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ECS1500 Assignment 1 Semester 2 2020 Questions and Suggested Solutions
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ECS1500 Assignment 1 Semester 2 2020 Questions and Suggested Solutions including page references.
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Economics 1500Department of Economics
Assignment 01 for Semester 02 (compulsory)
Unique Number 541600
Learning Units 1 to 4
Weight for semester mark 40%
Number of questions 30
Recommended book: Mohr, P & Associates. 2015 (or other editions). Economics for South
African students. Pretoria: Van Schaik.
Please answer this assignment on the prescribed answer sheet on myUnisa or in hard copy.
Feedback on question 1.11 to 1.30 will be supplied on myUnisa after the final closing date
The first ten questions of this assignment are about you and not about the study material.
The following 20 questions (1.11–1.30) are about the study material, and they make up the
assignment questions. Feedback on these questions will be provided on myUnisa under Additional
Resources after the final closing date.
For questions 1.11 to 1.15 you need to indicate if the statement is true or false. As indicated, if the
statement is true, choose [1] and if the statement is false, choose [2].
1.11 Free public health facilities in South Africa are an example of non-scarce services.
[1] True
[2] False
Page 4 of the recommended book:
Now that we have examined wants, let us see why we say that resources are limited. There are three
types of resources: natural resources (such as agricultural land, minerals and fishing resources),
human resources (such as labour) and man-made resources (such as machines). These resources are
the means with which goods and services can be produced. In economics we call these resources
factors of production. Since the resources are limited, it follows that the goods and services with
which we can satisfy our wants are also limited. The factors of production are discussed in Chapter 3.
All individuals and societies are confronted by the problem of unlimited wants and limited means.
They therefore have to make choices.
Hendrik Mathibela goes to the shop with R15 in his pocket. He wants an ice cream, a cool
drink, a chocolate and a packet of chips. But his resources are limited. He cannot buy all the
things he wants with the R15. He therefore has to choose what to buy and what to sacrifice.
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