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WELCOME

WELCOME. TO INM 101-3. YOUR TUTOR. MY NAME IS D.KOOBLAL also known as Roshan Kooblal CALL ME KOOBS!. 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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WELCOME

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  1. WELCOME TO INM 101-3

  2. YOUR TUTOR • MY NAME IS D.KOOBLAL also known as Roshan Kooblal • CALL ME KOOBS!

  3. 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!

  4. INM 101 -3 COURSE • 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.

  5. 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……

  6. 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!

  7. INM 101-3 COURSE CONTENT • 1. YOU WILL BE TESTED ON CONTENTS FROM PAGE 74 ONWARDS • 2. SO LETS GET STARTED!

  8. 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

  9. 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

  10. 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.

  11. NATURAL RESOURCES • These are the gifts of nature • Land • Water • Air • Plantations • Minerals

  12. 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.

  13. 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?

  14. 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.

  15. 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]

  16. 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.

  17. ACTIVITIES • Complete activities 1, 2 and 3 on pages 81;82 and 83.

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