Public goods versus private goods

It is a toilet. Although it is a public toilet, it is a private good. When there are spate of people using it, it may be full of people. However, you may not use the toilet when there are great deal of people. Therefore, we can describe it as excludable. Moreover, you may also have to compete with others to use it. For instance, in the left hand corner of the photo, there are a lot of czm schoolmates and they may have to walk faster to use the toilet. Also, we can conclude it as rival.

Public goods versus private goods

Compare to the public toilet, sea view is a public good. It is because everyone can enjoy the view even if there are good deal of people. What’s more, the public don’t have to combat with others in order to enjoy the view. So, it is non-rival as well as non-excludable.

Demand and supply

When those soft drinks are in very high prices, i.e. $6 for each, the supplier will more willing to provide a more amount of soft drinks. It applies the law of supply. When the price of a good or service increases, the quantity of goods or services offered by suppliers increases, other factors being constant.

Demand and supply Oppositely, when those soft drinks are in high prices, i.e. $6 for each, the customers will not willing to buy a lot of soft drink. It also applies the law of demand. When the price of a good or service increases, the quantity of goods or services purchased by customers decreases, other factors being constant.

Tertiary Production

This company is a tertiary production. Tertiary production includes the production activity of all kinds of service industries. The output of tertiary production is services.That is to provide agency services to the customers.

Sole proprietorship

The business runs by an owner. Therefore, we can describe it as a sole proprietorship. Sole proprietorship is a type of business entity that is owned and run by one individual and in which there is no legal entity. What’s more, the owner need to bear unlimited liability. He must bear all the debts of the firm. His liabilities are not limited to the amount of investment he have in his firm. He may lose all his personal assets.

Sole proprietorship However, the set-up procedure of his business is not too complex. What he wants is only some products as well as some certificate.

Natural Resources-Land

Land is natural resources. Natural resources are derived from the environment. Natural resources occur naturally within environments. It is the gift of nature. We cannot increase land supply. Thus, the supply of land is relatively fixed.

Capital- windmill

Windmill is a capital. It is a factor of production. Capital is a man-made resources used in the production. Here, the electricity company uses the windmill to produce electricity to their customers. Therefore, we can conclude it as a capital. Building windmill also incurs production cost.

Economic goods

Here is the menu of a restaurant. They are some economic goods. First, more breakfast is preferred to less as there is an insufficient quantity.

Economic goods Second, some people may compete among themselves, for instance, czm students on that day will walk more faster or even run on order to get a seat. Thus, competition exists. What’s more, opportunity cost is involved as we can have other choice of the restaurant.

(1)What is the opportunity cost of taking part in the fieldtrip on Lammas Island? Our opportunity cost of taking part in the fieldtrip on Lammas Island is studying at school.

Will you answer in (1)change if the weather on that day is very good? Since my opportunity cost is joining the trip, the value of my highest- valued option forgone will not be changed, the answer in (1) will not change also.

Will you change you answer in (1) change if the weather on that day is very bad? Actually, if the weather turns bad, for example there are typhoon signal no. 8, the opportunity cost of joining the trip will falls. It is because we don’t have to go to school to study, therefore the cost of studying at school will decrease.

Our feelings Liu Ka Chun: It seems to be a wonderful experience for me to study economic. Actually, many of the economic concepts can apply in our daily live. However, we may not easy to recognize them. Throughout this trip as well as the project learning, I realize that many of them will just appear. In fact, the project can help me to distinguish between which concepts should be applied in which circumstances.

Our feelings Chow Sheung Wa I think the trip is very meaningful. We can learn a lot of thing as well as to co-operate with each other in order to finish the project. All in all, the school should hold more this kind of trip.

Our feelings Lee Ka Chong After the observe and study in lamma island, we’ve learn a lot of things. For example, the public goods and private goods in the island, such as the pier, public toilet..etc. Also, we also learn the relationship between the price and supply in a restaurant. All in all, it is a great learning experience for our group.

Our feelings So Shing When I study in lamma lsland,I detect that there are many things which is about economic. I want to know economic how to affect the world.