Course detail

Macroeconomics 1

FP-mak1PAcad. year: 2025/2026

By completing the course, students will acquire the basic theoretical knowledge necessary to understand the mechanisms of the economy's functioning at the aggregate level. Emphasis is placed on understanding the key factors that affect the macroeconomic environment in both the short and long run, as well as their interrelationships.

Language of instruction

Czech

Number of ECTS credits

6

Mode of study

Not applicable.

Guarantor

prof. Ing. Marek Zinecker, Ph.D.

Department

Institute of Economics (ÚE)

Entry knowledge

General knowledge of economic thinking at the level of secondary school curriculum is assumed, as well as knowledge of mathematics as a tool for understanding and analysing economic phenomena.

Rules for evaluation and completion of the course

Course Completion:
The course is concluded with a final examination. A prerequisite for taking the examination is obtaining the course credit (zápočet).

Requirements for Awarding Course Credit:
Students will be awarded course credit if they obtain at least 16 points from two mid-term written tests (the maximum total number of points is 30). The mid-term tests will be administered in Weeks 6 and 12 of the semester. The maximum/minimum number of points for each test is 15 and 8 points, respectively. Each student is entitled to one resit for both the first and the second mid-term test. The resit date for both tests (for students with an excused absence from the regular dates) will take place in Week 13 of the semester.

Examination Requirements:
The final examination is written. Only students who have been awarded course credit in the Information System (IS) and who are properly registered for the examination on a specific date in the IS may sit the exam. The examination consists of both multiple-choice and open-ended questions. Successful completion of the course requires obtaining at least 35 points on the final exam (the maximum number of points for the exam is 70). If a student achieves at least the minimum required score on the final exam, their points from the course credit will be added. The final grade is based on the sum of points from the coursework and the final examination according to the ECTS grading scale as defined in the BUT Study and Examination Regulations: A: 100 – 90 points; B: 89 – 80 points; C: 79 – 70 points; D: 69 – 60 points; E: 59 – 50 points; F: 49 – 0 points.

Course Completion for Students with an Individual Study Plan: Requirements for Awarding Course Credit: Identical to the section Course Completion. Examination Requirements: Identical to the section Course Completion. 

Course Completion in Distance Learning Mode (Applies only when objective external circumstances prevent the implementation of the study programme in accordance with the granted accreditation.): Requirements for Awarding Course Credit: Identical to the section Course Completion.
Examination Requirements: Identical to the section Course Completion.

Attendance at lectures and seminars is not compulsory.

Aims

The course aims to make the student understand the basic concepts, principles, and theories of macroeconomics. The acquired competencies also include an understanding of the most important factors affecting the macroeconomic environment in the short and long run and their interrelationships. The acquired knowledge will support the student in economic decision-making from the perspective of households, firms, and the government.

Study aids

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

BAYEROVÁ, Vladimíra. Makroekonomie 1: studijní text pro denní a kombinovanou formu studia bakalářských studijních programů. Vydání 2., rozšířené a aktualizované. Brno: Akademické nakladatelství CERM, 2021. ISBN 978-80-214-5989-2. (CS)
HOLMAN, Robert. Ekonomie. 6. vydání. V Praze: C.H. Beck, 2016. ISBN 978-80-7400-278-6. (CS)
JUREČKA, Václav. Makroekonomie: 3., aktualizované a rozšířené vydání. Grada, 2017. ISBN 9788027102518. (CS)
MANKIW, N. Gregory. Principles of macroeconomics. 8th edition. Stamford: Cengage Learning, 2017. ISBN 978-1305971509. (EN)

Recommended reading

HOLMAN, Robert. Dějiny ekonomického myšlení. 4. vydání. V Praze: C.H. Beck, 2017. ISBN 978-80-7400-641-8. (CS)
KRUGMAN, Paul and Robin WELLS. Macroeconomics. 7th ed. Duffield: Worth Publishers, 2024. 656 p. ISBN 978-1319415907 (EN)
FRANK, Robert H., Ben BERNANKE, Kate ANTONOVICS and Ori HEFFETZ. Principles of Macroeconomics. Columbus: McGraw Hill, 2021. 544 p. ISBN 978-1264250318  (EN)

Classification of course in study plans

  • Programme BAK-EAM Bachelor's

    specialization BAK-EAM-UAD , 1 year of study, winter semester, compulsory
    specialization BAK-EAM-EP , 1 year of study, winter semester, compulsory

Type of course unit

 

Lecture

26 hod., optionally

Teacher / Lecturer

prof. Ing. Marek Zinecker, Ph.D.

Syllabus

1. Introduction to the course. Market and market mechanism.
2. Model AS-AD.
3. Measurement of economic performance, GDP.
4. Concepts of macroeconomic equilibrium.

5. Economic growth and the business cycle.
6. Money and the money market.

7. Inflation.
8. Labour market and changes in the market. 
9. Economic policy and its objectives. Fiscal policy. Instruments and effects of fiscal policy.
10. Monetary policy. Instruments and effects of monetary policy.
11. International trade theory. Balance of payments.

12. Foreign exchange rate mechanism.
13. Evaluating the effects of economic policy.

Exercise

26 hod., optionally

Teacher / Lecturer

prof. Ing. Marek Zinecker, Ph.D.

Syllabus

1. Introduction to the course. Market and market mechanism.
2. Model AS-AD.
3. Measurement of economic output, GDP.
4. Keynesian vs. Classical economic model.

5. Causes and phases of the economic cycle.
6. The money market and the money multiplier. Credit test (1).

7. Inflation and its measurement.
8. Labour market and changes in the market.
9. Types of fiscal policy and its applications
10. Types of monetary policy and its application.
11. Balance of payments. Credit test (2).

12. Foreign exchange rate mechanism.
13. Remedial credit tests

Expertise:
The student gains an understanding of key macroeconomic indicators such as GDP, inflation, unemployment, and interest rates. They will understand the functioning of economic cycles, the tools of fiscal and monetary policy, and their impact on the economy. The course provides skills to analyze the relationships between aggregate demand and supply and to understand the role of the central bank and the state budget in managing the economy.

Professional Competencies:

The student understands the fundamental principles of how a national economy functions. They are capable of interpreting macroeconomic indicators (GDP, inflation, unemployment, interest rates) and analyzing their interrelationships. They can assess the impact of economic policies (fiscal and monetary) on macroeconomic equilibrium. They are familiar with issues related to economic growth, the business cycle, and the role of the public sector in the economy.

Professional Skills:

The student is able to work with macroeconomic data, interpret it, and draw conclusions about the state of the economy. They can apply basic macroeconomic models (e.g., the aggregate demand and supply model) to real-world economic situations. They are capable of analyzing the effects of economic policy changes and proposing basic recommendations. The student can formulate and defend arguments related to the functioning of the national economy within a broader economic context.

Individual preparation for an ending of the course

40 hod., optionally

Teacher / Lecturer

prof. Ing. Marek Zinecker, Ph.D.

Self-study

64 hod., optionally

Teacher / Lecturer

prof. Ing. Marek Zinecker, Ph.D.