A comprehensive introduction to economics set against a contemporary South African background, with emphasis on the application of economic theory. Updated and expanded with many practical examples. Covers all the material usually prescribed for introductory courses and lays a solid foundation for intermediate and advanced studies in economics.
* Additional interactive exercises available at
http://www.learnactive.co.zaContents include the following:
• Interdependence between major sectors, markets and flows in the mixed economy
• South African economy
• Economist’s analytical toolkit
• Demand, supply and prices
• Elasticity
• Theory of consumer choice
• Theory of production and cost
• Perfect competition
• Monopoly and imperfect competition
• Labour market
• Monetary, public and private sectors
• Keynesian models
• Macroeconomic theory and policy
• Inflation
• Unemployment and the Phillips curve
• Economic growth and development