English

5

Not applicable.

Of all faculties

The outputs of the course are knowledge in the area of ​​economic theory with an emphasis on market environment and the use of basic economic models. On this basis, students will be able to analyze real economic phenomena and propose possible solutions and measures to improve the situation and mitigate the negative impacts of economic phenomena from both microeconomic and macroeconomic.

Prerequisites: knowledge of economics on high school level.

Not applicable.

The course consists of two-hour lectures that have the explanation of basic principles, methodology of the discipline and practical mastery of the substance. Exercises encourage in particular practical mastery of the subject matter presented in lectures and also are focused on mastering arithmetic tasks.

Student will pass the seminars if he/she will score minimum of 15 points. The maximum is 30 points.
Evaluation of the seminars consists of three parts:
1. final test – it’s evaluated a maximum of 25 points, the minimum is 50%.
2. active attendance - maximum of 5 points.

Successful completion of a credit test on topics covered in seminars. Active participation in lectures and seminars. Form of examination: written test. The integrated knowledge of microeconomics and macroeconomics in principal connections is considered. Grading is awarded according to the Rules for Studies and Examination valid at BUT and reflects student’s performance.
The scale of the resulting classification:
(student may gain from exercise 30 points and max.70 points of the test, a total of 100 points)

A: 90-100 points
B: 80-89 points
C: 70-79 points
D: 60-69 points
E: 50-59 points
F: less than 50 points

1. Introduction to economics - The emergence of economics and its subject. Basic economic principles and their measurement. Goods and factors of production. Households and businesses
2. The basics of supply and demand - utility and its measurement. Optimum consumers. Market demand. The law of diminishing demand.
3. Behavior of firms in a perfectly competitive market - accounting costs and economic costs. Accounting profit and economic profit. Cost-sharing. Profit as revenues less cost. Supply curve and a point of closure of the company.
4. Individual and market demand - Market equilibrium and efficiency - Market equilibrium and equilibrium price. Achieving market equilibrium. Stability of market equilibrium. Equalization of marginal utility and marginal costs.
5. Consumer behaviour - Firm behavior in imperfect competition - Establishment of imperfect competition, the basic characteristics of market structures: monopoly, oligopoly. monopolistic competition
6. Markets for factor inputs - Capital market, labor market, land
7. Impact of Governments decision
8. Aggregate supply, aggregate demand, growth and decrease of AD and AS, aggregate expenditures, slope of the AS curve
9. The measurement of the economic output, national product (GDP, GNP) and national income.
10. The money market, quantitative theory - neutrality of money. Inflation, types of inflation, relationship between inflation and unemployment.
11. The labour market, natural rate of unemployment, Phillips curve theories
12. The theory of business cycle. Fiscal policy – state budget, public finance, expansionary and restrictive fiscal policy.
13. Monetary policy – monetary goals and tools, expansionary and restrictive monetary policy.

Not applicable.

The purpose is to acquire and arrangement of basic knowledge of economic theory. Based on introduction to basic concepts of microeconomics and macroeconomics listeners will understand the logic of the market process and the operation of market mechanisms in the environment of small and medium-sized companies. The main objective is to analyze the real effects of the market environment and in proposing solutions applying the knowledge.

Attendance in seminars will be checked, a student has to fulfil a 75% attendance in seminars.
Absence in seminars could be recompense with a special assignment or with a special exam test.

Not applicable.

Not applicable.

MANKIW, G. N. Principles of Economics. 7th ed. Cengage Learning, 2014. 880 p. ISBN 128516587X.
SAMUELSON, P.A. a NORDHAUS, W.D. Economics. 19th edition . McGraw-Hill Education, 2009. 744 p. ISBN 978-0073511290.

FRANK, H. R., BERNANKE, B. S. Principles of Economics, Brief Edition. 2nd ed. New York. The Mcgraw-Hill. 2010, 878 s.ISBN 978-0073511436
STIGLITZ, J. E. Freefall: free markets, and the sinking of the world economy. London: Penguin Books, 2010, 443 s. ISBN 978-0-14-104512-2.

13 hours, compulsory