Economic Quality of Life | Baamboozle - Baamboozle

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Identify the four pillar industries in Hong Kong.

Financial services, Trading & logistics, Tourism, Professional (and producer) services

Explain why HK is known to be an “externally oriented economy”

our economy relies on global trade and working with people and companies from around the world

The government will distribute HK$5000 in digital vouchers (i.e. via Octopus, Alipay, Payme) to boost our local economy. To what extent do you think it'll be effective in improving HK's economy?

Effective: vouchers so cannot save money and need to spend, Ineffective: one-off impact only, elderly might struggle to use it

What are TWO indices that measure quality of life?

Human Development Index (HDI), CUHK's Quality of Life Index, Mercer’s Quality of Living Survey

HK's median income per month is...

HK$18,000

Provide TWO examples of sub-industries under "professional services"

Lawyers, Accountants, Engineers

Explain the difference in HK's rankings on two different quality of life indices.

HDI: focuses on health, education, and income (HK does well), but Mercer's Quality of Life index includes measure like housing.

HK's minimum wage is currently at HK$37.50. Explain whether this is sufficient to live decently in HK based on your research of expenses in HK.

Assuming we work 9 hours / day (22 days a week), this person makes just HK$7,500. It might prove insufficient based on some of our cost assumptions.

Define quality of life.

Individuals’ level of satisfaction in relation to the different aspects of their lives

Identify three ways to measure quality of life from an economic perspective.

Unemployment rate, inflation, median income, GDP, GDP / capita

HK's unemployment rate is currently at... (round to the nearest whole number)

7%

Trading & logistics remains the most important pillar of HK's economy. Suggest ONE argument supporting and ONE argument opposing this statement.

Trading & logistics = still largest component of GDP; but HK less important as container ports services have steadily declined.