Economics

Consumer behaviour, determination of market demand and supply i.e. concept of elasticity of demand and supply, static, comparative static analysis, distinction between partial and general equilibrium analysis (basic level), theory of the firm, producer's equilibrium, pricing of the factors of production.

Basic economic concepts, national income accounting, consumption function, multiplier, accelerator, component of aggregate demand, labour demand and supply, unemployment, determination of equilibrium level of income and output (at least with reference to two or three schools of thought), inflation.

Functions of money, quantity theory of money, the Fisher and Cambridge formulations, systems of note issue, credit creation, functions of central banks, instruments of credit control, distinction between goals, operational and intermediate target of central banks policy, concept of reserves, liquidity premium, term structure of interest rate, Fisher equation etc.; transmission mechanisms of monetary policy, theory of liquidity preference, TVM, capital structure, capital restructuring, IS-LM analysis and the role of central bank, money demand and supply.

Government expenditure, sources of government revenue, privatization, taxes and non-taxes, incidence of different taxes, public debt, objectives, methods of repayment, deficit financing, general equilibrium analysis, welfare economics, fiscal policy.

Theories of comparative advantage and factor endowments, trade and growth, colonialism, imperialism and international trade, trade restrictions, economic integration, trade policy, balance of payments, foreign exchange, international monetary system, custom unions.

Concepts of development, human development, historical growth process and development, theories of development, structural issues of development, income distribution and poverty, sectoral (agricultural, industry, trade and finance) issues and development, environment and development.

Characteristics of under development, rethinking on the concept of development: growth vs. redistributive justice, absolute and relative poverty, basic needs approach, sustainable development, environmental degradation and other issues.

A critical evaluation of the strategy of economic planning, governance and institutions.

Changes in agricultural policies over plan periods, major monetary and fiscal measures to promote agricultural development, Green Revolution strategy and its implications for growth and redistribution, land reforms and changes in the tenure system 1950–1980, cooperative farming, rural development.

Early industrialization strategy, creation of financial and development institutions, major monetary and fiscal measures to promote industrial development, changing role of public sector over the plan periods, evaluation of nationalization policy, concentration of industrial income and wealth, evaluation of import substitution policy and export led growth strategy in Pakistan.

Trends in Pakistan's balance of payments, terms of trade, changes in direction of trade, trends in Pakistan's major exports and imports, causes of significant changes in the trends, the role of migration and remittances in Pakistan's economy, costs and benefits of foreign aid, role of foreign investment.

Conceptual and operational aspects. International comparisons. Pakistan experience of privatization.

Energy crisis, corruption, bad governance, external debt accumulation and dependency, unemployment, income inequality, inflation, fiscal and trade deficits, balance of payment issues, shortage of irrigation water.