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Summary ECS1501 EXAM PACK NOTES & PAST QUESTION WITH SOLUTIONS

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Economics 1501
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Which one of the following statements best explains economics? ● ● [1] Economics is a study of rocks. ● [2] Economics is a study of living things. ● [3] Economics is a natural science. ● [4] Economics is not concerned with scarcity. ● [5] Economics is an empirical science

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MACROECONOMICS



ECS1501 EXAM PACK




NOTES &
PAST QUESTION
WITH
SOLUTIONS

www.grtutorials.co.za email: Tel: 0127704239

,MODULE I: MICROECONOMICS




STUDY UNIT I:

WHAT IS ECONOMICS
ALL ABOUT

, STUDY OBJECTIVES



● Define Economics as a subject
● Describe Economics as a science
● Discuss the economic problem
● Define opportunity cost
● Illustrate graphically a PPC-curve and interpret it
● Differentiate between normative and positive
statements
● Differentiate between levels and rate of change
0

, ECONOMICS AS A SCIENCE


● The scientific fields of study are:
– Natural science e.g. astronomy, chemistry, etc.
● Set laws which always hold.
– Human science e.g. psychology, sociology, economics, etc.
● Man central concept, no set laws.


● Economics is that part of the human sciences which studies
human actions - therefore a social sciences




0

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