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 Chapter 1 - What economics is all about R50,00   Add to cart
Quickly navigate to
Preview
  2.  
  3. IIE Varsity College (VC)
  4.  
  5. Economics 1A - PMIC5111 (PMIC5111)

Summary

Summary Chapter 1 - What economics is all about
 5 views  0 purchase

This document extensively covers the first learning unit of Economics 1A. It is summarised and colour-coded. These study notes were made by an A+ student.

Preview 2 out of 7  pages

Document information

  • Yes
  • November 11, 2024
  • 7
  • 2024/2025
  • Summary

Subjects

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (104)

Written for

All documents for this subject (1)

Seller

avatar-seller
jennakemm

Content preview

Chapter 1: What
economics is all
about




1.1 What is economics?

, Economics – Economics is the study of the use of scarce resources to satisfy
unlimited human wants. It deals with the choices that people have to make.
Economists seek to describe, explain, analyse, and predict.
Scarcity – not enough resources to satisfy all wants (unlimited wants, limited
resources)
This leads us to the need to choose.



1.2 Scarcity, choice, and opportunity cost
Wants  Human desires for goods and services
 Unlimited
 We always want more or better goods/services
Needs  Necessities – essential for survival
 Not unlimited
 Eg: food, water, shelter, clothing
Demand  If those who want to purchase it have the necessary
means to do so


Resources:
 Limited, scarce, not freely available
 Are the means by which goods can be produced or services offered
 Also called: Factors of production

Types
Natural resources Agricultural land, minerals, and fishing resources
Human resources Labour
Man-made resources Machines


There is always cost involved in any use of scarce resources.
Scarcity and choice:


Demand is greater than the availability
Scarcit Affects everyone

y
Some of the unlimited wants have to be
sacrificed to meet the fulfilmet of other wants
Choice Choice = sacrifice of money and opportunity
Everytime a choice is made opportunity costs
are incurred




Opportunity cost:

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 jennakemm. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R50,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73216 documents were sold in the last 30 days

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

Start selling
R50,00
  • (0)
  Buy now