fbise HSSC REDUCED SYLLABUS
ECONOMICS-XI
I. Nature and Scope of Economics
A. Introduction
1. Wants and
satisfaction
2. Goods and
services
3. Utility and
scarcity
4. Economic
problems and its nature.
5. Definition
by:
a) Adam Smith
b) Alfred
Marshall
c) Lionel
Robbins.
II. Consumer’s Behaviour and its Analysis
1. Definition
2. Meaning
3. Rationale
4. The law of diminishing marginal utility with table
and graph.
5. The law of equimarginal utility or law of
substitution with formula and diagram.
6. Indifference curve.
7. Definitions and Characteristics (graphical
presentation).
III. Basic Tools of Statistics and Mathematics in
Economics
i.) Variables:
Continuous
discontinuous, independent dependent.
ii.) Liner equation with group.
iii.) Quadratic equation.
iv.) Simultaneous equations.
IV. Demand
1. Definition.
2. Law of demand.
3. Demand function and functional equation of demand.
4. Movement along the demand curve and shift in demand
curve.
5. Price elasticity of demand (Arc & point) and
methods of measurement.
6. Concepts of income elasticity and cross-elasticity
of demand.
7. Factors influencing the elasticity of demand.
8. Practical uses of the concept of elasticity of
demand.
V. Supply
1. Definitions stock and supply.
2. Law of supply.
3. Supply functional equation of supply.
4. Movement along the supply curve and shift in supply
curve.
5. Elasticity of supply and its measurement.
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6. Factors influencing the elasticity of supply.
7. Practical uses of the concepts.
VI. Equilibrium
1. Concept of equilibrium.
2. Equilibrium of demand and supply.
3. Equilibrium in price and equilibrium in output.
4. The effects on equilibrium in price and output due
to change in demand and
supply.
IX. Cost of Production
1. Definition, classification, Fixed and variable.
2. Total, average and marginal cost.
3. Relationship between total average and marginal
cost. X. Revenue Analysis
1. Definition.
2. Total marginal and average revenue under perfect
competition and monopoly.
3. Price and output determination and short and long
run under perfect competition
and monopoly.
XI. Market
Meaning and significance of market.
1. Perfect competition and monopoly.
2. Short run and long run in perfect competition and
monopoly.