Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 3
INTRODUCTION

1. An Overview
2. Basic Demand and Supply

PRODUCT MARKET

1. Theory of Consumer Behavior
2. Costs of Production and Economies of Scale
3. Theory of Production
4. Different Market Structures:
5. Perfect Competition, (ii) Monopoly, (iii) Monopolistic Competition, and (iv) Oligopoly

FACTOR MARKET

1. The Labor Market
2. Rent, Interest and Profit

RECOMMENDED READINGS

1. Paul A. Samuelson and D. N. William, Economics, 17th edition. Tokyo: McGraw Hill, 2001.
2. D. Begg, R. Dornbusch and Stanley Fischer, Economics, 8th edition. New York: McGraw Hill, 2005.
3. Stonier and Hague, A Textbook of Economics. London: Longman, 1964.

Additional Readings

1. A. Koutsoyannis, Modern Microeconomics, 2nd edition. London: Macmillan, 2003.
2. R. A. Bilas, Microeconomic Theory. McGraw Hill, 1972.
3. C. E. Fergoson and J. P. Gould, Microeconomic Theory. Richard D. Irwin, Homewood, Illinois, 1980.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 3

1. An Overview of Macroeconomics
2. Measuring National Output and Income
3. Fundamentals of Aggregate Supply and Demand
4. Consumption and Investment
5. Business Cycles and Unemployment
6. The Cost of Inflation
7. Inflation and Unemployment
8. Problems of Growth

RECOMMENDED READINGS

1. Paul A. Samuelson and D. N. William, Economics, 17th edition. Tokyo: McGraw Hill, 2001.
2. D. Begg, R. Dornbusch and Stanley Fischer, Economics, 8th edition. New York: McGraw Hill, 2005.
3. Sonier and Hague, A Textbook of Economics. London: Longman, 1964.

ADDITIONAL READINGS

1. R. Dornbusch and Stanley Fisher, Macroeconomics. New York: McGraw Hill, 1990.
2. W. Branson and Litvak, Macroeconomics. New York: Harper and Row, 1976.
3. F. Glahe, Macroeconomics: Theory and Policy, 2nd edition. New York: Harcourt Brace Javonovich, 1978.
4. R. T. Froyen, Macroeconomics: Theories and Policies, 3rd edition. New York: Macmillan, 1990.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 3
Introduction

The Nature and Use of Mathematics in Economic Models; Ingredients of a Mathematical Model; The Real Number System; Relations and Functions; Types of Functions; Levels of Generality

Equilibrium Analysis

1. The meaning of equilibrium partial market equilibrium linear and non-linear models.
2. General market equilibrium.
3. Equilibrium in national income analysis, supply and demand analysis, IS-LM analysis and production possibilities frontier.

The Fundamentals of Linear Models and Matrix Algebra
The Role of Linear Algebra; Definition of the Terms. Matrix; Vectors as Special Matrices; Identity Matrix; Null Matrix; Scalar Matrix; Diagonal Matrix; Idempotent Matrix; Symmetric Matrix; Transpose of a Matrix; Inverse of a Matrix; Singular Matrix; Commutative, Associative and Distributive Laws in Matrix Algebra; Multiplication of Matrices.

Matrix Inversion
Determinants-Definition and Properties; Use of Determinant in Matrix Inversion; Rank of a Matrix; Minors and Cofactors; Laplace Expansion and Higher Order Determinants; Cramer’s Rule.

Optimization Techniques
Use of derivatives in Economics; Rules of differentiation and their use in business and economics. Concept of optimization, Optimization of multivariable function and its use in economics, Constrained optimization and its application in economics.

Reference Books (Latest editions of these books)

1. Alpha C. Chiang and Kevin Wainwright (2005), Fundamental Methods of Mathematical Economics. McGraw Hill.
2. Edward T. Dowling (2001), Introduction to Mathematical Economics. Schaum’s Outline Series. McGraw Hill.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 3

Presentation of Data and Measures of Central Tendency
Introduction. Types of Averages. Mean: Arithmetic mean; Geometric mean; Harmonic mean; Trimmed mean and Winsorized mean. Quintiles: Median, Quartiles, Deciles, Percentiles. The Mode; Box plot and detailed box plot; Empirical relationship between Mean, Median and Mode.

Measures of Dispersion, Skewness and Kurtosis
Different measures of dispersion; The Range; Quartile deviation; Mean deviation. Variance and standard deviation: Computation of Variance and standard deviation; step deviation method or coding method; Coefficient of variation; Standardized variable; Properties of standard deviation and variance; Skewness: Karl Pearson’s coefficient of skewness, Bowley’s coefficient of skewness; Kurtosis.

Hypothesis Testing
One sample test of hypothesis; One Sample; One tail and two tails tests of significance; Testing for a population mean with a known population standard deviation: Two-tailed test, one-tailed test; P-Value in hypothesis testing; Testing for a population mean: Large sample, Population standard deviation unknown: Testing hypothesis about population proportion when sample size is large; Type II error. Testing of two Sample Hypothesis: Population means, Population proportions; comparing populations with small samples.

Reference Books (Latest editions of these books)

1. James T. McClave and P. George Benson (1998), Statistics for Business and Economics. Prentice-Hall, New Jersey.
2. Mason and Douglas A. Lind (2002), Statistical Techniques in Business and Economics. McGraw-Hill Irwin, Boston.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 3

1. Definition and Measurement of Development
2. General Overview of Development Theories and Their Applicability to Pakistan
3. Pakistan’s Development Experience in the Light of 5-year Plans
4. Agriculture
5. Manufacturing
6. Financial Sector
7. Trade and Balance of Payments
8.  Infrastructural Services
9. Education
10. Health
11. Energy
12. Communication
13. Transport

RECOMMENDED READINGS

1. S. M. Akhtar, Economic Development of Pakistan. Lahore: Publishers United, 1993.
2. Rashid Amjad and Viqar Ahmad, Management of Pakistan’s Economy. Oxford University Press, 1983.
3. Muhammad Aslam, Perspective on Development Planning in Pakistan. Lahore: Bilal Books, 1991.

ADDITIONAL READINGS

1. M. P. Todaro and C. S. Stephen, Economic Development, 11th edition. New York: Prentice Hall, 2011.
2. G. M. Meier and E. R. James, Leading Issues in Economic Development, 7th edition. New York: Oxford University Press, 2000.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 3

1. Introduction to Fiscal and Monetary Policies
2. Monetary Policy: Its Tools, Objectives, Effectiveness
3. Banking
4. Money and Capital Markets
5. Monetary Policy as Operative in Pakistan
6. Objectives and Tools of Fiscal Policy
7. Various Types of Taxes and Their Economic Implications
8. Budget as an Instrument of Fiscal Policy
9. Deficit Financing
10. Fiscal Policy of Pakistan Including Taxation Structure of Pakistan

RECOMMENDED READINGS

1. Aamir R. Hashmi, Monetary Theory and Public Policy, 2nd edition. Lahore: AHP International (Pvt.) Limited, 1997.
2. S. M. Akhtar, Economic Development of Pakistan. Lahore: Publishers United, 1993.
3. Rashid Amjad and Viqar Ahmad, Management of Pakistan’s Economy. Oxford University Press, 1983.
4. S. A. Meenai, Money and Banking in Pakistan. Karachi: Oxford University Press, 1984.
5. Due and Friedlander, Government Finance: Economics of the Public Sector, 6th edition. New York: Richard Irwin, 1997.

ADDITIONAL READINGS

1. Taxation Structure of Pakistan, 1991-92. Islamabad: Finance Division, Government of Pakistan, 1992.
2. FBR Yearbook.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 3

1. Overview of the Theories of International Trade
2. Commercial Policy
3. Commercial Policy of Pakistan
4. Exchange Rates and Balance of Payment
5. International Monetary System

RECOMMENDED READINGS

1. D. Salvatore, International Economics. John Wiley, 2007.

ADDITIONAL READINGS

1. B. Ingram, International Economics. Financial Times Management, 2003.
2. Philip King, Economics and International Economic Policy: A Reader, 3rd edition. McGraw Hill, 1999.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 3
Research Methodology

1. Meaning and definition; Types of research: its merits and demerits; Identification of problem/issue; Data theory and estimation and related problems.
2. Vision survey and communication techniques; Questionnaire; Experiment; Interviewing; Field Survey; Their types and procedures.
3. Data analysis; Data sources; Data research procedures; Evaluation of data (Primary and Secondary).

Applied Econometrics

1. Simple linear regression model; Assumptions, properties, estimation of coefficients and their interpretation.
2. Coefficient of determination (r2); Hypothesis testing and elasticities.
3. Multiple regression model; Estimation of coefficient and interpretation; RSS, ESS, TSS, R2 and their properties; Hypothesis testing; Individual variable significance test; Overall goodness of fit of the model; Elasticities and standardized regression coefficients.

Note: Compulsory TERM PAPER of 25 marks in lieu of sessional marks will be submitted by the students before the commencement of final examination.

Reference Books (Latest editions of these books)

1. Damodar N. Gujarati (2003), Basic Econometrics. McGraw-Hill, Boston.
2. Damodar N. Gujarati (2011), Econometrics by Example. Palgrave Macmillan.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 4

1. Introduction to microeconomics, products (goods) market and its forces of demand and supply market equilibrium and its shift: dynamic stability of market equilibrium and its conditions, applications in management.

2. Elasticities of demand and supply and their uses, relationship between price elasticity of demand and total revenue determinants of price elasticity of demand and other elasticity’s of demand. Application in managerial decision, making.

3. Market dis-equilibrium, support price, price ceiling and price floor.

4. Market failure, conditions of market failure, externalities, imperfect information and public goods.

5. Theory of consumer behaviour and demand. The direct and indirect utility functions, consumer equilibrium by utility and indifference curve approaches, necessary and sufficient conditions for utility maximization applications in managerial decision making.

6. Theory of cost: Costs of production. Explicit, implicit and opportunity costs, fixed vs. variable, costs average vs. marginal costs run vs., long term costs applications in managerial decision making.

7. Theory of firm behaviour and production firm and its objectives, equilibrium of the firm least cost and profit maximizing combinations of inputs, applications in managerial decision making.

8. Market structure: Monopoly and its equilibrium both in the short run and long run. Price discrimination and costs and benefits of monopoly.

9. Perfect competition: short run vs. long run equilibrium of a perfectly competitive firm industry equilibrium, comparison of monopoly and perfect competition in terms of welfare and allocation of resources, applications in managerial decision making.

10. Monopolistic market: imperfect competition and oligopoly, loss of efficiency cartels and price leadership models of oligopoly, application in managerial decision making.

11. Resource market: demand and supply of factors of production, demand for single and multiple variable inputs, concept of marginal revenue product and determination of equilibrium wage rate application in managerial decision making.

Reference Books

Robert S. Pindyck, Daniel L. Rubinfeld and Prem L. Mehta (2007), Microeconomics. Pearson Education.

John P. Gould and Edward P. Lazear (1996), Ferguson and Gould’s Microeconomic Theory. Richard D. Irwin, Inc.

A. Koutsoyiannis (2003), Modern Microeconomics. Macmillan Press Ltd.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 3

1. Introduction
What is statistics? Nature and subject matter. The role of statistics in managerial decision making. Descriptive vs. inferential statistics.

2. Graphical Descriptions of Data
Graphical methods for describing qualitative data (the bar charts and the pie charts). Graphical methods for describing quantitative data stem and leaf displays and histograms (Application in business and management). Classification into frequency distribution.

3. Numerical Descriptive Measures
Measures of central tendency; Mean, median and mode for grouped and ungrouped data; Various measures of dispersion; Quartile deviation; Mean deviation and standard deviation; Interpreting the standard deviation; Empirical rule and Chebyshev’s theorem; Measures of relative standing, percentiles and z-scores (application in business and economics).

4. Probability
Events sample space and probability; Compound events; Complementary events; Conditional probability; Probabilities of unions and intersections (application in business and economics).

5. Discrete and Continuous Random Variables
Two types of random variables. Probability distributions of discrete random variable. Expected values of discrete random variables. The binomial random variable. Continuous probability distribution. The normal distribution. (Application in business, economics and management)

6. Sampling
Sampling Distributions; Random Sampling; Introduction to Sampling Distributions; Properties of Sampling Distributions; Unbiasedness and minimum variance; The sampling distribution of the sample mean (application in business, economics and management).

7. Estimation
Large sample estimation of a population mean-small-sample estimation of population mean (Application).

8. Hypothesis Testing
Inferences based on a single sample test of hypothesis. The elements of a test of hypothesis large sample test of hypotheses about a population mean. Small sample test of hypotheses about a population mean. (Application in business, economics and management)

9. Inferences Based on Two Samples
Large sample inferences about the difference between two population means. Small sample inferences about the difference between two population means. Paired observations and inference making. (Application in business, economics and management)

10. Sample and Multiple Regression
Probabilistic models; Fitting the model; The method of least squares; Model assumption; Estimation of correlation; The coefficient of determination using the model for estimation and prediction; Simple linear regression, multiple regression analysis; the model and the procedure; Using the model for estimation and prediction (Application in business, economics and management).

Reference Books

James T. McClave and P. George Benson (1998), Statistics for Business and Economics. Prentice-Hall, New Jersey.

Louise Swift (1997), Mathematics and Statistics for Business Management and Finance. Macmillan, Houndmills.

Mason and Douglas A. Lind (2002), Statistical Techniques in Business and Economics. McGraw-Hill Irwin, Boston.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 3

Introduction
(a) The Nature of Mathematics for Business and Economics
(b) Use of Mathematics in Business Economic Models
(c) Ingredients of a Mathematical Model
(d) The Real Number System
(e) Relations and Functions
(f) Types of Functions
(g) Levels of Generality

Equilibrium Analysis
(a) The meaning of equilibrium partial market equilibrium linear and non linear models.
(b) General market equilibrium.
(c) Equilibrium in national income analysis, supply and demand analysis, IS-LM analysis and production possibilities frontier.

The Fundamentals of Linear Models and Matrix Algebra
The Role of Linear Algebra definition of the Terms.
Matrix; Vectors as Special Matrices; Identity Matrix; Null Matrix; Scalar Matrix; Diagonal Matrix; Idempotent Matrix; Symmetric Matrix; Transpose of a Matrix; Inverse of a Matrix; Singular Matrix; Commutative, Associative and Distributive Laws in Matrix Algebra; Multiplication of Matrices.

Matrix Inversion
Determinants-Definition and Properties; Use of Determinant in Matrix Inversion; Rank of a Matrix; Minors and Cofactors; Laplace Expansion and Higher Order Determinants; Cramer’s Rule.

Optimization Techniques
Use of derivatives in Economics
Rules of differentiation and their use in business and economics. Concept of optimization, Optimization of multivariable function and its use in economics, Constrained optimization and its application in economics.

Reference Books

Alpha C. Chiang and Kevin Wainwright (2005), Fundamental Methods of Mathematical Economics. Boston: McGraw Hill.

Edward T. Dowling (2001), Introduction to Mathematical Economics. Schaum’s Outline Series, New York: McGraw Hill.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 3

1. Introduction to management; Line managers, Middle managers, Top managers; Efficiency; Effectiveness; Management functions; Management roles.

2. Management skills; Change in the job of managers; Traditional organization; Learning organization; Purpose of studying management; Rewards and challenges of manager.

3. Historical background of management; Management theories; Scientific management; General administrative theory.
4. Quantitative approach; Organizational behaviour approach; Systems approach; Contingency approach; Current trends and issues; Manager as omnipotent or symbolic.

5. Organizational culture and sources of it; Employees learning about culture, Current issues about culture; Decision making process.

6. Manager as decision maker; Rational, Bounded rational and intuitive decisions; Types of problems and decisions.

7. Decision making conditions; Styles; Biases and errors, Today’s effect for decision-making.

8. Managers plan; purpose and performance; Types of goals; Types of plans; Establishing goals; Well-designed goals characteristics.

9. Goals setting process; Development of plans; Issues in planning; Effective planning in dynamic environments.

10. Strategic management and its importance, Strategic management process; Types of strategies.

11. Corporate strategy; Business strategy.

12. Functional strategy; Today’s effect on strategic management; Motivation.

13. Different theories of motivation; Maslow’s Theory; McGregor’s Theory of X n’ Y.

14. Herzberg’s Theory; Contemporary Theories; Current issue in motivation.

Reference Books

Stephen P. Robbins, Mary K. Coulter, David A. DeCenzo, Fundamentals of Management. Global Edition.

Stephen P. Robbins and Marry Coulter, Principles of Management.
Luis R. Gomes-Mejia and David Balkin, Management.

Annie McKee, Management: A Focus Leaders.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 3

1. What is Accounting? Financial Statements, their Use and Forms of Business Organization.

2. Record Changes in Financial Position, Ledger, Journal Trial Balance, the Accounting Cycle.

3. Measuring Business Income, Closing the Accounts, Adjusting Entries, Worksheet.

4. Temporary and Permanent Accounts, Closing Entries, Reversing Entries, Ends of Accounting Cycle.

5. The Control of Cash Transactions, Bank Checking Accounts.
6. Inventories and their Valuation.

7. Plant and Equipment, Depreciation, Intangible Assets, Disposal of Plant and Equipment.

8. Partnerships.

9. Corporations, Organization, Stockholders’ Equity, Operations, Earnings Per Share and Dividends.

10. Bonds Payable, Leases. Measuring Cash Flows, Statements of Cash Flows, Preparing a Statement of Cash Flows.

Reference Books

Williams, Haka, Bettner, Carcello, Financial Accounting. McGraw Hill International Edition.

Wild, Larson, Chiappetta, Fundamental Accounting Principles. McGraw Hill International Edition.

Meigs and Meigs, Accounting: The Basis for Business Decisions.

Simons and Karrenbrock, Intermediate Accounting.

Niswonger and Fass, Accounting Principles.

Anthony and Reeca, Accounting Principles.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 4

Part I: Fundamentals of Macroeconomics

1. Measuring Economic Performance
Output, income, spending, money, interest, prices, saving and investment. Measuring GNP/GDP through production, income and spending.

2. Monitoring the Economy
Inflation and employment, Measuring inflation (price indexes, deflators), Measuring employment, unemployment and wages. (Okun’s Law, hour’s per week productivity).

3. Spending Balance
Consumption and income: income identity, consumption function, graphs, slopes and intercepts, algebra and coefficients. Does a tax cut pay for a relief? How spending balance is maintained, the multipliers Spending balance with foreign trade: exports and imports, The decline of the multiplier.

4. Financial Markets and Aggregate Demand
Investment and the interest rate: investment demand function, portfolio investment and Macro investment Next exports and interest rate. The demand for money and money supply. The IS-LM model: algebra, slopes, derivation of IS and LM curve: Monetary Policy, Fiscal Policy, the relative effectiveness, IS-LM in the business.

5. The Aggregate Demand-aggregate Supply Model
Aggregate supply and price adjustment, Aggregate supply: labour, capital, technology and potential GNP. Price stickiness and the determination of output in the short price adjustment, relative price setting and imperfect information, what determines expected inflation? Combining aggregate demand and price adjustment expanded models, graphs, algebraic derivation.

6. Macroeconomic Policy
Shocks and disturbances to the economy: (Shocks to aggregate demand, and price level, e.g. oil price shocks). Macroeconomic policy as a rule.

Part II: The Micro Foundations of Aggregate Demand

7. The Foreign Trade balance and the Exchange Rate
Economic policy in an open economy: algebraic derivation of the open economy IS curve, effects of MP and FP, the budget deficit and the trade deficit, The exchange rate and the price level. Macroeconomic effects of protectionism.

8. Government Budget Deficit and Aggregate Demand
Federal, state and local government budget. Fluctuations in the deficit, purchases, transfers and taxes. The monetary system: The demand for money, currency and checking deposits. Velocity and money demand.

Part III: The Micro Foundations of Aggregate Supply and Price Adjustment

9. Aggregate Supply and Economic Growth
Labour and capital markets, employment with flexible wages and prices: Policies to stimulate growth Long run output growth and inflation

10.New Classical Theory
Real business cycle theories. Imperfect information (Lucas Supply Curve), The theory of wage and price rigidities. Wage determination, Price determination, Policy implications: disinflation and the Real Effects of monetary policy

Reference Books

Robert E. Hall and John B. Taylor (1997), Macroeconomics. New York: W. W. Norton & Co.

N. Gregory Mankiw (2005), Macroeconomics. New York: Worth Publishers.

Rudiger Dornbusch, Philip Bodman, Mark Crosby, Stanley Fischer and Richard Startz (2005), Macroeconomics. Boston: McGraw Hill.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 3

1. Introduction of Marketing

2. Strategic Planning and the Marketing Process

3. The Marketing Environment

4. Consumer Behaviour and Factors Affecting it

5. Types of Buying Decision Behaviour Buyer Decision Process for Consumers

6. Business Markets, Business Buyer Behaviour

7. Measuring and Forecasting Demand (Current Demand and Future Demand)

8. Market Segmentation, Market Targeting, Market Position

9. Product Classifications, Individual Product Decisions, Product Line Decisions

10. New Product Development Strategy and Product Life Cycle Strategy

11. Product Pricing Strategies

12. Placing Products: Distribution Channels, Relating, Wholesaling, their Types

13. Promotion of Products: Advertising, Sales Promotion, Public Relations, Personal Selling

14. Building Customer Satisfaction through Quality, Service and Value

15. Competitor Analysis and Competitive Marketing Strategies

Reference Books

Philip Kotler and Gray Armstrong (2004), Principles of Marketing. Pearson Education Asia, New Delhi.

W. Stanton, Walker, Fundamentals of Marketing.

McGarthy and Perreault, Basic Marketing.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 3

1. Computer and Information Processing
What is a Computer System? Binary System; The Central Processing Unit and Primary Storage; Secondary Storage.

2. Information System Software
What is Software? System Software; Application Software.

3. Managing Data Resources
Organizing Data in a Traditional File Environment; A Modern Database Environment; Designing Databases

4.Telecommunications
The Telecommunications Revolution; Components and Functions of a Telecommunication system; Types of Telecommunications Networks; EDI (Electronic Data Interchange)

5. The Internet and Enterprise Networking
Enterprise Networking; The Internet; Connectivity, Standards and Intranets; Electronic Commerce: A Tale of Two Companies (Group Case Study)

6. The Strategic Role of Information Systems
Key Systems Applications in the Organization; Information as a Strategic Resource; How Information Systems can be uses for Competitive Advantage

7. Foundation of Electronic Commerce
Business Information Systems; Human Resource Information Systems; Accounting Information Systems; Business to Consumer Commerce; Customer Value and the Internet; Business-to-Business Commerce; Online Transaction Processing; Amazon.com; Success and Expansion in Electronic Commerce (Group Case Study)

8. System Success and Failure: Implementation
Information System Failure
Causes of Information systems Success and Failure

9. Enhancing Management Decision Making
Decision-Support Systems (DSS)
Executive Support Systems (ESS)

Reference Books

Kenneth C. Laudon and Jane P. Laudon (2000), Management Information Systems: New Approaches to Organization and Technology. Prentice-Hall, New Jersey.

James A. OB, Introduction to Information Systems: Essentials for the Internet Worked Enterprise.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 3

1. The Firm and the Financial Manager

2. The Financial Environment

3. Accounting and Finance

4. The Time Value of Money

5. Valuing Bonds

6. Valuing Stocks

7. NPV and Other Investment Criteria

8. Using DCF Analysis to Make Investment Decisions

9. Intro to Risk, Return, and the Opportunity Cost of Capital

10. Risk, Return and Capital Budgeting

11. Cost of Capital

12. An Overview of Corporate Financing

13. How Corporations Issue Securities

14. The Capital Structure Decision

15. Dividend Policy

16. Financial Statement Analysis

17. Financial Planning

18. Working Capital Management and Short-term Planning

19. Cash and Inventory Management

20. Credit Management and Collection

Reference Books

Brigham, Gapenski and Ehrhardt, Financial Management: Theory and Practice.
Lawrence J. Gitman, Principles of Managerial Finance. Pearson Edition.
James C. Van Horne, Sanjay Dhamija, Financial Management and Policy. Pearson Edition.

Eugene F. Brigham, Micheal C. Ehrhardt, Financial Management Theory and Practice.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 3

Introduction
The concept of entrepreneurship; The economist view of entrepreneurship; the sociologist view; Behavioural approach; Entrepreneurship and Management

The Practice of Entrepreneurship
The process of entrepreneurship, Entrepreneurial Management, The entrepreneurial business, Entrepreneurship in service institutions, the new venture

Entrepreneurship and Innovation
The innovation concepts, Importance of entrepreneurship, Sources of innovative opportunities, The innovation process, Risks involved in innovation

Developing Entrepreneur
Entrepreneurial profile, Trait approach to understanding entrepreneurship, Factors influencing entrepreneurship, The environment, Socio-cultural factors, Support systems

Entrepreneurship Organization
Team work, Networking organization, Motivation and compensation, Value system

Entrepreneurship and SMES
Defining SMEs, Scope of SMEs, Entrepreneurial, managers of SME, Financial and marketing problems of SMEs

Entrepreneurial Marketing
Framework for developing entrepreneurial marketing, Devising entrepreneurial marketing plan, Entrepreneurial marketing strategies, Product quality and design

Entrepreneurship and Economic Development
Role of entrepreneur in the economic development generation of services, Employment creation and training, Ideas, knowledge and skill development, The Japanese experience
Case Studies of Successful Entrepreneurs

Reference Books

Paul Burns and Jim Dew Hurst, Small Business and Entrepreneurship.

P. N. Singh, Entrepreneurship for Economic Growth.

Peter F. Drucker, Innovation and Entrepreneurship.

John B. Miner, Entrepreneurial Success.

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Term/ Semester/ Year # : Semester III
Credit Hour / Marks : 3

Introduction to Managerial Economics
Nature and Scope of Managerial Economics; How is managerial economics useful? Significance of Theory of the Firm; Business vs. Economic Profit; Theories of Profit

Optimization
The Definition of Firm and Industry; Supply and Demand Analysis; Market Equilibrium and its Application; Constraint and Unconstraint Optimization; Introduction to Indifference Curves, Budget Constraint and Consumer Equilibrium; Elasticity of Demand and its Managerial Application

Empirical Demand Functions
Interview and Experimental Methods; Direct Methods of Demand Estimation; Demand Estimation by Regression Analysis with its Application; Demand Forecasting; Quantitative Forecasting; Time Series Analysis; Smoothing Techniques; Single Equation Models and their Relevant Application

Production Theory and Estimation
Production Function with One Variable Input; Production Function with Two Variable Inputs; Optimal Combination of Inputs; Return to Scale, Return to Factor and its Managerial Application; Technology and International Competitiveness

Cost Theory and Estimation
Introduction to Short-Run and Long-Run Cost Curves; Estimating Cost Function and its Application; Cost Elasticity and Economies of Scale; Multi-Plant Economies and Diseconomies of Scale; Learning Curves and Cost Volume Profit Analysis

Market Structure
Competitive Market Efficiency (Perfect Competition); Monopoly; Monopolistic Competition; Oligopoly Models and their Application; Kinked Demand Curve Model; Price Leadership; The Sales Maximization Model and its Practical Relevance

Pricing of Goods and Services
Pricing of Multiple Products; Price Discrimination and its Degrees with Practical Application; Cost Plus Pricing with its Practical Importance

Long-Term Investment Decisions
Risk Analysis; Capital Budgeting; Government in Market Economy

Reference Books

Mark Hirschey (2006), Managerial Economics. Thomson South-Western.
Dominick Salvatore (1993), Managerial Economics in a Global Economy. New York: McGraw-Hill.

W. Chris Lewis and H. Criag Petersen (2002), Managerial Economics. Prentice-Hall, New Delhi.

Evan J. Douglas and Scott Callan (1992), Managerial Economics: Analysis and Strategy. Prentice Hall, New Jersey.

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Term/ Semester/ Year # : Semester III
Credit Hour / Marks : 3

Absolute and Comparative Advantage
1. Introduction
2. The Mercantilist View on Trade
3. Law of Absolute Advantage
4. Law of Comparative Advantage
5. Comparative Advantage and Opportunity Costs
6. The Basis for and Gains from International Trade

The Standard Theory of International Trade
The Production Frontier with Increasing Costs; Community Indifference Curves; Equilibrium in Isolation; The Basis for and Gains from Trade with Increasing Costs; Trade Based on Differences in Tastes

Demand and Supply, Offer Curves, and the Terms of Trade
The Equilibrium-Relative Commodity Price with Trade-Partial Equilibrium Analysis; Offer Curves; The Equilibrium-Relative Commodity Price with Trade-General Equilibrium Analysis; The Terms of Trade

Factor Endowments and the Heckscher Ohlin Theory
Assumptions of the Theory; Factor Intensity, Factor Abundance, and the Shape of the Production Frontier; Factor Endowment and the Heckscher Ohlin Theory; Empirical Tests of Heckscher Ohlin Theory

International Trade Policy-Tariffs
Partial Equilibrium Analysis of a Tariff ; The Theory of Tariff Structure; General Equilibrium Analysis of a Tariff in a Small Country; General Equilibrium Analysis of a Tariff in a Large Country; The Optimum Tariff

International Trade Policy: Non-Tariff Trade Barriers
Import Quotas; Other Non Tariff Barriers and the New Protectionism

Balance of Payments of Pakistan
A Brief Review of BOP of Pakistan; Causes of Deficit in BOP of Pakistan and Remedial Measures to Correct it

Exchange Rate Determination
Purchasing Power Parity Theory; Monetary Approach to the Balance of Payments and Exchange Rates; Asset Market Model and Exchange Rates; Exchange Rate Dynamics

International Monetary System: Past, Present and Future
The Gold Standard and the Interwar Experience; The Breton Woods System; Operation and Evolution of the Bretoon Woods System; Collapse of the Bretton Woods System; International Monetary System: Present and Future

Reference Books

Dominick Salvatore (1990), Theory and Problems of International Economics. Schaum’s Outline Series. New York: McGraw Hill.

Steven Husted and Michael Melvin, International Economics. William A. Kerr and Nicholas Perdikis, The Economics of International Business.

Marc Williams (1994), International Economic Organizations and the Third World. Harrester, New Jersey.

Khawaja Amjad Saeed, Management of Pakistan Economy. Government of Pakistan, Pakistan Economic Survey. Finance Division, Islamabad.

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Term/ Semester/ Year # : Semester III
Credit Hour / Marks : 3

Research Methodology: An Introduction
Meanings of research, Objectives of research, Types of research, Research approaches, Research methods versus methodology, Research and scientific methods, Research process.

Defining the Research Problem
Definition of research problem, selecting the problem, Techniques involved in defining a problem

Research Design
Meaning of research design, Need for research design, Features of a good research design, important concepts related to research design, different research designs, Basic principles of experimental designs

Sampling Designs
Census and sample surveys, Implication of a sample design, Steps in sampling design, Criteria of selecting a sampling procedure, Characteristics of a good sampling design, Different types of sampling designs, Random sampling, complex random sampling designs

Methods of Data Collection
Methods of collecting primary and secondary data, Selection of appropriate methods for data collection

Processing and Analysis of Data
Processing operations, elements/types of analysis, Measures of central tendency, dispersion, symmetry, Simple, multiple and partial correlation, Simple and multiple regression analysis, Association in case of attributes.

Parametric Test of Hypothesis
Basic concepts and procedure for hypothesis testing, power of a test, Test of hypothesis about mean, difference between means, proportions, difference between proportions, variance, equality of variances, and Correlation coefficient, Limitations of test of hypothesis

Interpretation and Report Writing
Meaning, and need of report writing, Techniques, precautions and significance of report writing, Steps in writing report, Layout of research reports types of reports, Oral presentation, Mechanics of writing a research report, Precautions for writing research reports

Reference Books

C. R. Kothari (2008), Research Methodology: Methods and Techniques. Newage International Publishers, New Delhi.

Ume Sekaran (2006), Research Methods for Business: A Skill Building Approach. John Wiley & Sons Inc, Singapore.

M. Saunders (2005), Research Methods for Business Studies. Pearson Education, Singapore.

D. R. Monette et al. (1998), Applied Social Research. Harcourt College Publisher, New York.

G. L. Johnson (1986), Research Methods for Economics. MacMillan Company, New York.

W. L. Neuman (1997), Social Research Methods. Allyn and Bacon, Inc., Boston.

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Term/ Semester/ Year # : Semester III
Credit Hour / Marks : 3

The aim of this course is to equip the students with the skills required to undertake independent applied research using modern econometric methods. The course begins with revision of some of the fundamental concepts and aims to extend students’ understanding of the subject to an advanced level as each part progresses. The course attempts to provide a balance between theory and applied research.

1. Introduction
Brief introduction to course; Why study econometrics? What is an econometric model? Methodology of econometric model; Terminology and notation; The nature and sources of data.

2. The Classical Linear Regression Model
Two Variable Regression Analysis: Some Basic Ideas
• A Hypothetical Example
• Concept of Population Regression Function
• The Meaning of the Term “Linear”
• Stochastic Specification of PRF
•The Significance of the Stochastic Disturbance Term
•The Sample Regression Function
Two Variable Regression Analysis: The Problem of Estimation
• The method of ordinary least squares
• Assumption underlying the Method of Least Squares
• Precision of Least Square Estimates
• The properties of the least squares estimates of an econometric model
• The Coefficient of Determination r2: A Measure of Goodness of Fit
• Numerical Examples and interpretation of the results
Interval estimation and hypothesis testing
• Interval Estimation
• Confidence Interval for Regression Coefficient
• Hypothesis Testing
Multiple Regression Analysis: The Problem of Estimation
• The econometric model with more than one independent variable
• Interpretation of the Multiple Regression equation
• Ordinary least squares estimation of the Partial regression coefficients
• The Multiple Coefficient of Determination R2
• R2 and Adjusted R2
• Examples and interpretation of the Results
Multiple Regression Analysis: The Problem of Inferences
• Hypothesis testing in Multiple Regression
• Hypothesis testing about individual Partial regression coefficient
• Testing the Overall Significance of the Sample regression
• Testing the equality of two regression Coefficients
• Comparing the Two Regression

3. Violations of Assumptions of the CLRM
• Multicolinearity
• Autocorrelation
• Heteroscedasticity

4. Computer Application

Reference Books

Damodar N. Gujarati (2003), Basic Econometrics. McGraw-Hill, Boston.

Damodar N. Gujarati (2011), Econometrics by Example. Palgrave Macmillan.

W. Enders (2004), Applied Econometric Time Series. Wiley
Badi H. Baltagi, Econometric Analysis of Panel Data.

James H. Stock and Mark W. Watson, Introduction to Econometrics.

J. M. Wooldridge (2009), Introductory Econometrics: A Modern Approach. Thomson South-Western.

Richard Harris, Cointegration Analysis in Econometric Modeling.
G. S. Madalla, Introduction to Econometrics.

Robert S. Pindyck and Danial L. Rubinfild (1991), Econometric Models and Economic Forecasts. McGraw Hill, New Delhi.

A. Koutsoyiannis (1993), Theory of Econometrics. Macmillan Press, Houndmills.

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Term/ Semester/ Year # : Semester III
Credit Hour / Marks : 3

1. Introduction

2. Investments: Background and Issues

3. Global Financial Instruments

4. How securities are traded?

5. Mutual Funds

6. Risk and Return

7. Diversification

8. Capital Asset Pricing

9. Efficient Market Hypothesis

10. Bond Prices and Yields

11. Bond Portfolios

12. Macroeconomic and Industry Analysis

13. Equity Valuation

14. Financial Statement Analysis

15. Investment Process

16. Taxes and Inflation

17. Behavioural Financial and Technical Analysis

18. Performance Evaluation

19. International Diversification

20. Active Portfolio Management

Reference Books

Bodie, Kane and Marcus, Investments.

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Term/ Semester/ Year # : Semester-IV
Credit Hour / Marks : 3

1. Finance and the Financial Manager

2. Present Value and the Opportunity Cost of Capital

3. How to calculate present values?

4. The Value of Common Stocks

5. Why NPV leads to better investment decisions than other criteria?

6. Making Investment Decisions with the NPV Rule

7. Introduction to Risk, Return and the Opportunity Cost of Capital

8. Risk and Return

9. Capital Budgeting and Risk

10. A Project is Not a Black Box

11. Where positive net present value comes from?

12. Making Sure Managers Maximize NPV

13. Corporate Financing and the Six Lessons of Market Efficiency

14. An Overview of Corporate Financing

15. How corporations issue securities?

16. The Dividend Controversy

17. Does Debt Policy Matter

18. How much should a firm borrow?

19. Financing and Valuation

20. Financial Analysis and Planning

21. Short Term Financing Planning

22. Cash Management

Reference Books

Richard A. Brealey and Stewart C. Meyers, Principles of Corporate Finance.
Ogden, Jen and O’Conner, Advance Corporate Finance.

Eugene F. Brigham and Louis C. Gapenski (2004), Intermediate Financial Management. Thomson Learning, Bangalore.

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Term/ Semester/ Year # : Semester-IV
Credit Hour / Marks : 4

All the students will have to conduct a research project under the supervision of a faculty member assigned by the Programme Coordinator and will submit the project report. This topic may be relevant to some Economic or Business area. The supervisor will also course instructor for this course and will mark the project report after conducting the interview of the student about the project report.

Reference Books

The reading material for this course may be based on books, theses or research articles. The student may collect the required material on his own or request his supervisor about the same.

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Term/ Semester/ Year # : Semester-IV
Credit Hour / Marks : 3

What is a Project? What is Project Management? Project Life Cycle and Organization; The Project Life Cycle; Project Stakeholders; Organizational Influences
The Standard for Project Management of a Project; Project Management Processes for a Project; Project Management Processes; Project Management Process Groups; Process Interactions; Project Management Process Mapping
The Project Management Knowledge Areas
Introduction; Process Flow Diagrams; Major Project Documents; Project Integration Management
Develop Project Charter; Develop Preliminary Project Scope Statement; Develop Project Management Plan
Direct and Manage Project Execution
Monitor and Control Project Work
Integrated Change Control
Close Project
Project Scope Management; Scope Planning; Scope Definition; Create WBS; Scope Verification; Scope Control
Project Time Management
Activity Definition; Activity Sequencing; Activity Resource Estimating; Activity Duration Estimating
Schedule Development; Schedule Control
Project Cost Management
Cost Estimating; Cost Budgeting; Cost Control
Project Quality Management
Quality Planning; Perform Quality Assurance; Perform Quality Control
Project Human Resource Management
Human Resource Planning
Acquire Project Team; Develop Project Team; Manage Project Team
Project Communications Management
Communications Planning; Information Distribution; Performance Reporting
Manage Stakeholders
Project Risk Management
Risk Management Planning; Risk Identification; Qualitative Risk Analysis; Quantitative Risk Analysis; Risk Response Planning; Risk Monitoring and Control
Project Procurement Management
Plan Purchases and Acquisitions; Plan Contracting
Request Seller Responses; Select Sellers
Contract Administration; Contract Closure

Reference Books

John C. Goodpasture, Project Management: The Agile Way Making it Work in the Enterprise.

Diane Altwies and Frank Reynolds, Project/Programme Management and Business Analysis.

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Term/ Semester/ Year # : Semester-IV
Credit Hour / Marks : 3

Mercantile Law
• Law of Contract
•   Contract and its Kinds
•   Offer and Acceptance
•   Consideration and Object
•   Free Consent
•   Void and Discharge of Contract
• Law of Sale of Goods
•   Contract of Sales
•   Conditions and Warranties
•   Transfer of Property
• Law of Negotiable Instruments
•   Negotiable Instruments
•   Parties n’ Negotiation of Negotiable Instruments
• Law of Labour
•   Industrial Relations
•   Industrial and Commercial Employment
•   Wages and Compensation

Taxation Law
• Definitions • Exemptions • Income from Salary • Income from Property • Capital Gain • Income from Other Sources • Assessment Procedure • Set Off and Carry Forward of Losses • Penalties and Prosecutions • Income Tax Authorities • Appeals • Capital and Revenue

Reference Books

—–

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Optional Course
Credit Hour / Marks : 3

1. Importance of Labour Economics
Introduction: Industrialization and Emergence of Labour Economics. Tools to Analyze Labour Markets and Conditions. Overview of Labour Issues in Developing and Developed World.

2. Labour Markets Analysis: Demand for Labour
Labour Market Indicators, Demand for Labour, Decision Making and Labour Hiring. Labour Migration: Reasons and Impacts. Demand for Labour by Firms, Short-Run and Long-Run Demand for Labour, Industry and Market Demand.

3. Labour Market: Supply of Labour and Wages
Determinants of Labour Supply. Concepts of Human Capital, Human Capital, Productivity and Wages. The Determinants, Labour Force Participation. Supply of Labour and Household Productions. Labour – Skill, Training and Productivity. The Dual Labour Market Theory. Labour Unions and Wages. Supply and Demand for Labour and Wage Determination. Backward bending Supply Curve of Labour.

4. Wages, Unemployment and Inflation
Determinants of Wages, Market Determination of Wages and Marginal Productivity, High Wages and Involuntary Unemployment. Stagflation and Unemployment, Structural Adjustment and Wages. Major Sources of Unemployment, Wages and Phillip Curve. Wage Rigidity, Labour Unions and Unemployment. Unemployment and Social Protection.

5. Labour Market Discrimination
Discrimination in Labour Market: Gender, Race and Ethnicity. Efficiency Wage Theories and Coordination Failure.

6. Labour Market Information System
Labour Market Information System and Efficiency, Labour Statistics and Labour Policy. Human Welfare and Labour Policy, Minimum Wages, Rationale and Impacts.

7. Theories of Labour Movements
The Marxist, The Wells, Selling and Pearlman’s contributions. Trade Unions in Pakistan, Labour Legislation in Pakistan. Impacts of Labour Union. Labour Policies in Pakistan: Critical Evaluation.

8.Child Labour
Definition and extent of child labour. Child labour; moral aspects. Child labour an international issue: Extent of Child labour in developing countries. Child labour in Pakistan. Policies to combat child labour. Child labour and international trade issue.

Reference Books

Comith Stephen (2003), Labour Economics. Routledge Publishers.
Bruce, Kaufman; E. Kaufman, Julie L; Hotchkiss (2002), Economics of Labour Markets. Thomson Publisher.

Current Issues in Labour Economics (1989), Palgrave Mcmillan.
Reynolds, Labour Economics and Labour Relations.

Ashenfelter Orley and P. R. G. Layard (1986), Handbook of Labour Economics. Elsevier Science Pub. & Co.

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Optional Course
Credit Hour / Marks : 3

Part A.

1. Scope and New Developments
Definitions: Economic Development and Growth, Identification of Development variables. Scope and Significance of Development Economics. Characteristics of LDC’s. Measurement of Economic Development and Growth. Per Capita Income approach, Quality of Life Index / HDI etc. Historical overview of world development and emerging major issues pertaining to Less Developed Countries (LDC’s). Why the whole world is not developed?

2. Major Theories of Development
Classical and Neo-classical Theories, Adam Smith and Competitive Capitalism, Vicious Circle of Poverty, Stages of Economic Growth, Balanced and Unbalanced Growth, Big Push Theory. Dependency Theory, Structuralist’s View Point. Endogenous Growth Theory: New growth Theory. Income Convergence/ Divergence, New Growth Theory. Market Friendly Approach.

3. Agriculture and Industry
Agriculture vs. Industry: Development Debate. Lewis’ Model of surplus Labour. Rains’ Fei Model and its critical review. Transforming Agriculture, Underemployment problem. Role of Agriculture: Market for Industrial Output, Provision of Input, food, Complementarity, productivity growth. Terms of Trade Issue and Subsidies, etc. and Competitiveness. Land Holdings, Green Revolution and it’s Performance. Need for Industrialization. Industrialization and its financing mechanism. Problem of Sectoral Dualism. Why Green Revolution? The Spread of Green Revolution in Pakistan and its Status / Contributions.

4. Population, Education and Human Capital
Demographic Transition, Human Resources as a source of growth and their contributions. Investment in education and returns. Models of Employment and Unemployment: Time Criterion, Productivity Criterion and New Index etc., and Employment generation Strategies/Techniques.

Part B. International Development Issues and Debates

5. International Debt, Aid / Assistance
Why international borrowing? Two Gap Model, Aid commitments and disbursement. Sources of borrowing. Debt Cycle Theory/Stages. Debt Burden: Debt Servicing, Debt laffer Curve, Debt buy back etc., Latin American Debt Crises, ASEAN Crises, Debt Problem of LDC’s and South Asia, Debt Overhang and threat to growth. Policies to combat debt problem: Forecasting debt and solution for debt burden, saving mobilization/Domestic resource mobilization, Debt rescheduling etc. Debt Modeling and Forecasting Future Implication.

6. WTO, Liberalization and International Trade
Trade vs. Aid. Liberalization of Trade and its impacts/gains etc., Foreign Exchange Constraints and Balance of Payment deficit. Role of GATT and its Failure. WTO and LDC’s. Trade Instability, Distribution of gains from Trade liberalization. Regional Trade Associations (RTA’s): their role and contributions. Basis for trade and benefits: Gains from Trade: Static and Dynamic Gains. Comparative Advantage, Revealed Comparative Advantage and Competitiveness. Trade as an engine of growth. Product Cycle. Determinants of exports growth. Transfer of Technology: Sources and Need. Technology Centered Development and Appropriate technology issue.

7. Transnational Corporations (TNC’S), FDI and Development
Transnational Corporations (TNC’s): Objectives, Role and Contributions, Long term cost of TNC’s. Transfer of Technology: Ways and Means. Global integrated production system: TNC’s and Globalization, Foreign Direct Investment (FDI) and Its Determinants/Role. Foreign Direct Investment (FDI) and TNC’s. Flow of FDI and its contributions.

8. Poverty and Income Distribution
Definitions and Measurement of Poverty/Poverty Line. Poverty concepts/definitions. Absolute Poverty, Relative Poverty, Income approach, Expenditure approach, Basic needs approach, Poverty of Opportunities Index (POPI) and Calorie-based approach etc. Poverty Indicators. Poverty by socio-economic groups. Sources, impacts and policies to combat poverty. Strategies and tools to combat poverty. Growth and Income Inequality in the world. Empirical evidences on poverty. Redistribution with growth. How to combat income inequality. Basic Needs, Social Action Programmes and Poverty alleviation.

9. Environment and Development
Model of Environment and Economic Activity. Market Based Approach and Externalities. Deforestation and Renewable Resources, Measuring environment values. Deforestation and Macroeconomic Environment. Industrialization and its environmental cost, Use of Pesticides and Environmental Impacts. Natural resources degradation. Cost of Pollutions/Environmental degradation. International awareness about environment, production and need for Reforms. Economic thoughts and Environment. International Agencies: Environmental concerns and programmes. Urbanization and environmental issues. Sustained development, Ecology and economic progress.

10. Growth Models
Harrod-Domer Model, Technical Change and growth Model, Kaldor’s Model of Distribution, Joan Robinson’s Model of capital accumulation, Model of Steady State Growth. Saving-Investment and Golden Rules.

Reference Books

V. Balasubramanyam and S. Lall (1992), Current Issues in Development Economics. McMillan, London.

Muhammad Aslam Chaudhary and A. K. Hamid (1999), Human Resource Development and Management in Pakistan. Ferozsons, Lahore.

J. R. Behrman and T. N. Srinivasan (1995), Handbook of Development Economics. Elsevier Science, New York.

J. M. Cypher and James L. Dietz (2009), The Process of Economic Development. Routledge, New York.

Subarta Ghatak (2003), Introduction to Development Economics. Routledge, Taylor and Francis Group, London/New York.

B. Herrick and Charles H. Kindleberger (1993), Economic Development. McMillan, New York.

Albert O. Hirschman (1960), The Strategy of Economic Development. London: University of California Press.

H. G. Jones, An Introduction to Modern Theories of Economic Growth. McGraw Hills.

Mahboob-ul-Haq Center for Human Development (MHCHD), Human Development in South Asia. Annual Reports, Islamabad.

MHCHD (1999), A Profile of Poverty in Pakistan (in Collaboration with UNDP).

Gerald M. Meier, Leading Issues in Economic Development. Oxford University Press.

A. P. Thirlwall (2006), Growth and Development with Special Reference to Developing Economies. New York: Palgrave Publishers.

S. C. Smith and Michael P. Todaro (2004), Economic Development. Pearson Education Asia, New Delhi.

UNDP, Human Development Reports, Annual Reports.

Van Den Berg H. (2005), Economic Growth and Development. McGraw-Hill, Boston.

Easterly William, Growth without Development: A Case Study of Pakistan. World Bank.

World Bank, World Development Reports, Annual reports, 1986, 1987, 1990, 1991, 1992, 1994, 1995, 1998/99, 2000/2001 and 2004.

Pan A. Yotopolous and Nugent Jeffery B., Economics of Development:
Empirical Investigation. Harper and Row Publishers, London/New York.

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Optional Course
Credit Hour / Marks : 3

1. Introduction and Awareness
What is Economics of Environment. Historical Framework for Environmental Protection. Participants in the Environmental Debate. The Biosphere and its inhabitants, Ecological State of the World. Issues of Global Concern. International Awareness: Developed and Developing World and Environmental Concerns. Keyoto Protocol and Developed Countries.

2. The Economy and Environment
Natural Resource Economics: Exhaustible and Renewable. Balance Growth and Consumption of Natural Resources. Emission, Air Quality, Damages and Types of Pollutants / Pollution. Short Run and Long Run Choices. Pollution Control in the Economy: Mechanism and Responsibilities of Government.

3. Environmental Degradation and Policy
Externalities and Environment. Cost of Environment and Quality. Nature of externalities, Property Rights and Environmental Control. Government Intervention Policies to Internalize Environmental Degradation.

4. Analytical Tools: An Environment
Supply and Demand Issue: Cost of Controlling Environment Benefit – Cost and its Estimation. Willingness to Pay. Technology and Equi Marginal Principles, Marginal Cost and Supply, Economic Efficiency and Markets. Equity and Social Efficiency.

5. The Economics of Environmental Quality
Pollution and Impacts on Human Life, quality of life and Environment Quality, General Models of Pollution Control. Emission Reduction and Equi Marginal Principle. Long Run Sustainability Through Pricing Mechanism.

6. Environmental Analysis
Impact Analysis: Cost Effective Analysis, Benefit, Cost Analysis of Projects. Risk Analysis, Measuring Damages Directly; Pigorian Analysis, The Coase Theorem.

7. Environmental Policy Analysis
Environment and Criterias for Policy Analysis, Centralized Policies, Command and Control Strategy. Incentive Based Strategies, Emission Taxes and Subsidies. Transferable discharge Permits. Political Theories and Environmental Conflict.

8. Institutions, Cooperation and Issues
Dilemma of Waste and Clean up, Energy Politics; Petroleum, Natural Gas and Minerals. Population Issue and Co-operation. Common Space and Cooperation Managing Water Resources: Over utilization, Salinity and Water Logging and Spread of Diseases. Use of Pesticides in Agriculture and Impacts on Human and Animals. Air Quality and Environmental health Concerns. Regulating Pollution and Protection of global commons. Endangered Specious, Factors and Biodiversity.

9. Environment and Pakistan
Emergence of Environment Issue in Pakistan, Industrial Waste, Urban Waste and Agricultural Issues Related to Pesticides use, Salinity and Water Logging. Urban Environmental Issues. Public and Private Efforts to Improve Environment Quality and Impacts. Air pollution in Pakistan. Public Policies and Awareness to Control Pollution. Environmental Policy and Strategy in Pakistan.

10. International Environmental Concerns and Issues
The Economics of Global Warming: Paradigms for Decision Making, Environmental Policies and Control of Pollution. Keyoto – Protocol and Issues. International Environmental Agreements. UN and Environmental Cooperation. International Response to Food, Health and Education. Impacts of Awareness Policy.

Reference Books

Adamson David (1990), I.B., Developing the World. Tauris & Co.

Baker Steve (2003), Environmental Economics. Dominant Publisher & Distributors, New Delhi.

Barry C. Field (1994), Environmental Economics: An Introduction. McGraw-Hill, New York.

Baumal William (1979), Economics, Environmental Policy and Quality of Life. Prentice Hall.

McKer David (1991), Energy: The Environmental Public Policy, Issues for the 1990s. Praeger, New York.

J. U. Switzer and Gary Brynew (1998), Environmental Politics. St. Martins.
The World Bank (1995), Maintaining the Environment.

Timoth Dyal and Dong McEachern (1999), Environment and Politics. Routledge.

Ahmed Hussen (2004), Principles of Environmental Economics. Routledge Publishers, London.

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Optional Course
Credit Hour / Marks : 3

1. Introduction and Importance of Agriculture
Agricultural Revolution, Importance of Agriculture, Food Safety, Agriculture vs. Industrial development Debate. Current State of Agricultural Development. Brief Overview of Sources of Growth. Introduction to issues in Agriculture etc.

2. Structure and Characteristics of Agriculture in LDCs
Traditional Agriculture and Productivity. Access to non-labour resources. The Framing Environment: Natural Hazards and Economic Uncertainties. The Food problem. Farm Size and Productivity. Farm Size in Pakistan and Productivity Commercial Farms. Impact of Agricultural Reforms on Farm Size.

3. Role of Agriculture in Economic Development
A framework of Analysis. Product Contribution, Market Contribution, Factor Contribution. Foreign Exchange Contribution. Agriculture vs. Industry Debate of Development.

4. Theory of Rent and the Concept of ‘Surplus’
Introduction. Economic Rent. The Theory of Rent. Rent and Quasi-Rent The Ricardian ‘Corn Rent. The Rental Market. Agricultural Surplus. Characteristics of Landownership in Underdeveloped Agriculture and Pakistan. The Theory of Share Tenancy. Some Extensions of the Share Tenancy Model. Tennurial Status in Pakistan. Agricultural productivity in Pakistan and use of inputs.

5. Agriculture in Dualistic Development Models
Introduction. The Lewis Model. The Ranis-Fei(FR) Model. The Jorgenson Model. Kelley, Williamson, Cheetham Model. Criticism : Dual Economy Models. Agricultural Adquecy; Mellor’s Model.

6. Resource Use Efficiency and Technical Change in Peasant Agriculture
Efficiency of Resource Utilization. Technological Change in Agriculture. Generation of new Agricultural Technology. Factor-biased Technological Change and its Distributional Consequences. Agricultural Technical Change and Agricultural Employment: Empirical Evidences. Agricultural Resources and Technical Change in LDCs: with Special Reference to Pakistan.

7. Supply Response
Introduction. The Cobweb Model: An Illustration. Price-Supply Response in Backward Agriculture. A simple Supply Response Model. Supply Response in the Underdeveloped Agricultural labour Market, Specifically in Pakistan. The Concept of ‘ Marketed Surplus’: Some Methods of Estimation. Some Criticisms of Krishna’s Method and the Alternative Approach of Behrman Perennial Crops and Marketed Surplus in Pakistan. Green Revolution in Pakistan and Responses. Present Status of Green Revolution in Pakistan: Empirical Analysis.

8. Institutional Constraints and Remedial Policies
Inequitable Landownership and Land Reform. Capital and Finance in Underdeveloped Agriculture. Marketing Imperfections and Marketing Policy in Pakistan. Measures to Improve Marketing System in Pakistan. Support Price Policy in Pakistan. Determinants of support prices. Impacts of support prices.

9. Population and Food Supplies
The Classical Model. Contra-Malthusian Model. Ecological Disequilibrium. Synthesis of Population and Food Supply Theories. Malnutrition in Developing Countries like Pakistan and Remedial Manners. Choice of Planning Strategy for Agriculture Development, Agricultural Project Planning.

10. Agriculture and International Trade
Main Features of Trade in Agricultural Goods. Trade Policies in Developed Countries and their Impacts. Welfare Gains from Price Stabilization. Terms of Trade Issue. A Survey of the Literature. Some Measurement Problems. Prebisch’s Hypothesis. The Agricultural Self-Sufficiency Argument in Developing Countries like Pakistan. Cartels in Commodity Trade and Welfare Gains and Losses. Integrated Commodity Agreement (ICA) Schemes. The Compensating Financing Schemes in Pakistan. Impact of Policy Measures on Primary Product Trade of Pakistan. Few agricultural goods production and exports to few markets ; Issues and problems of instability in exports. WTO and its implications for Pakistan’s agriculture, with special reference to quality, dumping, subsidies, State Trading, Sanitary and Phytosanitory rules and marketing rules etc. Subsidies and Developed Countries.

Reference Books

Lester Brown (1971), The Social Impact of Green Revolution. New York, The Greogie Endowment for International Peace.

Capstick Margret, The Economics of Agriculture. London: George Allen & Unwin Ltd.

Muhammad Aslam Chaudhary (1989), Agricultural Development and Public Policies. Izhar Sons, Lahore.

S. Ghatak and K. Ingersent, Agriculture and Economic Development. Harvester Press.

Bruce F. Johnston and Fellir Kily, Agricultural and Structural Transformation: Economic Strategies in Late Developing Countries.
Mahmood-ul-Hassan Khan (1975), The Economics of Green Revolution in Pakistan. New York.

Karamat Ali (1986), Pakistan: The Political Economy of Rural Development. Vanguard Publications, Lahore.

M. Shafi (1995), Pricing of Farm Produce in Pakistan: Objectives, Practices and Experiences. Print Associates International, Islamabad.

Thorbake Erike (1971), The Role of Agriculture in Economic Development. New York: Columbia University Press.

Upton Marlin, Agricultural Production and Resource Use.

D. Colman and T. Young (1989), Principals of Agricultural Economics:

Markets and Prices in Less Developed Countries. Cambridge University Press.

Yujiro Hayami and Vernon W. Ruttan, Agricultural Development. John Hopkins University Press, London.

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Optional Course
Credit Hour / Marks : 3

1. Human Resource Management: An Overview
Human Resource Functions; Human Resource Department Roles; Current Issues and Challenges; Human Resources Opportunities; Case Studies

2. Human Resource Management: Cross Cultural Overview
Global Human Resource Strategies; Global Human Resource Activities for new Acquisition

3. Workforce Density and Regulatory Challenges
Defining Density Response; Affirmative Action; Case Studies

4. Job Analysis
Programme Implementation; Job Description; Conclusion and Application

5. Job Design
Motivation; Productivity Measures; Workplace flexibility; Job design guidelines

6. Employee Recruitment
Recruitment Strategies in a diverse workforce; Labour Market Information; Human Resource Planning; Recruitment Sources; Method of Recruitment; Cost Benefit Analysis of Recruitment; Hiring Alternatives

7. Employee Selection
Selection Decision and Process; International Human Resource Management.

8. Training and Management Development
Performance Appraisal Objectives, methods and Instruments; Monitoring employees on the job.

9. Promotions, Transfers, Layoffs and Discharges
Needs Assessment; Training Vs Development; Evaluation; Principles of Learning; Successful T&D Programme for Managers; Internal Staffing and Career Management; Internal staffing policies

10. Compensation Systems
Compensation Objectives’ Job Evaluation; Pay systems; Executive Compensation

11. Benefits
Types of Benefits; Pensions; Paid Time off; Premium Pay, Insurance, Employee Services; Total Benefit Planning

12. Health and Safety
Stress; Employer Health Care Programmes; Safety Programmes

13. Labour Unions
Union goals; Labour Management Legislation; Union Structure and Organization; Collective Bargaining; Contract Negotiations; Bargaining Impasse; Case Study

14.Discipline and Human Resource Research
Research Techniques; Problem Solving and Analysis

Reference Books

Elbert Carrel and Hatfield, Human Resource Management: Global Strategies for Managing a Diverse Work Force. New York: Prentice Hall.

William B. Werther, Jr. and Keith Davis, Human Resources and Personnel Management. New York.

George T. Milkovich and John W. Boudreau, Personnel: Human Resource Management. Business Publications Inc.

Mary Green Miner and John B. Miner, Policy Issues in Contemporary Personnel and Industrial Relations. New York: McMillan Publishing Co. Inc.

Christopher Makey and Graeme Salaman, Strategic Human Resource Management for Change, Development and Performance. New Delhi: Beacon Books.

Olive Lundy and Alan Cowling, Strategic Human Resource Management. New York: Routledge.

Karen Legge, Human Resource Management Rhetories and Realities. Rochdale UK. McMillan Business.

Terry L. Leap and Michall D. Crino, Personnel/Human Resource Management. New York: McMillan Publishing Co.

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Optional Course
Credit Hour / Marks : 3

Business analysis is the set of tasks and techniques used to work as a liaison among stakeholders in order to understand the structure, policies, and operations of an organization, and to recommend solutions that enable the organization to achieve its goals.
Business analysis involves understanding how organizations function to accomplish their purposes, and defining the capabilities an organization requires to provide products and services to external stakeholders. It includes the definition of organizational goals, how those goals connect to specific objectives, determining the courses of action that an organization has to undertake to achieve those goals and objectives, and defining how the various organizational units and stakeholders within and outside of that organization interact.

Introduction
• Define the Business Need
• Determine the Gap in capabilities to meet the Business Need
• Determine the Recommended Solution Approach
• Define the Solution Scope/Develop the Business Case
• Tools and Techniques
•   Competitive Analysis and Benchmark Studies
•   Decision Analysis / Decomposition Requirements
•   Organizational Modeling /Scenarios and Use Cases/ Process Modeling
•   Gap Analysis /Goal Analysis / Opportunity Analysis
•   Problem Analysis /SWOT Analysis

Underlying Competency/Fundamentals
• Introduction
• Analytical Thinking and Problem Solving skills
• Behavioural Characteristics/Business Knowledge
• Communication Skills/Interaction skills
• Software Application

Elicitation
• Introduction
• Prepare for Elicitation/Conduct Elicitation Activity /Document Results of Elicitation Activity
• Confirm Elicitation Results
• Tools and Techniques
•   Brainstorming/Document Analysis/Focus Group
•   Interface identification /Interview /Observation/ Prototyping
•   Requirement Workshop/Reverse Engineering /Survey

Solution Assessment and Validation
• Introduction
• Assess Proposed Solution /Allocate Requirement / Determine Organizational
• Define Transition Requirements/ Validate Solution / Evaluate Solution
• Tools and Techniques
•   Defect and Issue Reporting / RFI, RFQ RFP
•   Structured Walkthrough/User Acceptance Test (UAT)

Requirement Analysis
• Knowledge Area Definition and Scope
• Prioritize Requirement /Organize Requirements
• Specify and Model Requirement /Determine Assumptions and Constraints
• Verify Requirements/Validate Requirements
• Tools and Techniques
•   Business Rules / Data Modeling / Event and State Modeling
•   Indicator, Metrics and Reporting / Non-functional

Requirement Management and Communication
• Introduction
• Manage Solution Requirement Scope /Manage Requirement Traceability
• Maintain Requirement for Re-use /Prepare Requirement Package
• Communicate Requirement
• Tools and Techniques
•   Manage Requirement Conflicts/Requirement Presentation
•   Requirement Review/Formal Requirement Approval
•   Base lining

Business Analysis Planning
• Introduction to Business Analysis Planning and Monitoring
• Plan Business Analysis Approach /Conduct Stakeholder Analysis
• Plan Business Analysis Activities /Plan Business Analysis Communication
• Plan Requirement Management Process /Plan Monitor and Report on Business Analysis Performance
• Tools and Techniques
•   Stakeholder Analysis /Communication Requirement Analysis
•   Variance Analysis /Re-planning /Change Control System
•   Lesson Learnt Process

Reference Books

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Optional Course
Credit Hour / Marks : 3

Course Description
This course is designed to give students a comprehensive view of communication, its scope and importance in business, and the role of communication in establishing a favourable outside the firm environment, as well as an effective internal communications programme. The various types of business communication media are covered. This course also develops an awareness of the importance of concise written expression to modern business communication.

Course Objectives
To provide the students with a detailed knowledge of business communication and report writing enabling them to
• Acquire practical and oral communication skills
• Use written Communication skillfully in different business situations

TOPICAL OUTLINE
1. EFFECTIVE COMMUNICATION IN BUSINESS
Definition of communication in business
Importance of effective communication
Flow of communication

2. THE PROCESS OF BUSINESS COMMUNICATION AND MISCOMMUNICATION
Elements of Communication
Characteristics of oral and written communication
Problems/Barriers in effective communication
Non verbal communication

3. EFFECTIVE COMMUNICATION PRINCIPLES
Completeness; Conciseness; Consideration; Concreteness; Clarity; Courtesy; Correctness

4. PROCESS OF PREPARING EFFECTIVE BUSINESS MESSAGES
Steps in effective business message
Basic organizational plans
Beginnings and endings
Composition of the message

5. BUSINESS LETTER
Direct request
Inquiries
Claims and requests for adjustments
Requests regarding routine business
Invitations, orders, reservations
Favourable and unfavourable replies to request
Solicited and Unsolicited sales letter
Job Application Letter and Resume

6. BUSINESS REPORT
Meaning and classification; Main parts of the report; Organization and outline of report

7. MARKET TERMS

8. ORAL PRESENTATION AND SUCCESSFUL LISTENING
Introduction and essential steps
Factors of Oral presentations
Successful listening skills
Improving your listening
Informative speaking
Purpose and kinds of informative speaking

Reference Books

Herta A. Murphy, Effective Business Communication. McGraw Hill Company.

Shirley Taylor, Communication for Business. Pitman Publishing, London.

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Optional Course
Credit Hour / Marks : 3

• Ethics Definition and Application
• Business Ethics; Ethical Practice in Business
• Managing Ethics at the Corporate Level
• Conceptual and Managerial View on Business Social Responsibilities
• Criteria for Determining the Social Responsibilities of Business
• A Comparative View of Business Social Responsibilities
• Internal Environmental; External Environmental
• Changing Environmental; Business Impact on its Environment
• Industrial Pollution and Environmental Policy
• Evolution of a New Environmental Ethic
• Making Decisions on Consumerism
• Consumer Product Issues and Business Ethics
• The Nature and Managing of Workforce
• Managing Corporate Culture
• Governance Defined; The Structure and Duties of Board of Directors

Reference Books

George A. Steiner and John F. Steiner, Business, Government and Society: A Managerial Perspective (7th edition).

Mushtaq Ahmad (1995), Business Ethics in Islam. International Institute of Islamic Thought, Pakistan.

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Optional Course
Credit Hour / Marks : 3

Introduction
• About • Introduction • Agents • Data

Industrial Organization
• Ownership • Regulation • Productivity • Revenue • Pricing • Supply chains

Microeconomics
• Production • Costs • Negative externalities • Utility; Utility Applied to Mode Choice (Fundamentals of Transportation wikibook) • Demand • Positive externalities

Fundamentals of Transportations Economics
Geography and Networks
Planning
• Trip Generation • Destination Choice • Mode Choice • Route Choice • Evaluation

Operations
• Queuing • Traffic Flow • Queuing and Traffic Flow • Shockwaves • Traffic Signals

Design
• Sight Distance • Grade • Earthwork • Horizontal Curves • Vertical Curves

Other Topics
• Pricing • Conclusions • Analogs

Decision Making

Reference Books

D. Levinson, D. Gillen and M. Iacono, Transport Economics.

Carlos F. Daganzo, Fundamentals of Transportation and Traffic Operations.

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Optional Course
Credit Hour / Marks : 3

1. Introduction
• The Planning Process
• Need for Plans
• System of Plans
• Steps in Developing the Near-Term Sales Plan
• Sales Forecasting
• Measurement of Cost Behaviour
• How management influences on cost behaviour?
• How to measure and Mathematically express cost functions and use them to predict costs?
• How to measure cost behaviour using the account analysis, high-low, visual-fit, and least-squares regression Methods?

2. Budget and Budgeting
• Definition of Budget
• Strategic Focus of Budgeting
• What are the Advantages of Budgets?
• Management Support
• Time Coverage of Budgets
• Types of Budgets

3. Budgeting and Planning
• Strategic Planning and Budgeting Process
• Why You Must Link Budgeting and Forecasting to Planning and Performance?
• Budget Participants and Budget Preparation Procedure.
• Participative Budgeting and Importance of Communication in Effective Planning Process.

4. Building the Budgeting Model
• Prepare the budget structure
• Write the Budget
• Monitor
• Comprehensive (Master) Budgeting
•   Cash is King: How to manage this Resource
•   Objectives of Cashflow and Working Capital Management
• Cashflow Reporting
• Capital Budgeting:
•   What is Capital Expenditure?
•   Nature of Capital Investment Decisions
•   What is Capital Budget?
•   Stages of Capital Budgeting Process
•   Relevant Cash Flows
•   Methods of Evaluating Capital Investments
•   Budgeting and control: Use of budget and budget performance analysis (variance analysis)

5. Flexible Budget and Overhead Analysis
• The advantages of the flexible budget approach over the static budget approach.
• Prepare a performance report for both variable and fixed overhead costs using the flexible budget approach.
• Use the flexible budget to prepare a variable overhead performance report containing only a spending variance.
•Use the flexible budget to prepare a variable overhead performance report containing both a spending and an efficiency variance.
• Explain the significance of the denominator activity figure in determining the standard cost of a unity of product.
• Apply overhead cost to units of product in a standard cost system.
• Compute and interpret the fixed overhead budget and volume variances.
• Variances Investigation

Reference Books

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Optional Course
Credit Hour / Marks : 3

1. Introduction and Development Of Monetary Mechanism
Evolution of Money and Payment System. Definition of Money Function of Money and Measurement of Money. Demand for Money and Supply of Money. Definitions of Money, M1, M2, M3, L etc.

2. Role of Money in the Economy
Debate on neutrality and non-neutrality of Money. Classical Dichotomy and Keynesian Integration of Nominal and Real Sectors. Role of Money in the IS-LM Framework. Money in Aggregate Demand and Aggregate Supply Analysis. Keynesian Vs. Monetarist views of Equilibrium Output, Employment and Prices.

3. Demand for Money
Quantity Theory of Money. Transaction Theories of Demand for Money. Portfolio Theories of Demand for Money. Baumol – Tobin Model of Cash Management. Friedman’s Restatement of Quantity Theory of Money: Empirical Evidence on the Demand for Money.

4. The Money Supply Process
Monetary Base, Keynesian Liquidity Preference Framework, Friedman’s Modern Quantity Theory of Money. Multiple Deposit Creation: Introducing the Money Supply Process. Determinants of the Money Supply: Exogenous and Endogenous. Understanding Movements in the Monetary Base, Money Multiplier. Velocity of Money and its variability. Explaining Depositor and Bank Behaviour: the Complete Money Supply Model. Regressive Expectation Model.

5. The Conduct of Monetary Policy: Central Bank
Structure and Functions of Central Bank. Independence of Central Bank and its role in Economic Growth. Tool of Central Bank for Money Control. Monetary Base. The Conduct of Monetary Policy: Goals and Targets. Tools of Monetary Policy: Three Major Tools of Monetary Policy. Required Reserve Ratio, Discount Window Loans and Open Market Operation. Advantages and Disadvantages and Impact Analysis of each Policy Tool. Central Bank as a lender of last Resort. Financial Intermediateries. Monetization of Public Debt. Infectiveness of Stabilization Policies. Targeting interest rate and inflation.

6. Money and Interest Rates
Determinants of interest rates. Kinds of Interest Rates. The Behaviour of Interest Rates. Understanding and Measuring the Interest Rates. Real and Nominal Interest Rates, Theories of Interest Rate Determination. The Risk and Term Structure of Interest Rates. The Distinction Between Interest Rates and Returns. Maturity and Volatility of Bond Returns. Portfolio Choice: the Theory of Asset Demand.

7. Money and Inflation
What is Inflation and Causes of Inflation? Demand – pull Inflation, Cost – push Inflation, Stagflation and Hyperinflation. Inflation as a Monetary Phenomenon The Philips Curve and Accelerating Inflation. Inflation in Pakistan: Sources and Managing Policies. Sources of Inflation in Pakistan: Spiracle Evidences. Policies to Combat Inflation in Pakistan.

8. Monetary Policy in International Framework
Money Demand and Empirical Evidences. Money in Growth Models. Inflationary Spiral. Current Issues in Monetary and Financial Sector Reforms. Conduct of Monetary Policy in Fixed and Flexible Exchange Rates. Perfect Mobility of Capital and Money Control, Effectiveness of Policy. Impact of Reserves on B.O.P and Exchange Rates. Targeting exchange rate. Managed Exchange Rate System and Monetary Policy. Targeting Inflation. Exchange Rate and Balance of Payment.

Reference Books

Bennett T. McCallum (1989), Monetary Economics: Theory and Policy. New York: McMillan.

Fredric S. Mishkin (1995), Financial Markets and Money. Harper & Row Publishers.

David E. W. Laider (1996), The Demand for Money: Theories, Evidence and Problems. Harper & Row Publishers, New York.

R. L. Miller and David VanHose (2001), Money, Banking and Financial Markets. South Western, Singapore.

Frederic S. Mishkin, (2006), The Economics of Money, Banking and Financial Markets. Addison Wesley, New York.

K. Vanish (2000), Monetary Theory. Vikas Publishing House, Delhi.

Patinkin Don, Money, Interest and Prices. Harper & Row Publishers.

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Optional Course
Credit Hour / Marks : 3

1. Introduction and Role of Public Sector
The Economic Functions and Public Goods: Allocation of Resources, Redistribution of Income and Wealth and Stabilization. Pricing Public Goods.

2. The Theory of Public Goods
Fiscal Principles and Concepts: The Traditional Principle of Tax Neutrality is Expended Principle of Fiscal Neutrality. Exhaustive Vs. Non-Exhaustive Public Expenditures, Income Elasticity of Government Expenditures, Tax Vs. Non-tax Revenues, Microeconomic Vs. Macroeconomic Regulatory Taxes, Tax Base, Tax Rate Relationship; Progressive, Regressive and Proportional Taxes, Marginal Propensity to Tax and Marginal Vs. Average Tax Rates; Income Elasticity of a Tax Integral Fiscal Non-Neutrality. Tax Efforts and Tax Collection Performance in Pakistan.

3. Public Revenue and Taxes
The Economic Case for the Public Sector to Allocate Resources: Market Imperfections, Decreasing Costs of Production, Public Goods and Externalities. Pricing Decreasing Cost Industry.

4. The Theory of Public Goods
Public and Private Goods, Pure Public Goods, Should Public Sector be Produced Vs. Private Goods? Semi Public Goods, Merit Goods, Free Rider Problem, Externalities and Public Policy.

5. Distributional Equity in Taxation
The Ability to pay and Economic benefits (received), Cannons of Taxation, The Optional Income Tax Approach. Optimum Tax and Revenue Collection.

6. Tax Structure of Pakistan
Various Kinds of Taxes and their Objectives / Performance in Pakistan. Income and Sales Taxes, Excise and Custom Duties, Export and Import Taxes, Tax Reforms in Pakistan and their Impacts.

7. Tax Shifting and Incidence
General Equilibrium Vs. Partial Equilibrium: Tax Incidence Analysis. Determinants of Tax Shifting under Partial Equilibrium Conditions. Impacts of Tax Shifting on Price.

8. Fiscal Policy: Public Expenditure and Budget
Theories of Public Expenditures, Wagner’s Law, Efforts of Public Expenditures. Components of Public Expenditures in Pakistan, Sources and Direction of the Growth of Public Expenditures. Kinds of Budget, Surplus, Deficit and Balanced: Preparation of Budget Cycle in Pakistan, Development and Non-Development Budget and its Patterns. Zero Based Budget, Planning, Programming Budgeting System.

9. Inter-Government Fiscal Relations
Fiscal and Economic Aspects of Federalism, Federal – Provincial Fiscal Co-ordination, Collection of Revenue and Provincial Share and its Distribution Criteria. Deficit Financing and its Impacts.

10. Development Finance
Fiscal Policy in a Developing Economy, Tax Structure of LDCs, Role of Deficit Financing. Fiscal Policy in Pakistan and its Impacts.

11. Public Debt
Need and Burden of Public Debt: Domestic and Foreign. Debt Modeling and Forecasting Debt Needs. Optional Debt. Debt Modeling and Offer Curve, Problem of Debt Servicing, Structure of Public Debt in Pakistan: Internal and External Debt Problem of Pakistan. Ricardian View of Public Debt.

Reference Books

Bernard P. Herber (1999), Modern Public Finance. Richard Irid, Illinios.

R. J. Chellieah, Fiscal Policy in Less Developed Countries.

David N. Hyman (1999), Public Finance: A Contemporary Application. Harcount Brace College Publishers.

Government of Pakistan, Pakistan Economic Survey, Ministry of Finance, Economic Advisor’s Wing, Islamabad.

Harvey S. Rosen (2002), Public Finance. McGraw-Hill, Boston.

Richard A. Musgrave and B. P. Musgrave (1989), Public Finance in Theory and Practice. New York: McGraw Hill.

J. H. Stiglitz (2000), Economics of the Public Sector. W. W. Norton & Company, New York.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 4

This course aims at providing comprehensive knowledge of consumer, firm, and market theory and their applications. In this course, the students are expected to develop deductive reasoning and comprehend classical methodology pertaining to models of consumer behavior, firms’ decision making, perfect and imperfect market structure, general equilibrium analysis, uncertainty, risk analysis, game theory, and welfare economics. Special importance is placed on developing problem solving skills to the issues related to microeconomics. It is expected that the course would enable its participants to comprehend major microeconomic models which will help in business decision making.
Prerequisite for this course is Principles of Microeconomics theory and intermediate level calculus.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 4

The main objective of this course is to familiarize students to the fundamental theories and basic models in macroeconomics. The course is covered in two parts. The first part consists of topics such as national income and its determination, consumption, savings and investments, demand and supply of money, and aggregate demand and supply. The topics in this part would be analyzed at an intermediate level. The second part of this course includes advanced level topics. The treatment to topics, such as exchange rates and open economy, long run economic growth, economic fluctuations, and macroeconomic policy debate involves the use of mathematical tools and models. Special emphasis is placed on scrutinizing the models developed in this course on the basis of real time macroeconomic data. The participants of this course would be expected to comprehend key debates over macroeconomic issues and policy-dilemmas faced by various economies.
Prerequisite for this course is Principles of Macroeconomics theory and intermediate level calculus.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 3

The aim of this course is to equip students with the basic mathematical tools that are useful as an approach to economic analysis. Participants of this course would approach the fundamental theories of micro-economics and macro-economics using mathematical models. In particular, students would learn the static, i.e. equilibrium analysis, comparative-static analysis, and static optimization problems. The participants, after the completion of this course, are expected to understand and analyze economic models and their multivariate relationship, encompassing the economics theories.
Prerequisite for this course is a basic knowledge of introductory-level algebra.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 3

The main objective of this course is to acquaint students with the basic techniques of statistical methods with strong emphasis on its application to economic theories and principles. The material covered in this course would enable students in not only testing the predictions of economic theories at an elementary level, but it would also help develop the basic skills necessary to take advanced courses like econometrics and growth models. Major topics covered in this course are measures of central tendency, probability, sampling design, estimation techniques, analysis of variance, non-parametric statistics, and Bayesian analysis. It is expected that after the completion of this course, students would be comfortable in handling and analyzing data and use of estimation techniques.
No prerequisite for this course is required. However, basic knowledge of statistics will be an added advantage.

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Term/ Semester/ Year # : Semester I
Credit Hour / Marks : 3

The main objective of this course is to acquaint students with the economic aspects of Islamic principles and their application to analyze contemporary economic problems. The course helps to build nexus between the Islamic principles and mainstream economic theories. The topics covered in this course range from microeconomic to macroeconomic concepts pertaining to fundamentals of Islamic thoughts. It focuses on, among others, the contributions in development economics of Abu Yousaf to debate on good governance and functioning of market system of Ibn-e-Khuldon. Major topics in this course are Islamic models of finance, banking systems, welfare and distribution of income, zakat and social justice, and current process of Islamization of economic system in Pakistan.
Prerequisite for this course is basic knowledge of holy Qura’an, Hadith, Shariah and economic theory.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 4

This course aims at introducing students to the quantitative aspects of various econometric theories. This is achieved through providing the students with an understanding of basic econometric theory and models. In particular, the topics covered in this course are: the nature of regression analysis, single- and multi-variable regression analysis, assumptions of the classical regression model, econometric modeling, regression on dummy dependent variable, simultaneous equation models, and time series econometrics. Special emphasis is placed on the application side of this course. Participants would make use of statistical softwares to undertake regression analysis. Students after the completion of this course are expected to be comfortable in data analysis, apart from contributing to empirical research and analyzing projects.
Prerequisite for this course is intermediate-level knowledge of calculus, statistics, and economic theory.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 4

This course aims at preparing students to strengthen their research abilities. The contents of this course are designed to facilitate research. Apart from learning research techniques and developing such necessary skills, the participants of this course would also develop scientific and rational thinking to produce new knowledge. Students will be taught to build and estimate econometric models. Besides, application of economic theory is taught in such a way so that student can test and empirically verify economic theories and models.
Prerequisite for this course is intermediate-level knowledge of economic theory, statistics, and econometrics along with some degree of writing and computer skills.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 3

This is a course about the understanding of the economies popularly known as developing countries. In this course, students are introduced to the conceptual meaning of economic development while distinguishing it from economic growth and the common characteristics of developing countries. The course develops necessary abilities in the students to generalize and apply development economic theories to solve the most pressing problems of the developing world. It helps to understand structure and functioning of institutions, markets, and policies adopted in the developing countries to accelerate welfare of their citizens. The course covers theories of economic growth and models and their application pertaining to contemporary issues of the developing world, such as poverty, income distribution, unemployment, and macroeconomic destabilization. After the completion of this course, students are expected to contribute to the society with their opinions about the development problems from various forums of public and private organizations.
A considerable knowledge of introductory-level macroeconomic and microeconomic theory is an advantage; otherwise no special prerequisite for this course is required.

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Term/ Semester/ Year # : Semester II
Credit Hour / Marks : 6

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Term/ Semester/ Year # : Semester III
Credit Hour / Marks : 4

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Term/ Semester/ Year # : Semester III
Credit Hour / Marks : 4

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Term/ Semester/ Year # : Semester III
Credit Hour / Marks : 4

This course is designed to familiarize students with international economics. It is divided into two parts. The first part covers the trade theory, and the other international finance. Emphasis in this course is on the rigorous treatment of traditional and current trade and exchange rate theories and models. Models of gains from trade, pattern of trade, international flow of factors of production, trade related competitive theories, liberalization reforms, balance of payments problems, determinants of exchange rate, and future markets are some of the topics covered in this course. Furthermore, implications of international flow of funds and debt crises are covered in depth. By providing training-built analytical ability, which is particular for policy formulation, this course would prepare students for jobs in both public and private sector organizations.
Prerequisite for this course is intermediate-level knowledge of economic theory and mathematics.

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Term/ Semester/ Year # : Semester III
Credit Hour / Marks : 6

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Term/ Semester/ Year # : Semester IV
Credit Hour / Marks : 4

It is a compulsory course. Microeconomic theory course is pre-requisite for this course. Following major topics are covered in this course: General Equilibrium Theory: Multi market equilibrium in a competitive setting: Walras Law; Existence of equilibrium; Stability of equilibrium; Money in a general equilibrium setting. Technical and allocative efficiency and case of exchange economy. Linear programming technique to general equilibrium theory (Activity Analysis). The Von-Neuman, the input-output Model. Pareto optimal principle, production and resource allocation and efficiency of Perfect Competition. Measurement of Changes in Welfare: Consumer Surplus, Compensation Principle. The Theory of Social Choice: Social welfare function. Arrow’s Impossibility Theorem, Marginal cost pricing. Joint Products, Externalities, Income distribution and compensation principle. Theory of second best and its application in Public Sector and international trade.

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Term/ Semester/ Year # : Semester IV
Credit Hour / Marks : 4

It is a special applied course, which covers different aspects of economic theory and its application. The course is offered in the last semester. In this course, estimation of econometric models and applied economic research is taught. For this purpose, students are required to apply the knowledge and theory to produce a research paper, which is substitute to M.Sc. thesis. Completion of this course provides confidence among the students to embark upon research on important national and international economic issues. This course is compulsory for all those students who do not opt for M.Sc. thesis.

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Term/ Semester/ Year # : Semester IV
Credit Hour / Marks : 4

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Credit Hour / Marks : 3

Systems of consumer demands, duality and empirical demand models; production theory, production functions and cost functions; firm’s behaviour under alternative market structures and duality, empirical specification of factor demand and output supply functions; choice under risk and uncertainty and economics of information. Introduction to game theory, application of game theory, uncertainty, information asymmetry, moral hazard and adverse selection; principal-agent problem and signaling; general equilibrium and dis-equilibrium models and welfare economics in standard neo-classical setting; core of an economy, strategic behaviour and collective choice; inter-temporal choice under perfect foresight and uncertainty.

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Credit Hour / Marks : 3

Estimation of general linear and non-linear equations, nested and non-nesting models and hypothesis testing; estimation with panel data, systems of equations and applications in microeconomics and macroeconomics; dummy variables and spline functions; limited dependent variables, selectivity bias and applications in economics; time series econometrics with applications in macroeconomics. Emphasis on the practical applications of econometric theory as developed in other courses; specific problems in the specification, estimation and testing of various microeconomic theories of demand, production, and labour as well as the macroeconomic relations of monetary, inflation, and unemployment theory. Emphasis will be on data analysis, reliability of data, and discrimination between competing models on the basis of empirical tests.

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Credit Hour / Marks : 3

General Linear Regression Model, Ordinary Least Square and Summary Statistics. Generalized Least Squares and Maximum Likelihood Estimation; Dummy Variables and Structural Shifts; Non-Linear Models and Estimation Algorithms, Panel Data Seemingly Unrelated Equations and Simultaneous Equations; Estimation with Limited Dependent Variables, Data Censuring and Selectivity Bias. Concept of Stationarity, Analysis of Stationary and Integrated Data Generating Processes; Analysis; ARIMA Models, Forecasting and Time Series Decomposition; Analysis and Decomposition of Forecast Errors. ARCH Models and Risk-return Analysis; VAR Models. Causality Influence Response Analysis and Multivariate Decomposition; Co-integration and Error-correction Analysis.

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Credit Hour / Marks : 3

Institutions and Development: State, market, and civil institutions, foreign trade and development; models of development economics and growth; research and development and technology; growth, equity, poverty and human development; goverence, policies and political issues; development theory in closed and open economies; political economy models and issues. Poverty and income distribution, debt crisis, debt deficit and inflation, optimal debt, child labour, WTO and developing countries.

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Credit Hour / Marks : 3

Economic policies and programs for regional specialization and diversification; issues of irrigation and water management; agricultural labour force and mechanization; taxation and credit in agricultural sector; integration of farm enterprises; non-renewable and renewable resource policy; land markets and land use issues; comparative analysis of water resource projects; foreign trade and agriculture. Human resource development and its role in economic development. Debt crisis, poverty and income distribution, Employment, Underemployment and employment issues. WTO and developing countries, Trade, Aid and Growth.

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Credit Hour / Marks : 3

Role of human resources in economic development; investment in education, rates of return to education and distribution of earnings; health, nutrition and productivity of human resources; mobility and migration of human resources; women and human resource development; financing of human resource development; strategies of human development; human development indexes. Employment and employment models determinants of employment, Underemployment, Returns to investment in human capital. Sources of growth and role of human capital. Asian Tigers and role of human development. Human Resource conditions in South Asia, Planning and forecasting of needs for human resources / labour.

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Credit Hour / Marks : 3

Various investment criterias for selection of a project; methods of financing; evaluation of project; Techniques of cost benefit analysis of investment projects; uses of shadow prices; problems of estimating benefits in highway, irrigation, power and other projects; impact evaluation of project; estimation of cost of congestions, externality analysis, externalities and economic analysis; social return.

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Credit Hour / Marks : 3

Public goods, externality and congestion; distribution and economic welfare; public expenditure evaluation principles; theories of taxation; increasing returns, imperfect competition, externality and growth; public capital, human capital and growth dynamics; resource gaps, capital flows and debt dynamics.

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Credit Hour / Marks : 3

An overview of environmental and resource economics; optimal extraction of non-renewable resources; imperfect competition in natural resource markets; economics of mining taxation; international trade and natural resources; the economics of water use; the economics of energy; externalities; endogenous environmental risk; standard vs. taxes in pollution control; tradable permits in economic theory; comparison of instruments of environmental policy; cost-benefit analysis of environmental policy and management; methods and models in environmental resource economics.

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Credit Hour / Marks : 3

Theory of production and production sets; production function, cost function; input-output relations and production functions; joint products and production externalities; dual approaches to study of technology; empirical models of production, measurement of productivity growth, flexibility of production processes and technological change; alternative approaches to the measurement of technical and economic efficiency in production, economic valuation and allocation of scarce of natural resources; computable general equable models and natural resources, natural resource accounting.

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Credit Hour / Marks : 3

Role of agriculture in economic development; technical change in agriculture; analysis of green revolution; irrigation and water management issues; agricultural input pricing issues; price control; economic policies and programs for regional specialization and diversification; erred forming issues; agricultural marketing issues; resource policy criteria, land markets and land used issues; foreign trade and agricultural development.

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Credit Hour / Marks : 3

Role and functioning of business firms; mechanism of economic control of business, government regulations and behaviour of business firms; financial analysis and planning; financial leverage; financing in imperfect markets. Asset pricing theory in continuous time; optimal portfolio and consumption decisions of investors including dynamic programming and martingale approaches; the pricing of contingent claims; and the equilibrium asset pricing models (CAPM, ICAPM, CCAPM) and the APT.

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Credit Hour / Marks : 3

Microeconomic aspects of international economics; theories of international specialization and exchange; trade policy and economic welfare; international factor movement; trade and growth; trade and technical progress; trade policy and welfare economics. Product cycle, H.O. Theorem and factor price equalization, Regional blocks trading, WTO and trade liberalization. B.O.P deficit and approach to pure B.O.P. Determinants of foreign exchange rates. Foreign direct investment, International institutes and their role, IMF, World Bank etc.

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Credit Hour / Marks : 3

Major WTO rules and their implications; WTO and LDC’s, Emerging issues; liberalization and efficiency improvement; Free trade and efficiency gains; Theory of economic integration; institution of economic integration; custom union, theory; empirical research on the trade and welfare effects of economic integration; theory of optimum currency areas and the mechanisms of the European monetary system and macroeconomic policy; NAFTA, ASEAN, APEC, SAARC and ECO; regional industrial and social policy; meaning of globalization; effects of globalization on developed and developing countries.

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Credit Hour / Marks : 3

Population theories; population growth and economic development; fertility: trends, determinants and female labour market behaviour, mortality and issues of population ageing; demographic profile of the population and population dynamics; population growth and the environment; spatial distribution of population, internal migration and urbanization; population policies and the health sector.

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Credit Hour / Marks : 3

Framework for analysis of linkage between choice coordinating institutions and performance of the economy. Market with alternative property and conduct rules to Government enterprises and commands, Role of formal and informal institutions. Institutional theory: Economics beyond the market, Understanding the anatomy of market imperfections, rent seeking and market behaviour. Property as power and as economizing: Institutions as constraints and as enabling, Power, Cost and political economy: Cost as a function of institutions. Demand as a function of income distribution. Overcoming market failure: The Coasian Paradigm. Domain of institutional analysis: Open systems and the interdependence of the individual and society. Non-market institutions, The costs of centralization, Assessing democracy, Political institutions, Constitutional economics. The theory of decentralization. The political economy of decentralization, Corruption and decentralization, Behavioural economics, Rationality of self and others in an economic system. Rational choice, Rational fools, Incompatible use and exclusion cost, the logic of collative action. Behaviour that depends on behaviour of others, Prisoners’ dilemma. Human choice under alternative rules, the evolution of cooperation and outcomes. Uncertainty and information processing cost. Institutional change. An evolutionary approach to law and economics, Institutional change and economic performance. What is the best institution? Exit, Voice and Loyalty. Performance of alternative institutions i.e. Technology institutions, political and economic institutions and their role.

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Credit Hour / Marks : 3

Survey of regional economic analysis; impact of distance on classical economic markets and theory of the firm; industrial and residential location analysis; regional delineation; factor mobility; gravity models; regional economic growth and its measurement; urban and regional economic planning; cost-benefit analysis and economic base analysis.

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Credit Hour / Marks : 3

Life-cycle human capital accumulation; models of learning and sorting; patterns of wage growth and mobility decisions; intergenerational transmission of inequalities in human capital; link between specialized human capital, coordination costs and extent of the market; rates of return to education and income inequality; wage structure and income distribution; allocation of time within households; empirical aspects of female labour supply.

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Credit Hour / Marks : 3

Classical, linear and non-linear optimization problems and applications in economics; alternative approaches to dynamic optimization in continuous and discrete times; lifecycle models with and without perfect foresight; capital accumulation, human resource development optimum growth and dynamic efficiency.

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Credit Hour / Marks : 3

Theory of economic growth; rational expectations; Major trade cycle theories, real business cycle theory; Castrophy theory, Kaldor’s Model, traditional Keynesian theories of fluctuations; new Keynesian theories; consumption; investment; government debt and Ricardian equivalence; inflation, money supply and demand; fiscal and monetary policy; co-ordination failure and unemployment. Disequilibrium models; Rational expectations and equilibrium, effects of monetary policy; disequilibrium models.

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Credit Hour / Marks : 3

Conventional theories and models of economic growth and technological progress; overlapping generations models, optimal growth and dynamic efficiency; endogenous growth; convergence and growth externalities; capital markets imperfections, transaction costs, economic growth and the role of inter-country capital flows; empirical growth models and studies on economic growth.

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Credit Hour / Marks : 3

Alternative views about monetary policy (Classical, Keynesian, Monetarist, New Classical); monetary policy in an international framework; money demand and empirical evidence; money in growth models; money in over-lapping generations models; inflationary finance; burden of government debt and government borrowing; current issues in monetary and financial sector reform.

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Credit Hour / Marks : 3

Islamic economics in historical perspective; Islamic economics and its difference with neo-classical economics; recent developments in Islamic economics and their applications; Islamic concept of ownership and its limitations; Islamic principles for consumption, production, investment, commerce and trade; institution of zakat and its social and economic implications; usury and interest free banking; equity and justice in an Islamic system.

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Credit hours/ Marks: 3

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Credit hours/ Marks:  3

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Credit hours/ Marks: 3

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Credit hours/ Marks: 3

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Credit hours/ Marks: 3

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Credit hours/ Marks: 3

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Credit hours/ Marks: 3

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Credit hours/ Marks: 3

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Credit hours/ Marks: 3

Download Course-Outline
Will be updated soon

Credit hours/ Marks: 3

Download Course-Outline
Will be updated soon

Credit hours/ Marks: 3

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Will be updated soon

Credit hours/ Marks: 3

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Will be updated soon

Credit hours/ Marks: 3

Download Course-Outline
Will be updated soon