IQRA UNIVERSITY Faculty of Management Sciences Business Economics

Course Code: ECO341 Pre-requisite Courses: Nil WELCOME TO THE CLASS

Introduction: I look forward to have a fruitful and meaningful interaction with each one of you
during the term. This will however depend on your active participation and attention during the class sessions and an active follow up afterwards. Course Objective: The main objective of this course is to provide basic knowledge of Business Economics by applying the Micro and Macro variables of economics. Course Outcomes: After the successful completion of this course, the student will hopefully be able to understand about the efficient use of scare resources, Allocation of scarce resources by using factors of production effectively, the impact of price levels on Aggregate demand / supply and clear analysis of National income. Teaching Methodology & Requirements: Please arrive and leave on time. Class will begin promptly five minutes after the hour and will end exactly on the hour. Class time will be used to emphasize and clarify some text material. READ AND BE PREPARED TO DISCUSS ALL LECTURES / QUESTIONS AT THE END OF EACH CHAPTER. Class meetings will not cover everything in the text.

Sessions

Course contents

1-2) Basic Terms; Goods, Services, Utility, Wealth, Capital, Value, Wants, Scarcity, Demand and Supply. What is Economic, Economic Problems? 3) Demand and Supply analysis -Equilibrium of Demand and Supply 4) Indifference curve analysis 5) Cost of production 6) Perfectly competitive markets and Equilibrium 7) Monopoly and Equilibrium of Monopolist & Monopolistic competition 8) Mid Term Exam

9) Introduction of J.M.Keynes, Keynesian revolution & Introduction of Demand and Supply 10) Measuring economic activity & National Income analysis 11) Business Cycles and theory of Aggregate demand 12) Commercial banking and Central banking

Aggregate

13) The process of Economic growth and problems. Inflation, Deflation, and Price Stability 14) Monetary policy, its application and results 15) Fiscal policy and its success. 16) Final Project Presentation Grading plan Sessional Marks Hourly/Mid term Final Exam 30 % 30 % 40 %

Books recommended: Economics by P.A Samuelson & W.D. Nordhaus Reference Books: Economics by R.G Lipsey and P.N courant Please Note: In the unlikely event of an unplanned absence by the instructor, the material to have been covered during that class meeting will be shifted to the next meeting. If a test was scheduled for that class meeting, the test will be given during the next class meeting. In the event of any necessary planned absences, information on schedule changes will be provided in advance.