In microeconomics, the decisions and functioning of individual consumers and households (what to do, what to buy, etc.), and firms or other organisations (what goods to produce, how to produce them, what prices to charge, etc.) are considered. It includes the study of the demand, supply and prices of individual goods and services such as petrol, maize, haircuts and medical services. Understanding microeconomics is a comprehensive introduction to microeconomics in general, set against a contemporary South African background. The easy style and many practical examples make the content extremely accessible. The book covers all the material usually prescribed for introductory courses, and it lays a solid foundation for intermediate and advanced studies in economics. A companion to this book, Understanding macroeconomics, is also available.
Chapter 1 What economics is all about
Chapter 2 Important concepts, issues and relationships
Chapter 3 Demand, supply and prices
Chapter 4 Demand and supply in action
Chapter 5 Elasticity
Chapter 6 The theory of demand: the utility approach
Chapter 7 The theory of demand: the indifference approach
Chapter 8 Background to supply: production and cost
Chapter 9 Market structure: overview and perfect competition
Chapter 10 Market structure 2: monopoly and imperfect competition
Chapter 11 The labour market
Supplementary material available for this title includes:
JPEGs of all figures and tables
All source material (excluding figures and tables) has been supplied in an editable format (Microsoft Office) and you can fully customise it to your needs.
Please click on the link below to access the Lecturer Support Material (LSM) portal:
If this is the first time you access Van Schaik Publishers LSM, you will need to register and set up a profile. Once your registration has been approved you will be sent an email and will then be able to request access to the resources you need for a particular book. You will also be able to request access to the resources of additional books using your profile.
We welcome any suggestions regarding new or additional resources. For any queries or feedback please contact our digital publisher at email@example.com. The material available varies from book to book and may also be developed further over time.
If you are uncertain about the registration and access request procedures, please download the LSM Manual.
Lecturer Support Material is available free to lecturers who lecture on courses where the book is prescribed but samples are also available should you wish to review what is available as part of your prescribed book selection process. Please contact your Marketer for access to the sample LSM.
Student requests for LSM will not be entertained and any attempts by students to access lecturer support material will be reported to a student’s lecturer or to the Head of Department.