BA_EC_1 Economics 1

University of Finance and Administration
Winter 2024
Extent and Intensity
2/2/0. 6 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Hana Lipovská, Ph.D. (seminar tutor)
Ing. Petr Mach, Ph.D. (seminar tutor)
Guaranteed by
Ing. Petr Mach, Ph.D.
Department of Economics and Management – Departments – University of Finance and Administration
Contact Person: Bc. Kateřina Konupková
Timetable of Seminar Groups
BA_EC_1/cECMCPH: Mon 10:30–11:14 E004, Mon 11:15–12:00 E004, P. Mach
BA_EC_1/pECMCPH: Mon 8:45–9:29 E004, Mon 9:30–10:15 E004, P. Mach
Prerequisites
There are no prerequisites for this course
Course Enrolment Limitations
The course is offered to students of any study field.
Course objectives
At the end of the course the students should be able to understand and explain the basic principles of the functioning of the market and the basic principles of decision-making and maximisation of utility and profit.
Learning outcomes
After taking this course students will be able to understand and explain basic principles of economics and explain the elementary theory of the consumer choice and of the firm including the general equilibrium theory.
Syllabus
  • 1. Market. Scarcity. Self Interest. Competition.
  • 2. Ownership. Exchange. Goods. Capital. Externalities.
  • 3. Opportunity Costs. Absolute and Comparative Advantage. Specialisation and Division of Labour.
  • 4. Total and Marginal Utility. Derivation of Individual and Market Demand.
  • 5. Consumer Choice. Budget Constraint. Indifference Curve. Consumer Optimum.
  • 6. Supply and Demand. Income and Substitution Effect. Market Equilibrium. Consumer and Producer Surplus.
  • 7. Income, Tastes and Fashion. Substitutes and Complements. Normal and Inferior Goods.
  • 8. Loans Market. Demand for Labour. Marginal revenue Product of Labour. Bonds and Loans. Yield to Maturity.
  • 9. Cost and Revenue. Profit Maximization.
  • 10. Market Models. Perfect Competition. Monopolist Competition. Monopoly and Oligopoly.
  • 11. Production Function. Firm in the Long Run. Technical Substitution. Isocosts and Isoquants.
  • 12. General Equilibrium Theory. Edgeworth’s Box. Contract Curve.
Literature
    required literature
  • MACH, Petr. Textbook of Elementary Economics. Prague: VŠFS, 2019. ISBN 978-80-7408-193-4. info
Teaching methods
Lectures and seminars in the full-time study; compulsory seminar participation is 75% in the full-time study. Students on the distance learning form of study are supposed to attend two interactive tutorials.
Assessment methods
There is one midterm online credit test, covering lectures 1-6. The test takes 30 minutes. The test will be opened online after the 6th lecture. The test consists of 8 multiple-choice questions. In each question only 1 answer is correct. Students must answer correctly at least 5 questions to pass the credit test. Students are allowed to use the main book when taking the credit test.

Students need to pass the credit test to be able to register for the final exam in the examination period.

The final exam is a written (or online) test and an oral exam. The test consists of 11 questions. In each question only 1 answer is correct. In the oral part, I will ask you about your online test answers and basic concepts of the course.

GRADES: 10 or 11 correct: A; 9 correct: B; 8 correct: C; 7 correct: D; 6 correct: E; less than 6 correct: F. The exam will take maximum 45 minutes.

Requirements for ISP students:

The ISP students are advised to buy the main book (https://eshop.vsfs.cz/textbook-of-elementary-economics/) If you are outside the Czech republic you can order shipping the Textbook of Elementary Economics to your address abroad on this email: eupress@vsfs.cz.

There is one midterm online credit test, covering lectures 1-6. The test takes 30 minutes. The test will be opened online after the 5th lecture. The test consists of 8 multiple-choice questions. In each question only 1 answer is correct. Students must answer correctly at least 5 questions to pass the credit test.

Students need to pass the credit test to be able to register for the final exam in the examination period in January. The final exam is an online test. The test consists of 11 questions. In each question only 1 answer is correct.

GRADES: 10 or 11 correct: A; 9 correct: B; 8 correct: C; 7 correct: D; 6 correct: E; less than 6 correct: F.
The exam will take maximum 45 minutes.
Language of instruction
Czech
Further comments (probably available only in Czech)
The course can also be completed outside the examination period.
Information on the extent and intensity of the course: 16 hodin KS/semestr.
Teacher's information
Ing. Petr Mach, Ph.D. lectures microeconomics and macroeconomics both at the undergraduate and graduate level. He also teaches the course of lobbying and the course Monetary Theory and Policy (in Czech) at the Master's level.
The course is also listed under the following terms Winter 2014, Winter 2015, Winter 2016, Winter 2017, Winter 2018, Winter 2023.
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