Class notes
Class notes ISB 551 Islamic Economics: Principles and Analysis
Good luck in Islamic Economic (ISB 551) Love from student ISBA new syllabus
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Seller
Follow
Content preview
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Qonly. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78998 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now