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🇵🇰 NTS NAT-IGS · subject
NTS NAT-IGS Economics Syllabus
Every chapter and topic of Economics examined in NTS NAT-IGS — 6 chapters, 21 topics, plus 51 flashcards written against it.
Economics syllabus — full chapter and topic list
Expand any chapter to see its topics and sub-topics. This is the whole examinable outline for Economics in NTS NAT-IGS, not a summary of it.
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Introduction to Economics
3 topics- Definition and Scope of Economics
- Basic Economic Problems
- Microeconomics vs Macroeconomics
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Consumer and Demand Theory
4 topics- Law of Demand and Supply
- Elasticity of Demand
- Utility Analysis
- Market Equilibrium
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Production and Cost
3 topics- Factors of Production
- Law of Returns
- Cost and Revenue Concepts
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Market Structures
3 topics- Perfect Competition
- Monopoly
- Monopolistic Competition and Oligopoly
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Macroeconomics
4 topics- National Income Concepts
- Inflation and Unemployment
- Money and Banking
- Fiscal and Monetary Policy
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Economy of Pakistan
4 topics- Agriculture and Industry
- Taxation and Budget
- Trade and Balance of Payments
- Economic Planning and Development
Economics flashcards for NTS NAT-IGS
23 of 51 cards from the Economics deck — real questions with worked answers.
Define Economics according to Lionel Robbins.
Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
What is the scope of Economics divided into?
Microeconomics (study of individual units like consumers and firms) and Macroeconomics (study of the economy as a whole).
Who is known as the 'Father of Economics' and for which book?
Adam Smith, for 'An Inquiry into the Nature and Causes of the Wealth of Nations' (1776).
What is the central/fundamental economic problem?
Scarcity of resources relative to unlimited human wants, which forces choice.
State the three basic economic problems every economy must solve.
What to produce, How to produce, and For whom to produce.
What is opportunity cost?
The value of the next best alternative forgone when a choice is made.
What does a Production Possibility Curve (PPC) illustrate?
The maximum combinations of two goods an economy can produce with given resources and technology; it shows scarcity, choice, and opportunity cost.
What does a point inside the PPC indicate?
Underutilization or inefficient use of resources (unemployed resources).
Differentiate Microeconomics from Macroeconomics.
Microeconomics studies individual units (consumer, firm, single market and price); Macroeconomics studies aggregates (national income, total employment, general price level).
Who coined the terms 'micro' and 'macro' economics?
Ragnar Frisch.
Which branch of economics is also called 'Price Theory'?
Microeconomics.
Which branch of economics is also called 'Income and Employment Theory'?
Macroeconomics.
State the Law of Demand.
Other things being equal, as the price of a good falls, its quantity demanded rises, and as price rises, quantity demanded falls (inverse relationship).
In which direction does the demand curve slope and why?
It slopes downward from left to right because of the inverse relationship between price and quantity demanded.
State the Law of Supply.
Other things being equal, as the price of a good rises, its quantity supplied rises, and as price falls, quantity supplied falls (direct relationship).
In which direction does the supply curve slope?
Upward from left to right (positive slope) due to the direct relationship between price and quantity supplied.
What is the difference between a change in quantity demanded and a change in demand?
Change in quantity demanded is movement along the demand curve due to price change; change in demand is a shift of the whole curve due to non-price factors.
Name two exceptions to the Law of Demand.
Giffen goods and Veblen (prestige) goods.
What is a Giffen good?
An inferior good whose demand rises when its price rises, violating the Law of Demand.
Define Price Elasticity of Demand.
The degree of responsiveness of quantity demanded to a change in the price of a good.
Give the formula for Price Elasticity of Demand.
Ed = (% change in quantity demanded) / (% change in price).
What does Elasticity of Demand = 1 (unitary elastic) mean?
Percentage change in quantity demanded equals percentage change in price.
What is perfectly elastic demand and its elasticity value?
Demand where a tiny price change causes infinite change in quantity; Ed = infinity (horizontal demand curve).
Planning Economics for NTS NAT-IGS
Economics is about 17% of the NTS NAT-IGS syllabus by topic count — 21 of 125 topics, spread over 6 chapters. At roughly 45 minutes per topic plus 12 minutes per sub-topic, a first pass runs to about 15 hours.
The heaviest chapters are Consumer and Demand Theory (4 topics), Macroeconomics (4 topics), Economy of Pakistan (4 topics) . Front-load those while your energy is high; the short chapters are better revision filler later.
Work top-down: read the chapter, then tick topics off individually rather than marking the whole chapter done. Sub-topics are where silent gaps hide.
Economics (NTS NAT-IGS) FAQ
What is in the NTS NAT-IGS Economics syllabus?
Economics is split into 6 chapters — Introduction to Economics, Consumer and Demand Theory, Production and Cost, Market Structures, Macroeconomics and Economy of Pakistan, containing 21 topics and 0 sub-topics in total.
How is Economics structured in the NTS NAT-IGS syllabus?
6 chapters. Economics accounts for about 17% of the topics in the whole NTS NAT-IGS syllabus (21 of 125).
How long should I spend on Economics for NTS NAT-IGS?
Budget around 15 hours for a first pass through Economics — about 45 minutes per topic plus 12 minutes per sub-topic across its 21 topics. Add revision cycles on top.
Are there flashcards for NTS NAT-IGS Economics?
Yes — a 51-card Economics deck. Sample cards are printed on this page, and the full deck is free in the Examius app with spaced repetition scheduling.