Transcript WELCOME [koobs.co.za]

WELCOME
TO
INM 101-3
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YOUR TUTOR
• MY NAME IS D.KOOBLAL also
known as Roshan Kooblal
•CALL ME KOOBS!
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GENERAL RULES
• 1.Please respect every learners right to
learn.
• 2. Please feel free to ask questions if in
doubt.
• 3. My contact number: 0834636786
• 4. NO PLEASE CALL ME!
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INM 101 -3 COURSE
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1. YOU ONLY HAVE TO STUDY THIS GUIDE.
2. NO TEXT BOOK FOR THIS COURSE
3. 15 X 1HR LECTURES ON SATURDAYS
4. INQUIRE ABOUT THE WEEKDAY CLASSES [
11 X 2 HRS]- ATTEND ONLY ONE OF THEM.
5.INQUIRE ABOUT EVENING CLASSES FOR
WORKERS.
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Inm 101-3 exam
• 1. ONE 2 HOUR PAPER
• 2. 65 MULTIPLE CHOICE QUESTIONS.
• 3. ASSIGNMENTS WERE NOT
COMPULSORY UPTO LAST YEAR.
• 4. VERY IMPORTANT: THE
ASSISGNMENT QUESTIONS ARE PAST
YEAR EXAM QUESTIONS……
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INM 101-3
• PLEASE NOTE THAT NO CALCULATORS
ARE ALLOWED IN THE EXAMINATION IN
THIS PAPER.
• SOOORRRYY ABOUT THAT !
• RELAX WE WILL SHOW YOU HOW TO DO
IT WITHOUT A CALCULATOR!
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INM 101-3 COURSE CONTENT
• 1. YOU WILL BE TESTED ON CONTENTS
FROM PAGE 74 ONWARDS
• 2. SO LETS GET STARTED!
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Topic 3 PAGE 75
THE ECONOMIC PROBLEM
• STUDY UNIT ONE PG 77
• THE SCARCITY PROBLEM
• “ECONOMICS IS A STUDY OF MANKIND
IN THE ORDINARY BUSINESS OF LIFE.”
• Alfred Marshall
• PEOPLE’S WANTS ARE UNLIMITED.
• PEOPLE HAVE LIMITED RESOURCES
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UNLIMITED WANTS pg78
• 1. Make a list of all the things you want.
• 2.BASIC OR ESSENTIAL WANTS/NEEDS
• e.g. food, water , shelter etc.
• 3. LUXURY WANTS e.g. overseas trip; big
luxury car
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LIMITED RESOURCES pg 79
• 1. NATURAL RESOURCES [Land]
• 2. LABOUR
• 3. CAPITAL
• 4. ENTREPRENEURSHIP
• “CELL”
• Some argue 5th factor is technology
while some argue that technology is
part of Capital and entrepreneurship.
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NATURAL RESOURCES
• These are the gifts of nature
• Land
• Water
• Air
• Plantations
• Minerals
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NATURAL RESOURCES
• 1. We have no control over them.
• 2. S.A. - water and crude oil is very scarce
• 3. Human effort is required to convert the
natural resources into goods and services.
• Japan and Taiwan are the best examples
of application of human effort.
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LABOUR
• ALL PEOPLE WHO ARE LEGALLY ALLOWED TO
WORK = LABOUR
Labour depends on :
Population size
Training
Skills Level
• S.A. productivity is very low.
• S.A. has a shortage of trained labour.
• What can you do?
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CAPITAL
• 1. Capital = all equipment, machinery and
buildings. Goods produced to produce
other goods and services.
• 2. Savings help to create capital in the
form of money which is then used to
create capital such as tools, machinery
and buildings.
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ENTREPRENEURSHIP
• Entrprenurship is the ability to combine
the other three factors of production.
• Entrepreneurship = land +capital+labour
• Entrepreneurs can spot opportunities.
• Entrepreneurs are willing to take a risk
[chance]
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1.4 The Problem of choice pg 80
• Unlimited wants and scarcity of resources leads
us to make CHOICES OR DECISIONS
• When you have to choose one item between two
items [ Ice cream or coke] because of lack of
money , then you have a case of opportunity
cost. If you choose ice cream then your
opportunity cost is coke.
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ACTIVITIES
• Complete activities 1, 2 and 3 on pages
81;82 and 83.
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