PRC-3 Principles of Economics by Sir Muzammil Abbas
This course is part of the PRC Module
Students already enrolled: 10,000+
Fee: Rs 10,000
What you will Learn
The Principles of Economics course aims to provide students with a foundational understanding of economic concepts and principles relevant to accounting, finance, and business.
Economic Principles And Micro Economics:
- Define basic economic contents.
- Discuss the production possibility frontier and its relevance to the concept of opportunity cost for different economic analysis.
- Discuss features of planned, mixed, market economy and Islamic economic system.
- Discuss law of demand.
- Discuss law of supply.
- Discuss market equilibrium and its dynamics.
- Discuss elasticity of demand and supply.
- Describe basic concepts of firm’s costs and revenue.
- Discuss short and long-run equilibrium of firms under perfect competition, imperfect competition, monopoly, monopolistic competition and oligopoly.
Macro Economics - Basic Concepts:
- Discuss measurement of national income, nominal and real gross domestic product, gross national product, net national product, personal income and disposable personal income per capita.
- Explain the functions of consumption, saving and investment.
- Explain multiplier and accelerator principle.
- Discuss the different phases of the business cycle and the indicators
Economic Policies and Trends:
- Discuss nature and objectives of taxation.
- Discuss kinds and objectives of fiscal policy.
- State key features of Pakistan’s prevailing fiscal budget.
- Discuss the concepts associated with money and banking.
- Define the functions of a central bank and the role of the State Bank of Pakistan.
- Define monetary policy and its objectives.
- Discuss inflation, its causes, measurement and impact.
- State unemployment and its types.
- Discuss interest rate determination and its trends in Pakistan.
- Discuss the balance of payment and trade and their trends in Pakistan.
- Discuss exchange rate determination and its impact on the balance of payments of a country.
- Properties of Production possibility frontier
- Demand and supply
- Buffer Stock
- Cobweb theory
- Accounting and economic profit
- Keynesian theory of consumption
- Keynesian two-sector economy
- Keynesian Aggregate Demand and Supply
- Output gaps
- Keynes Multiplier and Accelerator principles
- Keynesian Liquidity preference Model
- The Quantity theory of money (Irving Fisher)
- Short-run and long-run Philips Curve
- J-Curve (Currency devaluation and balance of payments