Grade 11 Economics

After completing this unit, you will be able to:

‡ understand the concept and nature of economics and analyze how

resources are efficiently used in producing output;

‡ distinguish and evaluate different economic systems; and

‡ Apprecia

After completing this unit, you will be able to:

‡ understand, analyze and interpret the demand and supply concepts

with schedules, graphs and equations;

‡ Recognize the factors affecting demand and supply, and then

appreciate the law governing them;

‡ understand equilibrium price and quantity; and

‡ understand the essence of different elasticities of demand and supply

After completing this unit, you will be able to:

‡ analyze the different theories of consumer choice and behaviour. 

After completing this unit, you will be able to:

‡ comprehend and evaluate how firms combine economic resources so as to maximize output;

‡ realize stages and economic regions of production;

‡ explain the meanings and behaviours of various types of costs and integrate the relationship with production costs; and

‡ recognize the short run and long run production cost. 

After completing this unit, you will be able to:

‡ realize and explain the different market structures and analyze how firms maximize their profits in different markets; and

‡ state how perfectly competitive, pure monopoly, oligopoly and monopolistically competitive markets maximize their profit. 

After completing this unit, you will be able to:

‡ recognize the objectives and problems of macroeconomics;

‡ elaborate the concepts of the business cycle;

‡ understand the relationship among unemployment, inflation, and budget deficit; and

‡ appreciate the sources of government revenue.

After completing this unit, you will be able to:

‡ appreciate national income account and its importance;

‡ understand and compute the different approaches used to measure GDP; and

‡ analyse the difference between nominal and real GDP. 

After completing this unit, you will be able to:

‡ realize the relationship among consumption, saving, and investment;

‡ compute average and marginal propensity to consume and save; and

‡ appreciate the role of investment in economic growth.

After completing this unit, you will be able to:

‡ realize the concept of balance of payments and identify the parts of balance of payments;

‡ understand the restriction on trade and modes of payments; and

‡ exemplify the impact of foreign trade on the economy.

After completing this unit, you will be able to:

‡ realize the difference among fiscal, monetary and income policy;

‡ distinguish the difference between expansionary, fiscal and expansionary monetary policy; and

‡ explain income policy.