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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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ISLAMICMICROECONOMICS
CONSUMPTION
, CONSUMPTION
In economics, consumption stands for expending of wealth for
satisfaction of human wants such as food, clothing, housing, othe
articles of daily use, education, health, other personal or family
needs, etc.
Role of an individual on this earth as the servant and vicegerent
of God – objectives of a consumer is thus to maximise one’s well-
being on one’s consumption behavior.
Well-being can be interpreted as falah and the ultimate falah can
be achieved by seeking the pleasure of Allah through submission
to His will and the pursuit of means and ends that would please
Him.
, CONSUMPTION
The objectives of an Islamic consumer is the maximiza
of well-being by seeking the pleasure of Allah
Conventional economics
consumers take wealth and bounty bestowed upon t
as their own and thus they are not accountable to
anyone but themselves.
Consumer are assumed to maximise their utility in o
to achieve the highest level of economic satisfaction
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