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Class notes ISB 551 Islamic Economics: Principles and Analysis
Good luck in Islamic Economic (ISB 551) Love from student ISBA new syllabus
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ISLAMIC MICROECONOMICSPart 5
, LEARNING OUTCOME
Understand the characteristics of various market
structures and their advantages and disadvantages
Comprehend the position of perfect competition,
monopoly, monopolistic competition and oligopoly fro
conventional and Islamic perspectives
, MARKET AND ECONOMIC SYSTEMS
Market – place for buyers and sellers to
undertake exchange activities
Functions
communicating price information
setting the price of traded items
facilitating deals and transactions
influencing the allocation of resources
assisting in the distribution of income and wealth
Roles -
, MARKET AND ECONOMIC SYSTEMS
Roles – different based on economic systems
Free market system
become foundation of the system to allocate economic resour
and for the distribution of income and wealth
Command economic system
Market functions in the system are limited
Government determines what goods should produced, how m
should be produced and the price at which the goods are offe
for sale
Islamic economic system
Comprehensive
Islamic rules of the game
Market – harmonious interactions between human and the
creator, other human and the universe.
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