ECO103 Principles of Microeconomics

The course is intended to give an understanding of the basic concepts and terminologies of microeconomics. The course starts with
an overview of the social system and economic problem. The topics of discussion include laws of demand and supply, market equilibrium
and determination of price, the utility theory, laws of diminishing marginal utility and equi-marginal utilities, budget constraint and
consumer’s equilibrium, business enterprises, objectives of the firm, production and cost functions and market structure.

ECO104 Principles of Macroeconomics

The objective of this course is to introduce the macroeconomic concepts, issues and their mutual relationships. Topics like business cycles:
boom and depression, inflation and unemployment, measures of national income: gross domestic product (GDP) and gross national product (GNP),
open and closed economy models, aggregate markets: product, money, labor and capital markets, components of aggregate demand, theories of
absolute and comparative advantage, and balance of payment. The course also introduces the meaning and objectives of fiscal and monetary policies.

ECO113 Intermediate Microeconomics

The objective of the course is to clarify and extend further the microeconomic concepts and to develop analytical skills of the students
along with strengthening their conceptual base. The course emphasizes on three main areas. The first area focuses on consumer theory including
utility functions and demand elasticity and income elasticity. The second area covers the behavior of firms and includes topics like output
maximization subject to cost constraint, costs of production, economies of scale and returns to scale. The third area focuses on the market
structure and includes a discussion of perfect market, monopoly, monopolistic competition and oligopoly.

ECO114 Intermediate Macroeconomics

This course is intended to develop the students’ capacity to understand the issues and problems of the economy in a global scenario. The major
topics of discussion include Classical and Keynesian schools of thought, theories of consumption, determinants of national income and investment,
demand and supply of money and the labor market. Special emphasis will be placed on discussion the saving-investment gap in developing countries
and the problem of inflation and unemployment with reference to Pakistan’s economy. The students will be required to read and understand the Economic
Survey, Annual Reports of State Banks and World Bank.

ECO301 Development Economics

This course focuses on factors that spur economic growth and analyzes the equation between economic growth and human welfare. It also critically
examines various measures taken for human welfare. In addition, changes in economic structures such as total output and employment relations and
various developmental policies/strategies regarding distribution of income and sectoral development are focused upon.
Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO312 Microeconomics

The objective of this course is to confront the students to the advanced theoretical concepts of microeconomics and expose them to the rigorous
analysis with mathematical tools at hand. The topics of discussion include utility maximization and ordinary (shallian) demand functions, cost
minimization and compensated (Hicksian) demand functions, theory of production and supply, efficiency of competitive market, the economic cost
of imperfect competition, theorems of optimality/welfare, and the tradeoff between equity and efficiency.
Pre-requisite: ECO113

ECO313 Macroeconomics

The course is intended to give the students a strong theoretical foundation so as to understand the real problems of the economy with particular
emphasis on inflation, unemployment, instability, deficit and debt to which the developing countries are confronted at present. The discussion
topics include wage rate determination, supply side disturbances leading to stagflation, determinants of the exchange rates, devaluation and its
impacts for developing countries, policy formulation and implementation in the world of uncertainty and business cycles.
Pre-requisite: ECO114

ECO341 Introduction to Econometrics

This course enables the students to apply statistical methods to data through simple mathematical models and to interpret the results by using
economic theory. The course introduces the students to the ingredients of econometric modeling which include specification, estimation, evaluation
and forecasting. The topics of discussion are the simple two-variable model, the multiple linear regression models, ticollinearity, heteroskedasticity,
time series data, autocorrelation and the simultaneous equations models.
Pre-requisite: ECO103/ECO113, ECO 104/ ECO114 & MTS202

ECO342 Applied Econometrics

This course enables the students to understand the data problems, to have a good grasp over advanced estimation techniques and to have the capability
of inferring results accurately. The course will require the students to learn certain computer packages like S, e-views and strata besides excel.
The major topics included in the course are classical regression model, generalized leastsquares model, the maximum likelihood estimators, time series
analysis and autoregressive distributed lag models.
Pre-requisite: ECO341

ECO412 International Trade

The course covers the various issues and theories related to international trade. The topics of discussion include theories of absolute advantage and
comparative advantage, shift in production function resulting from international trade, ardian trade model, international wage differentials and
productivity, free trade and income distribution, factor endowment and Heckscher-Ohlin Model, transfer of resources, tariffs, quotas, trade barriers,
major trade rules by WTO, contributions of International financial institutions and monetary integration.
Pre-requisite: ECO103/ECO113

ECO403 Major Issues in World Economy

The course intends to give an overview of Wprld’s economy with a detailed discussion of various issues like unemployment, poverty, income distribution,
debt burden, deficit, etc. which the economy is facing. The main topics of discussion include agricultural development policies, mobilization of domestic
resources, role of foreign aid, development of large and small industries, total development, employment pattern, population growth, international
debt dependency, inflation, foreign trade deficit and other emerging issues.
Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO411 Research Methods in Economics

The course will familiarize the students with the methodology by which economists conduct research, with an emphasis on the development of an effective
research question and strategies for identifying relevant scholarly literature. Students will learn how to read theoretical and empirical research papers
that contain mathematical exposition. The course will also provide students with an understanding of where and how to collect data used in economic
analysis, and the limitations that the use of data imposes on economic inference. Students will apply their increased understanding of economic research
methodology to produce their own literature review.
Pre-requisite: ECO103/ECO113 & ECO 104/ECO114 & MTS202

ECO451 Public Finance

This course emphasizes on the application of economic theory to the analysis of the issues related to public expenditures and taxation. The course
discusses public goods and free rider problems, theories on public expenditures, social cost benefit analysis, fiscal policy and Distributional Equity
in Taxation. The course also includes the discussion of budget cycle and tax structure of World.
Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO452 Islamic Economic System

The course includes the discussion of the concept of Islamic method of economic life, rules and legal provisions that govern the economic life and
financial transactions, universality of Islam and the perfection in terms of attention to matters in various economic fields, and the extent of its
effectiveness in finding appropriate solutions. The course also discusses the Islamic economic system as a reference for each senior development in
the arena of economic life and the failure and ineffectiveness of economic systems status in solving the economic problems and volatility, as compared
to the foundations of Islamic economic system.
Pre-requisite: ECO103/ECO113 & ECO 104/ECO114 .

ECO453 Labor Economics

This course will allow the students to extend their knowledge of economic theory and apply it to the labor market. the course addresses the topics
of labor demand and supply, Wage Rigidity, role of labor unions and Unemployment, Labor Market Discrimination, labor policy, theories of labor movements
and child labor. Students will have an opportunity to use both economic theory and empirical evidence to analyze in depth topics such as income
distribution, wage structures and differentials and the impact of immigration and globalization on the labor market.
Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO454 Population Economics

The course aims at exposing the students with the main population dynamics, their socio-economic determinants, consequences and their measurements.
The major areas of focus include history of population growth, population theories, components of population changes, economic and social determinants
of population trends and their consequences and population policies and their impacts. Special emphasis will be placed on discussing the population
programs in Pakistan and their impacts, regional / provincial distribution of population in Pakistan and the impact of population growth on our
economic development. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO455 Comparative Economic System

This course seeks to develop concepts enabling students to differentiate the various economic systems from one another. It provides students with an
understanding of the organization, operation and performance of economic systems, both in theory and in practice. The course includes the discussion
of general categories of feudalism, capitalism, socialism, Communism and Marxism. The course includes a detailed discussion of Islamic economic system
and the economic system of Pakistan. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO456 Economics and Strategy

In this course, students will explore the concepts, methods and tools of managerial economics with an emphasis on business decision-making in
domestic and international settings. Topics discussed include: demand theory, supply, the price system, cost analysis, market structures, factor
pricing, decision criteria and international economics. The course integrates economic reasoning with statistical techniques in order to
facilitate strategic decision-making under conditions of uncertainty. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO461 Natural Resource and Environmental Economics

The course explores the economic basis of environmental issues and policies. The topics of discussion include models of pollution control,
value of health, life and safety, emergence of environment issue in Pakistan, industrial waste, agricultural issues related to pesticides use,
salinity and water logging, urban environmental issues, public and private efforts to improve environment quality, Ozone depletion and the economics
of global warming. Environmental policy and strategy in Pakistan will also be discussed in detail. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO462 Rural Development

The course introduces the structure of the rural economy encompassing socioeconomic set up, developmental status and core social, economic and
environmental problems to the students. The course also intends to impart knowledge to the students about the historical background, evolutionary
planning process of rural development & familiarize students with the rural scene of World. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO463 Financial Economics

The objective of this course is to undertake a rigorous study of the theoretical foundations of modern financial economics. The course will cover
the central themes of modern finance including individual investment decisions under uncertainty, stochastic dominance, mean variance theory, capital
market equilibrium and asset valuation, arbitrage pricing theory, option pricing, and incomplete markets, and the potential application of these themes.
Upon completion of this course, students should acquire a clear understanding of the major theoretical results concerning individuals’ consumption and
portfolio decisions under uncertainty and their implications for the valuation of securities. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO464 Game Theory

The course develops a rigorous presentation of key concepts in game theory, and emphasizes their applications to economic modeling. Contents include:
choice under uncertainty and Von Neumann Morgenstern utility; games in normal form: mixed strategies, Nash equilibrium (existence and stability);
games in extensive form: backward induction and other equilibrium refinements; games with incomplete information: Bayesian Nash equilibrium; cooperative
games: core stability and the Shapely value. Pre-requisite: ECO103/ECO113 & MTS101

ECO465 International Political Economy

The objective of this course is to train the student to think systematically about the current state of the economy and macroeconomic policy, and to be able
to evaluate the international economic environment within which business and financial decisions are made. The course emphasizes the use of economic theory
to understand the workings of financial markets and the operation and impact of government policies. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO466 Monetary Economics

This course is designed as a survey of the basic theories in monetary economics for undergraduate level students. The main objective of the course is to
help students understand the core aspects of monetary economy: how monetary phenomena and policies are determined, and how they interact with the rest of
the macro economy. For that purpose, several key theoretical frameworks will be constructed, and various monetary economic phenomena including monetary
policy actions will be analyzed within such frameworks. Major schools of thought in monetary economics, and their differences, which give rise to different
policy implications, will also be discussed within those theoretical frameworks along with the empirical evidence. Further, the review of tools of empirical
analysis will help student in organizing their thoughts and applying monetary theories on Pakistani data. Finally, with the clarity of theoretical linkages
along with the empirical testing of sensitivity of such linkages, it will be easier for students to understand the mechanism and framework of monetary policy.
Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO467 History of Economic

Thought This course is designed to provide an introduction of the contributions of major economic thinkers from the late scholastics to the present.
The course will enable the students to explore the historical circumstances under which different economic theories arose. Main areas of focus include
contributions of classical school: Adam Smith, Malthus and Ricardo, socialism, neo-classical economics, Keynesian and post Keynesian schools and the
emergence of modern economic thought. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO468 Agriculture Economics

This course illustrates the role the agriculture in economic development and the various issues related to agricultural development. Major topic of
discussion include the theory of rent, agricultural surplus, agriculture in dualistic development models, technological change in agriculture, supply
response and food supply theories. Special emphasis will be placed on discussing the agricultural issues in Pakistan like agricultural productivity,
use of inputs, malnutrition, land ownership, soil degradation and green revolution. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO469 Regional Economics

The course includes a discussion of different types of regions; need for planning for local level development; theoretical and practical problems of
regional development planning, linkage between planning and implementation at grassroots level, theories of inter-regional economic growth; shadow pricing
and socio-economic development; centralized and decentralized planning and financing for development; regional policies for development and regional
(Provincial) development in World. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO471 Health Economics

The course includes the study of determinants of health, including behavioral, economic and social factors and access to health care. Students in the health
economics course will apply economic theory and empirical analysis to study how socioeconomic status, public policy actions, and individual decisions
influence health outcomes. The analysis of medical care industry and economics of private insurance markets comprise another important area of study in the
course. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO472 Urban Economics

The course deals with the nature and development of urban areas. The analytical sections of the course deal with the location of firms and households in an
urban spatial context, the size distribution of urban areas, the theory of land rent, and optimal city size. Various urban problems such as poverty, pollution
and environmental quality are discussed. Other policy questions deal with congestion tolls and efficient highway investment, land use regulation, central city
fiscal problems, and alternative educational policies. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114

ECO473 Welfare Economics

This course introduces students to basic concepts in welfare economics to allow an understanding of important economic factors affecting the level of social
welfare. The conditions for Pareto optimality, alternative welfare criteria, measures of consumer surplus, optimal income distribution, external effects,
public goods, the theory of second best and the basic theory of social choice will be discussed. Pre-requisite: ECO103/ECO113

ECO474 Resource Economics

This course aims to provide the students a broad introduction to the economics of natural resources and the environment. It intends to develop a systematic
understanding of the economic rationale behind the optimal use of natural resources, Pricing of market and non market resources, application of environmental
policy instruments, economic valuation principles. Pre-requisite: ECO103/ECO113 & ECO 104/ECO114