Description
Dear Learner,
Welcome back to Module 2! This module begins by exploring production and cost theories, including the stages of production and different types of costs. We’ll then move into the concept of money, where you’ll learn about its evolution, functions, the dynamics of money demand and supply, and the basics of electronic banking.
The next section will discuss fundamental macroeconomic concepts, focusing on essential variables, macroeconomic goals, and common economic challenges. Finally, the module introduces entrepreneurship, providing insights into what defines an enterprise, entrepreneur, and entrepreneurship. We’ll also delve into entrepreneurial attitudes, behaviors, and ways to recognize new opportunities.
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.
Enjoy your learning journey through Module 2!
Competencies
- Understand Production and Cost Theories: You will be able to explain key production theories, including the stages of production and various cost types, and analyze how these concepts impact business operations and decision-making.
- Comprehend the Functions and Dynamics of Money: You will trace the evolution of money, understand its functions, and analyze the demand and supply of money, including the role and impact of electronic banking in the modern economy.
- Grasp Basic Macroeconomic Concepts: You will gain an understanding of fundamental macroeconomic concepts, including key economic variables, goals of macroeconomic policy, and common economic problems, and be able to apply these concepts to real-world scenarios.
- Explore Entrepreneurship Principles: You will define key entrepreneurial concepts such as enterprise, entrepreneur, and entrepreneurship, and evaluate entrepreneurial attitudes, behaviors, and opportunities, preparing them to identify and pursue potential business ventures.
Contents
Unit 5: Introduction to Production and Cost
Lesson 1: Definition of Production, Inputs and Outputs
Lesson 2: Periods of Production
Lesson 3: Cost of Production
Unit 6: Introduction to Money
Lesson 4: Definition of Money
Lesson 5: Evolution of Money
Lesson 6: Functions of Money
Lesson 7: Demand and Supply of Money
Lesson 8: Money and Electronic Banking
Unit 7: Introduction to Macroeconomics
Lesson 9: Definition of Macroeconomic Variables
Lesson 10: Macroeconomic Goals
Lesson 11: Macroeconomic problems
Unit 8: Basic Entrepreneurship
Lesson 12: Definition of Enterprise, Entrepreneur, and Entrepreneurship
Lesson 13: Creativity and Innovation in Solving Local Problems
Lesson 14: Entrepreneurial Attitudes, Behavior and Mind-set
Lesson 15: Windows of Entrepreneurial Opportunities
Lesson 16: Entrepreneurial Success, Teamwork and Diversity
Lesson 17: Finance and Promotion of Entrepreneurship
Assessment
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.
