COURSE: ECONOMICS

SEMESTER: Fall 2023

CLASS ID:

FACULTY: Tahir Abbasi

COURSE OUTLINE

COURSE DESCRIPTION
This course introduces microeconomic theory and applications in the context of a market economy. In
addition, it provides students’ knowledge about the working of a mixed economy at the aggregate level
including aggregate output and income determination, key macroeconomics problems, and major policy
debates.

PROGRAM OBJECTIVES AND PROGRAM LEARNING OUTCOMES

PO1: To develop knowledge and understanding of business-related concepts and develop students’ ability
to apply them in a real-world context.
 PLO1.1: Students are assigned textbooks and reference material for reading and testing is
done to ensure that students have absorbed the conceptual understanding of important
concepts.
 PLO1.2: Exercises are given to students in teams such as industry-related projects to
ensure that students are able to apply conceptual knowledge in real-world scenarios.

PO2: To develop the entrepreneurial and leadership spirit in students.

 PLO2.1: Some exclusive Courses are part of the degree that is focused on inculcating
entrepreneurial spirit among our students. An entrepreneurial project is reserved as a core
course for every student to develop a business plan for launching a new business. Support
services are to be provided for helping potential projects to be launched in the
marketplace before the student is graduated from the program.

 PLO2.2: Students are to be encouraged to develop and market their unique business ideas
through regular marketing events such as Marketing Gala, Brand Activation Activities,
etc.

 PLO2.3: Most courses must offer projects in teams to develop students’ leadership
capacity that comes out of the team environment. Students’ societies that are made up of
students must encourage students to build their leadership capabilities.

PO3: To develop students’ communication skills and build their confidence through classroom exercises
and activities to make them competitive for the business world.
 PLO3.1: Courses of the management sciences domain must-have presentations in the
basic as well as advanced courses to build their communication skills and confidence for
the public speaking that is imperative for managerial and leadership positions.

 PLO3.2: Evaluation of presentations in many courses and final projects be done by the
external evaluators from academia and industry.
  PLO3.3 Courses related to public speaking and activities related to debating be part of the
bachelor’s program to achieve the goal of superior communication and developing a
higher level of confidence among our students.

PO4: To instill a sense of ethical values and corporate social responsibility in our students.
 PLO4.1: Course/s related to corporate social responsibility be offered to instigate
students for approaching the social responsibility projects for the betterment of society.

 PLO4.2: Seminars and workshops be offered to gain an understanding of the importance

of social responsibility as well as the progress being made by individuals and
organizations in this domain in society.

 PLO4.3: Faculty be guided to introduce topics in the classroom that discuss the ethical
perspective for the business domain. Workshops and seminars are conducted in every
term from an ethical perspective.

PO5: To provide knowledge of various business domains like Marketing, Finance, Management and HR
to give a holistic view of the business domain in order to enhance the employability of graduates and to
prepare them for pursuing higher education locally and internationally.

 PLO5.1: The curriculum must include courses in key business areas and be taught by a
suitable faculty. Courses of business areas must-have assignments and project that is
industry-focused and be evaluated by professionals from industry and academia.

 PLO5.2: Guest speakers from the industry are invited to the classrooms for sharing their
market experience and knowledge in these different domains of Marketing, Finance,
HRM, Supply Chain, etc.

 PLO5.3: The mode of communication in the classroom must primarily be in the English
language between the faculty and the students.

PO6: Develop team-building and team working skills among students.

 PLO6.1: Classroom exercises must include a team-building approach by assigning
students in teams to carry out projects and assignments.

 PLO6.2: Final year projects of capstone orientation are conducted in teams of students.

 PLO6.3: Specific course/s on leadership and team-building be offered for students to help
them gain the theoretical perspective and team approach dimension.

COURSE LEARNING OUTCOMES

After studying this course, students will be able to:
CLO 1: Understand basic economic concepts and apply them.
CLO 2: Learn analytical tools economists use to examine economic problems.
CLO 3: Gain a thorough understanding of microeconomic theory and applications.
CLO 4: Understand several complex macroeconomic challenges facing countries around the world, such
as inflation, unemployment, low economic growth and budget deficits.
CLO 5: Understand various economic policy measures taken by governments and central banks to
stabilize the economy.
CLO 6: Appreciate the complex debates between different macroeconomic schools of thought over policy
responses to economic fluctuations.
CLO 7: Discuss their course project work through a class presentation.
CLO 8: Understand the real-world application of the course topics through interaction with industry
professionals.

GENERAL PEDAGOGY OF CLASS CONDUCT

1. Before class self-study.
2. In-class discussion and quizzes.
3. Case analysis/assignments for developing analytical skills, problem-solving and decision making.
4. Application of confidence-building measures through classroom exercises (presentations etc.)

CLO PLO FACULTY REMARKS

TOPIC
WEEK ON CLO/PLO

Week 1 TEN PRINCIPLES OF CLO 1, PLO1.1,

ECONOMICS CLO 2 PLO1.2,
THINKING LIKE AN PLO4.3
ECONOMIST

Week 2 INTERDEPENDENCE AND CLO 2, PLO1.1,

GAINS FROM TRADE CLO 3 PLO1.2,
PLO4.3,
PLO5.3
Week 3 SUPPLY AND DEMAND CLO2, PLO1.1,
CLO 3 PLO1.2,
PLO4.3,
PLO5.3,
PLO6.1

Week 4 ELASTICITY AND ITS CLO 2, PLO1.1,

APPLICATIONS CLO 3 PLO1.2,
PLO4.3,
PLO5.3
Week 5 DEMAND, SUPPLY & CLO2, PLO1.1,
GOVERNMENT POLICIES CLO 3 PLO1.2,
PLO4.3,
PLO5.3,
PLO6.1
Week 6 NATIONAL INCOME CLO 4, PLO1.1,
CLO 5, PLO1.2,
CLO 6 PLO4.3,
PLO5.3,
PLO6.1
Week 7 PRODUCTION & GROWTH CLO 4, PLO1.1,
CLO 5, PLO1.2,
CLO 6 PLO4.3,
PLO5.3
 Week 8 SAVING, INVESTMENT & THE CLO 4, PLO1.1,
FINANCIAL SYSTEM CLO 5, PLO1.2,
CLO 6 PLO4.3,
PLO5.3,
PLO6.1
Week 9 UNEMPLOYMENT CLO 4, PLO1.1,
CLO 5, PLO1.2,
CLO 6 PLO4.3,
PLO5.3,
PLO6.1
Week THE MONETARY SYSTEM CLO 4, PLO1.1,
10 MONEY GROWTH & INFLATION CLO 5, PLO1.2,
CLO 6 PLO4.3,
PLO5.3
Week OPEN ECONOMY CLO 4, PLO1.1,
11 MACROECONOMICS CLO 5, PLO1.2,
CLO 6 PLO4.3,
PLO5.3,
PLO6.1
Week AGGREGATE DEMAND AND CLO 4, PLO1.1,
12 AGGREGATE SUPPLY CLO 5, PLO1.2,
CLO 6 PLO4.3,
PLO5.3,
PLO6.1
Week MONETARY POLICY, FISCAL CLO 4, PLO1.1,
13 POLICY & AGGREGATE CLO 5, PLO1.2,
DEMAND CLO 6 PLO4.3,
PLO5.3,
PLO6.1
Week GUEST SPEAKER SESSION CLO 8 PLO5.2
14

Week PROJECT PRESENTATIONS CLO 7 PLO2.3,

15 PLO3.1,
PLO3.2,
PLO6.1

COURSE TEXTBOOK
Principles of Economics by N. Gregory Mankiw.

CASES STUDIES
Case studies will be given to students on a periodic basis to illustrate real-world applications of various
topics covered in this course.

GROUP PROJECT
Each project group should prepare a report analyzing a microeconomic, macroeconomic problem or a
government policy in Pakistan. The project must also be presented in class via a PowerPoint presentation.
MARKS DISTRIBUTION
ASSESSMENT
RUBRICS WEIGHTAGE
METHODS
Knowledge and for exam
1 Quizzes
preparation 5%
Developing analytical skills,
2 Assignments/case studies problem-solving approach and 10%
decision making.
Students’ confidence-building
Class participation and
3 measures and encouraging their 3-5%
others
participation
Must cover around 50% of the
course material. Testing through
4 Mid Term test 20-25%
Multiple choice 30 to 50% and
subjective 50 to 70%
Comprehensive. Full course
coverage. Multiple choice 30 to
5 Final exam 35-40%
50% and subjective 50 to 70%

Industry-based problem solving

and delivery in front of the
audience to enhance confidence
6 Project and presentation 15-25%
and communication of students
as well as understanding of real-
world issues.
Total 100%