G8 Life & Society Notes 2024-2025 PDF
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This document provides an overview of the Hong Kong economy, focusing on its knowledge-based approach and traditional pillars. It details various aspects of economics and explains how factors such as trade, production, and consumption contribute to the overall economic structure. It also includes concepts like GDP and inflation. The document, clearly prepared for a secondary school level, covers essential economic concepts.
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YuPak's version of 2024_25 G8 Life & Society Notes for MYE 2024 Version 1 1 Notes: 1. Gross Domestic Product （國民生產總值）and the Economy 經濟 1.1. The Gross Domestic Product, or GDP, is the total monetary 貨幣 va...
YuPak's version of 2024_25 G8 Life & Society Notes for MYE 2024 Version 1 1 Notes: 1. Gross Domestic Product （國民生產總值）and the Economy 經濟 1.1. The Gross Domestic Product, or GDP, is the total monetary 貨幣 value 價值 of goods and services produced by one country or territory 區域 within a certain period of time; 1.2. Production 生產 describes 描述 how people turn raw materials 原材 料or inputs 輸入 into goods and services; 1.3. Consumption 消費 describes 描述 how people buy and use goods 貨 品 and services 服務; 1.4. The economy 經濟 of a country or region is about the country’s production 生產 and consumption 消費 of goods and services 服務， and the supply 供應 of money in that country in such 這樣的 production and consumption. 1.5. In simple terms, an economy 經濟 features: 1.5.1. the production 生產of goods and services; 1.5.2. the consumption 消費 of goods and services; 1.5.3. the use of money as a medium of exchange 交易媒介 to get these needed goods and services. 1.6. The Role of Money 1.6.1. Before money started to be used as a medium of exchange 交易媒介, people exchanged 交換 things that they had with things that they needed by finding YuPak's version of 2024_25 G8 Life & Society Notes for MYE 2024 Version 1 2 someone nearby who had these things. This is called the barter 以物易物 system. 1.6.2. Due to the difficulty 困難 of meeting 做到the double coincidence of wants 雙向需求偶合, people developed 發 展出money as a medium of exchange 交易媒介. 1.7. The Economy of Hong Kong 1.7.1. Hong Kong used to be mainly reliant on 依賴entrepot 轉口 港 trade 貿易. It then switched to a manufacturing -based economy 以製造業為基礎經濟. It is now a knowledge-based economy 以知識為基礎的經濟. 1.7.2. In a knowledge-based economy, knowledge, as embodied 體 現在 in information 資訊, creativity 創造力/創新， and technology 科技, serve as a vital 必不可少的source of growth 增長源頭for the whole economy. 1.7.3. Now Hong Kong mainly relies on 依賴 its traditional four pillars 傳統四大支柱: 1.7.3.1. trading 貿易 and logistics 物流 , e.g., trucks and airplanes carrying goods from one place (e.g. mainland China) to Hong Kong ; 1.7.3.2. financial services金融服務 , e.g., banking, insurance, investment …etc.; YuPak's version of 2024_25 G8 Life & Society Notes for MYE 2024 Version 1 3 1.7.3.3. producer 生產性服務業 and professional services 專 業服務 ; accounting 會針, legal 法律, medical 醫療 …etc.; 1.7.3.4. tourism 旅遊業. 1.7.4. the pros 優點 of relying on 依賴 the four pillar 支柱 industries 產業as a knowledge-based economy: 1.7.4.1. Most of the money and talented people 有才華的人 in Hong Kong go to these four pillar industries. The quality of these industries are good and improving 正 在改善. 1.7.4.2. The money and talented people help to 1.7.4.2.1. develop the expertise 專業知識 in these industries and 1.7.4.2.2. train up 訓練more talented people; 1.7.4.2.3. further improving the quality 質素 of these industries 1.7.4.3. The four industries make a lot of money, resulting in high purchasing power 購買力of Hong Kong as a whole, which allows the development of the consumer market’ e.g., retailing 零售, entertainment 娛樂 …etc. 1.7.4.4. The talented people who work in these four pillar industries make good money, allowing them to move up the social ladder. In other words, working in these YuPak's version of 2024_25 G8 Life & Society Notes for MYE 2024 Version 1 4 industries provide opportunities 機會 for upward social mobility 提升社會地位/向上爬. 1.7.5. the cons 缺點 of relying on 依賴 the four pillar 支柱 industries 產業as a knowledge-based economy: 1.7.5.1. this leads to a monotonous economic structure 經濟 結構單一 ; 1.7.5.2. Over-reliance 過度依賴 on the four industries leads to potential 潜在economic 經濟上的 risks 風險: 1.7.5.2.1. If one of the industries suffer from recession 衰 退, the economy of Hong Kong will easily be affected 影響; 1.7.5.2.2. This over-reliance 過度依賴 has limited 限制 opportunities 機會 for the development 發展 of other new industries 新產業 e.g., the four pillars leads to higher income, which means higher wage 工資and rent 租金, making it hard for new businesses to survive 存活. 1.7.5.2.3. This over-reliance leads to marginalization 邊緣 化 of workers with lower skills and education. They are finding it hard to make a living 謀生. YuPak's version of 2024_25 G8 Life & Society Notes for MYE 2024 Version 1 5 2. Rate of Unemployment (失業率） 2.1. Rate of unemployment :- the proportion 比例 of unemployed 失業 people in the labour force 勞動力. The labour force refers to people aged 15 and over who are willing 願意and able to 有能力 work, including the employed 有工作的人 and the unemployed 失業人士. 2.2. The relation 關係 between the rate of unemployment and the state 狀況 of the economy 經濟 and inflation 通貨膨脹/通脹: 2.2.1. When the economy is strong, the unemployment rate is low. Most members of the labour force working population have jobs and they should have more money for consumption or to spend on goods and services. Businesses 企業 make more profits 盈利 and investment 投資 in businesses increases. GDP, or the production of goods and services, goes up. 國民 生產總值上昇 2.2.2. Conversely, 返過來說 when the economy is weak, the unemployment rate is high. Many members of the labour force do not have jobs and they should have less money to spend on goods and services. Businesses 企業 make less profits 盈利 or may even have losses 有虧損. Investment 投 資 in businesses decreases. GDP, or the production of goods and services, comes down. 國民生產總值下降 YuPak's version of 2024_25 G8 Life & Society Notes for MYE 2024 Version 1 6 3. Rate of Inflation （通貨膨脹率/通脹率） 3.1. Inflation 通貨膨脹 is the prolonged 持久的 increase in the prices 價 格 of most goods and services. The rate of inflation is the speed at which prices are increasing. The standard of living 生活程度 of Hong Kong can be seen in the quality 質素 and quantities 數量 of the goods and services we get. The quality of life 生活質素 is not limited to the standard of living but also includes intangibles 無形的事物 like the extent of freedom 自由度, human rights 人權 , and clean air and water …etc. 3.2. When the rate of inflation 通脹率 is higher than the rate of increase of wages 工資增長率 , the quality of living 生活質素 actually drops although wages have been increasing; 3.2.1. For example, if wages 人工/ 工資 were increased by 10% in one year, but inflation rate 通脹率was 20% during that year, the amount of goods and services people are able to buy are actually less than before. A person making $100 last year has had his pay 人工/工資 increased by 15% from $100 to $115 ($100 X (100 +15)/100), but the goods and services that $100 can be used to buy now cost $120 ($100 X (100+ 20)/100) as prices have gone up by 20%. Although 雖然 that person has made $15 more, prices have increased by $20. The money he has earned 賺到 can buy less things now! YuPak's version of 2024_25 G8 Life & Society Notes for MYE 2024 Version 1 7 3.2.2. In other words, if nominal wages 名義工資/貨幣工資(the monetary value of the wages, i.e. the $115 in the above example) are increased but when this rate of increase of the nominal wage is lower than the rate of inflation, the standard of living 生活程度actually drops despite 雖然 an increase in income 收入. 4. Hong Kong as an Export-Oriented Economy （出口導向型經濟 with Free Capital Flow （資金自由流動） Hong Kong is a small place ; it lacks 缺乏 natural resources 天然資源 and the local market is small.It can produce more goods and services and make more money by selling them to markets overseas. Hong Kong also allows free flow 自由流動 of capital 資金/money from foreign 外國 countries and foreign investors (投資者). 5. Effects of Overseas/Global Events （海外 /環球事件） on the Economy of Hong Kong An export-oriented economy like Hong Kong is easily affected by events happening in other parts of the world : 5.1. SARS 沙氏 at 2003/COVID 新冠 (2020-2022) YuPak's version of 2024_25 G8 Life & Society Notes for MYE 2024 Version 1 8 In 2003, SARS broke out in Hong Kong. The number of tourists visiting Hong Kong fell sharply. There was a severe 嚴重的downturn 低迷 in the tourism and retail industries in Hong Kong. Many investors 搶 投資者 were not willing 不願意to invest in Hong Kong. The economy of Hong Kong slumped 陷於不景氣.. 5.2. The Global 全球的 financial 財務 Crisis危機 In 2008, some banks in the USA 美國 failed 失敗 /結業 and some banks in the USA and Europe 歐洲 went into trouble. These banks found it hard to borrow 借入money from other banks and businesses 企業. Prices of stocks 股票 fell sharply in many stock 股票 markets 市 場 around the world. US 美國的and European 歐洲的 investors 投資 者 had to sell their shares 股票 and investments 投in Hong Kong to get money. to help out their head offices 總行 in the USA and Europe. 5.3. The European 歐洲的 Debt 債務 Crisis 危機 Since 2009, debts 欠債 of some European 歐洲的 countries have increased sharply. When businesses 企業 could not repay 償還 their debts 欠債 or loans 借款 they went bankrupt 破產. People who worked for these companies lost their jobs. The European 歐洲的 economy 經濟went into recession 經濟衰退 , and Europeans 歐洲人 bought less goods and services produced by Hong Kong. Lower exports 出口ended up hurting 傷害 the economy 經濟 of Hong Kong. YuPak's version of 2024_25 G8 Life & Society Notes for MYE 2024 Version 1 9 5.4. The Trade War between the USA and China 中美貿易戰 This trade war has led to an decrease of Hong Kong exports 出口 to the USA, thus hurting its GDP and economy. Some of the exports s from China go through Hong Kong and the USA is one of the major 主要的markets 市 場 for export products made by Hong Kong itself. 6. Positive Non-Intervention （積極不干預） 6.1. Why should the Hong Kong government NOT intervene 干預 in the markets? Markets 市場 can allocate 分配resources 資源 most 最 effectively 有效地 when there is no government 政府的 intervention 干預. Goods can be produced 生產 at the lowest 最低的 cost 成本 and services 服務 can be provided very quickly to those who can afford 能 負擔 them. 6.2. The government should not intervene 干預 if markets work well but it needs to be appropriately 適當地 proactive 積極主動 and intervene 干預 in how the market works when: 6.2.1. there are chaos 混亂 in markets; 6.2.2. there are monopolies 壟斷 that exploit 剝削 consumers 消 費者; 6.2.3. there is a severe 嚴重的 disparity in income between the rich and poor 貧富收入差距; YuPak's version of 2024_25 G8 Life & Society Notes for MYE 2024 Version 1 10 6.2.4. the underprivileged 弱勢社群 desperately 極其 need help and free markets 自由市場 do not and cannot effectively address their needs滿足他們的需要 ; 6.2.5. the economy is weak , the government needs to stimulate 刺 激 the economy 經濟 through infrastructure 基礎projects 建設 , e.g., the three runway system project 三跑道系統工 程 of the Hong Kong international Airport. 6.2.6. The government needs to 6.2.6.1. protect the underprivileged 弱勢社群 when they are being exploited 被剝削; 6.2.6.2. create jobs to help the needy 有需要的人and maintain 維持 social 社會的 stability 穩定.
