CURRICULUM OF BS/ M.Phil. ECONOMICS

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CURRICULUM OFBS/ M.Phil. ECONOMICS(2018)HIGHER EDUCATION COMMISSIONISLAMABAD

CURRICULUM DIVISION, HECProf. Dr. Mukhtar AhmedProf. Dr. Arshad AliMr. Muhammad Raza ChohanDr. Muhammad IdreesMr. Hidayatullah KasiMr. Rabeel BhattiChairmanExecutive DirectorDirector General (Academics)Director (Curriculum)Deputy Director (Curriculum)Assistant Director (Curriculum)2

TABLE OF CONTENTS1.Program Description, Objectives and Learning Outcomes072.Scheme of studies for BS (4-Year) Economics093.Division and Distribution of Courses094.Course Coding Scheme155.Course Outlines186.Optional courses for BS Economics887.Scheme of studies for M.Phil. (2-year) Economics1708.Annexure of Compulsory Courses2353

PREFACEThe curriculum, with varying definitions, is said to be a plan of the teaching-learningprocess that students of an academic programme are required to undergo toachieve some specific objectives. It includes scheme of studies, objectives &learning outcomes, course contents, teaching methodologies and assessment/evaluation. Since knowledge in all disciplines and fields is expanding at a fast paceand new disciplines are also emerging; it is imperative that curricula be developedand revised accordingly.University Grants Commission (UGC) was designated as the competent authorityto develop, review and revise curricula beyond Class-XII vide Section 3, SubSection 2 (ii), Act of Parliament No. X of 1976 titled “Supervision of Curricula andTextbooks and Maintenance of Standard of Education”. With the repeal of UGCAct, the same function was assigned to the Higher Education Commission (HEC)under its Ordinance of 2002, Section 10, Sub-Section 1 (v).In compliance with the above provisions, the Curriculum Division of HECundertakes the revision of curricula regularly through respective NationalCurriculum Revision Committees (NCRCs) which consist of eminent professorsand researchers of relevant fields from public and private sector universities, R&Dorganizations, councils, industry and civil society by seeking nominations from theirorganizations.In order to impart quality education which is at par with indigenous needs andinternational standards, HEC NCRCs have developed unified framework/templates as guidelines for the development and revision of curricula in thedisciplines of Basic Sciences, Applied Sciences, Social Sciences, Agriculture andEngineering.It is hoped that this curriculum document, prepared by the respective NCRC’s,would serve the purpose of meeting our national, social and economic needs, andit would also provide the level of competency specified in Pakistan QualificationFramework to make it compatible with international educational standards. Thecurriculum is also placed on the website of /RevisedCurricula/Pages/default.aspx(Muhammad Raza Chohan)Director General (Academics)4

CURRICULUM DEVELOPMENT CONSIDERATICURRI. INDRAFT STAGEFINAL STAGEFOLLOW UPSTUDYCOLLECTIONOF RECAPPRAISAL OF 1STDRAFT BY EXP. OFCOL./UNIVPREP. OFFINAL CURRI.QUESTIONNAIRECONS. OF CRC.FINALIZATION OFDRAFT BY CRCINCORPORATIONOF REC. OF V.C.C.COMMENTSPREP. OFDRAFT BYCRCAPPROVAL OFCURRI.BYV.C.C.PRINTING OFCURRI.REVIEWIMPLE.OFCURRI.BACK TOSTAGE-IAbbreviations Used:CRC. Curriculum RevisionCommitteeVCC. Vice Chancellor’sCommitteeEXP. ExpertsCOL. CollegesUNI. UniversitiesPREP. PreparationREC. RecommendationsORIENTATIONCOURSES5

CURRICULUM DEVELOPMENT CYCLE6

1.PROGRAM DESCRIPTION:An understanding of economics is a vital component of education in socialsciences and absolutely necessity for anyone interested in areas as business,environmental policy, welfare reform, international trade and finance, orglobalization.BS Economics is a four years degree program comprising of eight regularsemesters. Students with degree of F.Sc. / F.A. / I.Com / A. levels or equivalent aregiven admission in this program. An eligibility criterion is defined by university. Alongwith the eight regular semesters, university may offer summer sessions to provideopportunities to the students who fail or withdraw a course and those who wish toimprove their grades.This program is designed to familiarize students with the broad range of issues andsituations studied by economists and the tools they use. The curriculum starts at thevery basic introductory level. As such no specific high school preparation is required,therefore students with diversified background equally fit in the program. Howeveran appreciation for mathematics and statistics shall prove to be useful. All economicsundergraduate majors study a significant core of economic theory and mathematicaland statistical methods, and are then in a position to choose among a wide varietyof higher electives.2.PROGRAM OBJECTIVES:BS Economics program is designed to equip the graduates with theknowledge of economic theory, so that they could understand that how economicagents interact and economy operates. The graduates of this program are expectednot only to identify the economic problems, but also to also suggest set of alternativesolutions. In specific following are the objectives of this program:1.2.3.The graduates shall be equipped with the comprehensive knowledge and skillset in order to contribute competently as economists and analysts in variouscapacities.The graduate shall have cross-disciplinary knowledge of the core functionsand operations of the economy.The graduate shall be prepared to respect diversity and endeavor to workethically.PROGRAM LEARNING OBJECTIVES:1.Critical Thinking Skills: An ability to optimally apply economic analysis toeveryday economic problems in the real world. This shall allow them to understandcurrent events and evaluate potential policy proposals. Moreover, an appreciationshall be developed to evaluate the role played by assumptions in situations thatreach various conclusions to a specific economic or policy problem.7

2.Quantitative Reasoning Skills: An ability to use empirical evidence toassess the validity of an economic argument. This shall involve the use of statisticaldata and methodology, ability to interpret statistical results and conduct appropriatestatistical analysis.3.Problem-Solving Skills: An ability to solve problems that have precisesolutions as well as those that do not have precise answers and clarify conditionsunder which these solutions may be correct.4.Specialized Knowledge and Application of Skills: An ability to developcritical as well as quantitative thinking skills specific to economics, finance, businessand/or accounting.5.Communication Skills: An ability to communicate effectively in written, oraland graphical form about concrete questions and to prepare well-organized writtenarguments that clearly state assumptions/hypotheses supported by evidence.8

SCHEME OF STUDIES FOR BS (4-YEAR) ECONOMICS1.DIVISION OF COURSESFor All Disciplines of BS (4 Years Degree Program):Compulsory Courses (with no choice):9*CreditHours25General Courses (diversification courses):824Common Courses For all BS Disciplines:1749Courses8CreditHours2411 - 1533 – 454–812 - 24Discipline Specific Courses For BS Economics:2781Total Courses for BS Economics (4 Years DegreeProgram):441302.Specific Courses for BS. Economics (4 YearsDegree Program):Foundation Courses :Major Courses :Optional Courses :CoursesCompulsory Courses (with no choice): 9English IEnglish IIEnglish IIIEnglish IV*Islamic Studies / Ethics**Pakistan Studies**Introduction to ComputerBasic MathematicsIntermediate Mathematics** In lieu of English IV and Intermediate Mathematics university has option to offerany other (non - economics) courses such as Non-English language course,Citizenship Education and Community Engagement, Entrepreneur or any othercourse.** Each course worth 3 credit hours, except Islamic Studies/Ethics and PakistanStudies. The two courses are of two credit hours each.General Courses (Diversification): 8International RelationsIntroduction to GeographyGeneral ScienceIntroduction to LawIntroduction to SociologyIntroduction to Mass CommunicationPrinciples of PoliticalPrinciples of PsychologySciencePrinciples of AccountingIntroduction to AnthropologyIntroduction to PhilosophyPrinciples of ManagementIntroduction to LogicIntroduction to EducationOne Non-English Language Course such as Arabic,Introduction to CommerceChinese, etc.9

University has option to offer any diversification course depending upon theavailability of teacher. Moreover university can expand the list of diversificationcourses.Foundation Courses: 8Principles of MicroeconomicsIntermediate MicroeconomicsPrinciples of MacroeconomicsIntermediate MacroeconomicsStatistics – IStatistics – IIMathematical EconomicsEconometrics10

Microeconomic AnalysisInternational EconomicsDevelopment EconomicsIslamic EconomicsResearch MethodologyOverview of World EconomyTime Series and Panel DataEconometrics***General Equilibrium & WelfareEconomics***Major Courses: 11 – 15Macroeconomic AnalysisFinancial EconomicsMonetary EconomicsPublic FinanceIssues in Pakistan EconomyDynamic Optimization***Economic Growth****** University has option to offer any other course(s) in lieu of these, from the list ofapproved optional courses.11

Optional Courses: 4 – 8MicroeconomicsGame TheoryIndustrial OrganizationBehavioral EconomicsExperimental EconomicsMacroeconomics and Public Sector EconomicsMonetary PolicyFiscal PolicyCost-Benefit AnalysisEconomics of Regulations and CompetitiveEconomyLabour and PopulationLabour EconomicsPopulation EconomicsHuman Resource DevelopmentIslamic EconomicsIslamic Banking: Theory and PracticeIslamic FinanceDivine EconomicsInternational Economics andFinanceTrade and DevelopmentInternational FinanceResource EconomicsNatural Resource EconomicsEnvironmental EconomicsEnergy EconomicsEconomics of Climate ChangeDevelopment StudiesDevelopment PolicyPoverty and Income DistributionPolitical EconomyHistory of Economic ThoughtWorld Economic HistoryEconomics of Happiness andWellbeingOther CoursesEconomics of EducationUrban EconomicsTransport EconomicsHealth EconomicsInstitutional EconomicsReal AnalysisReal Estate EconomicsEconomics of Terrorism, War and ConflictNote: University has option to expand the list of optional courses.12

SEMESTER WISE SPLIT UP OF COURSES BS (4-YEAR) ECONOMICSSemesterFirstSemester(Credit Hours:17)SecondSemester(Credit Hours:17)ThirdSemester(Credit Hours:18)FourthSemester(Credit Hours:18)FifthSemester(Credit Hours:15)SixthSemester(Credit Hours:15)Seventh Semester(Credit Hours:15)SubjectCredit HoursEnglish - IPrinciples of MicroeconomicsIslamic Studies / EthicsBasic MathematicsDiversification - IDiversification - IIEnglish - IIPakistan StudiesPrinciples of MacroeconomicsStatistics - IDiversification - 3Diversification - 4English - IIIIntermediate MicroeconomicsIntroduction to ComputerIntermediate Mathematics *Diversification - 5Diversification - 6English - IV*Intermediate MacroeconomicsStatistics - IIIssues in World EconomyDiversification - 7Diversification - 8Microeconomic AnalysisMonetary EconomicsPublic FinanceMathematical EconomicsEconometricsMacroeconomic AnalysisInternational EconomicsDevelopment EconomicsFinancial EconomicsResearch MethodologyTime Series and Panel Data Econometrics**Dynamic Optimization**Islamic EconomicsOptional - 1***Optional - 2General Equilibrium & Welfare Economics **EighthSemester(Credit Hours:15)Economic Growth**Issues in Pakistan EconomyOptional - 3***Optional - 4Total Credit Hours: 1301333233332333333333333333333333333333333333333

Important Clarifications:* English-IV and Intermediate Mathematics are University optional. In lieu of thesetwo courses, university has option to offer any other (non - economics) courses suchas Non-English language course, Citizenship Education and CommunityEngagement, Entrepreneur or any other course.** Time Series and Panel Data Econometrics, Dynamic Optimization, GeneralEquilibrium & Welfare Economics and Economic Growth are university optional. Inlieu of these courses university can offer courses from the list of approved optionalcourses.*** University has option to offer research project / research thesis (worth 6 credithours) in lieu of two optional courses. It will be evaluated by a panel of examiners,as per university rules.The scheme of studies is divided in two blocks; first two years and last two years.The sequence of courses within each block can be changed, however coursesacross block cannot be changed. Moreover the condition of pre-requisite should becarefully considered while changing the sequence of courses.A student can opt for associate degree / cutoff degree after passing all courses offirst two years.Teaching methodology given in outlines of each course is a general guideline;course instructor can deviate as per requirements. Moreover university can expandthe list of optional courses as per its requirement.PRE-REQUISITES Basic Mathematics and Intermediate Mathematics (if offered) are prerequisite for Mathematical Economics. Basic Statistics and Inferential Statistics are pre-requisite for Econometrics. Principles of Microeconomics is pre-requisite for IntermediateMicroeconomics. Principles of Macroeconomics is pre-requisite for IntermediateMacroeconomics. Econometrics is pre-requisite for Econometrics of Time Series and PanelData. Mathematical Economics is pre-requisite for Dynamic Optimization. Intermediate Microeconomics is pre-requisite for Microeconomic Analysis Intermediate Macroeconomics is pre-requisite for Macroeconomic Analysis Intermediate Microeconomics is pre-requisite for General Equilibrium &Welfare Economics14

COURSE CODING SCHEME FOR BS ECONOMICS(4 Years Degree Program)Following are the compulsory courses for all BS (4 years degree program). So theircodes should be same for all BS programs.English - IEnglish – IIEnglish - IIIEnglish - IVIslamic Studies / EthicsPakistan StudiesIntroduction to ComputerBasic MathematicsIntermediateMathematicsDiversification - 1Diversification - 2Diversification - 3Diversification - 4Diversification - 5Diversification - 6Diversification - 7Diversification - 8Course Coding for Discipline Specific Compulsory CoursesCourseSubjectYearECON 101Principles of MicroeconomicsPrinciples of MacroeconomicsFirst Year ECON 111ECON 121Statistics – IECON 201Intermediate MicroeconomicsECON 211Intermediate MacroeconomicsSecondYearECON 221Statistics – IIECON 231Issues in World EconomyECON 301Microeconomic AnalysisECON 311Macroeconomic AnalysisECON 321EconometricsECON 312Monetary EconomicsECON 313Public FinanceThird YearECON 341Mathematical EconomicsECON 351International EconomicsECON 361Development EconomicsECON 371Financial EconomicsECON 381Research MethodologyECON 401General Equilibrium & Welfare EconomicsECON 421Econometrics of Time Series and Panel DataForth YearECON 441Dynamic Optimization(compulsoryECON 461Economic Growthcourses)ECON 462Issues in Pak EconomyECON 491Islamic EconomicsNote: Course coding scheme is a guideline, however university can use its ownnomenclature for course coding15

Course Coding for Discipline Specific Optional CoursesECON 402Game TheoryForth Year(OptionalCourses)ECON 403Industrial OrganizationECON 404Behavioral EconomicsECON 411Monetary PolicyECON 412Fiscal PolicyECON 413Cost-Benefit AnalysisECON 414ECON 451Economics of Regulations andEconomyTrade and DevelopmentECON 452International FinanceECON 463Development PolicyECON 464Poverty and Income DistributionECON 465Political EconomyECON 466History of Economic ThoughtECON 467World Economic HistoryECON 468Economics of Happiness and WellbeingECON 471Economics of EducationECON 472Urban EconomicsECON 473Transport EconomicsECON 474Health EconomicsECON 475Institutional EconomicsECON 476Real Estate EconomicsECON 477Economics of Terrorism, War and ConflictECON 482Labour EconomicsECON 483Population EconomicsECON 484Natural Resource EconomicsECON 485Environmental EconomicsECON 486Energy EconomicsECON 487Economics of Climate ChangeECON 492Islamic Banking: Theory and Practice16Competitive

ECON 493Islamic FinanceECON 494Divine EconomicsECON 495Comparative Economic SystemECON 496Economy, ethics and Universal Values17

OUTLINES OF COMPULSORY COURSES(FOUNDATION AND MAJOR)FOR BS ECONOMICS (4 YEARS DEGREE PROGRAM)Course CodeECON 101Course TitlePrinciples of MicroeconomicsECON 111Principles of MacroeconomicsECON 141Basic MathematicsECON 121Statistics – IECON 201Intermediate MicroeconomicsECON 211Intermediate MacroeconomicsECON 241Intermediate MathematicsECON 221Statistics – IIECON 231Issues in World EconomyECON 301Microeconomic AnalysisECON 311Macroeconomic AnalysisECON 321EconometricsECON 312Monetary EconomicsECON 313Public FinanceECON 341Mathematical EconomicsECON 351International EconomicsECON 361Development EconomicsECON 371Financial EconomicsECON 381Research MethodologyECON 401General Equilibrium & Welfare EconomicsECON 421Econometrics of Time Series and Panel DataECON 441Dynamic OptimizationECON 461Economic GrowthECON 462Issues in Pak EconomyECON 491Islamic Economics18

ECON 101: PRINCIPLES OF MICROECONOMICSContact Hours: 48Prerequisite: NilCredit Hours: 3.0COURSE DESCRIPTIONPrinciples of Microeconomics is an introductory undergraduate course that teachesthe fundamentals of microeconomics. This course introduces microeconomicconcepts, supply and demand analysis, theories of the firm and individual behavior,competition and monopoly. Students will also be introduced to the use ofmicroeconomic applications to address problems in current economic policythroughout the semester. The course will rely heavily on graphical analysis andsimple numerical calculations.COURSE OBJECTIVESBy the end of the course, students will be able to understand introductorymicroeconomic theory, solve basic microeconomic problems, and use thesetechniques to think about a number of basic policy questions relevant to theoperation of the economy. More specifically, this course aims: To develop an understanding of introductory microeconomic theory and itsrelevance to the real word To sharpen the problem solving tactics required to solve basic microeconomicproblems To give a broader implications of microeconomics principles and theirapplications To train the students to work with others as a part of team to solve problemsCOURSE LEARNING OUTCOMESAfter completing this course, students should have developed a range of skillsenabling them to understand economic concepts and use those concepts to analyzespecific questions. By the end of this course, students should be able to: UNDERSTAND consumer and firm behavior APPLY graphical analysis for a variety of economic situations. CALCULATE and INTERPRET elasticities DEFINE and DERIVE short-run and long-run production costs EXPLAIN various market structuresCOURSE CONTENT1.Introduction The Economic Problem Economic Decision Makers The Circular Flow Model Distinction Between Microeconomics and Macroeconomics The Market System2.Demand & Supply:19

3.4.5.6.Demand, Demand Function, Demand Curve, Engel Curve, Changesin Demand, Law of Demand, Shift in Demand, Factors AffectingDemand, Consumer Surplus Supply, Supply Function, Supply Curve, Changes in Supply, FactorsAffecting Supply, Law of Supply, Producer Surplus Equilibrium of Demand and Supply, Market Equilibrium, PriceControls, Taxes and SubsidiesElasticity of Demand & Supply: Price Elasticity of Demand & Supply Point Elasticity of Demand & Supply Arc Elasticity of demand & Supply Income Elasticity of Demand & Supply Cross Elasticity of demand & SupplyConsumer Behavior: Utility Analysis (Cardinal Approach), Marginal Utility Law of Diminishing Marginal Utility and Law of Equi-Marginal Utility,Consumer Equilibrium Ordinal Approach of Consumer Behavior, Indifference Curves,Features of Indifference Curves, Budget Line, Consumer Equilibrium,Comparison between two approachesThe Theory of production & Theory of Cost: Cost of Production, Short Period and Long Period Analysis Economies of Scale, Elasticity of Cost, Graphical Representation ofLong Run Cost Production, Factors of Production, Production Function, Short PeriodProduction Relations, Total, Average and Marginal Product, Elasticityof Production Laws of Returns to Scale Duality Between Production and Cost of ProductionMarket Structure: Basics of Perfect Competition, Monopoly, Monopolistic Competitionand Oligopoly Different Possibilities of Short Run firm Equilibrium under PerfectCompetition Profit Maximization in Short-run and long-run under PerfectCompetition Supply Curve of Perfectly Competitive Firm under Short and Long Run Short run and Long run Equilibrium under MonopolyTEACHING METHODOLOGY: Lectures In Class Activities Written Assignments20

ASSESSMENT: Mid Term Evaluation: 50%(Sessional Examination, Quizzes, Assignments, In-Class Activities) Final Examination: 50%Note: The major share in mid-term evaluation will be of sessionalexamination. The share of mid-term evaluation and final examination can be40:60 or 60:40, as approved by statutory bodies of university.TEXT AND REFERENCE BOOKS: Michael J. Swann, William A. McEachern Microeconomics: A ContemporaryIntroduction, 3rd edition (or latest available) Mankiw N. Gregory, Principles of Microeconomics 7th edition (or latestavailable). Campbell R. McConnell, Stanley L. Brue, Principles of Economics, 17thedition (or latest available). Paul A. Samuelson, William D. Nordhaus, Economics, Latest Edition21

ECON 111: PRINCIPLES OF MACROECONOMICSContact Hours: 48Prerequisite: NilCredit Hours: 3.0COURSE DESCRIPTION:The course is specially designed for the beginners with no formal background or littleassociation with economics. This course is an introduction to the macroeconomicindicators and issues such as national income, unemployment, inflation etc. Thecourse will establish the students understanding on the behavior and performanceof the economy as a whole.COURSE OBJECTIVES:By the end of the course, students will be able to understand introductorymacroeconomic theory and understand the concepts of macro aggregates likeNational Income, inflation, unemployment and etc. More specifically, this courseaims: To familiarize the student with the generally accepted principles ofmacroeconomics. To understand the computation of National Income Accounts. To Interpret and evaluate media reports on the macro-economy.COURSE LEARNING OUTCOMES:After completing this course, students should have developed a range of skillsenabling them to understand basic concepts of macroeconomics. By the end ofthis course it is expected that the student should be able to: ACQUIRE the basic knowledge of terminologies used in macroeconomicsand the key elements involved in the business decision UNDERSTAND the meaning and components of the National IncomeAccounts, especially GDP and GNP; APPLY three different approaches to MEASURE National Income, and theproblems associated with calculating, interpreting and comparing NationalIncome statistics UNDERSTAND the tools, advantages and drawbacks of fiscal policy andmonetary policy and how these policies operate.COURSE CONTENT:1.Introduction: What is macroeconomics and how economist thinks? The economy in aggregate, Complexities of the world of business, Scope of macroeconomics, Brief account of classical and the development of macro-economicafter the World War-II, Concept of business cycles: Boom and Depression,22

2.3.Three concerns of macroeconomics, Inflation, GDP growth andunemployment, Macroeconomic variables and their mutual relationship, Macro-models as abstraction from the real economy.National Income Accounting: Definition and concept of national income, Measures of national income: Gross Domestic Product (GDP) andGross National Product (GNP), GDP at factor cost and at marketprices, GDP deflator Computation of national income: Product, Income and Expenditureapproaches, Circular flow of income, Nominal versus Real income, Per capita income and the standard of living. Measuring the cost of living: the consumer price index, CPI versusGDP deflator Measuring Unemployment rateComponents of Aggregate Demand: The Concept of Open and closed economy models, Concept of aggregate markets: Product, Money, Labor and Capitalmarkets, Components of aggregate demand: Consumption, Investment andGovernment spending, Income and expenditure identities. Money and Monterey policy, Fiscal PolicyTEACHING METHODOLOGY: Lectures In Class Activities Written AssignmentsASSESSMENT: Mid Term Evaluation: 50%(Sessional Examination, Quizzes, Assignments, In-Class Activities) Final Examination: 50%Note: The major share in mid-term evaluation will be of sessionalexamination. The share of mid-term evaluation and final examination can be40:60 or 60:40, as approved by statutory bodies of university.TEXT AND REFERENCE BOOKS: N. Gregory Mankiw. Principles of Macroeconomics, (latest edition) Samulson and Nordrons. Economics, 18th Edition, (or latest available) Parkin, Michael. Macroeconomics, Edition Wesley International Inc. (latestedition)23

ECON 141: BASIC MATHEMATICSContact Hours: 48Prerequisite: NilCredit Hours: 3.0COURSE DESCRIPTIONThis is the first of a compulsory two-course sequence. This part is to be taught inSemester I, this course introduces some basic mathematical tools needed inEconomics. The principal aims of the course are to introduce students to the basicmathematical methods.COURSE OBJECTIVESObjectives of the course are:1.To prepare the students, not majoring in mathematics, with the essential toolsof functions of one real variable and single-variable optimization.2.To transmit the body of basic mathematics that enables the study of economictheory at the undergraduate level.3.To understand those methods of mathematics needed to pursue economicanalyses.COURSE LEARNING OUTCOMES:Upon successful completion of the course, the student will be able to: ACQUIRE the basic knowledge of mathematical methods and performbasic arithmetic operations on algebraic expressions and fractionalalgebraic expressions UNDERSTAND mathematical information, concepts, and thoughts inverbal, numeric, graphical and symbolic forms while solving a variety ofproblems. SOLVE systems of linear equations in up to three unknowns and explainhow to solve systems in more than three unknowns; EVALUATE Graphs; elementary types of functions and Geometricproperties of functions. DEMONSTRATE the basic computational methods in functions of one realvariable, single-variable optimization and Integration of functionsCOURSE CONTENT:1.Preliminaries: Logic and proof techniques; sets and set operations; Relations; functions and their properties; number systems.2.Functions of one real variable: Graphs; elementary types of functions: quadratic, polynomial, power,exponential, logarithmic; Sequences and series: convergence, algebraic properties andapplications;24

3.4.5.Continuous functions: characterizations, properties with respect tovarious operations and applications; Differentiable functions: characterizations, properties with respect tovarious operations and applications; Second and higher order derivatives: properties and applications.Single-variable optimization: Geometric properties of functions: convex functions, theircharacterizations Applications; local and global optima: geometric characterizations,characterizations using calculus and applications.Integration of functions: Areas under curves; Indefinite integrals; the definite integral.Difference equations: First order difference equations.TEACHING METHODOLOGY: Lectures In Class Activities Written AssignmentsASSESSMENT: Mid Term Evaluation: 50%(Sessional Examination, Quizzes, Assignments, In-Class Activities) Final Examination: 50%Note: The major share in mid-term evaluation will be of sessional examination. Theshare of mid-term evaluation and final examination can be 40:60 or 60:40, asapproved by statutory bodies of university.TEXT AND REFERENCE BOOKS: K. Sydsaeter and P. Hammond, Mathematics for Economic Analysis,Pearson Educational Asia, Delhi, 2002. A.C. Chiang, Fundamental Methods of Mathematical Economics. N.Y,McGraw Hill Co, Latest edition.25

ECON 121: STATISTICS - IContact Hours: 48Prerequisite: NilCredit Hours: 3.0COURSE DESCRIPTIONThis course deals with statistical concepts, such as data presentation, graphs,measures of central tendency and dispersion, correlation, and index numbers.COURSE OBJECTIVESBy the end of the course, students will be able to collect, present and analyze thedata. More specifically, the course will equip students to: Understand techniques of data collection and data presentation Analyze data by using statistical techniques Communicate the results of statistical work, and more specifically write up theresults of statistical analysis in a report consisting of a non-technical abstractfor decision makers, so that they can improve their decisions.COURSE LEARNING OUTCOMES:Upon successful completion of the course, the student will:1.UNDERSTAND and be able to CALCULATE basic statisticalconcepts(tabular and graphic representation of data, measures of centraltendency, dispersion and asymmetry, correlation)2.APPLY knowledge to SOLVE simple tasks using computer software, such asMS Excel, SPSS.3.based on the acquired knowledge to INTERPRET the meaning of thecalculated statistical resultsCOURSE CONTENTS1.Statistics and Statistical Thinking The Science of Statistics and its importance Fundamental Elements of Statistics The Role of Statistics in Critical Thinking and Ethics2.3.Organizing Data Types of Variables Measurement Scales (nominal, ordinal, intervaland ratio scale) Data Collection Methods Presentation of data through classification, tabulation, diagrams andgraphsDescriptive Measures Measures of Location: Mean, Median, Mode, Geometric Mean,Qartiles, Deciles & Percentiles Measures of Dispersion; Range, Mean Absolute Deviation, StandardDeviation, Coefficient of Variation, Boxplots26

4.5.6.7.8.Index Numbers Defining an Index Number U

Behavioral Economics Experimental Economics Macroeconomics and Public Sector Economics Monetary Policy Fiscal Policy Cost-Benefit Analysis Economics of Regulations and Competitive Economy Labour and Population Labour Economics Population Economics Human Resource Development Islamic Economics Islamic Banking: Theory and Practice