Student Dissertation

Take Good Care of This Book

This textbook is the house of your institution. Take good care to never damage or lose it. Allow me to share 10 suggestions to help take care of the book:

1 ) Cover the book with protective materials, such as plastic material, old papers or mags. 2 . Always keep the publication in a clean dry place. 3. Be sure your hands happen to be clean if you use the publication. 4. Tend not to write around the cover or inside webpages. 5. Use a piece of paper or perhaps cardboard like a bookmark. six. Never split or cut out any photographs or webpages. 7. Repair any split pages with paste or tape. almost 8. Pack the book thoroughly when you put it in your institution bag. being unfaithful. Handle the book carefully when handling it to another person. 10. When utilizing a new publication for the first time, lay it upon its backside. Open just a few pages at a time. Press gently along the sure edge because you turn the pages. This will likely keep the cover in good condition.

ECONOMICS

STUDENT BOOK

GRADE 14

Author, Publisher and Reporter: C. E Bansal (M. A. ) Atnafu Gebremeskel (M. Sc. ) Eshete Damete (B. A. )

Evaluators: Abraham Workie Sue Alemayehu Fikadu Girma

NATIONAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF EDUCATION

Released E. C. 2003 by the Federal Democratic Republic of Ethiopia, Ministry of Education, under the Basic Education Top quality Improvement Task (GEQIP) maintained IDA Credit rating No . 4535-ET, the Steps for success Initiative Catalytic Fund as well as the Governments of Finland, Italia, Netherlands as well as the United Kingdom. © 2011 by the Federal Democratic Republic of Ethiopia, Ministry of Education. All privileges reserved. Not any part of this guide may be produced, stored in a retrieval program or sent in any type or by any means including electronic digital, mechanical, permanent magnetic or various other, without prior written permission of the Ministry of Education or license in accordance with the Federal Democratic Republic of Ethiopia, National Negarit Gazeta, Proclamation No . 410/2004 – Copyright and Neighbouring Privileges Protection. The Ministry of Education would like to appreciate the many individuals, groups and also other bodies involved – immediately and indirectly – in publishing this textbook as well as the accompanying educator guide. Copyrighted materials utilized by permission of their owners. If you are the owner of copyrighted material not mentioned or wrongly cited, you should contact with the Ministry of Education, Hq, Arat Kilo, (PO Field 1367), Addis Ababa, Ethiopia. While every attempt has been made to search for and acknowledge copyright, the authors and publishers apologies for any accidental infringement exactly where copyright has proved untraceable.

Developed and Printed by simply

STAR EDUCATIONAL BOOKS VENDORS Pvt. Limited. 24/4800, Bharat Ram Highway, Daryaganj, New Delhi – 110002, INDIA and ASTER NEGA SUBMITTING ENTERPRISE L. O. Container 21073 ADDIS ABABA, ETHIOPIA Under GEQIP Contract No . ET-MoE/GEQIP/IDA/NCB/G-04/09.

ISBN 978-99944-2-144-2

Contents

Unit you

Concepts of Economics

1 . 1 1 ) 2 1 . 3 1 . 4 1 . 5 MEANING AND RANGE OF ECONOMICS............................................. METHODS OF STUDYING ECONOMIC RULES............................. RESOURCE ALLOCATION................................................................... ECONOMIC SYSTEMS......................................................................... DECISION MAKING PRODUCTS AND ROUNDED FLOWS OF ECONOMIC UNITS.............................................................................. ВЃ Device Summary......................................................... 39 ВЃ Assessment Exercise pertaining to Unit 1 ).................................... 42

Internet pages

1

several 8 13 22 30

49 Demand, Supply and

Elasticity

installment payments on your 1 installment payments on your 2 installment payments on your 3 2 . 4 installment payments on your 5 THEORY OF DEMAND......................................................................... THEORY OF SUPPLY............................................................................ MARKET EQUILIBRIUM....................................................................... FLEXIBILITY OF REQUIRE AND SUPPLY............................................... ELASTICITY OF...



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