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- Syllabus of principles of economics I. Com. 1 (All Boards of Pakistan)
Posted by : Ahsan Khan Tuesday, 28 February 2012
1) WHAT IS ECONOMICS:
Nature, Scope and Methods of Economic Analysis, Importance of Economics
2) DEMAND AND SUPPLY:
Individual and Market demand, Changes in demand, Elasticity of demand, Measurement of Elasticity of Demand. Supply, Law of Supply, Supply and Stock, Elasticity of Supply. Equilibrium with Demand and Supply.
3) CONSUMER’S DEMAND THEORY:
Law of Diminishing Marginal Utility, Law of Equi. Marginal Utility, Consumer’s Equilibrium (Cardinal Approach).
4) COST AND REVENUES OF A FIRM:
Types of cost, Fixed Cost, Variable Cost, Total Cost, Average Cost, Marginal Cost, Opportunity Cost, Total Revenue, Average Revenue and Marginal Revenue.
5) LAW OF RETURN:
Law of Diminishing Return, Law of Increasing Return, Law of Constant Return, Laws of Cost.
6) PRICE AND OUTPUT DETERMINATION:
Perfect Competition, Condition of Perfect Competition, Price and Output Determination under Perfect Competition and Monopoly.
7) FACTORS PRICING:
Marginal Productivity Theory of Demand for Factor, Factors of Production (Short Introduction).
1) NATIONAL INCOME:
Measurement of National Income: Production, Income and Expenditure Method. Various Concepts of National Income: GDP, GNP, NNP, NI, PI, DPI. Circular Flow of National Income.
What is Money? Functions of Money, Quantity Theory of Money, Inflation, Deflation and its Effects.
3) TRADE CYCLE:
Phases of Trade Cycle and Theories of Trade Cycles.
4) INTERNATIONAL TRADE:
Role of International Trade, Specialization in International Trade, Comparative Advantage Theory, Balance of Payment.
5) PUBLIC FINANCE:
Concept of Public Finance, Canon of Taxation, Zakat and Usher.
Recommended Book: Principles of Economics by Ahsan Khan, Latest Edition, Urdu or English Medium.