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ECS1501 Economics IA Study Guide 2022
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ECS1501 Economics IA Study Guide
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ECONOMICS 1AStudy guide 1 for ECS1501
COMPILERS:
FHB Serfontein
WJ le Roux
DEPARTMENT OF ECONOMICS
UNIVERSITY OF SOUTH AFRICA
, ii
Parts of some of the units are an adaption based on the following works:
Principles of Economics (https://open.lib.umn.edu/principleseconomics/ ) which is adapted from a
work produced and distributed under a Creative Commons license (CC BY-NC-SA) in 2011 by a
publisher who has requested that they and the original author not receive attribution. This work is made
available under the terms of a Creative Commons Attribution-NonCommercial-ShareAlike license.
Principles of Economics (https://saylordotorg.github.io/text_principles-of-economics-v2.0/) by the
Saylaor Academy (2012) which is text adapted by Saylor Academy under a Creative Commons
Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work's
original creator or licensor.
© 2019 University of South Africa
All rights reserved
Printed and distributed by
University of South Africa
Muckleneuk, Pretoria
Compiled by the Department of Economics
ECS1501/1/2020-2022
, iii ECS1501/001
Contents
Page
Introduction ............................................................................................................................................... iv
1. The study field of economics ........................................................................................................... 1
2. The economist’s toolkit .................................................................................................................. 26
3. Economic systems .......................................................................................................................... 44
4. Production possibilities curve ........................................................................................................ 57
5. Circular flow model........................................................................................................................ 93
6. Demand, supply and prices .......................................................................................................... 110
6.1 Demand ............................................................................................................................... 112
6.2 Supply ................................................................................................................................. 158
6.3 Market equilibrium ............................................................................................................. 187
7. Consumer and producer surplus ................................................................................................... 208
8. Changes in demand and supply .................................................................................................... 233
, iv
Introduction
Welcome to Economics 1A the first part of the introduction to Economics. We hope that you will find
this module mentally stimulating and worthwhile.
PURPOSE OF THE
MODULE
The purpose of this module is to gain insight into how a market system addresses the economic
problem of scarcity.
This module will prepare you to analyse, interpret and apply knowledge relating to basic
microeconomic concepts and principles and prepare you for further studies in the field of economics
and management sciences.
MODULE OUTCOMES
After you have studied this module, you should have a fundamental understanding of what economics
is all about. You should be able to
• demonstrate your understanding of basic economic concepts
• analyse how market system addresses the economic problem of scarcity through the forces of
demand and supply
CRITICAL CROSS-
FIELD OUTCOMES
As a student enrolled for a tertiary qualification, you will be exposed to a formative learning experience
that should not only educate you in the chosen discipline but also form your character.
The formative nature of the qualification is described in the critical cross-field outcomes that all tertiary
qualifications aim to achieve. Critical cross-field outcomes refer to broad generic outcomes
encompassing various areas, which all qualifications and standards should aim to promote.
After you have completed this tertiary qualification, you should be able to
• identify and solve problems in such a way that you display responsible decision making using
critical and creative thinking
• work effectively with others as a member of a team, group, organisation or community
• organise and manage yourself and your activities responsibly and effectively
• collect, analyse, organise and critically evaluate information
• communicate effectively using visual, mathematical and/or language skills in the modes of
oral and/or written persuasion
• use science and technology effectively and critically, showing responsibility towards the
environment and health of others
• demonstrate an understanding of the world as a set of related systems by recognising that
problem solving does not happen in isolation
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