Class notes
STUDY GUIDE
- Course
- Introduction to Economics
- Institution
- Nelson Mandela Metropolitan University (NMMU)
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© VAN SCHAIK PUBLISHERSChapter 1:
What economics
is all about
, WHAT ECONOMICS IS ALL ABOUT
OBJECTIVES
- Explain what economics is all about;
- Define the concept of opportunity cost;
- Explain what the main economic problem is;
- Illustrate and explain a production possibilities
curve / frontier;
- Describe and identify various types of goods;
- Explain the difference between macroeconomics
and microeconomics;
, WHAT ECONOMICS IS ALL ABOUT
OBJECTIVES
- Distinguish between positive and normative
economics
- Comment on the major reasons why economists
disagree on certain issues;
- Identify common mistakes in reasoning about
Economics
, WHAT ECONOMICS IS ALL ABOUT
DEFINITIONS OF ECONOMICS
What is economics?
• Unlimited wants
• Limited resources
All economic questions arise because we want more than we can
get. Wants are unlimited, but resources are limited!
Thus we face a scarcity of resources! Without scarcity it would not
be necessary to make choices.
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