Economics Syllabus for Associate Degree in Bachelor of Commerce (B.com)

BC-303:    ECONOMICS

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)

1. Lioyd Reynolds  Irwin.  Micro  Economics  –  Analysis  &  Policy.  Irwin     Homwood Illinois,
2. Nancy Smith Barrett. The Theory of Macro Economics Policy, Prentice
3. Ed word Shapiro. Macro Economic Analysis, Harcourt
4. Muhammad Irshad, Economics, Naveed Publications
5. Salman Rizavi, Economics, Syed Mobin & Company
6. Paul Sameulson, Economics, McGraw Hill Book Company
7. Saeed Nasir Textbook of Economics, Ilmi Kutab Khana,
8. Sh: Manzoor Economics, Ilmi Kutab Khana, Lahore.