Introduction to economics and finance
INTRODUCTION Learning outcomes The overall objective of the syllabus is to enable candidates to equip themselves with the fundamental concepts of economics and finance needed as foundation for higher studies of finance. LO Understand the basic concepts of economics.
LO1.1.1: The economic problem - wants, resources, scarcity: Understand the fundamental nature of economics
LO1.1.2: The economic problem - wants, resources, scarcity: Describe the scope and objectives of economics LO1.1.3: The economic problem - wants, resources, scarcity: Describe, with examples, the concept of economic problem and its implications for an economy
LO1.1.4: The economic problem - wants, resources, scarcity: Explain with examples the four factors of production
LO1.1.5: The economic problem - wants, resources, scarcity: Discuss the production possibility curve and its relevance to the concept of opportunity cost
LO1.2.1: Economic systems - planned, market and mixed economies: Describe the major functions of an economic system
LO1.2.2: Economic systems - planned, market and mixed economies: Explain the salient features of planned, mixed and market economies
LO1.2.3: Economic systems - planned, market and mixed economies: Provide examples of mixed, planned and market economies
LO1.2.4: Economic systems - planned, market and mixed economies: Describe the shortfalls of a market economy
LO1.3.1: Islamic economic system: Describe the main features of the Islamic economic system
LO1.3.2: Islamic economic system: Compare the Islamic economic system with other
economic systems.
