6 Principles of Economics

PRINCIPLES OF ECONOMICS D.COM PART – II Total Marks Period Total Ho$rs

: : :

50 03 per week %&

Total Hrs : Objective : '$bjective :

---------2½ hrs 20 Mrks (0!" 30 Mi#s 30 Mrks (&0!" 02 hrs

GENERAL OBJECTIVES

1.

Know Knowle ledg dge e of basi basic c prin princi cipl ples es of econ econom omic ic theo theory ry..

2.

Kno Knowled wledg ge of basic asic con concep cepts of econ econom omic ics. s.

3.

Lear Learni ning ng of con conce cept pts s of dema demand nd and and sup supply ply,, elas elastic ticit ity y of dema demand nd & supp supply ly

4.

Know Knowle ledg dge e of of det deter ermi mina nati tion on of pric price e & equi equilib libri rium um of dema demand nd and and sup suppl ply y

.

Lear Learni ning ng of conc concep epts ts of natio nationa nall inc incom ome e and and meas measur urem emen entt of of !at !atio iona nall "ncome.

SPECIFIC OBJECTIVES

1.

#nd #nderst erstan and d the the "mpo "mport rta ance nce of $con conomic omics s.

2.

#nd #nderst erstan and d ba basic term terms s use used d in in eco econ nomic omics s.

3.

#nd #nderst erstan and d dif differe ferent nt econom onomic ic syste ystems ms..

4.

#nde #nders rsta tand nd cons consum umer% er%s s beh beha aio iour ur '#t '#til ilit ity y (ppr (pproa oach ch))

.

#nd #nderst erstan and d la law of of dem deman and d an and la law of of sup supp ply. ly.

*.

#nderstand th the fa factors of of pr production

+.

#nde #nders rsta tand nd conc concep epts ts and and meas measur urem emen entt of !ati !ation onal al inc incom ome. e.

etail o) *o$rse *o#te#ts (Pri#ciples O) +co#o,ics" Sr. No.

1.

Co!tact  "o#r$.

Topic & Detail O Topic

.

Dei!itio! o eco!o'ic$ a!( )a$ic co!cept$ 1.1.1

1.1.2

.*

Mar%$

efinitions of economics and merits, demerits of definitions put forth by i) (dam smith ii)

(lfred -arshall

iii)

Lionel obins.

/asic concepts i) 0ants ii) alue iii) #tility i) 0ealth ) oods i) aings ii) "nestment

78

74

27

Eco!o'ic$ S+$te'$ 1.2.1

apitalism, efinition, -erits &

74

emerits. 1.2.2 1.2.3 1.2.4

ocialism. efinition, -erits & emerits. -i5ed $conomic system. efinition, -erits & emerits. "slamic $conomic system, efinition

73

73 74

and -erits. .,

Co!$#'er-$ Bea/io#r  1.3.1

oncept of #tility

72

1.3.2

Law of diminishing marginal utility.

73

Law of equi6marginal utility. De'a!( 2.1.1 efinition.

1.3.3

2.

*.

2.1.2

Law of demand.

2.1.3

$5tension, contraction, rise and fall in

73 71 73 7*

demand. 2.1.4

$lasticity of demand 'efinition & -easurement)

7*

27

*.*

S#ppl+. 2.2.1 2.2.2 2.2.3 2.2.4

*.,

*.1

efinition. Law of upply $5tension, contraction, rise and fall in supply $lasticity of upply 'efinition & -easurement)

Mar%et E0#ili)ri#'. 2.3.1 oncept of equilibrium 2.3.2 $quilibrium of demand and supply.

72 74

9actors of :roduction. 2.4.1.1

,.

74

Factor$ o Pro(#ctio!. 2.4.1

3.

71 73 74

Land; efinition and characteristics. 2.4.1.2 Labour; efinition, characteristics. 2.4.1.3 apital; efinition and role of capital in deelopment 2.4.1.4 $ntrepreneur; efinition and its role in deelopment. Macro Eco!o'ic$ Natio!al I!co'e. 3.1.1 3.1.2 3.1.3 3.1.4

-eaning. oncepts of !ational income i.e. !:, :, !!:, !". :", :" -easurement of national income. ifficulties in measurement in !ational

72

73 74 73

71 73 73 73

"ncome. ,.*

17

De/elope( a!( #!(er De/elope( eco!o'+ 3.2.1

oncepts of deeloped & under

72

deeloped economy. 3.2.2 3.2.3

haracteristics of under deeloped countries $conomy. :oerty and poerty line 'elementary introduction)

72 72

RECOMMENDED BOO2S

1.

"bdeti6e6-ushayat /y Khadam
2.

-iayari6-ushayat /y -asood (hmed ali=.

3.

#sool6e6-ushayat /y h. -an>oor (li

REFERENCE BOO2S

1.

:rinciples of $conomics /y aeed !asir 

2.

:rinciples of $conomics /y -uhammad aeed Khan.

Teachers .$ali)icatio#: M/*OM  M1