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GC University, Lahore Department of Computer Science
Basic Information Teacher’s Name: Nadia Saleem Course Title: Principles of Economics Program: BCS Semester: Spring Credit Hours: 03 Total Sessions: 32 Email:nadia.saleem@yahoo.com
Course Description
The course would focus on understanding the main concepts and functioning of the market system as a mechanism for resource allocation, to fulfill this purpose selected market structures would be studied. The students would also be exposed to analysis of government policies in terms of taxes and control on prices to understand their effect on the allocation of resources. The situations of government intervention would also be examined when externalities and public goods cause market failure. , the course would focus on the measurement and determination of the main macroeconomic variables such as income, output, price level and unemployment. The students would also be introduced to the analysis of long run economic growth.
Recommended Text Book: Gregory Mankiw (2004) “Principles of Economics” (4th ed) Dryden Press, Harcourt Brace College Publishers
Supplementary Text Books Lipsey & Chrystal (2004), “Economics” (10th ed), Oxford University Press. McConnell and Brue, (2005) “Economics: Principles, Problems and Policies” (16th ed), McGraw-Hill Publication. Berg, Hendrick V. (2001) “Economic Growth and Development” (1st ed), McGraw-Hill International Edition. Edgmand, Michael R., “Macroeconomics” Publication of Prentice-Hall, Inc., Englewood Cliffs, N.J. 07632 Hussain, Ishrat. (2000) “Pakistan: The Economy of an Elitist State” Oxford University Press.
Periodicals: The Economist, Pakistan & Gulf Economist Business Week, Dawn (Business pages)
Reports: International Monetary Fund International Bank for Reconstruction & Development (World Bank) Social Policy & Development Centre (Karachi) Asian Development Bank
Online Resources: http://www.pakistan.gov.pk/ministries/planninganddevelopment-ministry |
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Assessment & Evaluation:
Quizzes 20% Assignments & Class Participation 20% Mid Term Examination 30% End Term Examination 30% Total: 100 |
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Week |
Course Contents |
Task / Activities |
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Introduction to economics Definitions Basic concepts, Economic models: circular flow & PPF, Free market system: basic institutions ▪ Functions of the market |
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Theory of Consumer Choice ▪ Law of Diminishing Marginal Utility ▪ Budget constraint Preferences: what the consumer wants Utility maximization Applications |
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The Mechanics of Market forces ▪ Demand side analysis ▪ Supply side analysis ▪ Market equilibrium analysis |
Quiz – 1
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Elasticity and its Application ▪ Meaning of elasticity Elasticity of demand Elasticity of Supply Application |
Assignment – 1, Quiz – 1 : Return, discussion & Posting of Results
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Market efficiency ▪ Consumer surplus ▪ Producer surplus ▪ Market efficiency |
Quiz – 2
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Role of the Govt. in the Market Externalities Public goods |
Submission of Assignment – 1 |
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Equilibrium under perfect competition ▪ Competitive markets: salient features Profit maximization Monopoly ▪ Monopoly: meaning & features ▪ Equilibrium conditions ▪ Introduction to Price discrimination |
Quiz -2:Return, discussion & Posting of Results
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MID TERM EXAMINATION (Class based) |
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Monopolistic competition ▪ product differentiation ▪ Equilibrium conditions ▪ Role of advertising |
Assignment – 1:Return, discussion & Posting of Results
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Measuring a National Income/Cost of Living Measurement of national income Real Vs. Nominal Gross Domestic Product & its components The consumer price index |
Assignment – 2
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Production and Growth Economic Growth: introduction & impact Role of productivity in economic growth ▪ Policies to promote growth Use of public policy to catalyze economic growth
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Quiz – 3
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Savings, Investment and Financial System Meaning & role of Savings and Investment The market for loanable funds ▪ How policies effect savings and investment ▪ An Introduction to Financial Institutions in Pakistan |
Submission of Assignment – 2
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Open-Economy Macroeconomics: Basic Concepts Trade and Openness: Exports Vs. Imports & Foreign Investment Real Vs. Nominal Exchange Rates Purchasing Power Parity: meaning & implication |
Quiz – 3:Return, discussion & Posting of Results
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A Macroeconomic Theory of Open Economy Loanable funds & Foreign currency exchange Market Equilibrium in the Open economy ▪ Effect of Government Policies |
Quiz – 4 Assignment – 2 :Return, discussion & Posting of Results |
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Aggregate Demand and Aggregate Supply ▪ Economic fluctuations & Stabilization policies ▪ Aggregate Demand analysis ▪ Aggregate Supply analysis |
Quiz –4:Return, discussion & Posting of Results
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Revision, Discussion related to Problems & Application Make up classes (if required), Problem solving & presentations |
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END TERM EXAMINATION |
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