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PRC-3 PRINCIPLES OF ECONOMICS Syllabus GRID
Syllabus Ref
Grid
Hours
Weightage
A
Economic Principles and Micro Economics
25-30
30-45
B
Macroeconomics – Basic Concepts
10-15
20-30
C
Economic Policies and Trends
25-30
30-45
Total
60-75
100
PRC-3 PRINCIPLES OF ECONOMICS Key Examinable Technical Competencies
Syllabus Reference
Contents
Proficiency Level
Testing Level
A
Economics Principles and Micro Economics
1
Define basic economic concepts.
P1
T1
2
Discuss the production possibility frontier and its relevance to the concept of opportunity cost for different economic analysis.
P1
T1
3
Discuss features of planned, mixed, market economy and Islamic economic system.
P1
T1
4
Discuss law of demand.
P1
T1
5
Discuss law of supply.
P1
T1
6
Discuss market equilibrium and its dynamics.
P1
T1
7
Discuss elasticity of demand and supply.
P1
T1
8
Describe basic concepts of firm’s costs and revenue.
P1
T1
9
Discuss short and long-run equilibrium of firms under perfect competition, imperfect competition, monopoly, monopolistic competition and oligopoly.
P1
T1
B
Macroeconomics – Basic Concepts
1
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.
P1
T1
2
Explain the functions of consumption, saving and investment.
P1
T1
3
Explain multiplier and accelerator principle.
P1
T1
Syllabus Reference
Contents
Proficiency Level
Testing Level
4
Discuss the different phases of the business cycle and the indicators.
P1
T1
C
Economic Policy and Trends
1
Discuss nature and objectives of taxation.
P1
T1
2
Discuss kinds and objectives of fiscal policy.
P1
T1
3
State key features of Pakistan’s prevailing fiscal budget.
P1
T1
4
Discuss the concepts associated with money and banking.
P1
T1
5
Define the functions of a central bank and the role of the State Bank of Pakistan.
P1
T1
6
Define monetary policy and its objectives.
P1
T1
7
Discuss inflation, its causes, measurement and impact.
P1
T1
8
State unemployment and its types.
P1
T1
9
Discuss interest rate determination and its trends in Pakistan.
P1
T1
10
Discuss the balance of payment and trade and their trends in Pakistan.
P1
T1
11
Discuss exchange rate determination and its impact on the balance of payments of a country.
P1
T1
PRC-3 PRINCIPLES OF ECONOMICS Key Examinable Professional Skills
1
Evaluate data and information from a variety of sources and perspective through integration and analysis.
PRC-3 PRINCIPLES OF ECONOMICS Key Examinable Professional Values, Ethics and Attitude
1
Apply critical thinking when identifying and evaluating alternatives to determine an appropriate course of action.
PRC-3 PRINCIPLES OF ECONOMICS Specific Examinable Knowledge Reference
1
Properties of Production possibility frontier
2
Demand and supply
3
Buffer Stock
4
Cobweb theory
5
Accounting and economic profit
6
Keynesian theory of consumption
7
Keynesian two-sector economy
8
Keynesian Aggregate Demand and Supply
9
Output gaps
10
Keynes Multiplier and Accelerator principles
11
Keynesian Liquidity preference Model
12
The Quantity theory of money (Irving Fisher)
13
Short-run and long-run Philips Curve
14
J-Curve (Currency devaluation and balance of payments)
