Description:

Basic economic terms, market, law of demand, law of supply, market equilibrium, price regulation, price and income elasticities, consumer's behavior, producer's behavior, cost, revenue, profit, market failure, monopoly, government macroeconomic policy, gross domestic product, multipliers, money, inflation, banking system, monetary policy, labor market, business cycle, fiscal policy, foreign trade policy, comparative advantage, CR and EU, Euro.

Contents:

1. Economics. Basic terms.
2. Market. Demand and supply.
3. Demand and supply. Elasticities.
4. Consumer's behavior.
5. Producer's behavior. Cost and revenue.
6. Producer's behavior. Profit maximization.
7. Market failure. Monopoly, oligopoly, monopolistic competititon.
8. Principles of macroeconomics. Government economic policy. Theoretical concepts.
9. Gross domestic product - definition and computation.
10. Expenditures on gross domestic product.
11. Money. Inflation. Banking system. Monetary policy.
12. Labor market. Unemployment. Business cycle.
13. Fiscal policy. Government budget. Public debt.
14. Foreign trade policy. CR and European Union. Euro.

Seminar contents:

1.Basic economic terms, graphs.
2.Demand, supply, market.
3.Elasticity.
4.Consumer's behavior.
5.Producer's behavior - production function.
6.Producer's behavior - cost.
7.Producer's behavior - revenue, profit in perfect competition, monopolistic profit.
8.International trade - absolute and comparative advantage.
9.Gross domestic product - definition.
10.Expenditures on gross domestic product.
11.Inflation, monetary policy of central bank, labour market.
12.Diamond.
13.Fiscal policy.
14.Reserve seminar.

Recommended literature:

1.Fialova H., J. Jandera: Economics (handouts)
2. Frank R.H., B.S. Bernanke: Principles of Economics, McGraw-Hill, 3.Ed. 2005
3.Fialová, H., Fiala, J.: The Concise Dictionary of Economic Terms, A plus, Praha 2008

Abbreviations used:

Semester:

• W ... winter semester (usually October - February)
• S ... spring semester (usually March - June)
• W,S ... both semesters

Mode of completion of the course:

• A ... Assessment (no grade is given to this course but credits are awarded. You will receive only P (Passed) of F (Failed) and number of credits)
• GA ... Graded Assessment (a grade is awarded for this course)
• EX ... Examination (a grade is awarded for this course)
• A, EX ... Examination (the award of Assessment is a precondition for taking the Examination in the given subject, a grade is awarded for this course)

Weekly load (hours per week):

• P ... lecture
• C ... seminar
• L ... laboratory
• R ... proseminar
• S ... seminar