chapter 1: what is economics
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We look at what is economicsTRANSCRIPT
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Wat is Ekonomie?What is Economics?
Mohr & Fourie: Chapter 1 / Hoofstuk 1
SG – 1.1
Economics is the art of making the most out of life
– GB Shaw
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Outcomes Uitkomstes
• Explain▫ Economics
• Define▫ economics▫ opportunity cost (OC)▫ other NB concepts
• Distinguish between▫ micro, macro▫ positive, normative▫ general mistakes▫ reasons to differ
• PPC
• Verduidelik▫ Ekonomie
• Definieer▫ ekonomie▫ geleentheidskoste (OC)▫ ander NB konsepte
• Onderskei tussen▫ mikro, makro▫ positief, normatief▫ algemene foute▫ Redes om te verskil
• PMK
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EKONOMIE VANDAG ECONOMICS TODAY
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1.1 Introduction 1.1 Inleiding
• The perception of economics
• Die persepsie van ekonomie
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1.1 Introduction 1.1 Inleiding•Decisions
•How does ECON relate to you ?
•Bestuur ... Besluite
•Hoe raak ECON jou?
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Study
Work
Gap Year
What? Where? Money?
What? Where? How do I get there?
Aupair? Where? Family and Friends?
On a Saturday, do I watch the rugby or do I study for Monday’s test?
Save my salary or buy a flat screen?
Loose some of your friends or gain life experience
ECONOMICS
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Exercise Oefening
• Build a 1-sentence definition of economics
• Look at Box 1-1
• What concepts are included?
• Bou ‘n 1-sin definisie van ekonomie
• Kyk Raam 1-1
• Watter konsepte word bespreek?
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Exercise - Definition Oefening - Definisie
• Does your definition include 4 NB concepts?
• Unlimited wants• Scarcity ... of resources• Choices ... • Opportunity cost ...
• Answer ...
• Sluit jou definisie 4 NB konsepte in?
• Oneindige begeertes• Skaarsheid ...
hulpbronne• Keuses ... • Geleentheidskoste ...
• Antwoord ...
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Ekonomie gaan oor die optimale aanwending en verkryging van skaars middele/hulpbronne om sodoende behoeftes wat
onbeperk is te bevredig. / Economics is applying scarce resources in order to satisfy our
unlimited wants
Ekonomie / Economics
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1.1 Scarcity, choice, OC 1.1 Skaarsheid, keuse, OC
•Differentiate ...▫ Want▫ Need▫ Demand
• Onderskei tussen ...▫ Begeerte▫ Behoefte▫ Vraag
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1.1 Opportunity Cost 1.1 Geleentheidskoste
• The opportunity cost of a choice:▫ is the value to the
decision maker ▫of the best alternative
that could have been chosen but was not chosen.
• Die geleentheidskoste van ‘n keuse:▫is die waarde▫Van die beste
geleentheid / alternatief wat verbeur moes word.
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Opportunity Cost Geleentheidskoste
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Opportunity Cost Geleentheidskoste
Study
Work
What? Where? Money?
What? Where? How do I get there?
On a Saturday, do I watch the rugby or do I study for Monday’s test?
Save my salary or buy a flat screen?
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1.2 Science 1.2 Wetenskap• Solve problems
• How?• Patterns
▫ Explain▫ Predict
• Why?▫ Prevent▫ Correct
• Policy
• Los probleme op
• Hoe?• Patrone
▫ Verduidelik / Verklaar▫ Voorspel
• Waarom?▫ Verhoed▫ Korrigeer
• Beleid
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Differentiate Onderskei• Social science• Natural science
• Sosiale wetenskap• Natuur wetenskap
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Differentiate Onderskei• Micro/Mikro • Macro/Makro
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Differentiate Onderskei• Positive statements /
Positiewe stellings• Normative statements /
Normatiewe stellings
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Common mistakes Algemene foute
• Oogklap
• Opteldenkfout(Drogrede)
▫ Geheel = + ind
• Post hoc ergo propter hoc
▫ = twee gebeure na mekaar nie agv 1
• Korrelasie en oorsaaklikheid
▫ 2 gebeure na mekaar of gelyktydig, een
is nie noodwendig die gevolg van ʼn
ander
▫ Korrelasie nie gelyk aan oorsaaklikheid
nie.
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Vereenvoudige "ekonomie"
Slegs twee produkte word geproduseer
Beperkte hulpbronne
Moontlike kombinasies
Keuses moet uitgeoefen word
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PPC PMK
• Simplified economy
• 2 products are being produced
• Limited recourses
• Possible combinations
• You have a choice
• Vereenvoudigde ‘ekonomie’
• 2 produkte word produseer
• beperkte hulpbronne word
geallokeer
• moontlike kombinasies van
produkte
• keuse van hoeveel van elk,
of net een
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PPC PMK
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PPC PMK
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PPC PMK
A 0 100
B 1 95
C 2 85
D 3 70
E 4 40
F 5 0
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PPC PMK
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PPC PMK
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PPC PMK
By producing 4 baskets of fish you have to give up 60kg of Potatoes.
By producing 40kg of Potatoes you have give up one basket of fish.
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PPC PMK
Kan nie met beskikbare hulpbronne verkry word nie / Can not be achieved with the available resources.
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PPC PMK
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PPC PMK
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PPC PMK
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Next Week Volgende Week
• Monday▫ Homework (See eFundi)▫ Chapter 2
• Maandag▫ Huiswerk (Sien eFundi)▫ Hoofstuk 2
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