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Summary ECON112 Notes (Chapter 1 - Chapter 11) R250,00
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Summary ECON112 Notes (Chapter 1 - Chapter 11)
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  • Yes
  • August 4, 2024
  • 3
  • 2020/2021
  • Summary

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Chapter 1 What is economics about?

ECONOMICS -

is the study of the choices individuals and
society are forced to make because wants are unlimited ,
while the means



to
satisfy those wants are scarce




economics
The central problem with




Limited recourses
Can never
Unlimited recourses

satisfy all of

society's
Unlimited
Limited and have
unlimited wants ,
never
ending-
alternative uses
with limited and varying in importance
Y resources
&
S




Limited
and
amount of Scarcity Unlimited amounts
goods services
of goods and services
that can be
produced desired
,

at
any
One time .

Choice




Opportunity
cost




1.
Scarcity ,
Choice and
Opportunity Cost


WantS -
are human desires for
goods and services
. Are .
unlimited


Needs -
are
requirements of
things for basic survival .
Are unlimited
.


Demand -

There is demand for service if those have the
good only who it do
a to
a or want purchase necessary means to so
.




Opportunity COSt -
The
opportunity cost of a choice is the value to the decision maker of the best alternative that could have been chosen

chosen but was not chosen
.




Production possibility curve



* Read through p . 36-38

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