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