Course Contents

• Definition and history of Economics 1. Classical Economists 2. Neo-Classical Economics 3. London/Modern Economics (Definition of Economics according to each School of Thought along with its Merits as well as Demerits) • Branches of Economics 1. Micro Economics 2. Macro Economics • Micro Economics 1. Law of Demand (Definition of Demand, Definition & Description of the Law of Demand with the help of a Demand Schedule & Demand Curve, Determinants of Demand) 2. Law of Supply (Definition of Supply, Definition & Description of the Law of Supply with the help of a Supply Schedule & Supply Curve, Determinants of Supply) 3. Equilibrium of Demand and Supply 4. Market  Definition  Types of Market (According to Time Period, Location, Nature of Commodities, Nature of Competition)  Significance of Market 5. Competition  Definition  Types of Competition  Pure/Perfect Competition  Imperfect Competition (Monopolistic, Oligopoly, Duopoly)  Monopoly • Macro Economics 1. Economic systems  Capitalism  Socialism  Islamic Economic System  Mixed Economy (Salient features, Strengths and Weaknesses) 2. National Income  Definition  Important Concepts of National Income (GDP, GNP, NNP, National Income at Factor Cost, Personal Income, Disposable Income, Per Capita Income)  Methods of Measurement of National Income 3. Economic Growth  Definition  Stages of Economic Growth 4. Economic Development  Definition  Determinants of Economic Development 5. Underdevelopment and Characteristics of Underdeveloped Economies 6. Socio-Cultural Hindrances in the Economic Development of the Less Developed Countries  Sociological Hindrances  Cultural Hindrances  Political Hindrances  Administrative Hindrances 7. Various Measures to remove Economic Obstacles of the Less Developed Countries 8. Social Development precedes Economic Development or vice versa 9. Economic Planning  Essentials of Economic Planning  Objectives of Economic Planning 10. Inflation (Definition, Causes, Effects and Remedies) 11. Unemployment (Definition, Causes, Effects and Remedies) 12. How does the study of Economics help a Social Worker

Course Synopsis

In this course students will study some of the core concepts of modern economics. At the same time, they will study the complex nature of our social problems which are caused by economic instability in our country. The aim of social work is the total development of the community and the total development means equal enhancement of both social as well as economic aspects. So the objective of this course is to give students the knowledge of economics which they can apply during their social work practice.

Course Learning Outcomes

Students will understand various socio-economic problems faced by their community and would develop an insight about their solutions.