Bangladesh Institute of Management

4 Sobhanbag, Mirpur Road, Dhaka-1207

POST-GRADUATE DIPLOMA IN HUMAN RESOURCE MANAGEMENT

Subject : Economics
Session Plan
Session
No.
1-2

3-4

5-6

7-8

9-10

11-12

13-14

15-16

(according to the syllabus)

Chapter No &
Title
1.
Introduction

Points for discussion

Topics

Concept & Definition of economics (Wealth concept, Welfare

concept, Scarcity concept, Development concept);
Benefit of learning Economics (for Managers, specially HR Managers);
Methodology of Economics knowledge creation: Evidence & Model
Based Study;
Economics: Science or not? Positive or Normative?
-do-do Characteristics and assumption of Economic Principals\ Laws;
Meaning of `Economy and `Economic Agents;
Basic Economic Problem: its meaning & Nature ;
Economizing Resources: its relation to management functions ;
Concepts of Microeconomics and Macroeconomics.
-do-do Example of application of economic model:
Concept of opportunity cost & use of Production Possibility Curve/
Frontier (PPC/PPF) for decision- making.
-do1.2 Introduction Definition and coverage of Labor Economics;
to labour
Overview of Labour Market and Labor Economics;
economics and
Distinction of labor and scope of labor economics ;
personnel
Importance of labor economics (for HR mangers);
economics
Introduction to personnel economics and its relation with HRM.
2.
2.1 Concept of
Meaning of market in economics;
Understanding market and
Major (macroeconomic: Commodity, Labor, Money, Foreign
Market
major markets
exchange) market in an economy;
Interactions
in an economy
Circular flow of economic activities & location of labour market in the
diagram.
-do2.2 Demand and Concept of Perfect Competitive market;
Supply analysis
Meaning of Demand & Supply;
Determinants of Demand & Supply ;
Market equilibrium & its changes;
Price ceilings and Price flooring.
-do2.3 Demand and Demand for labor (substitution effect & scale effect);
Supply in a
Market, industry, and firm demand for labor;
labour market,
Long-run vs. short-run labor demand;
2.4 Concepts of Demand for labour : a derived demand;
elasticity and
Market labor supply ( substitution effect & income effect);
use of labour
Labor supply to individual firms;
demand
Labor market equilibrium;
elasticity.
Labor demand: macroeconomic perspective;
Concept of elasticity and its use in the labour market.
Class test & Review for the midterm exam.
1.1 Introduction
to economicssome basic
concepts and
methodology

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Session
No.

Chapter No &
Title

17-18

3. Production
and Cost
Analysis

3.1 Production
analysis and
concept of
marginality

19-20

-do-

3.2 Firm level

cost concepts
3.3 Use of
marginal
revenue and
marginal cost in
determining
work force

21-22

4. Wage
Determination

4.1 Concepts of
wages;
4.2 Wage
theories and
reality;
4.3 Wage
discrimination

23-24

-do-

4.4 Wage
determination
under different
Market
structure;
4.5 Wage
bargaining and
wage
determination
under collective
bargaining
5.1 Types of and
groups in a
labour market
5.1 Labour force
composition.
5.2
Occupational
distribution of
labour.

25-26

5. Labour
Market and
Employment

Topics

Points for discussion

Concept of Economic Analysis of Production;
Definition and type of firm;
Concept of Production & Production function;
Law of Diminishing Marginal Return (production);
Some Production related Concepts: Short run & Long run;
Productivity, factor productivity, return to scale, economy of scope,
and economy of scale;
Meaning of Marginal Analysis.
Firm Level cost concepts (Fixed Cost, Variable Cost, Total Cost,
Average Cost, Marginal Cost, Acquisition Cost & Opportunity Cost,
Short-run Cost & Long-run Cost);
Accounting cost & Economic cost;
Determinants of production cost;
Determining optimum work force in a firm.

Wage Concepts (wage, earnings, total compensation, and income);

Different Concepts of wage (Subsistence Wage, Minimum wage,
Living wage, Fair Wage Nominal and real wages;
Determinants of real wages;
Historical Understanding on wages( Just Price Theory, Classical Wage
Theory, Wages-Fund Theory, Residual Claimant Theory, Marxian
Wage Theory, Human Capital Theory, Marginal-productivity theory);
Wage differentials & its causes;
Wage discrimination & its type.
Wage determination under perfect & imperfect Market structure;
Collective Bargaining and major bargaining Issues;
Wage Determination under Collective Bargaining (Restricting supply
of labour, using collective bargaining power to raise standard wage
rate directly, Increasing the demand for labour and Restricting
employers who possess monopoly power;
Can trade union raise wage?

Meaning of Employment & Unemployment and the rates;

Different groups in the labour market ( Employed persons,
Unemployed persons, Labour force, Not in the labour force);
Labour force participation rate & its composition;
Sectoral pattern of unemployment;
Type of unemployment;

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Session
No.

Chapter No &
Title
(syllabus)
-do-

Topics
(syllabus)

Points for discussion

5.3 Employment
theorydeterminants of
employment.
5.4 Public policy
and
employment.

Types of labour market ( National and local labor markets, Internal

and external labour markets, Primary and secondary labor markets,
different sociological labor market);
Overview of determinants of Employment;
Public policies related to employment and labour market.

29-30

6.Employment
Market in
Bangladesh

Growth and trend of the lobour force in Bangladesh;

Present status of Labour force in Bangladesh;
Characteristics of Bangladesh Employment Market.

31-32

-do-

6.1 Growth and

composition of
labour force in
Bangladesh,
6.2
Characteristics
of Bangladesh
Employment
Market,
6.3 Bangladesh
labour Policy.
7.1 Applications
of economic
concepts in
Human
Resource
Management

Outsourcing or permanent appointment;

Investing in Human Capital;
Employment Event Analysis ;
Other applications.

27-28

33-34

7. Personnel
Economics

35-36

Major feature of Bangladesh Labour policy.

Class test & Review for the final exam.

Assessment criteria and distribution of marks

1.

Class test

20% Paper leader will declare type and weight-age.

2.

Attendance

10% Based on the percentage attended among 36 sessions.

3.

Mid Term
(chapter 1
and 2 of the
syllabus)
Final Exam
(chapter 3 to
7 of the
syllabus)

30%

4.

Duration: 1 (one) Hour from 7:30 PM to 8:30 PM;

Participants are to answer 2 out of 3 questions (15 Marks+15 Marks=30)
Each question should contain at least 2 sub questions (theoretical 8 marks and
analytical 7 marks) i.e. (8 +7) = 15 Marks.
40% Duration: 1:30 Hours (one and half hour) from 7:30 PM to 9:00 PM;
Participants are to answer 4 out of 6 questions (10 Marks x 4 answers=40
marks) each question should contain at least 2 sub questions (theoretical 5
marks and analytical 5 marks) i.e. (5 +5) = 10 Marks.

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