Description

Dear Learner,

Welcome to your Economics class! In this module, we will cover the fundamental concepts of economics. For clarity and simplicity, we have divided the Grade 9 curriculum into Module I and Module II. Each module includes sufficient activities and self-check exercises.

This module comprises four interconnected units. The first unit provides an essential overview, covering the definition of economics, its branches, methods, approaches, and the decision-making units in an economy. The second unit addresses basic economic problems, focusing on scarcity, choice, opportunity cost, the Production Possibility Frontier (PPF), central economic questions, and different economic systems. The third unit delves into types of resources and their factor payments, types of markets, the circular flow of economic activities, and the significance of land as an economic resource in Ethiopia. The final unit explores the dynamics of demand and supply, including the laws governing them, the factors influencing them, and market equilibrium, highlighting the relationship between prices and quantities by presenting them in mathematical functions, tabular form, and graphical presentation.

Please pay close attention and complete all activities and self-check exercises by reading the module and analyzing the economic issues surrounding us. By doing so, you will gain a solid understanding of economics, which will prepare you for more advanced concepts in the subject.

Competencies

The objective of this module is to provide Grade 9 students with a comprehensive introduction to economics, equipping them with the foundational knowledge necessary to understand and analyze economic concepts and issues. By the end of this module, you will be able to:

• Define economics and distinguish between its branches, methods, and approaches.
• Identify and explain the basic economic problems, including scarcity, choice, and opportunity cost. Understand the Production Possibility Frontier (PPF) and the central economic questions.
• Describe the types of resources, their factor payments, and market types. Analyze the circular flow of economic activities and the role of land as an economic resource in Ethiopia.
• Explain the concept of demand and supply, determine market equilibrium, and define the concepts of excess demand and excess supply.

Contents

Unit 1: Introducing Economics

Lesson 1: Definition and Nature of Economics

Lesson 2: Branches of Economics

Lesson 3: Methods and Approaches of Studying Economics

Lesson 4: Decision-Making Units

Unit 2: The Basic Economic Problems and Economic Systems

Lesson 5: The Basic Economic Problems

Lesson 6: Central Problems of Economies

Lesson 7: Economic Systems

Unit 3: Economic Resources and Markets

Lesson 8: Types of Resources and Factor Payments

Lesson 9: Renewable and Non-renewable Resources

Lesson 10: Types of Markets

Lesson 11: Circular Flow of Economic Activities

Lesson 12: Land as an Economic Resource in Ethiopia

Unit 4: Introduction to Demand and Supply

Lesson 13: Concept of demand

Lesson 14: Concept of Supply

Lesson 15: Market Equilibrium

Assessment Methods

Assessment in this module may include:

• Quiz and test
• Mid Exam  
• Final Exam

You will be continuously assessed by the tests presented at the end of every lesson. All assessments consist of automatically graded multiple-choice questions with explanatory feedback. Each question offers four answer choices, marked by small square checkboxes. While the options may not always be labeled A, B, C, or D, you can interpret the checkboxes in that order.

References

Mohammed, H., & Ababu, T. (2022). Economics student textbook: Grade 9. Federal Democratic Republic of Ethiopia, Ministry of Education, Hawassa University.