Struggling with your Economics modules? (ECS1501, ECS1601, ECS2601, ECS2602) We’ve got your back.
So you got your first result back on a tutorial or assignment and realised you need help. Let’s be honest with each other – we all like to see if we can do it our own way before we get help.
That’s fair. We want to try our hand at things and see how far we get. If we get it right the first time, we tell ourselves we’re natural. If we don’t, well, “nobody knows everything”, right?
It’s okay to not know everything. We ourselves are learning new things just like you. But we do know a lot about ECS1501 and ECS1601 (Economics). That’s one of the reasons we help students like you get the marks they want – we are good at what we do.
We actually know a lot about many of the BCom modules you do at UNISA. Check out this page and you’ll see our blogpost for BCom modules. From there you can choose whichever module you are studying and we’ll be able to guide you through passing it.
Speaking about guiding, we don’t help you by assigning you a tutor, no. We all know how we paid attention in class but after class we didn’t practice anything. It works the same way with a tutor.
Instead what we do is we equip you with the tools to go out there and slay that Economic Dragon! I mean, would you rather want someone shouting “Duck! Duck!” while you’re fighting this Economic Dragon or a sword and shield to put the beast down yourself?
ECS1501 and ECS1601 Exam Packs
Here at Together We Pass, we put together a set of the latest exams and solutions for each subject. You’re currently reading in the BCom General course.
Each exam pack will contain anything between 4 – 6 question papers depending on the availability of the papers. But we like to keep it at 4 so we don’t go too far back where the questions might be outdated.
Our exam packs go for R300 a set. That is R300 for one module exam pack. Which is really cheap when you think about redoing a module because you weren’t prepared enough. A little preparation goes a long way. We recommend you do more than “a little” preparation though.
ECS1501 Economics Study Notes
Of course, the exam pack would go a long way to helping you pass, but what’s a sword without a shield? Yes, you can’t fight that Economic Dragon with only one of the tools. You need a good offence and defence.
Good thing we offer you both then, isn’t it. Our study notes show you the important topics. What UNISA likes to ask in the exams. And of course, what learning outcomes are examinable, for only R300. We’re basically giving it away.
So going into this fight with the Economic Dragon, you know all it’s weak points, how it attacks, and what it thinks. That’s setting yourself up for success right there (you can have the credit, we don’t mind).
We like our study notes short and sweet. We also like to use diagrams and charts to give you a visual idea of what’s going on.
Just make sure you actually study the notes once you buy them. If you aren’t sure that you are studying properly, improve your time management. Usually that takes the most out of us.
We all know how one hour study sessions can turn into 30 minutes studying and 30 minutes of Facebook (with another 30 minutes of Facebook to “rest”). Now for people studying ECS1501/ECS1601 that is not economical.
Manage Your Time Properly
Time yourself with the Pomodoro technique. Here’s how you do it:
- Choose what you are going to study and make sure everything is set for your study session
- Set the Pomodoro (or timer) for 25 minutes
- Study for the full 25 minutes (No distractions!)
- After the timer goes off put a marker where you left off then take a 5 minute break. Go for a walk or get coffee
- After the break set the Pomodoro for another 25 minutes
- Set four Pomodoros of 25 minutes, and after the fourth one take a 30 minute break.
I know most of us don’t have a kitchen timer to use, so this website was made just for that.
ECS1501 Economics Study Group
Finally, what good is slaying a Dragon if you don’t come home the hero or heroine? Our study groups are literally free (and we mean the actual meaning of the word).
You can talk to peers and fellow students to get their input, or give some input of your own. We decided it would be best if we created huge pot of students, all sharing ideas and knowledge with one another.
Because, again, who knows everything?
And that brings us back to what we know: Economics. Especially the basics.
So What is Economics and What is it Good for?
Economics is basically how we as individuals or as a global community use the limited number of resources available. This also means how we make our decisions based on what we want or need.
Economics can be broken down into two sections:
Microeconomics is about what you do as a person. Whether you are a consumer or a producer. It’s how you and other people or businesses trade with each other. This trade affects the prices of things.
Macroeconomics is all of that, but on a bigger scale. So the trade will be between regions or countries. In macroeconomics you will consider things like how unemployment affects the economy and how day to day business will have an impact on expansions or depressions.
If you are a Visual Learner
Ellie Smit does a pretty good job of explaining how economics started and how it came to be. So yes, it was a thing before money existed. And no, economics is not just about money (which ALL ECS1501/ECS1601 students should know).
She has other videos specifically about the ECS courses at UNISA. If you are a visual learner we suggest using her videos along with our notes to give you the best shot for your exams.
“The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”
– Thomas Sowell
You may be thinking “I’m not going to be an economist so I don’t need to know about economics”, but economics is a part of our lives whether we know about it or not.
Let’s say you decide to go out for supper, or stay at home and watch TV, that’s economics. Because it is how you interacted with the businesses around you. You either spent money or saved money, and that plays a role in how goods and services are looked at.
For example, if you stayed home a service or goods provider needs to ask why are you not coming out to get what they have? And if you are out they could be thinking: “How far can I push the price of this and still make them feel it is worth it?”
So every decision you make is in some way or another about economics. If something is such a big part of everything you do, it’s better to know some things about it.
Who Uses Economics and how Does Studying Economics Help me?
Well, we already know that we all use economics, but how does knowing about it help you? First off, if you know how resources affect prices, then you can prepare for a hike or drop. For example if the petrol price goes up, you know taxi fare will be more expensive.
When you compare the fuel prices in 2008 to 2018 you see that from R7.33 per liter, the price rose to over R16. That spike increased almost everything else, from bread to milk.
Now there are many reasons why it rose, but one of the primary reasons is that oil is a scarce resource. And if there is less of a certain resource it will be more expensive.
Here’s the deal: the oil price affects the price of almost everything else. This is because you need fuel to transport goods. It also means you spend more money on transport to and from work, adding to your monthly expenses.
This will make be more careful with your spending. If you are more careful with your spending businesses could lower their costs, but then how would they make a profit?
As you can see it’s a chain reaction. And knowing where you are in the chain and what your role is will give you a good idea of how to look at your finances.
So besides getting a good idea of how the economy works and how you can stay on top of economic trends, you can help people understand why prices drop and rise. This gives you an opportunity to earn some money.
What Kind of job can I get Studying Economics and how Much Will I Earn?
That’s the million dollar question isn’t it? Does knowing how the economy works mean you will earn a lot of money. Well, the starting salary for an economist in South Africa is roughly R24 000.
You will likely need a Masters of Commerce to be accepted for that post. And that qualification will no doubt push your salary up.
But an economist is not the only line of work you can go into.
These are the jobs you can do and Salary you can Earn with a BCom Degree from UNISA
These are the average salaries for some of the jobs you can get with a BCom degree in South Africa
- Accountant – R257,714
- Tax Consultant – R248,807
- Human Resource – R244,931
- Financial Auditor – R247,496
- Insurance Broker – R230,642
- Lecturer- R257,107 (you will need a Masters of Commerce to do this)
- Finance Manager – R491,733
- Financial Advisor – R146,299
- Insurance Consultant – R190,226
- Chartered Accountant – R495,925
- Event Manager – R241,008
- Market Researcher – R187,082
- Entrepreneur – R X (This will depend solely on you and your business)
- Hotel Manager – R177,965
Want to know the best part?
People will always need you if you have these skills because we pay for almost everything with money. There will always be a need for someone who can work well with money and understand how it works.
So you will always have a good opportunity to be employed. And if you don’t want to work for someone you can open your own business. Studying Economics or BCom gives you more options than most people.
What are the Advantages of Studying Economics?
When you know more about the economy than other people, you know how to react to changes in it.
In the same way a plumber will know all the things that can be wrong with your pipes, how to fix it, prevent it leakages, and tell you about what caused it.
Economics is no different. Just, you don’t know a lot about plumbing. You know a lot about how everything works with each other in the economy.
Advantages of Studying Economics
- You know how resources work, how they affect prices, and what kind of goods or services to produce for which people.
- You have a higher starting salary than most other bachelors graduates
- You will always have a job
- You understand how to save and spend money, and how to plan your financial future
To sum up, if you study economics you will have a better understanding of how the world works, how to manage your finances, and your skills will always be needed.
Statistically speaking, you won’t be one of the richest people in the world. But if you are studying Economics you can be sure you’re one step closer than anyone else.
To give you an idea of how this looks as a number:
UNISA enrolled 81 921 students in their College of Economic & Management Sciences (EMS) in 2015. They had a total of 337 612 students for all the campuses. That means the College of EMS had 24,2% of the students.
In 2015 they had 40 046 graduates. This number is held up against the 355 240 students that was taken on by the university in 2013, which is the time it takes to finish a BCom course.
So 11,2% of students passed. That’s counting some of the students that may have failed a year before too. The odds are stacked against you. But those are just numbers.
You as an individual can do your best and finish your course and go on to be a success. It all starts at the roots, and your commitment.
Last Updated: 30 October 2022