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  3. University Of Johannesburg (UJ)
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  5. Transport economics 1A (TRE11A1)

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Concepts that will be examined are featured

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

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  • gives an introduction into the module

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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



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