Syllabus and study guide
© Emile Woolf International vii The Institute of Chartered Accountants of Pakistan
Syllabus
Ref Contents Level Learning Outcome
LO1.2.4: Describe the merits and
demerits of planned, mixed and market
economies
LO1.2.5: Compare the Islamic
economic system with other economic
systems.
B Microeconomics
1 Demand 2 LO2.1.1: Define the concept of
demand, state the differences between
want and demand and individual and
market demand
LO2.1.2: Define and explain law of
demand with the help of schedule and
graph and explain assumptions and
limitations of the law
LO2.1.3: Identify the movements along
and shifts of a demand curve and
explain the factors responsible
LO2.1.4: Assess the practical
importance of law of demand.
2 Supply 2 LO2.2.1: Define supply and differentiate
it from stock
LO2.2.2: State law of supply and
explain its assumptions
LO2.2.3: Interpret the relationship
between price and supply with the help
of schedule and graph
LO2.2.4: Describe movement along the
supply curve and shift in supply
LO2.2.5: Discuss the relation between
time and supply
LO2.2.6: Define reserve price and
discuss the factors influencing reserve
price
LO2.2.7: Assess the practical
importance of law of supply.
3 Equilibrium of demand and
supply
2 LO2.3.1: Define the concept of market
and market equilibrium
LO2.3.2: Explain the determination of
price by equilibrium of demand and
supply with the help of a schedule and
graph
LO2.3.3: Explain the effect of changes
in demand and supply on market
equilibrium
LO2.3.4: Discuss the determination of
price of perishable and durable goods.

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