| Course title | Economics |
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| Course code | KEN/SZEK |
| Organizational form of instruction | no contact |
| Level of course | Master |
| Year of study | 2 |
| 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. CONSUMER BEHAVIOR AND DECISION-MAKING Model of consumer behavior, perfect substitutes and complements, undesirable goods, neutral goods, satiation, budget constraints of the consumer. PCC, ICC, Engel curve. Substitution effect, income effect, Slutsky equation. Decision-making under conditions of risk and uncertainty. 2. COMPANY BEHAVIOR - ANALYSIS OF COMPANY COSTS, INCOME AND PROFIT Production function and technological constraints. Production stages. Company costs, relationship between short-term and long-term costs, envelope curve. 3. THE FIRM IN PERFECT COMPETITION AND GENERAL EQUILIBRIUM Choice of output by a perfectly competitive company, efficiency. General balance-efficiency in production, in exchange and production-consumption efficiency. 4. FIRM DECISION-MAKING UNDER CONDITIONS OF IMPERFECT COMPETITION ON OUTPUT AND PRICE A firm in monopolistic competition, Chamberlin's model. Firm in oligopoly-duopoly conditions, Cournot oligopoly, Stackelberg model. Game theory. Firm in monopoly conditions - deadweight costs, price discrimination. 5. PRODUCTION FACTOR MARKETS Choosing the optimal quantity of labor demanded in perfect and imperfect competition. Decomposition of the substitution and pension effect for individual labor supply. Investment decision making. Reaction curves. Optimum investor. 6. MACROECONOMIC EQUILIBRIUM IN THE THREE-SECTOR AND FOUR-SECTOR MODEL OF THE ECONOMY Determining the equilibrium level of output in a three-sector model of the economy. Determining the equilibrium level of output in the four-sector model of the economy. Leaks from the expenditure stream. Spending multipliers and multiplier effects. 7. THE IS - LM - BP MODEL AND ITS FORMALIZATION Current equilibrium in the market for final goods and the market for money. IS curve, LM curve and IS - LM model. Algebraic and graphical derivation, main determinants, imbalances in the IS-LM model and their compensation. Liquidity trap and classic case. Mobility of capital. 8. ECONOMIC GROWTH AND DEVELOPMENT Neoclassical growth model. Endogenous growth theory and supply-side economics. The new economy. Fluctuations in output, business cycles, theory of real business cycles, diffusion mechanism. Economic development - essence and measurement. 9. AS-AD MODEL Derivation of AS and AD curves. Equations of curves AS and AD. Position, slope and points lying outside the curve AS, AD. Classical and Keynesian aggregate supply curve. Influencing aggregate supply. Classic labor market model. Extending the AS with inflation and expectations. Vertical aggregate demand curve. Influencing aggregate demand. 10. THEORY OF MONEY HOLDING, MONEY SUPPLY, INFLATION The demand for money and the basic characteristics of the demand for money. The Quantitative Theory of Money. The neutrality of money. The theory of money holdings. Money offer. Monetary base. Money multipliers. Output, Unemployment and Inflation - Expectations and Adjustment. Phillips curve, Okun's law. Costs associated with unemployment and inflation. Cure inflation.
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| Learning activities and teaching methods |
| unspecified |
| Learning outcomes |
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Objective of the state exam is to test knowledge in the field advance economics (macroeconomics II an microeconomics II)
Students understand the advance principles of Economics. |
| Prerequisites |
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There is 2 prerequisite for the state exam economics - microeconomics II a macroeconomics II
KEN/CMIE2 ----- or ----- KEN/CMI2 ----- or ----- KEN/KMIE2 ----- or ----- KEN/KMI2N ----- or ----- KEN/MIE2 ----- or ----- KEN/MIE2N ----- or ----- KEN/OMIE2 and KEN/CMA2 ----- or ----- KEN/KMAE2 ----- or ----- KEN/KMA2N ----- or ----- KEN/MAE2 ----- or ----- KEN/MAE2N |
| Assessment methods and criteria |
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Oral examination
Students have to prove their complex understanding of the basic terminology and principles of economy. 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): Management of Commerce (1) | Category: Economy | 2 | Recommended year of study:2, Recommended semester: Summer |
| Faculty: Faculty of Economics | Study plan (Version): Structural Policy of the EU and Rural Development (3) | Category: Economy | 2 | Recommended year of study:2, Recommended semester: Summer |
| Faculty: Faculty of Economics | Study plan (Version): Structural Policy of the EU and Rural Development (3) | Category: Economy | 3 | Recommended year of study:3, Recommended semester: Summer |
| Faculty: Faculty of Economics | Study plan (Version): Management of Commerce (1) | Category: Economy | 2 | Recommended year of study:2, Recommended semester: Summer |
| Faculty: Faculty of Economics | Study plan (Version): Management and Business Economics (3) | Category: Economy | 2 | Recommended year of study:2, Recommended semester: Summer |
| Faculty: Faculty of Economics | Study plan (Version): Accounting and Financial Management (3) | Category: Economy | 2 | Recommended year of study:2, Recommended semester: Summer |
| Faculty: Faculty of Economics | Study plan (Version): Accounting and Financial Management (3) | Category: Economy | 2 | Recommended year of study:2, Recommended semester: Summer |
| Faculty: Faculty of Economics | Study plan (Version): Management and Business Economics (3) | Category: Economy | 2 | Recommended year of study:2, Recommended semester: Summer |