Economics and Business

Course Outline: Introduction to Microeconomics & Islamic views

Md. Abdullah Raihan, Assistant Professor,
International Islamic University Chittagong, Dhaka Campus.

Paper presented at a Follow-up Workshop on Curriculum Reform
9 November, 2008, Dhaka University

Introduction:

  • Basic Concept of Scarcity and choice among alternatives in Islamic Economics.
  • Fundamental Problems of Islamic Economics.
  • Main Themes of Islamic Economics.
  • Comparison between different economic systems and Islam.
  • Concepts of output under Islamic Economics.
  • Theory and concept of PPF under Islamic paradigm.
  • Concepts of Input under Islamic Economics.

Theory of Supply:

  • Supply Curve vs. Islamic Supply Curve.
  • Concept of Shift in Supply under Shariah Constraint.
  • Determinants of Supply under Islamic Economics.

Applications of Supply & Demand:

  • Theory of Elasticity:
  • Price Elasticity of Demand and its determinants under Islamic Economics.
  • Price Elasticity of Supply and its determinants under Islamic Economics.
  • Cross Elasticity of Demand and its applications under Islamic Economics.
  • Income Elasticity of Demand and its significance under Islamic Economics.

Consumer Behaviour:

  • Choice and utility theory under Islamic Economic environment.
  • Concept of Maslaha function or Islamic Consumption function.
  • Assumptions of Maslaha function under Islamic Economics.
  • Models of Maslaha functions by different Islamic Scholars.
  • Concept of Budget constraint and Consumer surplus under Islamic Economics.
  • Concepts of consumer equilibrium under Islamic Economics.
  • Ultimate goal and Islamic consumer behaviour.

Theory of Production & Cost:

  • Production Function under Islamic Economics.
  • Importance of Short Run and Long Run production function under Islamic Economics.
  • Concepts of factor of production and factor rewards under Islamic Economics.
  • Some Special concepts of Cost Under Islamic Economic Environment.


Market Structure:

  • Different kinds of markets and Islamic views.
  • Distinguishing features of different markets and Islamic market environment.
  • Concept of Islamic Perfect Market.
  • Efficiency and competitive market under Islamic Economics.
  • Market imperfection and Islamic Economics.
  • Monopoly, efficiency loss and price discrimination under Islamic Economics.

Research to be continued………….

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