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.
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.
Overview
This course introduces Grade 9 students to fundamental economic concepts, providing a strong foundation for further study. It begins with the basics of economic concepts, including definitions, scarcity, choice, opportunity cost, and different economic systems. Students will explore about resources, and their factor payments, market types, and the circular flow of economic activities. The course also examines the dynamics of demand and supply, market equilibrium, and production fundamentals such as inputs, outputs, and costs. As students progress, they will delve into market structures, economic growth, the evolution and functions of money, the impact of electronic banking, and key macroeconomic variables like GDP, inflation, and unemployment. Additionally, the course introduces entrepreneurship, emphasizing creative problem-solving, entrepreneurial attitudes, and strategies for financing and promoting ventures. The course is divided into two modules, presented in detail below. This comprehensive approach equips learners with essential economic principles and practical skills for effectively navigating economic environments.
Objectives
The objective of this course is to give Grade 9 students a thorough introduction to economics, providing them with the foundational knowledge needed to understand and analyze economic concepts and issues. By the end of this course, 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, and understand the Production Possibility Frontier (PPF) and central economic questions.
- Describe the types of resources, their factor payments, and various market types, and analyze the circular flow of economic activities and the role of land as an economic resource in Ethiopia.
- Understand the principles of demand and supply, determine market equilibrium, and evaluate the effects of shifts in demand and supply curves on prices and quantities.
- Develop a thorough understanding of production fundamentals, including inputs, outputs, and costs.
- Examine the evolution and functions of money, including its roles and the impact of electronic banking.
- Understand essential macroeconomic variables such as GDP, inflation, and unemployment, and discuss economic goals and challenges.
- Foster entrepreneurial skills and attitudes, emphasizing creative problem-solving and strategies for financing ventures.
- Acquire the knowledge and practical skills needed to navigate and influence economic environments effectively.
Course outline
Unit 1: Introducing Economics
1.1 Meaning of Economics
1.2 Branches of Economics
1.3 Methods and Approaches of Studying Economics
1.4 Decision Making Units
Unit Summary
Review Questions
Unit 2: The Basic Economic Problems and Economic Systems
2.1 The Basic Economic Problems: Scarcity, Choice, and Opportunity Cost
2.2 Central Problems of Economies
2.3 Economic Systems
Unit Summary
Review Questions
Unit 3: Economic Resources and Markets
3.1 Types of Resources and Factor Payments
3.2 Renewable and Non-renewable Resources
3.3 Types of Markets
3.4 Circular Flow of Economic Activities
3.5 Land as an Economic Resource in Ethiopia
Unit Summary
Review Questions
Unit 4: Introduction to Demand and Supply
4.1 Concept of Demand
4.2 Concept of Supply
4.3 Market Equilibrium
Unit Summary
Review Questions
Unit 5: Introduction to Production and Cost
5.1 Definition of Production, Inputs, and Outputs
5.2 Periods of Production
5.3 Cost of Production
Unit Summary
Review Questions
Unit 6: Introduction to Money
6.1 Definition of Money
6.2 Evolution of Money
6.3 Functions of Money
6.4 Demand and Supply of Money
6.5 Money and Electronic Banking
Unit Summary
Review Questions
Unit 7: Introduction to Macroeconomics
7.1 Definition of Macroeconomic Variables
7.2 Macroeconomic Goals
7.3 Macroeconomic Problems
Unit Summary
Review Questions
Unit 8: Basic Entrepreneurship
8.1 Definition of Enterprise, Entrepreneur, and Entrepreneurship
8.2 Creativity and Innovation in Solving Local Problems
8.3 Entrepreneurial Attitudes, Behavior, and Mindset
8.4 Windows of Entrepreneurial Opportunities
8.5 Entrepreneurial Success, Teamwork, and Diversity
8.6 Finance and Promotion of Entrepreneurship
Unit Summary
Review Questions
Assessment
Continual assessment is a great approach to ensure that students are consistently engaging with the material and reinforcing their learning. We implement quizzes per lesson in the modules by keeping quizzes short, focusing on key concepts covered in each lesson, and using a mix of items to cater to different learning styles. Providing instant feedback on quizzes helps students understand their mistakes and learn from them.
References
Mohammed, H., & Ababu, T. (2022). Economics student textbook: Grade 9. Federal Democratic Republic of Ethiopia, Ministry of Education, Hawassa University.
Module I Description
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.
Module I Objective
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.
Module I content
Unit 1: Introducing Economics
Lesson 1: Definition and Nature of Economics
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Lesson 2: Branches of Economics
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Lesson 3: Methods and Approaches of Studying Economics
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Lesson 4: Decision-Making Units
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Unit Summary and Review Exercises
- Unit Summary
- Unit Review Questions
Unit 2: The Basic Economic Problems and Economic Systems
Lesson 1: The Basic Economic Problems: Scarcity, Choice, and Opportunity Cost
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Lesson 2: Central Problems of Economies
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Lesson 3: Economic Systems
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Unit Summary and Exercises
- Unit Summary
- Unit Review Questions
Unit 3: Economic Resources and Markets
Lesson 1:Types of Resources and Factor Payments
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Lesson 2: Renewable and Non-renewable Resources
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Lesson 3: Types of Markets
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Lesson 4: Circular Flow of Economic Activities
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Lesson 5: Land as an Economic Resource in Ethiopia
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Unit Summary and Exercises
- Unit Summary
- Unit Review Questions
Unit 4: Introduction to Demand and Supply
Lesson 1: Concept of demand
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Lesson 2: Concept of Supply
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Lesson 3:Market Equilibrium
- Lesson Activity
- Lesson summary
- self-check exercises
- downloadable offline resources
Unit Summary and Exercises
- Unit Summary
- Unit Review Questions
