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Syllabus RefGridHoursWeightage
AEconomic Principles and Micro Economics25-3030-45
BMacroeconomics – Basic Concepts10-1520-30
CEconomic Policies and Trends25-3030-45

PRC-3 PRINCIPLES OF ECONOMICS Key Examinable Technical Competencies

Syllabus Reference  ContentsProficiency LevelTesting Level
AEconomics Principles and Micro Economics
1Define basic economic concepts.P1T1
  2Discuss the production possibility frontier and its relevance to the concept of opportunity cost for different economic analysis.  P1  T1
3Discuss features of planned, mixed, market economy and Islamic economic system.P1T1
4Discuss law of demand.P1T1
5Discuss law of supply.P1T1
6Discuss market equilibrium and its dynamics.P1T1
7Discuss elasticity of demand and supply.P1T1
8Describe basic concepts of firm’s costs and revenue.P1T1
  9Discuss short and long-run equilibrium of firms under perfect competition, imperfect competition, monopoly, monopolistic competition and oligopoly.  P1  T1
BMacroeconomics – Basic Concepts
  1Discuss 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
2Explain the functions of consumption, saving and investment.P1T1
3Explain multiplier and accelerator principle.P1T1
Syllabus Reference  ContentsProficiency LevelTesting Level
4Discuss the different phases of the business cycle and the indicators.P1T1
CEconomic Policy and Trends  
1Discuss nature and objectives of taxation.P1T1
2Discuss kinds and objectives of fiscal policy.P1T1
3State key features of Pakistan’s prevailing fiscal budget.P1T1
4Discuss the concepts associated with money and banking.P1T1
5Define the functions of a central bank and the role of the State Bank of Pakistan.P1T1
6Define monetary policy and its objectives.P1T1
7Discuss inflation, its causes, measurement and impact.P1T1
8State unemployment and its types.P1T1
9Discuss interest rate determination and its trends in Pakistan.P1T1
10Discuss the balance of payment and trade and their trends in Pakistan.P1T1
11Discuss exchange rate determination and its impact on the balance of payments of a country.P1T1

PRC-3 PRINCIPLES OF ECONOMICS Key Examinable Professional Skills

1Evaluate 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

1Apply critical thinking when identifying and evaluating alternatives to determine an appropriate course of action.

PRC-3 PRINCIPLES OF ECONOMICS Specific Examinable Knowledge Reference

1Properties of Production possibility frontier
2Demand and supply
3Buffer Stock
4Cobweb theory
5Accounting and economic profit
6Keynesian theory of consumption
7Keynesian two-sector economy
8Keynesian Aggregate Demand and Supply
9Output gaps
10Keynes Multiplier and Accelerator principles
11Keynesian Liquidity preference Model
12The Quantity theory of money (Irving Fisher)
13Short-run and long-run Philips Curve
14J-Curve (Currency devaluation and balance of payments)

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