Economics 114

Economics 114 summaries of the term two semester 1 chapters (6)

in detail summary of chapter 1 -4 for economics 114 at Stellenbosch university

Includes Chapters 1 to 8 of Economics 114 needed for A1

TOPICS COVERED: perfect competition; output, price and profit in the short and long run; competition and efficiency; monopoly; monopolistic competition; oligopoly; public choices, goods; externalities; markets for factors of production; labour markets

TOPICS COVERED: introduction; supply and demand; market equilibrium; elasticity; efficiency and equity; rent ceiling and price floors; tax incidence; utility and demand; endowment effect; consumer preferences, choices and income; substitution and income effects; production; markets and the competitive environment; output and costs;

Detailed summary based on unit 4 of The Economy CORE textbook. Analysis includes in-depth explanation using diagrams for game theory. Summarises the important concepts (those covered by lectures necessary for exam purposes) namely 4.1, 4.2, 4.3 and 4.13.

almost 70 multiple choice questions with answers & some summary blocks at the end :)