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
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
