Introduction: Definition, Nature, Scope and Importance (Micro and Macro) Economics, Description, Analysis and Policy: Economic Methodology.
Consumption: Definition and meaning, Diminishing Marginal Utility, Consumer’s Surplus, Law of Substitution; Indifference Curves. Consumer’s Equilibrium with Indifference Curves. Price and Income effect.
Demand & Supply: Definition and meaning, Curves; Elasticity of Demand and its measurement. Income and Cross Elasticity. Supply, Changes in supply. Elasticity of Supply, Market Equilibrium Analysis.
Production: Law of variable proportions Factors of Production, Land, Labour and its mobility, Capital, its meaning, accumulation of capital, productivity of Capital, Entrepreneur, Functions of Entrepreneur.
Costs of Production: Fixed, Variable, Total, Average and Marginal; Costs over time period. Derivation of short and long run cost curves.
Market: Perfect and Imperfect Competition. Demand and Supply Relationship. Market Price determination under Perfect Competition, Monopoly and Monopolistic, Competition, Oligopoly, Duopoly (Basic Concepts).
Factor Pricing: Rent, Wages, Interest and Profit.
National Income: Measurement of National Income: Concepts of National Income-GNP, National Income at market price, at factor Cost; Measurement of National Product in current price and in constant prices.
Public Finance: Meaning, Difference between Private and Public Finance, Kinds of Taxes and Cannons of Taxation.
Economics in Islam: Economic role of State in Islam, Zakat and Usher.
Mathematical Economics: Differentiation of functions. Partial differentiation. Application of derivatives in Business/Commerce, Optimization. (Maximization and Minimization)
BOOKS RECOMMENDED (Latest Editions)
- Lioyd Reynolds Irwin. Micro Economics – Analysis & Policy. Irwin Homwood Illinois,
- Nancy Smith Barrett. The Theory of Macro Economics Policy, Prentice
- Ed word Shapiro. Macro Economic Analysis, Harcourt
- Muhammad Irshad, Economics, Naveed Publications
- Salman Rizavi, Economics, Syed Mobin & Company
- Paul Sameulson, Economics, McGraw Hill Book Company
- Saeed Nasir Textbook of Economics, Ilmi Kutab Khana,
- Sh: Manzoor Economics, Ilmi Kutab Khana, Lahore.