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ECONOMICS
STUDENT TEXTBOOK
GRADE 11
Author, Editor and Reviewer: C. K Bansal (M.A.) Atnafu Gebremeskel (M.Sc.) Eshete Damete (B.A.)

Evaluators: Abraham Workie Helen Alemayehu Fikadu Girma

FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF EDUCATION

Published E.C. 2003 by the Federal Democratic Republic of Ethiopia, Ministry of Education, under the General Education Quality Improvement Project (GEQIP) supported by IDA Credit No. 4535-ET, the Fast Track Initiative Catalytic Fund and the Governments of Finland, Italy, Netherlands and the United Kingdom. © 2011 by the Federal Democratic Republic of Ethiopia, Ministry of Education. All rights reserved. No part of this book may be reproduced, stored in a retrieval system or transmitted in any form or by any means including electronic, mechanical, magnetic or other, without prior written permission of the Ministry of Education or licensing in accordance with the Federal Democratic Republic of Ethiopia, Federal Negarit Gazeta, Proclamation No. 410/2004 – Copyright and Neighbouring Rights Protection. The Ministry of Education wishes to thank the many individuals, groups and other bodies involved – directly and indirectly – in publishing this textbook and the accompanying teacher guide. Copyrighted materials used by permission of their owners. If you are the owner of copyrighted material not cited or improperly cited, please contact with the Ministry of Education, Head Office, Arat Kilo, (PO Box 1367), Addis Ababa, Ethiopia. While every attempt has been made to trace and acknowledge copyright, the authors and publishers apologies for any accidental infringement where copyright has proved untraceable.

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STAR EDUCATIONAL BOOKS DISTRIBUTORS Pvt. Ltd. 24/4800, Bharat Ram Road, Daryaganj, New Delhi – 110002, INDIA and ASTER NEGA PUBLISHING ENTERPRISE P.O. Box 21073 ADDIS ABABA, ETHIOPIA Under GEQIP Contract No. ET-MoE/GEQIP/IDA/NCB/G-04/09.

ISBN 978-99944-2-144-2

Contents
Unit 1
Concepts of Economics
1.1 1.2 1.3 1.4 1.5 MEANING AND SCOPE OF ECONOMICS ............................................. METHODS OF STUDYING ECONOMIC PRINCIPLES ............................. RESOURCE ALLOCATION ................................................................... ECONOMIC SYSTEMS ......................................................................... DECISION MAKING UNITS AND CIRCULAR FLOWS OF ECONOMIC UNITS ..............................................................................  Unit Summary ......................................................... 39  Review Exercise for Unit 1..................................... 42

Pages

1
3 8 13 22 30

49 Demand, Supply and
Elasticity
2.1 2.2 2.3 2.4 2.5 THEORY OF DEMAND ......................................................................... THEORY OF SUPPLY ............................................................................ MARKET EQUILIBRIUM ....................................................................... ELASTICITY OF DEMAND AND SUPPLY ............................................... ELASTICITY OF...
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