100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Summary EKN 110 summaries chapter 1-10 R163,00   Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of Pretoria (UP)
  4.  
  5. Economics 110

Summary

Summary EKN 110 summaries chapter 1-10

1 review
 85 views  5 purchases

This summary includes everything you need to know about EKN 110 (the book that was used for the summaries is “Economics, a southern african context” third edition) The summary includes all the work you need for semester 1. In has the context of chapter 1-10

Preview 4 out of 336  pages

Document information

  • Yes
  • June 28, 2023
  • 336
  • 2022/2023
  • Summary

Subjects

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (41)

Written for

All documents for this subject (31)

1  review

review-writer-avatar

By: hannekeerasmus200580 • 5 months ago

Seller

avatar-seller
harrietkruger

Reviews received

Content preview

CHAPTER 1: THE WHY & WHO OF
ECONOMICS




EKN 110
Notes by Jolize Stephens

, 1. We all think like economists



- Father of Economics = Adam Smith

- We make decisions.

E.g., Wake up, get ready, eat breakfast & go to your class. → You
have decided to get out of bed, get ready, eat & go to class.


- Economists advise the government on how to spend taxpayers’
money more efficiently.


∴ Above mentioned, involves choices i.e., selection based on:


▪ Availability
▪ Cost of projects
▪ Skills to perform & sustain project
▪ Time frames




1|Page

, Economics
Economics is the study of how individuals,
Definition: businesses & institutions make choices, to optimise
their level of satisfaction under conditions of
scarcity.




- People want numerous & varied items.

E.g., Houses, stable internet, soft drinks, etc.


∴ Productive resources = processed by society:

▪ Tools & machinery
▪ Labour & managerial talent
▪ Land & mineral deposits



Productive resources help economists to produce goods &
services which satisfy our economic wants.




2|Page

, 1.1) Something to consider


- “Buy 1 get 1 free” (In reality, we do not get free stuff.)


How does it work to get a product for “free”?


To produce each product RESOURCES are
used. These resources have alternative uses. ∴
Society gives up something else in order to get a
“free” product.



- MARKETING plays a big role in handing out “free” products for
people to support their business.




2. The Economic Perspective



Economic perspective
A viewpoint that envisions individuals & institutions
Definition: making rational decisions by comparing the
marginal benefits & the marginal costs associated
with their actions.




3|Page

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller harrietkruger. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R163,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81989 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R163,00  5x  sold
  • (1)
  Buy now