Chan Chun Cheung (1) Wong Wing Lap (4) Cheung Kin Ping (15) Chow Tsz Kin (16) Mo Hin Long (22) Tang Wai Lung (28) Yeun Chun Ming(27)

P.3-4 Public Good versus Private Good P.5-6 Demand & Supply P.7 Labour P.8 Land P.9 Capital P.10 Entrepreneurship P.11 Scarcity P.12 What is the opportunity cost of taking part in the fieldtrip on Lamma Island? P.13 Will you answer in (i) change if the weather on that day is very good? P.14 Will you answer in (i) change if the weather on that day is very bad? P Reflection of each member

Public good Public good is a good that is non-rival and non- excludable. Non-rival means that consumption of the good by one individual does not reduce availability of the good for consumption by others.Non-excludability refers to no one can be effectively excluded from using the good. For example, the public library is one of the public good. People can read books and do not affect another people to read other books.

Private good Private good is a good that is rival and excludable. Rivalrous means consumptions by one consumer prevents simultaneous consumption by other consumers Excludable refers to reasonably possible to prevent a class of consumers from consuming the good. For example, the book shop is one of the private good. It is rivalrous and there are a competition involved in obtaining a given good.

Demand refers to the demand of a good that a consumer is willing and able to buy at different prices per period of time,other factors constant. It is consumer’s plan of purchase. Demand refers to want back up by purchasing power. For example,raw material is one of the principles of demand.

Supply refer to the qauntity of a good that a seller is willing and able to sell at different prices per period of time,other factors being constant. For example, shrimp paste is the good specially produced by the Lamma Island.

Labour Labour means human resources, including not only the number of people available for production but also their skills and efforts.

Land It is land.It is a type of factors of production.It incurs no cost in production but incurs cost in use.

Capital It is a types of factors of production.it is capital.it is man-made resourses to produce the electricity.

Entrepreneurship An entrepreneur sees business opportunities, raise the finance or resources required and organizes the other three factors of production in a firm.

Scarcity Limited resources are not enough to satisfy unlimited wants.Scarcity appears when the quantity of resources is not enough to satisfy human wants.

the opportunity cost of taking part in the fieldtrip on lamma island is losing and the cost of the fare. It is because we need to pay the fare of the MTR and the fare of the ferry, the total for the cost of fare is greater than normal cost of fare.

No, it will remain unchanged if the weather on that day is very good.We still go to Lamma Island so that we need to pay more money of fare.The value of highest-valued opton forgone remained unchanged.

Yes.It will decrease if the weather on that day is very bad.It is becausse we can not go to thr Lamma Island so that we can pay the normal cost of the fare.The vakue of highest-valued option forgone will become zero.

In this journey, we enjoy our trip on the Lamma Island, we found that the different types of goods can be found in the island.During holidays,many visitors visit the Lamma Island.The people who live in the island become rich. I hope that we have the opportunity to go to the Lamma Island again.

It is joyful for me to take part in the fieldtrip on Lamma Island. Thank for the school giving us a wonderful chance to know more about the Lamma Island. In the fieldtrip,I were enjoyed the beautiful sea view on the beach. I also enjoyed the natural environment along the road. Lamma Island is a great place to take a rest for me.

Before the project learning,i thought Lamma Island is a little island,how can i find somethings about "public goods versus private goods" and "Demand & Supply",it is too difficult! After we finished the project,I understand even Lamma Island only have a little ares,but there are also many things about them. For example,resort.

When we are finish our project, we understand many economics principles.The fieldtrip was helpful for us to learn many knowledges of economics concepts. I am surprised that the Lamma Island were using wind power to make electricity.It produce less carbon dioxide and makes the environment better. Finally,I think that the fieldtrip is meaningful.I enjoy the trip and I hope that we can go to Lamma Island again.

In the Lamma Island eco-tourism,we can see a lot of things.Lamma Island is secluded from the world.There are a limited resources.It can not satisfy all the people wants.But the people who live in Lamma Island is really happy. Lamma Island shop is all sole proprietorship.For example,the woman who sell the bean curd.She is enthusiasm.It is the advantage of sole proprietorship. All in all,Lamma Island is a good place.I feel really comfortable in Lamma Island.It is because there are no market competition.

I think that Lamma Island is a place which the scenary is pretty. Firldtrip is vey amazing.I learned many things during this day. I know that Lamma Winds began operating on 23 February 2006, and was the first commercial-scale wind turbine in Hong Kong. I support the renewable energy, I hope it can lead us to implement renewable energy

In the Lamma Island,I had learnt many knowledge of Economics as the factor of production. Although the natural resources in Lamma Island are lack, the people who live in Lamma Island is very happy.Their want is unlimited,but they still live in the Island happily. Lamma Island is a meaningful place for me,I hope that I can live in the Island when I am retire.

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