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Summary ECONOMICS 1A

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THIS SLIDE COINTAINS PART OF MICROECONOMICS THAT YOU NEED TO BUILD YOUR KNOWLEDGE IN ORDER GRASP MACROECONOMICS FAST AND SMART

Institution
University Of Johannesburg (UJ)
Course
Economics 1A











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Institution
University of Johannesburg (UJ)
Course
Economics 1A
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Uploaded on
July 15, 2023
Number of pages
32
Written in
2022/2023
Type
Summary

Subjects

  • microeconomics 1

Content preview

, Chapter 1 Information
Topic: Economics as the science of choices
E-Book: Page 1 - 16
Activity: 1 - 12
Outcome:
• What is economics?
• Scarcity and choice, what defines choice?
• Trade-offs as a way to represent choice problems:
– Opportunity costs
– Production possibilities curve
• Models of Trade-offs

, Choice
• Are you choosing to sit here today?

• How do you know it is a choice?

• What makes something a choice?

, Choice is…
• …sacrifice
• …of alternatives
– So, sitting here is a choice?

• Alternatives must be real, not “no-brainers”
– Not a choice: R100 or R200?


• Regret has to be possible
– This is choice: burger or pizza?
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