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B.Stat-108: Principles of Economics
Course Code : B.Stat-108
Course Title : Principles of Economics
Course Type : Related
Level/Term and Section : B.Sc. Honours Part – I
Academic Session : 2019 – 2020
Course Instructor : x
Pre-requisite (If any) : x
Credit Value : 2
Total Marks : 50 (Examination 40, Tutorial/Terminal 7.5, and Attendance 2.5)

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COURSE DESCRIPTION:
This course is to introduce students to the core economic principles and how these can be used to help decision making process. It provides a solid background in the fundamental concepts of micro and macroeconomics as they affect the operation of financial system. This course will help the students also to sit for professional examination in actuarial science.
COURSE OBJECTIVES (CO):
1)
 To know the derive of demand curve, indifference curve and isoquant curve;
2)
 To know the estimation procedure of the parameters of C-D function, CES function and its properties;
3)
 To develop a strong and competent knowledge of national income, national product, equilibrium model and its properties;
4)
 To understand the concepts and tools of IS-LM curve, monetary and fiscal policy and use creatively the aggregative demand curve and foreign sector and balance of payment.
COURSE LEARNING OUTCOME (CLO):
On successful completion of this course, a student will be able to
1)
 appreciate the relevance of economics to the world of business;
2)
 describe the workings of markets and understand the macroeconomic environment of business;
3)
 Understands consumer demand and behaviour;
4)
 derive the production function, cost of production, revenue and profit;
5)
 have adequate knowledge in economics and together with the completion of other relevant courses.
COURSE PLAN / SCHEDULE:  
CLO
Topics to be covered
Teaching-Learning Strategies 
Assessment Techniques 
No. of Lectures
1
Microeconomics: Introduction, demand and supply, Elasticity of demand and supply, Application of market laws and elasticities, Law of diminishing marginal utility.
Lecturing with Multimedia Projector, Interactive Board and Q/A session
Assignment, Class Tests, Presentation, Final Exam.
6
2
Derivation of demand curve, properties of demand curve, Indifference curve, properties of indifference curve, application of indifference curve analysis.
5
3
Consumer surplus, Theory of production: Isoquant curve, properties isoquant curve.
4
4
Law of return to scale, Cobb-Douglas production function, CES production function and its properties and application.
6
5
Macroeconomics: The multiplier, demand side equilibrium, Static equilibrium model, IS-LM curve, Monetary and fiscal policy.
4
6
Demand side in labor market, supply side equilibrium: output and price level, investment demand for money, derivation of aggregative demand curve, The foreign sector and the balance of payments..
5
Assessment Strategy Evaluation Policy (Grading System) and make-up procedures: According to the ordinance.

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Main Books Recommended:
 1) Ahuja, H.L. (2016). Modern Microeconomics Theory and Application 19th edition,S.Chad and Company Ltd [Fisher]
 2) Branson (2005). Macroeconomic Theory and Policy, 2nd edition, Affilated East West Private Limited
 3) Mankiw, N.G. (2011). Principles of Economics, 8th edition, Cengage Learning

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References:
 4) Dwivedi. D.N. (2010). Microeconomics Theory and Applications [Perloff]
 5) Henderson, James M., Quandt, Richard E. Microeconomic Theory: A Mathematical Approach. Mc Graw-Hill Book Company
 6) Marshall, A. (2000). Principles of Economics, Digireads.com Publishing
 7) Taussig, F. W. (2013). Principles of economics (Vol. 2). Cosimo, Inc..