ECO1006F - Economics For Non-Specialists

Course Information

The purpose of this course is to provide the students with a thorough grounding in introductory economic theory, and to introduce them to some of its practical applications, especially South African economic issues. This will enable students to understand the way an economy works and how it may influence them as consumers and later as professionals in business.

Lectures

Mondays and Thursdays: 8th and 9th Periods
Venue: Beattie 115

Textbook

There is no prescribed text for this course. Readings will be made available to students in class.

Course Topics

Week 1: Macroeconomic Indicators and the Circular Flow of Income

National income, price levels and inflation, money supply, unemployment, interest rates, etc. Trade cycles and how we recognise them. Circular flow of income and the fallacy of composition. Determining GDP.

Week 2: The Economic Problem and Markets

The economic problem, scarcity, value and price, needs and wants, opportunity costs. Markets and market functions, the invisible hand, demand and supply and price.

Week 3: Comparative Economic Systems

How can the economic problem be addressed? Market economies, centrally planned economies, capitalism, socialism and Marx!