| Course title | Economic Policy and Economy |
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| Course code | KEN/BZHPE |
| Organizational form of instruction | no contact |
| Level of course | Bachelor |
| Year of study | 3 |
| Semester | Winter and summer |
| Number of ECTS credits | 0 |
| Language of instruction | Czech |
| Status of course | Compulsory |
| Form of instruction | Face-to-face |
| Work placements | This is not an internship |
| Recommended optional programme components | None |
| Lecturer(s) |
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| Course content |
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1. MARKET AND MARKET MECHANISM Market definition, types of economic systems. Market entities, division of labor, money and exchange. Offer. Inquiry. Elasticity. Market equilibrium and its achievement, changes in market equilibrium. Market failure. 2. CONSUMER BEHAVIOR AND DEMAND FORMATION Rational consumer behavior, utility measurability. Indifference analysis. Budget line, consumer balance. 3. THE COMPANY'S BEHAVIOR AND THE FORMATION OF THE OFFER Definition of the firm, production functions, short and long run. Costs, income and profit of the company. Balance of the firm. 4. FORMS OF COMPETITION A company in conditions of perfect competition. Imperfect competition and the main causes of its emergence. A company in conditions of monopoly, oligopoly and monopolistic competition. The turning point and the closing point of the business. 5. PRODUCTION FACTOR MARKETS, PENSION AND WEALTH Factors of production and their markets. Composition of incomes, income inequalities and their measurement, Lorenz graph and Gini coefficient. 6. NATIONAL ECONOMIC AGGREGATES Gross domestic product, calculation methods. Aggregates derived from GDP. Shortcomings of GDP reported in the national accounting system. Product gap. Economic cycle definition, phases, causes and types of cycles. Locomotive theorem. 7. UNEMPLOYMENT AND INFLATION Measurement of unemployment, types of unemployment, natural rate of unemployment and effects of unemployment. Employment Policy. Measurement of inflation, causes, types of inflation and effects of inflation. Anti-inflation policy and inflation targeting. 8. FISCAL POLICY Objectives, instruments and types of fiscal policy. System of public budgets. State budget - income, expenditure, balance sheet, state budget deficit, deficit financing, structural and cyclical deficit, state budget surplus. Laffer curve. 9. MONETARY POLICY Objectives, instruments and types of monetary policy. Banking system. Central bank - functions, instruments, balance sheet of the central bank. Simple money multiplier and money generation. Money - definition of money, supply of money, demand for money, forms of money and their historical development, meaning and function of monetary exchange. 10. DEFINITION OF ECONOMIC POLICY Basic concept and definition of economic policy. Economic policy in the context of economic theory. Typology of economic policies. 11. OBJECTIVES AND TOOLS OF ECONOMIC POLICY Defining the objectives of economic policy. Tools of economic policy. The functioning of economic policy in the economy of the state. 12. ECONOMIC POLICY IN THE CONDITIONS OF THE OPEN ECONOMY AND THE EUROPEAN AREA Economic policy in the conditions of an open economy. Foreign trade policy. Economic policy in the European integration area 13. ECONOMIC POLICY IN REAL PRACTICE Evaluation of the concepts of economic policy development in the Czech Republic to date. Defining economic policy in real practice. Definition of consensus in economic policy
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| Learning activities and teaching methods |
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| Learning outcomes |
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The content of this course is the state final examination of economic policy and economics.
Students know basic terminology, theoretical principles, and method used in the field of economic policy and economics. Students are able to apply the acquired knowledge in practice. |
| Prerequisites |
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Microeconomics 1 (MIE1/KMIE1), Macroeconomics 1 (MAE1/KMAE1), Economic Policy (HP/KHP)
KEN/HP ----- or ----- KEN/CHP ----- or ----- KEN/KHP and KEN/CMI1 ----- or ----- KEN/KMIE1 ----- or ----- KEN/MIE1 ----- or ----- KEN/MIF1 ----- or ----- KEN/MI1 ----- or ----- KEN/YMIE1 and KEN/CMA1 ----- or ----- KEN/KMAE1 ----- or ----- KEN/MAE1 ----- or ----- KEN/MAF1 ----- or ----- KEN/MA1 ----- or ----- KEN/YMAE1 |
| Assessment methods and criteria |
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Oral examination
Students have to prove their complex understanding of the basic terminology and principles of economic policy and economics. They have to be able to respond to particular questions and to apply theoretical knowledge in practical examples. |
| Recommended literature |
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| Study plans that include the course |
| Faculty | Study plan (Version) | Category of Branch/Specialization | Recommended semester | |
|---|---|---|---|---|
| Faculty: Faculty of Economics | Study plan (Version): Structural Policy of the EU for Public Administration (4) | Category: Economy | 3 | Recommended year of study:3, Recommended semester: Summer |