recorded some video while we went to different places. Also, we found that many shops in Lamma Island were run in sole proprietorship and the stock were almost by handmaking. We had buy some for supporting the creative industry. All in all, this trip is fun and we have learn a lots of things when us doing the on-the-spot investigation. We hope that there will be other chance like this in this year because we love it! We can study in outside by this chance and not trap in the classroom anymore. Reflection ---- Lo Ting Hee During the Lamma Island trip, I know more about the culture and life of the resident in Lamma Island. They leave away noise and excitement big city but live in peaceful small island. I very admire their personality. They are very kind and helpful. Besides, I know this is a special outdoor learning experience. I very enjoy it. I play and learn with my group members happily together. I also take many photo during the trip. I look forward next time we will also have similar outdoor learning experience! Reflection (Ray Mok) Although I felt not good when I got on the boat for twice, this trip is really memorable. Most frighten is, the street was narrow and lots of car cross it. It made me afraid of having an accident. I also bought a small bookmark which is handmade, and it was exquisite and my buddies love it too! Reflection(Chan Tsz Wai) During the trip, I learn a lot. For example I improve the economic’s concept .However there are also some difficulty when we doing this project .For example there are some misconception between us. Luckily ,the problem finally being solved Reflection(Keung Ching Wai) • After the trip, I learn that we should save energy. The power station pollute a lot of carbon dioxide. Air pollution is mainly caused by power station. Besides, global warming is a serious problem in the world. The ice cup is melt. This will raise the sea level. We have responsibility to protect our earth. The government should develop wind power to produce electric power in Hong Kong. It neither give out carbon dioxide nor use less fossil fuel. Reflection(Wong Hoi Hung) • It is a opportunity for us to learn the others life style.Comparing with resident of Lamma Island,the pace of life of us must be faster than them.However,they also need earn profit to live.In their case,they are autarky so they will not being worry too much for losing their work.They really have a simple life style,as they don’t have many rivals in their life! Reflection(Fong Hiu Yi) • After the fieldtrip of Lamma Island, i know more about the economic scale of the fishing village. There are a lot of firm is sole propriership and there are few multiple shop in Lamma Island. Besides, the resident in Lamma Island is mainly depend on fishing and tourism to earn a living. If the weather is very bad, the fisherman can not fishing and the tourist will decrease. Therefore, the bad weather will affect the income of the resident in Lamma Island.