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Concepts that will be examined are featured

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  • Course
  • Transport economics 1A (TRE11A1)
  • Institution
  • University Of Johannesburg (UJ)
  • Book
  • The Economics of Transport

The document gives guidance to the tests and exams for the module in question. The concepts are important for the multiple choice questions in your tests and exams

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Document information

  • April 14, 2024
  • 42
  • 2023/2024
  • Class notes
  • Mr jacobs
  • Chapter 1

Subjects

  • gives an introduction into the module

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  • Lecture notes Transport economics 1A (TRE11A1) The Economics of Transport
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  • University of Johannesburg (UJ)
  • Transport economics 1A (TRE11A1)
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CHAPTER 1
INTRODUCTION TO THE ECONOMICS OF TRANSPORT
MR. Lunga Jacobs

,LEARNING OUTCOMES
In the course of this chapter you will learn about:
•The background to transport economics

•The relevance of economics to transport

•Scarcity, choice and opportunity cost

•The three economic/ market systems




2

,INTRODUCTION
Economics can be defined as:
The study of how society uses its
limited resources
The science that deals with
production, distribution, and
consumption of goods and services, or
the material welfare of humankind

3

, INTRODUCTION
What is the economy?
The system of how money is made and
used within a particular country or region
The state of a country or region in terms of
the production and consumption of goods and
services and the supply of money



4

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