PRINCIPLES OF ECONOMICS

D.COM PART – II

Total Marks : 50 Total Hrs : ---------- 2½ hrs

Period : 03 per week Objective : 20 Mrks (40%) 30 Mins
Total Hours : 96 Subjective : 30 Mrks (60%) 02 hrs

GENERAL OBJECTIVES

1. Knowledge of basic principles of economic theory.

2. Knowledge of basic concepts of economics.
3. Learning of concepts of demand and supply, elasticity of demand & supply
4. Knowledge of determination of price & equilibrium of demand and supply
5. Learning of concepts of national income and measurement of National
Income.

SPECIFIC OBJECTIVES

1. Understand the Importance of Economics.

2. Understand basic terms used in economics.
3. Understand different economic systems.
4. Understand consumer’s behaviour (Utility Approach)
5. Understand law of demand and law of supply.
6. Understand the factors of production
7. Understand concepts and measurement of National income.
 Detail of Course Contents
(Principles Of Economics)

Sr. Contact Marks

Topic & Detail Of Topic
No. Hours.
1. 1.1 Definition of economics and basic concepts

1.1.1 Definitions of economics and merits,

demerits of definitions put forth by 08
i) Adam smith
ii) Alfred Marshall
iii) Lionel Robins.
1.1.2 Basic concepts
04
i) Wants
ii) Value
iii) Utility
iv) Wealth
v) Goods
vi) Savings
vii) Investment
20
1.2 Economics Systems
04
1.2.1 Capitalism, Definition, Merits &
Demerits.
03
1.2.2 Socialism. Definition, Merits &
Demerits.
1.2.3 Mixed Economic system. Definition,
03
Merits & Demerits.
1.2.4 Islamic Economic system, Definition 04
and Merits.
1.3 Consumer’s Behaviour
1.3.1 Concept of Utility 02
1.3.2 Law of diminishing marginal utility. 03
1.3.3 Law of equi-marginal utility. 03
2. 2.1 Demand
2.1.1 Definition.
01
2.1.2 Law of demand.
03
2.1.3 Extension, contraction, rise and fall in
06 20
demand.
2.1.4 Elasticity of demand (Definition &
06
Measurement)
 2.2 Supply.

2.2.1 Definition. 01
2.2.2 Law of Supply 03
2.2.3 Extension, contraction, rise and fall in 04
supply
2.2.4 Elasticity of Supply (Definition & 04
Measurement)
2.3 Market Equilibrium.
2.3.1 Concept of equilibrium 02
2.3.2 Equilibrium of demand and supply. 04
2.4 Factors of Production.
2.4.1 Factors of Production.
02
2.4.1.1
Land: Definition and
characteristics.
2.4.1.2 Labour: Definition,
03
characteristics.
2.4.1.3 Capital: Definition and role
04
of capital in development
2.4.1.4 Entrepreneur: Definition
03
and its role in development.
3. 3.1 Macro Economics National Income.
3.1.1 Meaning.
01
3.1.2 Concepts of National income i.e. GNP,
03
GDP, NNP, NI. PI, DPI
03
3.1.3 Measurement of national income.
03
3.1.4 Difficulties in measurement in National
Income.
10
3.2 Developed and under Developed economy
3.2.1 Concepts of developed & under 02
developed economy.
3.2.2 Characteristics of under developed 02
countries Economy.
3.2.3 Poverty and poverty line (elementary 02
introduction)
 RECOMMENDED BOOKS

1. Ibdeti-e-Mushayat

By

Khadam Hussain

2. Miayari-Mushayat

By

Masood Ahmed Salik.

3. Usool-e-Mushayat

By

Sh. Manzoor Ali

REFERENCE BOOKS

1. Principles of Economics

By

Saeed Nasir

2. Principles of Economics

By

Muhammad Saeed Khan.

Teacher’s Qualification: M.COM / MBA