After ECS1601 you will be able to do the following: - explain the functioning of the economy as a whole - assess the performance of the economy
I know this might sound overwhelming to some, but don't stress out. Work through all the study units and you will see this is a lot easier than it might sound!
The Unisa syllabus
ECS1601 will be covered in 11 study units:
- Interdependence of the major sectors, markets and flows in a mixed economy
- The monetary sector
- The public sector
- The foreign sector
- Measuring the performance of the economy
- Income determination in a simple Keynesian macroeconomic model (IMPORTANT)
- Keynesian models including the government and the foreign sector (IMPORTANT)
- More on macroeconomic theory and policy
- Unemployment and the Phillips curve
In the May 2011 exam study units 6 & 7 covered 25% of the exam paper.
The ECS1601 textbook
Your study guide and textbook will be a good start ;)
The ECS1601 exam
Past exam papers
The exam in May/June 2011
This was a two-part paper, with a fill-in section (50%) and a multiple choice section (50%) There were quite a number of questions on the Keynesian economic model, e.g. requiring you to explain by use of labelled diagrams the different scenarios, and give algebraic calculations of marginal propensity to income.
Also questions on:
- Taxation and the effects on income and spending
- The effects of the exchange rate on imports and exports
- The beneficiaries of a strong Rand (exporters or importers)
- The effects of reduced imports on the multiplier
- Unemployment calculations, types in South Africa and how it can be solved
- Circular flow of goods and services labelling
In the exam they will expect from you to apply the knowledge you have gained from the textbook to work out some difficult questions. Do not be alarmed - as said previously, by working out the previous papers it will help you with this. Students who didn't work out the papers, struggled with the exam this year. So don't be lazy!
How to pass ECS1601
The most important study tip for this module is: WORK OUT PREVIOUS EXAM PAPERS!
If you go through the previous papers, you will see they use the same questions over and over again and it was no exception for the May 2011 exam.
Work through it, study it and make sure you understand the graphs and calculations. By doing this I will guarantee you you will pass.
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Pros of ECS1601
The administrators from ECS1601 are extremely helpful. We received all the exam papers from 2006 - 2010 which were extremely helpful. Some of the chapters only focus on graphs and algebra equations, so if you understand it, you are good to go! Go through all the study material they give you- they give it for a reason. If you do this, there is no way you will fail.