Code: F7AMSEK Economics
Lecturer: doc.Ing. Alexandr Soukup CSc. Weekly load: 2P+2S Completion: A, EX
Department: 17110 Credits: 5 Semester: W
Description:
The course introduces the main rules and notions of microeconomics, the market theory, market environment, market balance, demand and supply. Furthermore, the course covers the topic of demand and supply elasticity - graphiical and mathematical expression of elasticity, consumerīs behavious, his optimum. The lecture continues with the theory of the firm, including costs and production, profit maximization, etc. The end of the microeconomics part introduces the theory of perfect/imperfect competition (monopoly, oligopoly, monopolistic competition).
As concerns macroeconomics, the course deals above all with the gross domestic product, its creation, distribution, and practical utilization. Moreover, the course contains the theory of money market, monetary policy, its tools and goals. Inflation, its nature, forms, causes and effects. Unemployment. The following part of the course deals with the fiscal policy, national budget, Maastricht criteria. The course is finished with international trade, balance of payments, exchange rates.
Contents:
1. Introduction into economics ? basic economic notions (origin of economics as a science, brief development of economic thinking. Economic system and its elements
2. Theory of consumerīs behaviour, total utility, marginal utility, demand and demand curve.
3. Theory of producerīs behaviour, cost function, production function, optimum production output, market subjects, supply.
4. Perfect competition, basic characterization of a perfectly competitive environment, balance in the perfectly competitive market.
5. Imperfect competition and its forms (monopoly, oligopoly, monopolistic competition), market failure.
6. Economic process and its stages, production factors and their prices.
7. Introduction into macroeconomics: Economic policy. Gross domestic product. Macroeconomic expenditure models.
8. Money market and monetary policy.
9. Aggregated demand and supply. Model AD - AS. Business cycles.
10. Fiscal policy. Public budgets.
11. Job market, unemployment and its effects. Employment policy and its tools.
12. Inflation, its measurement, causes and effects. Phillips curve. Inflation expenses.
13. Balance of paymenrts. International trade and global economy.
Seminar contents:
? Introduction into economics ? basic economic notions (origin of economics as a science, brief development of economic thinking. Economic system and its elements
? Theory of consumerīs behaviour, total utility, marginal utility, demand and demand curve.
? Theory of producerīs behaviour, cost function, production function, optimum production output, market subjects, supply.
? perfect competition, basic characterization of a perfectly competitive environment, balance in the perfectly competitive market.
? Imperfect competition and its forms (monopoly, oligopoly, monopolistic competition), market failure.
? Economic process and its stages, production factors and their prices.
? Introduction into macroeconomics: Economic policy. Gross domestic product. Macroeconomic expenditure models.
? Money market and monetary policy.
? Aggregated demand and supply. Model AD - AS. Business cycles.
? Fiscal policy. Public budgets.
? Job market, unemployment and its effects. Employment policy and its tools.
? Inflation, its measurement, causes and effects. Phillips curve. Inflation expenses.
? Balance of paymenrts. International trade and global economy.
Recommended literature:
Required:
[1]. ROBERT S. PINDYCK a DANIEL L. RUBINFELD. Microeconomics. 6. ed., internat. ed. Upper Saddle River, NJ: Pearson, 2005. ISBN 9780131912076.
[2]. BARRO, Robert J. Macroeconomics. 5th ed. Cambridge, Mass.: MIT Press, c1997. ISBN 9780262024365.
[3]. VARIAN, Hal R. Intermediate microeconomics: a modern approach. 7th ed. New York: W.W. Norton & Co., c2006. ISBN 9780393927023.
Recommended:
wikipedia

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