basic economic questions what to produce? how to produce? for whom to produce?

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Basic economic questions What to produce? How to produce? For whom to produce?

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Page 1: Basic economic questions What to produce? How to produce? For whom to produce?

Basic economic questions

What to produce?

How to produce?

For whom to produce?

Page 2: Basic economic questions What to produce? How to produce? For whom to produce?

What to produce?

Raymond is going to start a restaurant, he has to decide what kinds of meals to be made.

In our school, we have 3 science classes and 2 arts classes.

Page 3: Basic economic questions What to produce? How to produce? For whom to produce?

How to produce?

Concerning production methods Use Labour intensive production method or Capital intensive production method ? Use the LEAST COST production method Farming : mainland China, USA Banking: use ATM to reduce cost of staffs

Page 4: Basic economic questions What to produce? How to produce? For whom to produce?

For whom to produce?

Who should get how much of what? The children, the elderly, the adults? Which COMPETITIVE CRITERION

will be used? By price competition By non-price competition (e.g. waiting,

ability, age, lucky draw…)

Page 5: Basic economic questions What to produce? How to produce? For whom to produce?

Economic Systems

Market economy

Centrally planned (command) economy

Page 6: Basic economic questions What to produce? How to produce? For whom to produce?

Differences

Ownership of resources

Allocation of resources

Page 7: Basic economic questions What to produce? How to produce? For whom to produce?

Market economy

Most resources are privately owned

Most resources are allocated by the

market forces (demand and supply)

Page 8: Basic economic questions What to produce? How to produce? For whom to produce?

Command economy

Most resources are owned by the STATE

Most resources are allocated by the government plans (commands)

Page 9: Basic economic questions What to produce? How to produce? For whom to produce?

Examples

Closer to a Market economy: USA, UK, Canada, Australia, Taiwan, S Korea, India, Philippines Indonesia….

Closer to a Command economy: Mainland China (before 1990s), Russia (before 1990s), Cuba, North Korea, Vietnam

Page 10: Basic economic questions What to produce? How to produce? For whom to produce?

China (previously a command economy) What to produce? The central government decides the types

and quantities of goods/services to be produced

The central government orders more cabbages, resulting great surplus of cabbages (1989)

Page 11: Basic economic questions What to produce? How to produce? For whom to produce?

China (previously a command economy) How to produce? Government makes productions plans to pro

duction units Government provides factors of production

to production units Government decides the production method

s Great Leap Forward: ask people to recast all

ironwares at home

Page 12: Basic economic questions What to produce? How to produce? For whom to produce?

China (previously a command economy) For whom to produce? Prices are set by government Wages are set by government Competitive criterion: non-price competition Goods or services are allocated by rationing

(coupons issued to exchange goods or services) Resource allocation : according to political ranks

(in the communist party)

Page 13: Basic economic questions What to produce? How to produce? For whom to produce?

Modern China

Changes into a market economy

Member of World Trade Organisation (WTO)

Page 14: Basic economic questions What to produce? How to produce? For whom to produce?

Are they different in …?

Living standard Income distribution (income gap between

the rich and poor) Inflation rate Unemployment rate

Page 15: Basic economic questions What to produce? How to produce? For whom to produce?

Hong Kong is a mixed economy

Most resources are owned by private individuals Most resources are allocated by market forces Some resources are owned by the government e.g.

airport, roads, public estates/schools/hospitals… Some resources are allocated by government plans

e.g. medical /educational /housing/ social services…

Page 16: Basic economic questions What to produce? How to produce? For whom to produce?

Our government’s philosophy

Non-intervention

Positive non-interventionist policy

Page 17: Basic economic questions What to produce? How to produce? For whom to produce?

Political systems

Capitalism

Communism

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