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PROGRAMME INRISKMANAGEMENTQUALIFICATION CODE: 7594-9ONLY STUDY GUIDE FORMODULE 5Economics(PRIM059)Compiled byMr WJ le RouxCentre for Business ManagementSchool of Management SciencesUniversity of South AfricaPretoria
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© 2015Universityof SouthAfricaAll RightsreservedPrinted andPublishedbytheUniversityofSouthAfricaMuckleneuck,Pretoria
iiiPRIM059CONTENTSIntroduction.........................................................................................................................................ivThe purpose of this study guide..........................................................................................................ivPrescribed textbook............................................................................................................................ivHow to study a chapter.......................................................................................................................ivA note on the boxes in the prescribed book........................................................................................vFramework used in this study guide....................................................................................................vSTUDY UNIT 1What economics is all about................................................................................................................1STUDY UNIT 2Economic systems...............................................................................................................................7STUDY UNIT 3Production, income and spending in a mixed economy......................................................................9STUDY UNIT 4Demand, supply and prices...............................................................................................................13STUDY UNIT 5Demand and supply in action............................................................................................................17STUDY UNIT 6The labour market..............................................................................................................................21STUDY UNIT 7The monetary sector..........................................................................................................................25STUDY UNIT 8The government sector......................................................................................................................31STUDY UNIT 9The foreign sector..............................................................................................................................35STUDY UNIT 10Measuring the performance of the economy.....................................................................................39STUDY UNIT 11More on macroeconomics.................................................................................................................43STUDY UNIT 12Inflation..............................................................................................................................................46STUDY UNIT 13Unemployment...................................................................................................................................49STUDY UNIT 14Economic growth...............................................................................................................................52
ivPRIM059IntroductionWelcome to the Economics module!The purpose of this study guideThis study guide serves three basic purposes:i)It outlines the contents of the module, in other words it indicates which parts of the textbooks areprescribed. You are strongly advised to read every chapter of theEconomics (for South Africanstudents)by Mohr et al (see prescribed textbook) in full, but not all the sections are prescribed forthe examination.ii)It indicates how you should approach each chapter and the most important topics which you haveto master.iii)It provides a series of questions which you should answer to assess your progress and to preparefor the examination.Prescribed textbookThe prescribed textbook for this module is:Mohr P, Fourie L and associates. 2015 (fifth edition).Economics (for South African students). Pretoria:Van Schaik.We use this book as our main vehicle to discover what economics is all about. We refer to it extensivelythroughout this study guide.How to study a chapterThe main requirements for the study of economics are a willingness to think and an active approach tolearning. Economics is not a subject that can simply be memorised - it has to be understood. This meansthat you always have to think about what you are studying and that you should try to understand thework. The solution is to study actively. You must use pen (or pencil) and paper and work out eachargument by drawing diagrams, doing calculations and writing out the logic of the argument. It is notsufficient simply to read the textbook and underline or highlight the key concepts.First read the introductory page inEconomics for South African students. Each part and chapter inthe book starts with a page which indicates what is going to be done in that part or chapter andwhat you should be able to do once you have studied it.

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Principles of Microeconomics
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