Module Overview

This special module is designed for BBA 3^rd (Management Sciences Department, UOT) for covering the remaining lectures and examinations during the closure of UoT due to COVID-19 Pandemic. General rules and regulations, if not mentioned here explicitly, are same as the department or UoT. This special module provides an introduction to macroeconomics – the study of the economy as a whole. The course is dived into two parts which includes about 70% - 80% of the contents of the departmental regular Macroeconomic course (ECO 401). Part A, ‘basic economic concepts’ has already been coved during the regular classes (10 classes) of the semester and content materials have been provided. Part B, includes three measurement of economic performance which discusses how we measure economic activity at the aggregate level, including GDP, inflation and unemployment. First, you need to go through offline materials (available at the department) and make your assignments. Then there will be a final examination in mid of August, 2020. The subject matter of the Macroeconomics (ECO 401) examination and assignments are/will be drawn from the following topics. The percentages next to the main topics indicate the approximate percentage of assignments/exam questions on that topic.

A. Basic Economic Concepts (50%-60%)

1.      Basic Concepts

·         Rational Behavior

·         Basic Economic Decision

·         Marginal Analysis

·         Logical Fallacies

·         Resource Distribution Rationing Mechanism

·         Positive Vs. Normative Economics

·         Ceteris Paribus

·         Graphs

2.      Production Possibilities Curve/Frontier (PPC/PPF)

·         Basic Concept

·         Productive Resources

·         Scarcity

·         Choice

·         Opportunity costs

·         Expansion of PPC/PPF

3.      Ten Principles of Economics

·         How People Make Decisions

·         How People Interact

·         How the Economy as a Whole Works

4.      Supply and Demand Analysis

·         Market

·         Law of Demand

·         Law of Supply

·         Market Equilibrium

·         Surplus and Shortage

·         Determinants of Supply and Demand (Movement along vs. Shift in Curves)

·         Individual vs. Market Demand or Supply

·         Price controls (price ceilings, price floors)

B. Three Measurement of Economic Performance (40%–50%)

5.      National Income

·         Gross Domestic Product

·         Components of GDP

·         Circular Flow

·         Adjusting Nominal Values to Real Values

·         Tracking Real GDP over Time

·         Comparing GDP among Countries

·         How Well GDP Measures the Well-Being of Society

       Resources:

                                 i.            Principle of Macroeconomics 2e by Steven A. Greenlaw and David Shapiro

                                ii.            Essential of Macroeconomics By Peter Jochumzen

                              iii.            Macroeconomics by N. Gregory Mankiw

6.      Unemployment

·         Definition of Unemployment Rate

·         Computation of  Unemployment Rate

·         Patterns of Unemployment

·         Causes of Changing in Unemployment over the Short Run

·         Causes of Changing in Unemployment over the Long Run

       Resources:

Principle of Macroeconomics 2e by Steven A. Greenlaw and David Shapiro

7.      Inflation

·         Definition of Inflation

·         Tracking Inflation

·         Measurement of the Cost of Living

·         Countries Experience Inflation

·         The Confusion over Inflation

·         Indexing and Its Limitations

       Resources:

Principle of Macroeconomics 2e by Steven A. Greenlaw and David Shapiro

Teaching, Learning and Assessment Methods

OBJECTIVES:

       This course aims to make students understand the international aspects of economics and to know the trade related theories and problems .Furthermore it helps to know the economic interactions of a nation and its impacts or consequences on international issues. It helps in assessing economic and political effects and the implication to the international trade for goods and services, finance and foreign investment

This course will cover

1. Basic Grammar

2. Comprehension

3. Listening skills

4. Translation Skills

The course is designed for the beginners with no formal background or little acquaintance with economics.

This course is designed to explain a number of mathematical concepts and techniques that are fundamental to an understanding of modern economic theory.

This course is designed to make students aware of Public economics and how Government revenue and expenditure is carried out.

This course is designed to teach students the principles of Islamic banking and to highlight the difference between Islamic and conventional banking and principle involved in Islamic banking.