Microeconomics ecs201
This presentation is the property of its rightful owner.
Sponsored Links
1 / 26

MICROECONOMICS ECS201 PowerPoint PPT Presentation


  • 37 Views
  • Uploaded on
  • Presentation posted in: General

MICROECONOMICS ECS201. WELCOME. WHAT ARE WE DOING TODAY?. Who am I? What to do and not to do Means of communication ADC services Unisa Analyze your study skills What do you see? Chapter 1 Chapter 2 Questions. Adc services. Delivering academic support regarding: Time Management

Download Presentation

MICROECONOMICS ECS201

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Microeconomics ecs201

MICROECONOMICSECS201

WELCOME


Microeconomics ecs201

WHAT ARE WE DOING TODAY?

  • Who am I?

  • What to do and not to do

  • Means of communication

  • ADC services

  • Unisa

  • Analyze your study skills

  • What do you see?

  • Chapter 1

  • Chapter 2

  • Questions


Adc services

Adc services

  • Delivering academic support regarding:

    • Time Management

    • Study Skills

    • Exam Preparation and Techniques

    • Stress Management

  • Professional development of lecturers.


Microeconomics ecs201

To do or not to do …

  • Prepare

  • Pre-requisite

  • Participation

  • Homework

  • Tardiness

  • Cell phones

  • Eat and Drink


Means of communication

Means of communication

www.liezavandervyver.weebly.com

After class

Student Support Office @ student reception

By appointment

By e-mail: [email protected]

Phone: (012) 348-2551

Website!!!


Unisa procedures

Your unisa registration

UNISA PROCEDURES

  • Registrations

  • Tutorial letter 1

  • MyUnisa

  • Assignments

  • Important dates

  • Prescribed textbook

  • Exam entry


Let s analyze your study skills

Let’s analyze your study skills

  • Questionnaire

  • Different types of learners

  • Analyse

  • Assist


What do you see

What do you see?


What do you see1

What do you see?


Chapter 1

Chapter 1

Preliminaries

What is Microeconomics?


Outcomes

Outcomes

  • Nature and importance of microeconomics

  • The workings of a market

  • Real and Nominal prices


Microeconomics ecs201

Public Economics

Monetary

Economics

Finance

Economics

Development

Economics

International Economics


Microeconomics ecs201

  • WHAT IS MICROECONOMICS?

  • Equips us to answer questions

  • Explain irregularity in our everyday lives

  • Provide the background for other economic disciplines

  • Knowledge of basic economic theory

  • Application of basic economic theory

  • Gain insight in social and economic events

    WHY?

    Help us predict what is likely to happen


Themes of microeconomics

THEMES of microeconomics

  • Trade-offs

  • Prices and Markets

  • Theories and Models

  • Positive and Normative analysis

  • Nature of Markets

  • Real versus Nominal prices

  • Why study Economics?


Themes of microeconomics trade offs

THEMES of microeconomics- Trade-offs

Consumer Theory

Theory of the firm


Microeconomics ecs201

  • Prices and Markets


Limited resources

LIMITED RESOURCES

  • THEORIES AND MODELS


Limited resources1

LIMITED RESOURCES

  • POSITIVE AND NORMATIVE ANALYSIS


Microeconomics ecs201

  • MARKET

  • Definition:

    • Collection of buyers and sellers

    • Through actual or potential interactions

    • Determine price of a product

    • Or, set of products

  • Market = More than an industry

    • Industry: Collection of firms that sell same/closely related products.

  • Potential interactions & actual interactions

  • Arbitrage:

    • Significant difference in price of commodity

    • Practice of buying low @ one location & sell high at another location


Microeconomics ecs201

  • MARKET

  • Competitive market

    • Perfectly competitive: Many buyers and sellers e.g. agricultural markets

  • Noncompetitive market

    • Many producers

    • Cartel: Group of producers act collectively

  • Market price:

    • Competitive market = Single price = market price

    • Not perfectly competitive = Different prices

      • Average price = Market price


Microeconomics ecs201

  • MARKET

  • Market Definition:

    • Buyers and sellers

  • Extent of the market:

    • Determine which buyers and sellers

    • Boundaries of a market

    • Geographical and i.t.o. range of products

  • Market definition importance:

    • Understand who is actual and potential competitors

    • Public policy decisions


Microeconomics ecs201

  • REAL VS NOMINAL PRICES

  • Nominal prices:

    • Absolute price

    • “Current-dollar”

  • Real prices:

    • Price relative to aggregate measure of prices

    • “Constant-dollar”

  • Consumer Price Index

  • Producer Price Index


Impotant concepts

IMPOTANT CONCEPTS

  • IMPORTANT CONCEPTS

  • CETERIS PARIBUS

    • Assumption used when designing models.

    • Meaning: All variables other than the one economist use will remain unchanged.

    • Latin expression: “All other things being equal”

  • EQUILIBRIUM

    • Important in economic theory

    • A situation, once it has been reached, tends to persist

    • All factors in balance.


Impotant concepts1

IMPOTANT CONCEPTS

  • IMPORTANT CONCEPTS

  • PRICES

    • MACRO = Absolute prices i.e. price of goods and services

    • MICRO = Relative prices i.e. relationship between price in question and price of other products

  • RATIONAL INDIVIDUALS

    • Behave rationally

    • Well off given limitations

  • MALE OR FEMALE?

    • “He” merely used for practical reasons


  • Login