Economics

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This course aims to introduce students to fundamental concepts of micro and macroeconomics, economic methodology, particular economic problems, and economic policy choices. The investigation of the market mechanism at the micro- and macro-levels, the impact of prices on the creation and provision of products and services, market failures, the role of government in the economy, and the main problems of the global economy are among the topics covered. Assessment is based on student presentations and a written examination.

The lecture covers the following topics:

1. Nature and Method of Economics (The Economic Perspective: Scarcity and Choice, Rational Behaviour, Benefits and Costs)

2. Economic Methodology (Economics and Other Sciences, Theoretical Economics and Policy Economics, Macroeconomics and Microeconomics. Positive and Normative Economics)

3. The Economizing Problem (The Foundations of Economics: Unlimited Wants and Scarce Resources; Employment and Efficiency; The Circular Flow Model)

4. Microeconomics of Product Markets (Consumer Behaviour and Utility Maximization)

5. Microeconomics of Product Markets continued (The Costs of Production, Firm Behaviour)

6. Individual Markets: Demand and Supply (Law of Demand, The Demand Curve, Market Demand, Change in Demand, Changes in Quantity Demanded, Law of Supply, Determinants of Supply, Elasticity of Demand and Supply, Types of Goods)

7. Market Equilibrium (Surpluses, Shortages, Equilibrium Price and Quantity, Rationing Function of Prices)

8. Market Equilibrium continued (Examples of Markets: Food Market, Stock Market; Competition, Monopoly, Oligopoly)

9. Microeconomics of Government (Market Failure, Public Goods, Externalities, Environmental Issues)

10. Macroeconomics - Basic Concepts (Measuring Domestic Output and National Income, Budget Deficit, Fiscal Policy and Monetary Policy)

11. Macroeconomics - Inflation and Unemployment

12. Macroeconomics - Long-Run Perspectives and Economic Development (Economic Growth, Economic Crises)

13. International Economics and World Economy (Globalisation Process; International Trade, Income Inequality and Poverty)

14. The Main Economic Problems of the Global Economy

15. Summary

During the tutorial, the above topics are studied in more detail, and examples from everyday life are presented and discussed.

McConnell, C., Brue, S., Flynn, S. (2021). Economics, 22nd Edition. McGraw Hill

Additional papers presented during the tutorial.

Upon the course completion the student knows and understands:

- the basic economic definitions like demand, supply, Gross Domestic Product, external effects, etc.; the basic concepts related to economic growth and economic development, international trade, economics of developing countries and transition economies, principles and importance of entrepreneurship (K_W07);

- how the market system works at the micro and macro levels; how prices influence the production and distribution of goods and services; what is an economic role for government, what are economic determinants of the course of the political process (K_W04)

The student is able to:

- precisely identify the economic problems and determinants of specific social phenomena, as well as apply approaches and theories in interpreting the relationships between phenomena, for example the cost of inflation, the economic impact of sectoral policies, etc. (K_U03)

The final grade is based on the tutorial grade (40%) and the exam grade (60%). To take the exam student must pass the tutorial. The exam has a written form. The grade for the tutorial consists of the grade for the presentation (on a selected topic from the list of issues established during the class, 70%) and points for activity during the class (30%). Attendance at the tutorial is mandatory (student can have a maximum of two unexcused absences).