Summary Ecs1500 tutorial letter

ECS1500/101/3/2020 5 economy in various ways, the driving force behind economic actions remains the market mechanism. The forces of demand and supply essentially drive this mechanism. Through these forces and the price signals they send out, market players make decisions on who to employ, what to produce, how much to spend, and on what to spend. It is therefore important that you gain a thorough understanding of the market mechanism, demand and supply, and the overall economic environment in South Africa in order to gain a comprehensive picture of how the economy works. Towards the end of the module, this picture will become clearer and more logical. 2.2 Outcomes The main outcomes of this module are as follows:  Apply basic concepts and principles in the economic environment.  Apply the standard economic method of demand and supply analysis to explain the functioning of market economies and price determination.  Analyse macroeconomic objectives in the South African economic context and illustrate how economic indicators are used to measure macroeconomic performance.  The roles and contributions of the government sector, the financial sector and the foreign sector in the economic performance of the country are appraised and the effect of changes in these sectors are analysed More detailed module outcomes can be found at the beginning of each learning unit in the study guide. 3 LECTURERS AND CONTACT DETAILS 3.1 Lecturers Your lecturers for this course are as follows: